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Friday 6 November 2026 Export SPOT’s income statement to Excel — free account

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.

Revenue
+14.5%
EPS
−43.1%
Free cash flow
−16.1%

Quarter to September 2026, against a year earlier

603.40 11.01 −1.79%
Market cap
$126.5B
P/E
36.8×
Fwd P/E
45.1×
Dividend yield
—
F-score
6/9
Altman Z
11.36
Beneish M
−2.56
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Spotify Technology (SPOT) P/B ratio

Alert me on P/B ratio

As of 5 November 2026, Spotify Technology (SPOT) trades at a P/B ratio of 12.6×. Over the past ten years it has ranged from 6.1× (November 2022) to 153× (June 2018); the current reading is higher than 44% of that period. That is above the Internet Content & Information industry median of 1.2× and above the Communication Services sector median of 1.3×.

P/B ratio, daily

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Annual newest first

Period P/B ratio Change
FY2025 12.7× (15.68%)
FY2024 15.0× 11.50%
FY2023 13.5× 115.55%
FY2022 6.2× (65.02%)
FY2021 17.9× (3.06%)
FY2020 18.4× 55.30%
FY2019 11.9× 45.89%
FY2018 8.1× (93.56%)
FY2017 126× 0.00%
FY2016 126× —

Quarterly newest first

Period P/B ratio Change
Sep 2026 10.0× 2.83%
Jun 2026 9.7× (8.92%)
Mar 2026 10.6× (15.94%)
Dec 2025 12.7× (19.94%)
31 more quarters

Against its own ten years

Low 6.1× High 153×
Ten-year median 13.3×
Current reading's percentile 45

P/B ratio against peers

Company P/B ratio
MTCH Match Group Inc. compare n/m
BIDU Baidu, Inc. compare 0.7×
Z Zillow Group, Inc. compare 1.6×
ZG Zillow Group, Inc. compare 1.7×
PINS Pinterest, Inc. compare 3.6×
SNAP Snap Inc. compare 3.9×
RDDT Reddit Inc. compare 5.1×
META Meta Platforms, Inc. compare 5.7×
SPOT Spotify Technology 12.6×
Internet Content & Information industry median 1.2×
Communication Services sector median 1.3×
Market median 1.7×

What P/B ratio is

Price to Book Value tells an investor how much the market pays for a company’s shares relative to the accounting net worth that belongs to common shareholders.

Stock Price ÷ (Common Equity (Total) (latest quarter) ÷ Shares (Basic, Weighted) (latest quarter))

The full definition of P/B ratio →

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