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