Sunday 11 October 2026 Export all SPOT data to Excel Powerpack

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%

Follow SPOT

Alert me

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

Fold the line items

Columns are period end dates

Stockrow Weekly