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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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Market cap: $108.4B
P/E: 28.0×
Fwd P/E: 33.6×
Dividend yield: —
F-score: 6/9
Altman Z: 11.36
Beneish M: −2.56
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
Piotroski F-Score Full definition →	—	—	6	3	4	7	4	6	7	6
P/E ratio Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	73.22	46.76
Altman Z-Score Full definition →	—	—	4.96	5.18	9.07	5.45	2.37	4.36	9.40	11.36
P/S ratio Full definition →	0.00	0.00	3.24	3.57	6.56	3.91	1.28	2.56	5.29	6.13
P/FCF ratio Full definition →	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) Full definition →	(2.15)	(3.20)	(0.82)	(1.39)	(1.72)	0.11	(0.94)	(0.62)	2.98	4.04
Beneish M-Score Full definition →	—	(1.97)	(2.36)	(3.14)	(2.90)	(2.57)	(2.74)	(2.98)	(3.00)	(2.56)
P/Operating CF Full definition →	242.13	242.13	111.27	117.50	499.50	315.87	(231.12)	85.91	96.44	133.94
P/B ratio Full definition →	126.33	126.33	8.13	11.86	18.42	17.86	6.25	13.46	15.01	12.66
Price to Tangible BV Full definition →	0.00	0.00	8.87	16.10	26.20	33.31	13.56	26.09	19.40	14.63
EV/Sales Full definition →	0.00	0.00	3.10	3.40	6.41	3.73	1.14	2.34	4.90	5.66
EV/EBITDA Full definition →	0.00	0.00	0.00	1,644.27	0.00	163.13	0.00	0.00	51.69	42.27
EV/Operating CF Full definition →	0.00	0.00	47.33	40.17	195.15	99.87	290.28	45.55	33.38	33.15
EV/FCF Full definition →	0.00	0.00	74.35	52.56	279.24	130.62	635.86	45.95	33.63	33.85
Quick Ratio Full definition →	1.55	1.00	1.03	0.89	0.76	1.28	1.15	1.25	1.85	1.71
Current Ratio Full definition →	1.56	1.02	1.05	0.91	0.82	1.36	1.24	1.29	1.88	1.72
Net Debt/EBITDA Full definition →	1.45	1.74	164.19	(125.50)	9.60	(15.84)	6.86	14.63	(5.01)	(4.12)
Debt/Assets Full definition →	52.96%	30.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt/Equity Full definition →	(4.64)	3.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asset Turnover Full definition →	1.10	1.61	1.44	1.40	1.39	1.46	1.50	1.68	1.54	1.30
Operating CF/Net income Full definition →	(0.19)	(0.14)	(4.41)	(3.08)	(0.45)	(10.62)	(0.11)	(1.28)	2.02	1.33
Capex/Depreciation Full definition →	0.00	(0.85)	(3.91)	(1.55)	(0.70)	(0.67)	(0.15)	(0.04)	(0.14)	(0.60)
Interest Coverage Full definition →	(2.73)	(0.39)	(0.07)	(0.22)	(0.57)	1.03	(4.99)	(2.03)	3.88	8.26
ROE Full definition →	(3,612.12%)	(17,436.59%)	(6.72%)	(8.76%)	(24.20%)	(1.41%)	(17.99%)	(21.89%)	28.28%	32.50%
ROA Full definition →	(20.05%)	(48.75%)	(2.13%)	(3.84%)	(10.24%)	(0.51%)	(5.48%)	(6.74%)	11.18%	16.70%
ROIC Full definition →	0.00%	0.00%	(9.33%)	(16.29%)	(17.31%)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Tangible Assets Full definition →	(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 Full definition →	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 Full definition →	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 Full definition →	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 Full definition →	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 Full definition →	0.00%	1.59%	1.67%	1.80%	2.23%	2.31%	3.25%	2.42%	1.70%	1.44%
Graham Net Nets Full definition →	(0.05)	(0.05)	0.00	(0.04)	(0.02)	(0.02)	(0.06)	(0.02)	0.02	0.04
Graham Number Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	64.01	113.23
Earnings Yield Full definition →	(0.68%)	(0.68%)	(0.47%)	(0.74%)	(1.11%)	(0.08%)	(2.71%)	(1.57%)	1.37%	2.14%
Free Cash Flow Yield Full definition →	0.00%	0.00%	1.29%	1.81%	0.35%	0.73%	0.14%	1.98%	2.75%	2.72%
Revenue per Share Full definition →	17.74	30.48	35.06	41.86	47.99	59.79	64.04	73.63	84.54	94.66
Operating CF per Share Full definition →	0.61	1.33	2.29	3.55	1.58	2.23	0.25	3.78	12.41	16.15
Capex per Share Full definition →	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 Full definition →	0.61	0.99	1.46	2.71	1.10	1.71	0.11	3.75	12.32	15.82
Cash per Share Full definition →	9.09	11.25	12.04	10.87	10.64	21.65	18.29	23.42	40.17	52.14
Shareholders Equity per Share Full definition →	(1.37)	1.77	13.96	12.61	17.08	13.11	13.11	14.02	29.80	45.88
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	(1.37)	1.77	13.96	12.61	17.08	13.11	13.11	14.02	29.80	45.88
Free Cash Flow Full definition →	111.73	150.33	258.64	490.56	206.76	326.54	22.13	729.47	2,471.52	3,249.38
Working Capital Full definition →	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 Full definition →	(33.19)	(51.99)	(147.62)	(151.20)	(89.10)	(100.56)	(26.34)	(6.49)	(18.40)	(69.02)
Net Current Asset Value Full definition →	(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 Full definition →	0.00	0.00	0.00	0.00	0.00	383.54	0.00	0.00	56.27	44.23
Capex to Sales Full definition →	0.00	0.01	0.02	0.02	0.01	0.01	0.00	0.00	0.00	0.00
Price to Operating Income Full definition →	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 Full definition →	0.47	0.74	0.16	0.30	0.35	0.34	0.49	0.64	0.64	0.54
Cash ROIC Full definition →	4.31%	4.94%	5.62%	11.54%	3.98%	4.91%	0.37%	10.00%	17.61%	16.14%
Accounts Receivable Turnover Full definition →	8.65	12.67	14.09	16.30	18.20	17.94	16.78	17.04	18.69	20.43
Accounts Payable Turnover Full definition →	12.92	13.76	10.37	10.09	9.97	10.05	10.14	10.94	9.44	9.44
Inventory Turnover Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Days of Payables Full definition →	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 Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Receivables Full definition →	377.50	364.95	440.84	464.74	494.66	637.61	736.44	841.26	907.43	951.61
Average Payables Full definition →	219.00	266.22	444.86	559.58	671.83	833.49	914.25	974.39	1,255.33	1,401.54
Average Assets Full definition →	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 Full definition →	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

Fold the line items

Columns are period end dates

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