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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

	Jun '26	Mar '26	Dec '25	Sep '25	Older periods
P/E ratio Full definition →	24.27	31.57	46.76	90.53	+8 more quarters Free account
P/S ratio Full definition →	4.47	4.91	6.13	7.69
P/FCF ratio Full definition →	25.25	27.25	36.71	43.48
P/Operating CF Full definition →	100.27	101.95	133.94	142.19
P/B ratio Full definition →	9.69	10.64	12.66	15.81
Price to Tangible BV Full definition →	11.23	12.41	14.63	18.44
EV/Sales Full definition →	4.02	4.47	5.66	7.20
EV/EBITDA Full definition →	26.50	31.31	42.27	58.33
EV/Operating CF Full definition →	22.24	24.39	33.15	40.08
EV/FCF Full definition →	22.71	24.84	33.85	40.71
Quick Ratio Full definition →	2.09	2.03	1.71	1.59
Current Ratio Full definition →	2.11	2.06	1.72	1.61
Net Debt/EBITDA Full definition →	(13.73)	(11.80)	(12.83)	(14.92)
Debt/Assets Full definition →	0.00%	0.00%	0.00%	0.00%
Debt/Equity Full definition →	0.00	0.00	0.00	0.00
Asset Turnover Full definition →	1.35	1.42	1.30	1.30
Operating CF/Net income Full definition →	1.49	1.16	0.68	0.96
Capex/Depreciation Full definition →	(0.69)	(0.19)	(0.92)	(0.92)
Interest Coverage Full definition →	31.19	27.50	(1.65)	34.24
Research and Development Expense of Revenue Full definition →	8.44%	7.30%	6.53%	7.23%
Selling, General and Administrative Expense of Revenue Full definition →	11.26%	9.91%	11.18%	10.77%
Intangible Assets out of Total Assets Full definition →	0.08	0.09	0.07	0.08
Share Based Compensation of Revenue Full definition →	1.79%	1.24%	1.09%	1.83%
Graham Net Nets Full definition →	0.06	0.05	0.04	0.03
Graham Number Full definition →	142.01	125.50	113.23	87.51
Earnings Yield Full definition →	4.12%	3.17%	2.14%	1.10%
Free Cash Flow Yield Full definition →	3.96%	3.67%	2.72%	2.30%
Revenue per Share Full definition →	26.99	25.79	25.69	24.24
Operating CF per Share Full definition →	4.58	4.76	4.34	4.91
Capex per Share Full definition →	(0.11)	(0.03)	(0.11)	(0.13)
Free Cash Flow per Share Full definition →	4.47	4.73	4.22	4.78
Cash per Share Full definition →	53.04	49.76	52.14	51.43
Shareholders Equity per Share Full definition →	47.38	45.57	45.88	44.15
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00
Book value per Share Full definition →	47.38	45.57	45.88	44.15
Free Cash Flow Full definition →	919.11	972.60	867.16	983.65
Working Capital Full definition →	6,350.66	5,818.06	4,990.60	4,462.86
Capital Expenditures Full definition →	(23.22)	(5.85)	(23.43)	(27.42)
Net Current Asset Value Full definition →	5,828.61	5,314.78	4,310.63	3,678.53
EV/EBIT Full definition →	27.52	32.63	44.23	61.56
Capex to Sales Full definition →	0.00	0.00	0.00	0.01
Price to Operating Income Full definition →	30.60	35.79	47.97	65.75
Other line items
Average Receivables Full definition →	971.80	873.47	951.61	924.60
Average Payables Full definition →	1,434.95	1,291.96	1,401.54	1,293.23
Average Assets Full definition →	15,635.14	14,365.38	14,989.29	14,387.03
Average Common Equity Full definition →	8,636.10	7,978.06	7,701.02	7,093.66

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Columns are period end dates

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