Spotify Technology S.A. (SPOT) 10-Year Financial Performance & Capital Metrics

SPOT •

Communication ServicesInternet ServicesDigital Media Publishers and Audio

AboutSpotify Technology S.A., together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers. The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers on their computers, tablets, and compatible mobile devices. The company also offers sales, marketing, contract research and development, and customer support services. As of December 31, 2021, its platform included 406 million monthly active users and 180 million premium subscribers in 184 countries and territories. The company was incorporated in 2006 and is based in Luxembourg, Luxembourg.Show more

Revenue $16.51B +5.3%
EBITDA $2.21B +48.7%
Net Income $2.12B +86.7%
EPS (Diluted) 10.09 +83.5%
Gross Margin 31.98% +6.1%
EBITDA Margin 13.38% +41.2%
Operating Margin 12.79% +46.9%
Net Margin 12.87% +77.3%
ROE 30.68% +8.6%
ROIC 38.92% -26.7%
Debt/Equity 0.28 -23.0%
Interest Coverage 8.26 -78.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 16.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.9%
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Trading more than 30% below 52-week high
✗Expensive at 11.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y23.88%

5Y15.94%

3Y12.07%

TTM9.38%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM93.41%

EPS CAGR

10Y-

5Y-

3Y-

TTM51.1%

ROCE

10Y Avg-8.73%

5Y Avg4.84%

3Y Avg12.68%

Latest25.62%

Peer Comparison

Digital Media Publishers and Audio

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SPOTSpotify Technology S.A.	105.99B	514.94	43.27	5.33%	12.84%	26.44%	3.09%	0.28
TMETencent Music Entertainment Group	10.34B	14.60	23.62	2.34%	34.08%	12.65%	13.03%	0.09
NAMIJinxin Technology Holding Company American Depositary Shares	508.47M	0.44	4.15	7%	4.99%	94.83%		0.03
KRKR36Kr Holdings Inc.	3.19B	3.56	-0.30	-32.08%	-26.64%	-34.61%		0.25
BZFDBuzzFeed, Inc.	1.03M	0.76	-0.84	-24.85%	0.06%	0.14%		0.59
ARENThe Arena Group Holdings, Inc.	137.44M	2.89	-1.01	-12.34%	88.51%
ONFOOnfolio Holdings, Inc.	2.51M	0.49	-1.20	50.04%	-17.18%	-51.71%		0.60
FENGPhoenix New Media Limited	552.15M	1.74	-2.68	1.69%	-6.38%	-4.56%		0.05

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	2.95B	4.09B	5.26B	6.76B	7.88B	9.67B	11.73B	13.25B	15.67B	16.51B
Revenue Growth %	52.16%	38.55%	28.58%	28.62%	16.5%	22.69%	21.3%	12.96%	18.31%	5.33%
Cost of Goods Sold+	2.55B	3.24B	3.91B	5.04B	5.87B	7.08B	8.8B	9.85B	10.95B	11.23B
COGS % of Revenue	86.42%	79.24%	74.27%	74.54%	74.43%	73.2%	75.05%	74.36%	69.86%	68.02%
Gross Profit+	401M	849M	1.35B	1.72B	2.02B	2.59B	2.93B	3.4B	4.72B	5.28B
Gross Margin %	13.58%	20.76%	25.73%	25.46%	25.57%	26.8%	24.95%	25.64%	30.14%	31.98%
Gross Profit Growth %	77.43%	111.72%	59.36%	27.27%	17.02%	28.59%	12.93%	16.1%	39.06%	11.75%
Operating Expenses+	750M	1.23B	1.4B	1.79B	2.31B	2.5B	3.58B	3.84B	3.36B	3.17B
OpEx % of Revenue	25.41%	30%	26.55%	26.54%	29.29%	25.83%	30.57%	29.01%	21.43%	19.19%
Selling, General & Admin	543M	831M	903M	1.18B	1.47B	1.58B	2.2B	2.12B	1.87B	1.83B
SG&A % of Revenue	18.39%	20.32%	17.17%	17.45%	18.67%	16.39%	18.74%	15.99%	11.95%	11.08%
Research & Development	207M	396M	493M	615M	837M	912M	1.39B	1.73B	1.49B	1.34B
R&D % of Revenue	7.01%	9.68%	9.37%	9.09%	10.62%	9.43%	11.83%	13.02%	9.48%	8.11%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-349M	-378M	-43M	-73M	-293M	94M	-659M	-446M	1.36B	2.11B
Operating Margin %	-11.82%	-9.24%	-0.82%	-1.08%	-3.72%	0.97%	-5.62%	-3.37%	8.71%	12.79%
Operating Income Growth %	-48.51%	-8.31%	88.62%	-69.77%	-301.37%	132.08%	-801.06%	32.32%	406.05%	54.67%
EBITDA+	-311M	-324M	-11M	14M	-182M	221M	-488M	-288M	1.49B	2.21B
EBITDA Margin %	-10.54%	-7.92%	-0.21%	0.21%	-2.31%	2.29%	-4.16%	-2.17%	9.48%	13.38%
EBITDA Growth %	-51.71%	-4.18%	96.6%	227.27%	-1400%	221.43%	-320.81%	40.98%	615.97%	48.67%
D&A (Non-Cash Add-back)	38M	54M	32M	87M	111M	127M	171M	158M	121M	97.97M
EBIT	-530M	-1.23B	-167M	-88M	-655M	289M	-329M	-467M	1.38B	2.39B
Net Interest Income+	0	16M	19M	-12M	-37M	-29M	6M	93M	187M	24.97M
Interest Income	5M	19M	25M	31M	17M	11M	47M	131M	223M	280.48M
Interest Expense	5M	4M	6M	43M	54M	40M	41M	38M	36M	255.5M
Other Income/Expense	-186M	-855M	-130M	-58M	-416M	155M	289M	-59M	-24M	24.97M
Pretax Income+	-535M	-1.23B	-173M	-131M	-709M	249M	-370M	-505M	1.34B	2.14B
Pretax Margin %	-18.12%	-30.15%	-3.29%	-1.94%	-9%	2.58%	-3.16%	-3.81%	8.56%	12.94%
Income Tax+	4M	2M	-95M	55M	-128M	283M	60M	27M	203M	11.53M
Effective Tax Rate %	100.75%	100.16%	45.09%	141.98%	81.95%	-13.65%	116.22%	105.35%	84.86%	99.46%
Net Income+	-539M	-1.24B	-78M	-186M	-581M	-34M	-430M	-532M	1.14B	2.12B
Net Margin %	-18.26%	-30.2%	-1.48%	-2.75%	-7.37%	-0.35%	-3.67%	-4.02%	7.26%	12.87%
Net Income Growth %	-134.35%	-129.13%	93.68%	-138.46%	-212.37%	94.15%	-1164.71%	-23.72%	313.91%	86.7%
Net Income (Continuing)	-539M	-1.24B	-78M	-186M	-581M	-34M	-430M	-532M	1.14B	2.12B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-3.09	-6.48	-0.45	-1.01	-2.88	-1.07	-2.86	-2.68	5.50	10.09
EPS Growth %	-143.31%	-109.71%	92.98%	-122.1%	-185.15%	62.85%	-167.29%	6.29%	305.22%	83.45%
EPS (Basic)	-3.21	-6.93	-0.44	-1.03	-3.10	-0.18	-2.23	-2.73	5.67	10.34
Diluted Shares Outstanding	167.78M	178.11M	181.21M	180.96M	187.58M	193.94M	195.85M	194.73M	206.99M	210.51M
Basic Shares Outstanding	167.78M	178.11M	177.15M	180.96M	187.58M	191.3M	192.93M	194.73M	200.62M	205.41M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.92B	1.95B	2.25B	2.21B	2.36B	4.38B	4.32B	5.28B	8.38B	10.49B
Cash & Short-Term Investments	1.59B	1.55B	1.81B	1.74B	1.74B	3.51B	3.32B	4.23B	7.45B	9.46B
Cash Only	758.83M	489.37M	584.48M	1.05B	1.15B	2.75B	2.46B	3.13B	4.78B	5.26B
Short-Term Investments	834.21M	1.06B	1.22B	684.15M	595.26M	758.24M	859.86M	1.1B	2.67B	4.21B
Accounts Receivable	307.55M	369.33M	402.33M	401.4M	467.42M	627.86M	689.28M	881.33M	798.99M	917.61M
Days Sales Outstanding	38.03	32.96	27.92	21.66	21.65	23.7	21.45	24.28	18.61	20.29
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	18.09M	29.75M	38.03M	67.23M	150.81M	246.73M	304.47M	168.64M	132M	110.95M
Total Non-Current Assets+	191.97M	1.24B	2.09B	2.86B	3.96B	2.81B	3.26B	3.1B	3.63B	4.52B
Property, Plant & Equipment	85.43M	74.89M	197.16M	771.16M	756.06M	811.4M	758.7M	549.08M	413.99M	421.82M
Fixed Asset Turnover	34.55x	54.61x	26.67x	8.77x	10.42x	11.92x	15.46x	24.13x	37.86x	39.13x
Goodwill	73.37M	138.5M	146.12M	472.58M	735.08M	896.65M	1.16B	1.14B	1.2B	1.08B
Intangible Assets	7.04M	27.7M	28.02M	57.34M	96.88M	89.26M	125.95M	84.32M	48M	40.98M
Long-Term Investments	21.11M	977.71M	1.65B	1.48B	2.27B	918.72M	1.13B	1.27B	1.76B	2.25B
Other Non-Current Assets	2.01M	12.31M	65.05M	68.22M	77.9M	77.23M	77.36M	24.09M	16M	60.97M
Total Assets+	2.11B	3.19B	4.34B	5.06B	6.32B	7.19B	7.57B	8.38B	12B	15.01B
Asset Turnover	1.40x	1.28x	1.21x	1.34x	1.25x	1.34x	1.55x	1.58x	1.31x	1.10x
Asset Growth %	101.43%	51.02%	36.14%	16.69%	24.77%	13.82%	5.31%	10.62%	43.3%	25.02%
Total Current Liabilities+	1.23B	1.91B	2.15B	2.41B	2.9B	3.24B	3.49B	4.11B	4.45B	6.08B
Accounts Payable	139.7M	248.27M	295.24M	372.73M	433.46M	535.58M	583.16M	664.51M	932.98M	1.19B
Days Payables Outstanding	19.99	27.96	27.59	26.98	26.98	27.62	24.18	24.62	31.1	38.8
Short-Term Debt	5.03M	1.03M	0	0	0	0	0	0	0	1.46B
Deferred Revenue (Current)	149.76M	221.6M	258.21M	315.38M	379.53M	459.36M	515.72M	624.36M	682.99M	710.7M
Other Current Liabilities	905.57M	1.39B	1.43B	1.66B	2.01B	2.13B	2.26B	2.53B	2.68B	2.65B
Current Ratio	1.56x	1.02x	1.05x	0.91x	0.82x	1.36x	1.24x	1.29x	1.88x	1.72x
Quick Ratio	1.56x	1.02x	1.05x	0.91x	0.82x	1.36x	1.24x	1.29x	1.88x	1.72x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.13B	1.04B	95.08M	638.68M	620.23M	1.83B	1.7B	1.74B	2.03B	597.75M
Long-Term Debt	1.11B	968.48M	0	0	0	1.21B	1.12B	1.21B	1.54B	432.82M
Capital Lease Obligations	1.01M	0	0	614.95M	576.28M	580.72M	550.43M	494.87M	461.99M	432.82M
Deferred Tax Liabilities	0	3.08M	2M	1.98M	0	0	4.96M	8.03M	21M	162.93M
Other Non-Current Liabilities	4.02M	7.18M	8.01M	21.75M	43.95M	44.13M	30.74M	29.11M	8M	-430.82M
Total Liabilities	2.35B	2.94B	2.24B	3.05B	3.52B	5.07B	5.19B	5.85B	6.48B	6.68B
Total Debt+	1.12B	969.5M	0	614.95M	576.28M	1.79B	1.67B	1.7B	2B	2.32B
Net Debt	358.81M	480.13M	-584.48M	-437.98M	-573.28M	-965.86M	-793.41M	-1.42B	-2.78B	-2.93B
Debt / Equity	-	3.97x	-	0.31x	0.21x	0.84x	0.70x	0.67x	0.36x	0.28x
Debt / EBITDA	-	-	-	43.92x	-	8.08x	-	-	1.35x	1.05x
Net Debt / EBITDA	-	-	-	-31.28x	-	-4.37x	-	-	-1.87x	-1.33x
Interest Coverage	-69.80x	-94.50x	-7.17x	-1.70x	-5.43x	2.35x	-16.07x	-11.74x	37.92x	8.26x
Total Equity+	-241.22M	244.17M	2.1B	2.01B	2.8B	2.13B	2.38B	2.53B	5.52B	8.33B
Equity Growth %	-205.65%	201.22%	758.31%	-3.9%	39.11%	-24.14%	12.04%	6.36%	118.15%	50.69%
Book Value per Share	-1.44	1.37	11.57	11.13	14.93	10.96	12.16	13.01	26.69	39.55
Total Shareholders' Equity	-241.22M	244.17M	2.1B	2.01B	2.8B	2.13B	2.38B	2.53B	5.52B	8.33B
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-1.2B	-2.49B	-2.51B	-2.68B	-3.29B	-3.23B	-3.62B	-4.2B	-3.04B	-831.65M
Treasury Stock	0	0	-77.06M	-365.81M	-174.78M	-260.77M	-259.84M	-262.99M	-262M	-700.7M
Accumulated OCI	122.62M	181.59M	875.73M	913.52M	1.68B	855.53M	1.51B	1.82B	2.71B	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	101M	179M	344M	573M	259M	361M	46M	680M	2.3B	2.84B
Operating CF Margin %	3.42%	4.38%	6.54%	8.47%	3.29%	3.73%	0.39%	5.13%	14.68%	17.2%
Operating CF Growth %	365.79%	77.23%	92.18%	66.57%	-54.8%	39.38%	-87.26%	1378.26%	238.38%	23.4%
Net Income	-539M	-1.24B	-78M	-186M	-581M	-34M	-430M	-532M	1.14B	2.12B
Depreciation & Amortization	38M	54M	32M	87M	111M	127M	171M	158M	121M	97.97M
Stock-Based Compensation	53M	65M	88M	122M	176M	223M	381M	321M	267M	0
Deferred Taxes	4M	2M	-95M	55M	-128M	283M	60M	27M	203M	0
Other Non-Cash Items	245M	873M	146M	44M	364M	-202M	-327M	242M	196M	378.45M
Working Capital Changes	300M	420M	251M	451M	317M	-36M	191M	464M	376M	238.21M
Change in Receivables	-60M	-112M	-61M	-27M	-187M	-245M	-84M	-145M	145M	-110.46M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	245M	447M	291M	454M	425M	137M	226M	501M	183M	269.91M
Cash from Investing+	-827M	-435M	-22M	-218M	-372M	-187M	-423M	-217M	-1.49B	-1.74B
Capital Expenditures	-27M	-46M	-125M	-135M	-78M	-85M	-25M	-6M	-17M	-58.59M
CapEx % of Revenue	0.91%	1.12%	2.38%	2%	0.99%	0.88%	0.21%	0.05%	0.11%	0.35%
Acquisitions	-7.34M	-49M	-9M	-331M	-336M	-115M	-306M	-7M	-10M	-17.29M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4.66M	-34M	-45M	-14M	-25M	-9M	-3M	7M	12M	-4.8M
Cash from Financing+	916M	34M	92M	-203M	285M	1.25B	-40M	234M	729M	-365.96M
Debt Issued (Net)	861M	0	0	-17M	-24M	1.2B	-43M	-66M	-69M	0
Equity Issued (Net)	0	0	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	-72M	-438M	-30M	-143M	-2M	-68M	-135M	-421.67M
Other Financing	55M	34M	164M	252M	339M	198M	5M	368M	933M	-301.61M
Net Change in Cash	158M	-278M	414M	174M	86M	1.59B	-261M	631M	1.67B	1.04B
Free Cash Flow+	74M	133M	219M	438M	181M	276M	21M	674M	2.28B	2.78B
FCF Margin %	2.51%	3.25%	4.16%	6.48%	2.3%	2.85%	0.18%	5.09%	14.57%	16.85%
FCF Growth %	185.06%	79.73%	64.66%	100%	-58.68%	52.49%	-92.39%	3109.52%	238.87%	21.75%
FCF per Share	0.44	0.75	1.21	2.42	0.96	1.42	0.11	3.46	11.03	13.21
FCF Conversion (FCF/Net Income)	-0.19x	-0.14x	-4.41x	-3.08x	-0.45x	-10.62x	-0.11x	-1.28x	2.02x	1.34x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-83614.13%	-6.67%	-9.05%	-24.13%	-1.38%	-19.08%	-21.65%	28.25%	30.68%
Return on Invested Capital (ROIC)	-222.59%	-67.35%	-2.89%	-3.55%	-11.55%	4.16%	-35.98%	-24.81%	53.12%	38.92%
Gross Margin	13.58%	20.76%	25.73%	25.46%	25.57%	26.8%	24.95%	25.64%	30.14%	31.98%
Net Margin	-18.26%	-30.2%	-1.48%	-2.75%	-7.37%	-0.35%	-3.67%	-4.02%	7.26%	12.87%
Debt / Equity	-	3.97x	-	0.31x	0.21x	0.84x	0.70x	0.67x	0.36x	0.28x
Interest Coverage	-69.80x	-94.50x	-7.17x	-1.70x	-5.43x	2.35x	-16.07x	-11.74x	37.92x	8.26x
FCF Conversion	-0.19x	-0.14x	-4.41x	-3.08x	-0.45x	-10.62x	-0.11x	-1.28x	2.02x	1.34x
Revenue Growth	52.16%	38.55%	28.58%	28.62%	16.5%	22.69%	21.3%	12.96%	18.31%	5.33%

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Spotify Technology S.A. (SPOT) 10-Year Financial Performance & Capital Metrics

SPOT •

Communication ServicesInternet ServicesDigital Media Publishers and Audio

Revenue $16.51B +5.3%
EBITDA $2.21B +48.7%
Net Income $2.12B +86.7%
EPS (Diluted) 10.09 +83.5%
Gross Margin 31.98% +6.1%
EBITDA Margin 13.38% +41.2%
Operating Margin 12.79% +46.9%
Net Margin 12.87% +77.3%
ROE 30.68% +8.6%
ROIC 38.92% -26.7%
Debt/Equity 0.28 -23.0%
Interest Coverage 8.26 -78.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 16.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.9%
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Trading more than 30% below 52-week high
✗Expensive at 11.0x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y23.88%

5Y15.94%

3Y12.07%

TTM9.38%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM93.41%

EPS CAGR

10Y-

5Y-

3Y-

TTM51.1%

ROCE

10Y Avg-8.73%

5Y Avg4.84%

3Y Avg12.68%

Latest25.62%

Peer Comparison

Digital Media Publishers and Audio

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SPOTSpotify Technology S.A.	105.99B	514.94	43.27	5.33%	12.84%	26.44%	3.09%	0.28
TMETencent Music Entertainment Group	10.34B	14.60	23.62	2.34%	34.08%	12.65%	13.03%	0.09
NAMIJinxin Technology Holding Company American Depositary Shares	508.47M	0.44	4.15	7%	4.99%	94.83%		0.03
KRKR36Kr Holdings Inc.	3.19B	3.56	-0.30	-32.08%	-26.64%	-34.61%		0.25
BZFDBuzzFeed, Inc.	1.03M	0.76	-0.84	-24.85%	0.06%	0.14%		0.59
ARENThe Arena Group Holdings, Inc.	137.44M	2.89	-1.01	-12.34%	88.51%
ONFOOnfolio Holdings, Inc.	2.51M	0.49	-1.20	50.04%	-17.18%	-51.71%		0.60
FENGPhoenix New Media Limited	552.15M	1.74	-2.68	1.69%	-6.38%	-4.56%		0.05

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	2.95B	4.09B	5.26B	6.76B	7.88B	9.67B	11.73B	13.25B	15.67B	16.51B
Revenue Growth %	52.16%	38.55%	28.58%	28.62%	16.5%	22.69%	21.3%	12.96%	18.31%	5.33%
Cost of Goods Sold+	2.55B	3.24B	3.91B	5.04B	5.87B	7.08B	8.8B	9.85B	10.95B	11.23B
COGS % of Revenue	86.42%	79.24%	74.27%	74.54%	74.43%	73.2%	75.05%	74.36%	69.86%	68.02%
Gross Profit+	401M	849M	1.35B	1.72B	2.02B	2.59B	2.93B	3.4B	4.72B	5.28B
Gross Margin %	13.58%	20.76%	25.73%	25.46%	25.57%	26.8%	24.95%	25.64%	30.14%	31.98%
Gross Profit Growth %	77.43%	111.72%	59.36%	27.27%	17.02%	28.59%	12.93%	16.1%	39.06%	11.75%
Operating Expenses+	750M	1.23B	1.4B	1.79B	2.31B	2.5B	3.58B	3.84B	3.36B	3.17B
OpEx % of Revenue	25.41%	30%	26.55%	26.54%	29.29%	25.83%	30.57%	29.01%	21.43%	19.19%
Selling, General & Admin	543M	831M	903M	1.18B	1.47B	1.58B	2.2B	2.12B	1.87B	1.83B
SG&A % of Revenue	18.39%	20.32%	17.17%	17.45%	18.67%	16.39%	18.74%	15.99%	11.95%	11.08%
Research & Development	207M	396M	493M	615M	837M	912M	1.39B	1.73B	1.49B	1.34B
R&D % of Revenue	7.01%	9.68%	9.37%	9.09%	10.62%	9.43%	11.83%	13.02%	9.48%	8.11%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-349M	-378M	-43M	-73M	-293M	94M	-659M	-446M	1.36B	2.11B
Operating Margin %	-11.82%	-9.24%	-0.82%	-1.08%	-3.72%	0.97%	-5.62%	-3.37%	8.71%	12.79%
Operating Income Growth %	-48.51%	-8.31%	88.62%	-69.77%	-301.37%	132.08%	-801.06%	32.32%	406.05%	54.67%
EBITDA+	-311M	-324M	-11M	14M	-182M	221M	-488M	-288M	1.49B	2.21B
EBITDA Margin %	-10.54%	-7.92%	-0.21%	0.21%	-2.31%	2.29%	-4.16%	-2.17%	9.48%	13.38%
EBITDA Growth %	-51.71%	-4.18%	96.6%	227.27%	-1400%	221.43%	-320.81%	40.98%	615.97%	48.67%
D&A (Non-Cash Add-back)	38M	54M	32M	87M	111M	127M	171M	158M	121M	97.97M
EBIT	-530M	-1.23B	-167M	-88M	-655M	289M	-329M	-467M	1.38B	2.39B
Net Interest Income+	0	16M	19M	-12M	-37M	-29M	6M	93M	187M	24.97M
Interest Income	5M	19M	25M	31M	17M	11M	47M	131M	223M	280.48M
Interest Expense	5M	4M	6M	43M	54M	40M	41M	38M	36M	255.5M
Other Income/Expense	-186M	-855M	-130M	-58M	-416M	155M	289M	-59M	-24M	24.97M
Pretax Income+	-535M	-1.23B	-173M	-131M	-709M	249M	-370M	-505M	1.34B	2.14B
Pretax Margin %	-18.12%	-30.15%	-3.29%	-1.94%	-9%	2.58%	-3.16%	-3.81%	8.56%	12.94%
Income Tax+	4M	2M	-95M	55M	-128M	283M	60M	27M	203M	11.53M
Effective Tax Rate %	100.75%	100.16%	45.09%	141.98%	81.95%	-13.65%	116.22%	105.35%	84.86%	99.46%
Net Income+	-539M	-1.24B	-78M	-186M	-581M	-34M	-430M	-532M	1.14B	2.12B
Net Margin %	-18.26%	-30.2%	-1.48%	-2.75%	-7.37%	-0.35%	-3.67%	-4.02%	7.26%	12.87%
Net Income Growth %	-134.35%	-129.13%	93.68%	-138.46%	-212.37%	94.15%	-1164.71%	-23.72%	313.91%	86.7%
Net Income (Continuing)	-539M	-1.24B	-78M	-186M	-581M	-34M	-430M	-532M	1.14B	2.12B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-3.09	-6.48	-0.45	-1.01	-2.88	-1.07	-2.86	-2.68	5.50	10.09
EPS Growth %	-143.31%	-109.71%	92.98%	-122.1%	-185.15%	62.85%	-167.29%	6.29%	305.22%	83.45%
EPS (Basic)	-3.21	-6.93	-0.44	-1.03	-3.10	-0.18	-2.23	-2.73	5.67	10.34
Diluted Shares Outstanding	167.78M	178.11M	181.21M	180.96M	187.58M	193.94M	195.85M	194.73M	206.99M	210.51M
Basic Shares Outstanding	167.78M	178.11M	177.15M	180.96M	187.58M	191.3M	192.93M	194.73M	200.62M	205.41M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.92B	1.95B	2.25B	2.21B	2.36B	4.38B	4.32B	5.28B	8.38B	10.49B
Cash & Short-Term Investments	1.59B	1.55B	1.81B	1.74B	1.74B	3.51B	3.32B	4.23B	7.45B	9.46B
Cash Only	758.83M	489.37M	584.48M	1.05B	1.15B	2.75B	2.46B	3.13B	4.78B	5.26B
Short-Term Investments	834.21M	1.06B	1.22B	684.15M	595.26M	758.24M	859.86M	1.1B	2.67B	4.21B
Accounts Receivable	307.55M	369.33M	402.33M	401.4M	467.42M	627.86M	689.28M	881.33M	798.99M	917.61M
Days Sales Outstanding	38.03	32.96	27.92	21.66	21.65	23.7	21.45	24.28	18.61	20.29
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	18.09M	29.75M	38.03M	67.23M	150.81M	246.73M	304.47M	168.64M	132M	110.95M
Total Non-Current Assets+	191.97M	1.24B	2.09B	2.86B	3.96B	2.81B	3.26B	3.1B	3.63B	4.52B
Property, Plant & Equipment	85.43M	74.89M	197.16M	771.16M	756.06M	811.4M	758.7M	549.08M	413.99M	421.82M
Fixed Asset Turnover	34.55x	54.61x	26.67x	8.77x	10.42x	11.92x	15.46x	24.13x	37.86x	39.13x
Goodwill	73.37M	138.5M	146.12M	472.58M	735.08M	896.65M	1.16B	1.14B	1.2B	1.08B
Intangible Assets	7.04M	27.7M	28.02M	57.34M	96.88M	89.26M	125.95M	84.32M	48M	40.98M
Long-Term Investments	21.11M	977.71M	1.65B	1.48B	2.27B	918.72M	1.13B	1.27B	1.76B	2.25B
Other Non-Current Assets	2.01M	12.31M	65.05M	68.22M	77.9M	77.23M	77.36M	24.09M	16M	60.97M
Total Assets+	2.11B	3.19B	4.34B	5.06B	6.32B	7.19B	7.57B	8.38B	12B	15.01B
Asset Turnover	1.40x	1.28x	1.21x	1.34x	1.25x	1.34x	1.55x	1.58x	1.31x	1.10x
Asset Growth %	101.43%	51.02%	36.14%	16.69%	24.77%	13.82%	5.31%	10.62%	43.3%	25.02%
Total Current Liabilities+	1.23B	1.91B	2.15B	2.41B	2.9B	3.24B	3.49B	4.11B	4.45B	6.08B
Accounts Payable	139.7M	248.27M	295.24M	372.73M	433.46M	535.58M	583.16M	664.51M	932.98M	1.19B
Days Payables Outstanding	19.99	27.96	27.59	26.98	26.98	27.62	24.18	24.62	31.1	38.8
Short-Term Debt	5.03M	1.03M	0	0	0	0	0	0	0	1.46B
Deferred Revenue (Current)	149.76M	221.6M	258.21M	315.38M	379.53M	459.36M	515.72M	624.36M	682.99M	710.7M
Other Current Liabilities	905.57M	1.39B	1.43B	1.66B	2.01B	2.13B	2.26B	2.53B	2.68B	2.65B
Current Ratio	1.56x	1.02x	1.05x	0.91x	0.82x	1.36x	1.24x	1.29x	1.88x	1.72x
Quick Ratio	1.56x	1.02x	1.05x	0.91x	0.82x	1.36x	1.24x	1.29x	1.88x	1.72x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.13B	1.04B	95.08M	638.68M	620.23M	1.83B	1.7B	1.74B	2.03B	597.75M
Long-Term Debt	1.11B	968.48M	0	0	0	1.21B	1.12B	1.21B	1.54B	432.82M
Capital Lease Obligations	1.01M	0	0	614.95M	576.28M	580.72M	550.43M	494.87M	461.99M	432.82M
Deferred Tax Liabilities	0	3.08M	2M	1.98M	0	0	4.96M	8.03M	21M	162.93M
Other Non-Current Liabilities	4.02M	7.18M	8.01M	21.75M	43.95M	44.13M	30.74M	29.11M	8M	-430.82M
Total Liabilities	2.35B	2.94B	2.24B	3.05B	3.52B	5.07B	5.19B	5.85B	6.48B	6.68B
Total Debt+	1.12B	969.5M	0	614.95M	576.28M	1.79B	1.67B	1.7B	2B	2.32B
Net Debt	358.81M	480.13M	-584.48M	-437.98M	-573.28M	-965.86M	-793.41M	-1.42B	-2.78B	-2.93B
Debt / Equity	-	3.97x	-	0.31x	0.21x	0.84x	0.70x	0.67x	0.36x	0.28x
Debt / EBITDA	-	-	-	43.92x	-	8.08x	-	-	1.35x	1.05x
Net Debt / EBITDA	-	-	-	-31.28x	-	-4.37x	-	-	-1.87x	-1.33x
Interest Coverage	-69.80x	-94.50x	-7.17x	-1.70x	-5.43x	2.35x	-16.07x	-11.74x	37.92x	8.26x
Total Equity+	-241.22M	244.17M	2.1B	2.01B	2.8B	2.13B	2.38B	2.53B	5.52B	8.33B
Equity Growth %	-205.65%	201.22%	758.31%	-3.9%	39.11%	-24.14%	12.04%	6.36%	118.15%	50.69%
Book Value per Share	-1.44	1.37	11.57	11.13	14.93	10.96	12.16	13.01	26.69	39.55
Total Shareholders' Equity	-241.22M	244.17M	2.1B	2.01B	2.8B	2.13B	2.38B	2.53B	5.52B	8.33B
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-1.2B	-2.49B	-2.51B	-2.68B	-3.29B	-3.23B	-3.62B	-4.2B	-3.04B	-831.65M
Treasury Stock	0	0	-77.06M	-365.81M	-174.78M	-260.77M	-259.84M	-262.99M	-262M	-700.7M
Accumulated OCI	122.62M	181.59M	875.73M	913.52M	1.68B	855.53M	1.51B	1.82B	2.71B	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	101M	179M	344M	573M	259M	361M	46M	680M	2.3B	2.84B
Operating CF Margin %	3.42%	4.38%	6.54%	8.47%	3.29%	3.73%	0.39%	5.13%	14.68%	17.2%
Operating CF Growth %	365.79%	77.23%	92.18%	66.57%	-54.8%	39.38%	-87.26%	1378.26%	238.38%	23.4%
Net Income	-539M	-1.24B	-78M	-186M	-581M	-34M	-430M	-532M	1.14B	2.12B
Depreciation & Amortization	38M	54M	32M	87M	111M	127M	171M	158M	121M	97.97M
Stock-Based Compensation	53M	65M	88M	122M	176M	223M	381M	321M	267M	0
Deferred Taxes	4M	2M	-95M	55M	-128M	283M	60M	27M	203M	0
Other Non-Cash Items	245M	873M	146M	44M	364M	-202M	-327M	242M	196M	378.45M
Working Capital Changes	300M	420M	251M	451M	317M	-36M	191M	464M	376M	238.21M
Change in Receivables	-60M	-112M	-61M	-27M	-187M	-245M	-84M	-145M	145M	-110.46M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	245M	447M	291M	454M	425M	137M	226M	501M	183M	269.91M
Cash from Investing+	-827M	-435M	-22M	-218M	-372M	-187M	-423M	-217M	-1.49B	-1.74B
Capital Expenditures	-27M	-46M	-125M	-135M	-78M	-85M	-25M	-6M	-17M	-58.59M
CapEx % of Revenue	0.91%	1.12%	2.38%	2%	0.99%	0.88%	0.21%	0.05%	0.11%	0.35%
Acquisitions	-7.34M	-49M	-9M	-331M	-336M	-115M	-306M	-7M	-10M	-17.29M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4.66M	-34M	-45M	-14M	-25M	-9M	-3M	7M	12M	-4.8M
Cash from Financing+	916M	34M	92M	-203M	285M	1.25B	-40M	234M	729M	-365.96M
Debt Issued (Net)	861M	0	0	-17M	-24M	1.2B	-43M	-66M	-69M	0
Equity Issued (Net)	0	0	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	-72M	-438M	-30M	-143M	-2M	-68M	-135M	-421.67M
Other Financing	55M	34M	164M	252M	339M	198M	5M	368M	933M	-301.61M
Net Change in Cash	158M	-278M	414M	174M	86M	1.59B	-261M	631M	1.67B	1.04B
Free Cash Flow+	74M	133M	219M	438M	181M	276M	21M	674M	2.28B	2.78B
FCF Margin %	2.51%	3.25%	4.16%	6.48%	2.3%	2.85%	0.18%	5.09%	14.57%	16.85%
FCF Growth %	185.06%	79.73%	64.66%	100%	-58.68%	52.49%	-92.39%	3109.52%	238.87%	21.75%
FCF per Share	0.44	0.75	1.21	2.42	0.96	1.42	0.11	3.46	11.03	13.21
FCF Conversion (FCF/Net Income)	-0.19x	-0.14x	-4.41x	-3.08x	-0.45x	-10.62x	-0.11x	-1.28x	2.02x	1.34x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-83614.13%	-6.67%	-9.05%	-24.13%	-1.38%	-19.08%	-21.65%	28.25%	30.68%
Return on Invested Capital (ROIC)	-222.59%	-67.35%	-2.89%	-3.55%	-11.55%	4.16%	-35.98%	-24.81%	53.12%	38.92%
Gross Margin	13.58%	20.76%	25.73%	25.46%	25.57%	26.8%	24.95%	25.64%	30.14%	31.98%
Net Margin	-18.26%	-30.2%	-1.48%	-2.75%	-7.37%	-0.35%	-3.67%	-4.02%	7.26%	12.87%
Debt / Equity	-	3.97x	-	0.31x	0.21x	0.84x	0.70x	0.67x	0.36x	0.28x
Interest Coverage	-69.80x	-94.50x	-7.17x	-1.70x	-5.43x	2.35x	-16.07x	-11.74x	37.92x	8.26x
FCF Conversion	-0.19x	-0.14x	-4.41x	-3.08x	-0.45x	-10.62x	-0.11x	-1.28x	2.02x	1.34x
Revenue Growth	52.16%	38.55%	28.58%	28.62%	16.5%	22.69%	21.3%	12.96%	18.31%	5.33%

Spotify Technology S.A. (SPOT) 10-Year Financial Performance & Capital Metrics

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Spotify Technology S.A. (SPOT) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare SPOT vs Peers

vs TME

vs KRKR

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

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Revenue History

Financial Ratios