Stock AnalizSpotify Technology S.A. SPOT
Broadcasting · IPO 2018 · data as of November 13, 2026
Spotify Technology S.A. (SPOT) is a consumer discretionary company listed in the US with a market value of about $129.1B. In the twelve months to September 30, 2026 it had revenue of $20.7B and net income of $3.3B, a net margin of 15.7%.
Its overall Stock Analiz score is 2.6 out of 5 (average). The strongest part is future growth (5/5); the weakest is value (0/5).
Key numbers: a P/E of 39.3, a price to free cash flow of 36.7, 5-year revenue growth of 16% a year, a 5-year average ROIC of 3%. A discounted cash flow model with moderate assumptions puts its intrinsic value about 59% below the current price.
Score: 2.6 / 5
Checks passed
- Revenue growth above 10% last year
- 3-year revenue growth above 10% a year
- Profit margin improving
- 3-year free cash flow growth above 10% a year
- Strong R&D investment or growth above 20%
- 5-year revenue growth above 8% a year
- ROE above 15%
- More cash than debt, or low debt to equity
Checks not passed
- P/E below 25
- P/E below the industry median
- P/FCF below 20
- Price below intrinsic value (DCF, moderate assumptions)
- PEG below 1.5
- 5-year EPS growth above 10% a year
- 5-year average ROIC above 12%
- Profitable 5 years in a row
Valuation
Growth and quality
Financials, last 10 years
| Fiscal year | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.7B | $20.2B | $16.3B | $14.6B | $12.5B | $11.0B | $9.7B | $7.6B | $6.0B | $4.9B | $3.1B |
| Net income | $3.3B | $2.6B | $1.2B | -$588M | -$459M | -$39M | -$713M | -$209M | -$89M | -$1.5B | -$568M |
| Free cash flow | $3.5B | $3.4B | $2.4B | $745M | $22M | $313M | $222M | $492M | $251M | $171M | $78M |
| EPS (diluted) | $15.58 | $12.33 | $5.61 | $-2.79 | $-2.18 | $-0.18 | $-3.38 | $-0.99 | $-0.42 | $-7.03 | $-2.70 |
| Net margin | 15.7% | 12.9% | 7.3% | -4.0% | -3.7% | -0.4% | -7.4% | -2.8% | -1.5% | -30.2% | -18.3% |
| ROIC | — | 22.3% | 16.4% | -9.5% | -14.8% | 2.2% | -8.6% | -2.8% | -1.6% | -125.5% | — |
From the company’s 10-K and 10-Q filings with the SEC. TTM = trailing twelve months.
Frequently asked questions
What is Spotify Technology’s P/E ratio?
About 39.3, based on the last twelve months of diluted earnings per share (forward P/E about 35.0).
Is Spotify Technology stock undervalued?
Our DCF model with moderate assumptions puts its intrinsic value about 59% below the current market value. A model is a range, not a promise; try your own assumptions in the DCF calculator.
Does Spotify Technology pay a dividend?
Not currently.
Is Spotify Technology a good stock to buy?
We do not give buy or sell advice. Spotify Technology scores 2.6 out of 5 on our five checks (value, growth, track record, financial health and shareholder returns); the checks above show why.
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Generated from SEC filings, analyst consensus estimates and market prices, rebuilt every day. Educational information, not investment advice.