Full history for every metric is available with a Kvantra account
Key financial summary
Financials in EUR| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Total revenue | €bn | 7.9 | 9.7 | 11.7 | 13.2 | 15.7 | 17.2 | 18.1 | 19.4 |
| Operating profit | €bn | 2.20 | 2.65 | ||||||
| Net profit | €bn | -0.58 | -0.03 | -0.43 | -0.53 | 1.14 | 2.21 | 3.34 | 2.51 |
| EPS reported | € | 10.51 | 13.78 | ||||||
| Operating cashflow per share | € | 14.28 | 16.28 | ||||||
| Capex per share | € | 0.30 | 0.34 | ||||||
| FCF per share | € | 13.98 | 15.94 | ||||||
| Free cash flow | €bn | 2.87 | 3.28 | ||||||
| Net debt | €bn | -8.01 | -9.39 | ||||||
| Book value equity | €bn | 8.33 | 8.39 | ||||||
| Book value per share | € | 39.57 | 40.15 | ||||||
| Number of shares | m | 210.51 | 208.86 | ||||||
| DPS (TTM paid) | € | 0.00 | 0.00 |
Financial summary
Financials in EUR| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Value | |||||||||
| P/E TTM | x | 47.04 | 32.84 | ||||||
| P/B LTM | x | 12.19 | 10.95 | ||||||
| P/S LTM | x | 5.91 | 5.07 | ||||||
| P/FCF LTM | x | 35.35 | 27.99 | ||||||
| EV/EBITDA LTM | x | 41.67 | 22.65 | ||||||
| EV/Sales LTM | x | 5.72 | 4.55 | ||||||
| Earnings Yield LTM | % | 2.13% | 3.05% | ||||||
| FCF Yield | % | 2.83% | 3.57% | ||||||
| Quality | |||||||||
| ROE | % | 26.56% | 41.09% | ||||||
| ROIC | % | 20.91% | 28.21% | ||||||
| Operating margin | % | 12.79% | 14.65% | ||||||
| Gross margin | % | 31.98% | 32.80% | ||||||
| FCF/Sales | % | 16.71% | 18.11% | ||||||
| Growth and momentum | |||||||||
| EPS Growth YoY | % | +91.09% | +256.99% | ||||||
| Sales Growth YoY | % | +9.65% | +9.03% | ||||||
| Net Income Growth YoY | % | +94.38% | +314.27% | ||||||
| FCF Growth | % | +25.74% | +16.34% | ||||||
| Operating Profit Growth | % | +61.03% | +43.72% | ||||||
| Dividend and capital structure | |||||||||
| Dividend Yield | % | 0.00% | 0.00% | ||||||
| Dividend Growth | % | 0.00% | 0.00% | ||||||
| Payout Ratio | % | 0.00% | 0.00% | ||||||
| FCF/Debt | x | 1.47 | 7.04 | ||||||
| Net Debt/EBITDA | x | -1.40 | -1.50 | ||||||
| EBIT/Net interest | x | 70.90 | 78.03 | ||||||
| Net debt/market cap | % | -7.89% | -10.25% | ||||||
| Net debt/Equity | x | -0.96 | -1.12 | ||||||
| Gross debt/equity | x | 0.23 | 0.06 | ||||||
ETFs that hold Spotify Technology
| Fund | Ticker | Position# | Weight |
|---|---|---|---|
| Principal Exchange-Traded Funds - Principal International Equity ETF | PIEQ | 8 | 3.81% |
| Xtrackers MSCI Nordic UCITS ETF 1D | XDN0.DE | 2 | 5.04% |
| iShares MSCI Sweden ETF | EWD | 1 | 9.87% |
| Baron ETF Trust - Baron First Principles ETF | RONB | 9 | 2.88% |
| Amundi Index Solutions - Amundi MSCI Nordic UCITS ETF-C | CN1G.DE | 2 | 4.90% |
| Baillie Gifford Long Term Global Growth ETF | BGGG | 9 | 2.99% |
| Baron Technology ETF | BCTK | 7 | 4.71% |
| Tremblant Global ETF | TOGA | 2 | 4.61% |
| Bancreek U.S. Large Cap ETF | BCUS | 8 | 3.97% |
| Amplify Online Retail ETF | IBUY | 8 | 2.73% |
Funds with Spotify Technology among their ten largest holdings, largest fund first.
Price target estimates
Based on consensus from external analysts. Not Kvantra's opinion.
Ratings
Based on consensus from external analysts. Not Kvantra's opinion.
ESG
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| ESG-score | |||
| Environmental score | |||
| Social score | |||
| Governance score | |||
| Risk rating |
Company overview
Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide. It operates in two segments, Premium and Ad-Supported. The Premium segment offers online and offline streaming access to its catalog of music and podcasts, including video, lossless music, and audiobooks in select markets through subscription offerings primarily sold directly to end users and partners. The Ad-Supported segment provides limited on-demand online access to its catalog of music and online and offline access to its catalog of podcasts on computers, tablets, mobile devices, and other smart devices. The company also offers sales, distribution and marketing, contract research and development, and customer and other support services. Spotify Technology S.A. was incorporated in 2006 and is headquartered in Stockholm, Sweden.
Similar companies
For informational purposes only. Kvantra provides data and quantitative analysis, not investment advice. KvantraRank is a mechanical model output. Analyst price targets and ratings are sourced from third parties and are not Kvantra recommendations. Past performance does not guarantee future results; all investments carry risk.
Spotify Technology S.A. (SPOT)
| Fund | Ticker | Position# | Weight |
|---|---|---|---|
| Principal Exchange-Traded Funds - Principal International Equity ETF | PIEQ | 8 | 3.81% |
| Xtrackers MSCI Nordic UCITS ETF 1D | XDN0.DE | 2 | 5.04% |
| iShares MSCI Sweden ETF | EWD | 1 | 9.87% |
| Baron ETF Trust - Baron First Principles ETF | RONB | 9 | 2.88% |
| Amundi Index Solutions - Amundi MSCI Nordic UCITS ETF-C | CN1G.DE | 2 | 4.90% |
| Baillie Gifford Long Term Global Growth ETF | BGGG | 9 | 2.99% |
| Baron Technology ETF | BCTK | 7 | 4.71% |
| Tremblant Global ETF | TOGA | 2 | 4.61% |
| Bancreek U.S. Large Cap ETF | BCUS | 8 | 3.97% |
| Amplify Online Retail ETF | IBUY | 8 | 2.73% |
Funds with Spotify Technology among their ten largest holdings, largest fund first.
Consensus from external analysts. Not Kvantra's opinion.
Based on consensus from external analysts. Not Kvantra's opinion.
Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide. It operates in two segments, Premium and Ad-Supported. The Premium segment offers online and offline streaming access to its catalog of music and podcasts, including video, lossless music, and audiobooks in select markets through subscription offerings primarily sold directly to end users and partners. The Ad-Supported segment provides limited on-demand online access to its catalog of music and online and offline access to its catalog of podcasts on computers, tablets, mobile devices, and other smart devices. The company also offers sales, distribution and marketing, contract research and development, and customer and other support services. Spotify Technology S.A. was incorporated in 2006 and is headquartered in Stockholm, Sweden.
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