Sunday 11 October 2026
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Spotify Technology
SPOT Communication Services Internet Content & Information
Spotify Technology’s revenue for fiscal 2025 (year ended December 2025) was $19.4 billion, up 14.6% from fiscal 2024. In the quarter to June 2026, revenue grew 16.7%, EPS grew 741.7% and free cash flow grew 9.80%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
529.14
2.72
+0.52%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
— | — | 6 | 3 | 4 | 7 | 4 | 6 | 7 | 6 |
P/E ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 73.22 | 46.76 |
Altman Z-Score |
— | — | 4.96 | 5.18 | 9.07 | 5.45 | 2.37 | 4.36 | 9.40 | 11.36 |
P/S ratio |
0.00 | 0.00 | 3.24 | 3.57 | 6.56 | 3.91 | 1.28 | 2.56 | 5.29 | 6.13 |
P/FCF ratio |
0.00 | 0.00 | 77.74 | 55.17 | 285.48 | 137.10 | 714.17 | 50.40 | 36.32 | 36.71 |
Altman Z″-Score (non-manufacturers) |
(2.15) | (3.20) | (0.82) | (1.39) | (1.72) | 0.11 | (0.94) | (0.62) | 2.98 | 4.04 |
Beneish M-Score |
— | (1.97) | (2.36) | (3.14) | (2.90) | (2.57) | (2.74) | (2.98) | (3.00) | (2.56) |
P/Operating CF |
242.13 | 242.13 | 111.27 | 117.50 | 499.50 | 315.87 | (231.12) | 85.91 | 96.44 | 133.94 |
P/B ratio |
126.33 | 126.33 | 8.13 | 11.86 | 18.42 | 17.86 | 6.25 | 13.46 | 15.01 | 12.66 |
Price to Tangible BV |
0.00 | 0.00 | 8.87 | 16.10 | 26.20 | 33.31 | 13.56 | 26.09 | 19.40 | 14.63 |
EV/Sales |
0.00 | 0.00 | 3.10 | 3.40 | 6.41 | 3.73 | 1.14 | 2.34 | 4.90 | 5.66 |
EV/EBITDA |
0.00 | 0.00 | 0.00 | 1,644.27 | 0.00 | 163.13 | 0.00 | 0.00 | 51.69 | 42.27 |
EV/Operating CF |
0.00 | 0.00 | 47.33 | 40.17 | 195.15 | 99.87 | 290.28 | 45.55 | 33.38 | 33.15 |
EV/FCF |
0.00 | 0.00 | 74.35 | 52.56 | 279.24 | 130.62 | 635.86 | 45.95 | 33.63 | 33.85 |
Quick Ratio |
1.55 | 1.00 | 1.03 | 0.89 | 0.76 | 1.28 | 1.15 | 1.25 | 1.85 | 1.71 |
Current Ratio |
1.56 | 1.02 | 1.05 | 0.91 | 0.82 | 1.36 | 1.24 | 1.29 | 1.88 | 1.72 |
Net Debt/EBITDA |
1.45 | 1.74 | 164.19 | (125.50) | 9.60 | (15.84) | 6.86 | 14.63 | (5.01) | (4.12) |
Debt/Assets |
52.96% | 30.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
(4.64) | 3.97 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
1.10 | 1.61 | 1.44 | 1.40 | 1.39 | 1.46 | 1.50 | 1.68 | 1.54 | 1.30 |
Operating CF/Net income |
(0.19) | (0.14) | (4.41) | (3.08) | (0.45) | (10.62) | (0.11) | (1.28) | 2.02 | 1.33 |
Capex/Depreciation |
0.00 | (0.85) | (3.91) | (1.55) | (0.70) | (0.67) | (0.15) | (0.04) | (0.14) | (0.60) |
Interest Coverage |
(2.73) | (0.39) | (0.07) | (0.22) | (0.57) | 1.03 | (4.99) | (2.03) | 3.88 | 8.26 |
| (3,612.12%) | (17,436.59%) | (6.72%) | (8.76%) | (24.20%) | (1.41%) | (17.99%) | (21.89%) | 28.28% | 32.50% | |
| (20.05%) | (48.75%) | (2.13%) | (3.84%) | (10.24%) | (0.51%) | (5.48%) | (6.74%) | 11.18% | 16.70% | |
ROIC |
0.00% | 0.00% | (9.33%) | (16.29%) | (17.31%) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Return on Tangible Assets |
(72.95%) | (1,112.62%) | (26.35%) | (224.10%) | 262.90% | (2.24%) | (36.32%) | (37.54%) | 27.64% | 48.10% |
Average Days of Receivables |
36.11 | 32.13 | 27.90 | 21.91 | 21.68 | 23.63 | 21.63 | 24.19 | 18.61 | 19.50 |
Research and Development Expense of Revenue |
6.80% | 9.68% | 9.37% | 9.09% | 10.62% | 9.43% | 11.83% | 13.02% | 9.48% | 8.11% |
Selling, General and Administrative Expense of Revenue |
18.41% | 20.32% | 17.17% | 17.45% | 18.67% | 16.39% | 18.74% | 15.99% | 11.95% | 11.08% |
Intangible Assets out of Total Assets |
0.04 | 0.05 | 0.04 | 0.10 | 0.13 | 0.14 | 0.17 | 0.15 | 0.10 | 0.07 |
Share Based Compensation of Revenue |
0.00% | 1.59% | 1.67% | 1.80% | 2.23% | 2.31% | 3.25% | 2.42% | 1.70% | 1.44% |
Graham Net Nets |
(0.05) | (0.05) | 0.00 | (0.04) | (0.02) | (0.02) | (0.06) | (0.02) | 0.02 | 0.04 |
Graham Number |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 64.01 | 113.23 |
Earnings Yield |
(0.68%) | (0.68%) | (0.47%) | (0.74%) | (1.11%) | (0.08%) | (2.71%) | (1.57%) | 1.37% | 2.14% |
Free Cash Flow Yield |
0.00% | 0.00% | 1.29% | 1.81% | 0.35% | 0.73% | 0.14% | 1.98% | 2.75% | 2.72% |
Revenue per Share |
17.74 | 30.48 | 35.06 | 41.86 | 47.99 | 59.79 | 64.04 | 73.63 | 84.54 | 94.66 |
Operating CF per Share |
0.61 | 1.33 | 2.29 | 3.55 | 1.58 | 2.23 | 0.25 | 3.78 | 12.41 | 16.15 |
Capex per Share |
0.00 | (0.34) | (0.83) | (0.84) | (0.47) | (0.53) | (0.14) | (0.03) | (0.09) | (0.34) |
Free Cash Flow per Share |
0.61 | 0.99 | 1.46 | 2.71 | 1.10 | 1.71 | 0.11 | 3.75 | 12.32 | 15.82 |
Cash per Share |
9.09 | 11.25 | 12.04 | 10.87 | 10.64 | 21.65 | 18.29 | 23.42 | 40.17 | 52.14 |
Shareholders Equity per Share |
(1.37) | 1.77 | 13.96 | 12.61 | 17.08 | 13.11 | 13.11 | 14.02 | 29.80 | 45.88 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
(1.37) | 1.77 | 13.96 | 12.61 | 17.08 | 13.11 | 13.11 | 14.02 | 29.80 | 45.88 |
Free Cash Flow |
111.73 | 150.33 | 258.64 | 490.56 | 206.76 | 326.54 | 22.13 | 729.47 | 2,471.52 | 3,249.38 |
Working Capital |
727.00 | 42.95 | 116.92 | (232.96) | (609.99) | 1,355.83 | 880.81 | 1,266.29 | 4,251.57 | 4,990.60 |
Capital Expenditures |
(33.19) | (51.99) | (147.62) | (151.20) | (89.10) | (100.56) | (26.34) | (6.49) | (18.40) | (69.02) |
Net Current Asset Value |
(454.00) | (1,097.52) | 4.72 | (956.48) | (1,319.36) | (803.32) | (930.33) | (609.33) | 2,054.91 | 4,310.63 |
EV/EBIT |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 383.54 | 0.00 | 0.00 | 56.27 | 44.23 |
Capex to Sales |
0.00 | 0.01 | 0.02 | 0.02 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
Price to Operating Income |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 402.57 | 0.00 | 0.00 | 60.77 | 47.97 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.47 | 0.74 | 0.16 | 0.30 | 0.35 | 0.34 | 0.49 | 0.64 | 0.64 | 0.54 |
Cash ROIC |
4.31% | 4.94% | 5.62% | 11.54% | 3.98% | 4.91% | 0.37% | 10.00% | 17.61% | 16.14% |
Accounts Receivable Turnover |
8.65 | 12.67 | 14.09 | 16.30 | 18.20 | 17.94 | 16.78 | 17.04 | 18.69 | 20.43 |
Accounts Payable Turnover |
12.92 | 13.76 | 10.37 | 10.09 | 9.97 | 10.05 | 10.14 | 10.94 | 9.44 | 9.44 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
18.97 | 38.40 | 39.90 | 39.74 | 39.71 | 40.90 | 35.04 | 36.24 | 44.74 | 37.28 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
377.50 | 364.95 | 440.84 | 464.74 | 494.66 | 637.61 | 736.44 | 841.26 | 907.43 | 951.61 |
Average Payables |
219.00 | 266.22 | 444.86 | 559.58 | 671.83 | 833.49 | 914.25 | 974.39 | 1,255.33 | 1,401.54 |
Average Assets |
2,973.00 | 2,863.42 | 4,316.33 | 5,428.73 | 6,481.42 | 7,854.51 | 8,264.06 | 8,539.08 | 11,011.74 | 14,989.29 |
Average Common Equity |
16.50 | 8.01 | 1,371.01 | 2,377.23 | 2,742.80 | 2,855.57 | 2,518.34 | 2,630.17 | 4,354.62 | 7,701.02 |
Columns are period end dates