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

SPOT • • Industrial / General

Communication ServicesInternet ServicesDigital Content & Media PlatformsMusic & Audio Platforms

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 $15.67B +18.3%
EBITDA $1.49B +616.0%
Net Income $1.14B +313.9%
EPS (Diluted) 5.50 +305.2%
Gross Margin 30.14% +17.5%
EBITDA Margin 9.48% +536.1%
Operating Margin 8.71% +358.7%
Net Margin 7.26% +280.8%
ROE 28.25% +230.5%
ROIC 53.12% +314.2%
Debt/Equity 0.36 -46.1%
Interest Coverage 37.92 +423.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.3%
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

✗Weak momentum: RS Rating 15 (bottom 15%)
✗Trading more than 30% below 52-week high
✗Expensive at 19.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y18.3%

3Y17.47%

TTM12.73%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM102%

EPS CAGR

10Y-

5Y-

3Y-

TTM102.11%

ROCE

10Y Avg-20.61%

5Y Avg-2.22%

3Y Avg-1.33%

Latest23.08%

Peer Comparison

Music & Audio Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SPOTSpotify Technology S.A.	104.6B	508.04	92.37	18.31%	8.32%	18.2%	2.18%	0.36
TMETencent Music Entertainment Group	11.76B	16.60	3.92	2.34%	34.08%	12.65%	78.6%	0.09
PODCPodcastOne, Inc.	65.39M	2.43	-9.35	20.36%	-9.57%	-37.06%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.94B	2.95B	4.09B	5.26B	6.76B	7.88B	9.67B	11.73B	13.25B	15.67B
Revenue Growth %	-	0.52%	0.39%	0.29%	0.29%	0.16%	0.23%	0.21%	0.13%	0.18%
Cost of Goods Sold+	1.71B	2.55B	3.24B	3.91B	5.04B	5.87B	7.08B	8.8B	9.85B	10.95B
COGS % of Revenue	0.88%	0.86%	0.79%	0.74%	0.75%	0.74%	0.73%	0.75%	0.74%	0.7%
Gross Profit+	226M	401M	849M	1.35B	1.72B	2.02B	2.59B	2.93B	3.4B	4.72B
Gross Margin %	0.12%	0.14%	0.21%	0.26%	0.25%	0.26%	0.27%	0.25%	0.26%	0.3%
Gross Profit Growth %	-	0.77%	1.12%	0.59%	0.27%	0.17%	0.29%	0.13%	0.16%	0.39%
Operating Expenses+	461M	750M	1.23B	1.4B	1.79B	2.31B	2.5B	3.58B	3.84B	3.36B
OpEx % of Revenue	0.24%	0.25%	0.3%	0.27%	0.27%	0.29%	0.26%	0.31%	0.29%	0.21%
Selling, General & Admin	325M	543M	831M	903M	1.18B	1.47B	1.58B	2.2B	2.12B	1.87B
SG&A % of Revenue	0.17%	0.18%	0.2%	0.17%	0.17%	0.19%	0.16%	0.19%	0.16%	0.12%
Research & Development	136M	207M	396M	493M	615M	837M	912M	1.39B	1.73B	1.49B
R&D % of Revenue	0.07%	0.07%	0.1%	0.09%	0.09%	0.11%	0.09%	0.12%	0.13%	0.09%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-235M	-349M	-378M	-43M	-73M	-293M	94M	-659M	-446M	1.36B
Operating Margin %	-0.12%	-0.12%	-0.09%	-0.01%	-0.01%	-0.04%	0.01%	-0.06%	-0.03%	0.09%
Operating Income Growth %	-	-0.49%	-0.08%	0.89%	-0.7%	-3.01%	1.32%	-8.01%	0.32%	4.06%
EBITDA+	-205M	-311M	-324M	-11M	14M	-182M	221M	-488M	-288M	1.49B
EBITDA Margin %	-0.11%	-0.11%	-0.08%	-0%	0%	-0.02%	0.02%	-0.04%	-0.02%	0.09%
EBITDA Growth %	-	-0.52%	-0.04%	0.97%	2.27%	-14%	2.21%	-3.21%	0.41%	6.16%
D&A (Non-Cash Add-back)	30M	38M	54M	32M	87M	111M	127M	171M	158M	121M
EBIT	-224M	-530M	-1.23B	-167M	-88M	-655M	289M	-329M	-467M	1.38B
Net Interest Income+	1M	0	16M	19M	-12M	-37M	-29M	6M	93M	187M
Interest Income	2M	5M	19M	25M	31M	17M	11M	47M	131M	223M
Interest Expense	1M	5M	4M	6M	43M	54M	40M	41M	38M	36M
Other Income/Expense	10M	-186M	-855M	-130M	-58M	-416M	155M	289M	-59M	-24M
Pretax Income+	-225M	-535M	-1.23B	-173M	-131M	-709M	249M	-370M	-505M	1.34B
Pretax Margin %	-0.12%	-0.18%	-0.3%	-0.03%	-0.02%	-0.09%	0.03%	-0.03%	-0.04%	0.09%
Income Tax+	5M	4M	2M	-95M	55M	-128M	283M	60M	27M	203M
Effective Tax Rate %	1.02%	1.01%	1%	0.45%	1.42%	0.82%	-0.14%	1.16%	1.05%	0.85%
Net Income+	-230M	-539M	-1.24B	-78M	-186M	-581M	-34M	-430M	-532M	1.14B
Net Margin %	-0.12%	-0.18%	-0.3%	-0.01%	-0.03%	-0.07%	-0%	-0.04%	-0.04%	0.07%
Net Income Growth %	-	-1.34%	-1.29%	0.94%	-1.38%	-2.12%	0.94%	-11.65%	-0.24%	3.14%
Net Income (Continuing)	-230M	-539M	-1.24B	-78M	-186M	-581M	-34M	-430M	-532M	1.14B
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)+	-1.27	-3.09	-6.48	-0.45	-1.01	-2.88	-1.07	-2.86	-2.68	5.50
EPS Growth %	-	-1.43%	-1.1%	0.93%	-1.22%	-1.85%	0.63%	-1.67%	0.06%	3.05%
EPS (Basic)	-1.37	-3.21	-6.93	-0.44	-1.03	-3.10	-0.18	-2.23	-2.73	5.67
Diluted Shares Outstanding	167.78M	167.78M	178.11M	181.21M	180.96M	187.58M	193.94M	195.85M	194.73M	206.99M
Basic Shares Outstanding	167.78M	167.78M	178.11M	177.15M	180.96M	187.58M	191.3M	192.93M	194.73M	200.62M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	868.37M	1.92B	1.95B	2.25B	2.21B	2.36B	4.38B	4.32B	5.28B	8.38B
Cash & Short-Term Investments	595.2M	1.59B	1.55B	1.81B	1.74B	1.74B	3.51B	3.32B	4.23B	7.45B
Cash Only	595.2M	758.83M	489.37M	584.48M	1.05B	1.15B	2.75B	2.46B	3.13B	4.78B
Short-Term Investments	0	834.21M	1.06B	1.22B	684.15M	595.26M	758.24M	859.86M	1.1B	2.67B
Accounts Receivable	246.25M	307.55M	369.33M	402.33M	401.4M	467.42M	627.86M	689.28M	881.33M	798.99M
Days Sales Outstanding	46.33	38.03	32.96	27.92	21.66	21.65	23.7	21.45	24.28	18.61
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	26.92M	18.09M	29.75M	38.03M	67.23M	150.81M	246.73M	304.47M	168.64M	132M
Total Non-Current Assets+	179.46M	191.97M	1.24B	2.09B	2.86B	3.96B	2.81B	3.26B	3.1B	3.63B
Property, Plant & Equipment	80.76M	85.43M	74.89M	197.16M	771.16M	756.06M	811.4M	758.7M	549.08M	413.99M
Fixed Asset Turnover	24.02x	34.55x	54.61x	26.67x	8.77x	10.42x	11.92x	15.46x	24.13x	37.86x
Goodwill	64.8M	73.37M	138.5M	146.12M	472.58M	735.08M	896.65M	1.16B	1.14B	1.2B
Intangible Assets	7.98M	7.04M	27.7M	28.02M	57.34M	96.88M	89.26M	125.95M	84.32M	48M
Long-Term Investments	20.94M	21.11M	977.71M	1.65B	1.48B	2.27B	918.72M	1.13B	1.27B	1.76B
Other Non-Current Assets	996.98K	2.01M	12.31M	65.05M	68.22M	77.9M	77.23M	77.36M	24.09M	16M
Total Assets+	1.05B	2.11B	3.19B	4.34B	5.06B	6.32B	7.19B	7.57B	8.38B	12B
Asset Turnover	1.85x	1.40x	1.28x	1.21x	1.34x	1.25x	1.34x	1.55x	1.58x	1.31x
Asset Growth %	-	1.01%	0.51%	0.36%	0.17%	0.25%	0.14%	0.05%	0.11%	0.43%
Total Current Liabilities+	795.59M	1.23B	1.91B	2.15B	2.41B	2.9B	3.24B	3.49B	4.11B	4.45B
Accounts Payable	75.77M	139.7M	248.27M	295.24M	372.73M	433.46M	535.58M	583.16M	664.51M	932.98M
Days Payables Outstanding	16.14	19.99	27.96	27.59	26.98	26.98	27.62	24.18	24.62	31.1
Short-Term Debt	5.98M	5.03M	1.03M	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	594.2M	905.57M	1.39B	1.43B	1.66B	2.01B	2.13B	2.26B	2.53B	2.68B
Current Ratio	1.09x	1.56x	1.02x	1.05x	0.91x	0.82x	1.36x	1.24x	1.29x	1.88x
Quick Ratio	1.09x	1.56x	1.02x	1.05x	0.91x	0.82x	1.36x	1.24x	1.29x	1.88x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	23.93M	1.13B	1.04B	95.08M	638.68M	620.23M	1.83B	1.7B	1.74B	2.03B
Long-Term Debt	0	1.11B	968.48M	0	0	0	1.21B	1.12B	1.21B	1.54B
Capital Lease Obligations	4.98M	1.01M	0	0	614.95M	576.28M	580.72M	550.43M	494.87M	461.99M
Deferred Tax Liabilities	0	0	3.08M	2M	1.98M	0	0	4.96M	8.03M	21M
Other Non-Current Liabilities	9.97M	4.02M	7.18M	8.01M	21.75M	43.95M	44.13M	30.74M	29.11M	8M
Total Liabilities	819.52M	2.35B	2.94B	2.24B	3.05B	3.52B	5.07B	5.19B	5.85B	6.48B
Total Debt+	10.97M	1.12B	969.5M	0	614.95M	576.28M	1.79B	1.67B	1.7B	2B
Net Debt	-584.23M	358.81M	480.13M	-584.48M	-437.98M	-573.28M	-965.86M	-793.41M	-1.42B	-2.78B
Debt / Equity	0.05x	-	3.97x	-	0.31x	0.21x	0.84x	0.70x	0.67x	0.36x
Debt / EBITDA	-	-	-	-	43.92x	-	8.08x	-	-	1.35x
Net Debt / EBITDA	-	-	-	-	-31.28x	-	-4.37x	-	-	-1.87x
Interest Coverage	-235.00x	-69.80x	-94.50x	-7.17x	-1.70x	-5.43x	2.35x	-16.07x	-11.74x	37.92x
Total Equity+	228.31M	-241.22M	244.17M	2.1B	2.01B	2.8B	2.13B	2.38B	2.53B	5.52B
Equity Growth %	-	-2.06%	2.01%	7.58%	-0.04%	0.39%	-0.24%	0.12%	0.06%	1.18%
Book Value per Share	1.36	-1.44	1.37	11.57	11.13	14.93	10.96	12.16	13.01	26.69
Total Shareholders' Equity	228.31M	-241.22M	244.17M	2.1B	2.01B	2.8B	2.13B	2.38B	2.53B	5.52B
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-651.03M	-1.2B	-2.49B	-2.51B	-2.68B	-3.29B	-3.23B	-3.62B	-4.2B	-3.04B
Treasury Stock	0	0	0	-77.06M	-365.81M	-174.78M	-260.77M	-259.84M	-262.99M	-262M
Accumulated OCI	84.74M	122.62M	181.59M	875.73M	913.52M	1.68B	855.53M	1.51B	1.82B	2.71B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-38M	101M	179M	344M	573M	259M	361M	46M	680M	2.3B
Operating CF Margin %	-0.02%	0.03%	0.04%	0.07%	0.08%	0.03%	0.04%	0%	0.05%	0.15%
Operating CF Growth %	-	3.66%	0.77%	0.92%	0.67%	-0.55%	0.39%	-0.87%	13.78%	2.38%
Net Income	-230M	-539M	-1.24B	-78M	-186M	-581M	-34M	-430M	-532M	1.14B
Depreciation & Amortization	30M	38M	54M	32M	87M	111M	127M	171M	158M	121M
Stock-Based Compensation	28M	53M	65M	88M	122M	176M	223M	381M	321M	267M
Deferred Taxes	5M	4M	2M	-95M	55M	-128M	283M	60M	27M	203M
Other Non-Cash Items	-46M	245M	873M	146M	44M	364M	-202M	-327M	242M	196M
Working Capital Changes	175M	300M	420M	251M	451M	317M	-36M	191M	464M	376M
Change in Receivables	-121M	-60M	-112M	-61M	-27M	-187M	-245M	-84M	-145M	145M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	251M	245M	447M	291M	454M	425M	137M	226M	501M	183M
Cash from Investing+	-67M	-827M	-435M	-22M	-218M	-372M	-187M	-423M	-217M	-1.49B
Capital Expenditures	-49M	-27M	-46M	-125M	-135M	-78M	-85M	-25M	-6M	-17M
CapEx % of Revenue	0.03%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-8.98M	-4.66M	-34M	-45M	-14M	-25M	-9M	-3M	7M	12M
Cash from Financing+	476M	916M	34M	92M	-203M	285M	1.25B	-40M	234M	729M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	6M	55M	34M	164M	252M	339M	198M	5M	368M	933M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-87M	74M	133M	219M	438M	181M	276M	21M	674M	2.28B
FCF Margin %	-0.04%	0.03%	0.03%	0.04%	0.06%	0.02%	0.03%	0%	0.05%	0.15%
FCF Growth %	-	1.85%	0.8%	0.65%	1%	-0.59%	0.52%	-0.92%	31.1%	2.39%
FCF per Share	-0.52	0.44	0.75	1.21	2.42	0.96	1.42	0.11	3.46	11.03
FCF Conversion (FCF/Net Income)	0.17x	-0.19x	-0.14x	-4.41x	-3.08x	-0.45x	-10.62x	-0.11x	-1.28x	2.02x
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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-100.74%	-	-83614.13%	-6.67%	-9.05%	-24.13%	-1.38%	-19.08%	-21.65%	28.25%
Return on Invested Capital (ROIC)	-	-222.59%	-67.35%	-2.89%	-3.55%	-11.55%	4.16%	-35.98%	-24.81%	53.12%
Gross Margin	11.65%	13.58%	20.76%	25.73%	25.46%	25.57%	26.8%	24.95%	25.64%	30.14%
Net Margin	-11.86%	-18.26%	-30.2%	-1.48%	-2.75%	-7.37%	-0.35%	-3.67%	-4.02%	7.26%
Debt / Equity	0.05x	-	3.97x	-	0.31x	0.21x	0.84x	0.70x	0.67x	0.36x
Interest Coverage	-235.00x	-69.80x	-94.50x	-7.17x	-1.70x	-5.43x	2.35x	-16.07x	-11.74x	37.92x
FCF Conversion	0.17x	-0.19x	-0.14x	-4.41x	-3.08x	-0.45x	-10.62x	-0.11x	-1.28x	2.02x
Revenue Growth	-	52.16%	38.55%	28.58%	28.62%	16.5%	22.69%	21.3%	12.96%	18.31%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Premium	4.14B	5.56B	6.81B	8.13B	10B	10.77B	12.5B	14.95B
Premium Growth	-	34.29%	22.41%	19.41%	22.94%	7.74%	16.06%	19.54%
Ad-Supported	469.22M	639.42M	758.85M	849.28M	1.43B	1.55B	1.82B	2.01B
Ad-Supported Growth	-	36.27%	18.68%	11.92%	68.12%	8.64%	17.16%	10.35%

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
Other Countries	2.33B	3.19B	3.91B	4.66B	5.88B	5.89B	6.78B	8.04B
Other Countries Growth	-	37.05%	22.35%	19.39%	26.08%	0.23%	15.06%	18.59%
UNITED STATES	-	-	-	-	-	4.71B	5.22B	6.14B
UNITED STATES Growth	-	-	-	-	-	-	10.89%	17.44%
LUXEMBOURG	-	-	-	-	-	-	-	10M
LUXEMBOURG Growth	-	-	-	-	-	-	-	-
United States	1.78B	2.33B	2.85B	3.36B	4.36B	-	-	-
United States Growth	-	30.86%	22.23%	18.08%	29.90%	-	-	-
United Kingdom	500.8M	679.54M	813.69M	953.02M	1.17B	-	-	-
United Kingdom Growth	-	35.69%	19.74%	17.12%	23.28%	-	-	-
Luxembourg	3.38M	3.54M	4.48M	5.7M	7.09M	-	-	-
Luxembourg Growth	-	4.59%	26.50%	27.31%	24.42%	-	-	-

Frequently Asked Questions

Valuation & Price

Spotify Technology S.A. (SPOT) has a price-to-earnings (P/E) ratio of 92.4x. This suggests investors expect higher future growth.

Growth & Financials

Spotify Technology S.A. (SPOT) reported $17.02B in revenue for fiscal year 2024. This represents a 778% increase from $1.94B in 2015.

Spotify Technology S.A. (SPOT) grew revenue by 18.3% over the past year. This is strong growth.

Yes, Spotify Technology S.A. (SPOT) is profitable, generating $1.42B in net income for fiscal year 2024 (7.3% net margin).

Dividend & Returns

Spotify Technology S.A. (SPOT) has a return on equity (ROE) of 28.2%. This is excellent, indicating efficient use of shareholder capital.

Spotify Technology S.A. (SPOT) generated $2.93B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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

SPOT • • Industrial / General

Communication ServicesInternet ServicesDigital Content & Media PlatformsMusic & Audio Platforms

Revenue $15.67B +18.3%
EBITDA $1.49B +616.0%
Net Income $1.14B +313.9%
EPS (Diluted) 5.50 +305.2%
Gross Margin 30.14% +17.5%
EBITDA Margin 9.48% +536.1%
Operating Margin 8.71% +358.7%
Net Margin 7.26% +280.8%
ROE 28.25% +230.5%
ROIC 53.12% +314.2%
Debt/Equity 0.36 -46.1%
Interest Coverage 37.92 +423.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.3%
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

✗Weak momentum: RS Rating 15 (bottom 15%)
✗Trading more than 30% below 52-week high
✗Expensive at 19.0x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y18.3%

3Y17.47%

TTM12.73%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM102%

EPS CAGR

10Y-

5Y-

3Y-

TTM102.11%

ROCE

10Y Avg-20.61%

5Y Avg-2.22%

3Y Avg-1.33%

Latest23.08%

Peer Comparison

Music & Audio Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SPOTSpotify Technology S.A.	104.6B	508.04	92.37	18.31%	8.32%	18.2%	2.18%	0.36
TMETencent Music Entertainment Group	11.76B	16.60	3.92	2.34%	34.08%	12.65%	78.6%	0.09
PODCPodcastOne, Inc.	65.39M	2.43	-9.35	20.36%	-9.57%	-37.06%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.94B	2.95B	4.09B	5.26B	6.76B	7.88B	9.67B	11.73B	13.25B	15.67B
Revenue Growth %	-	0.52%	0.39%	0.29%	0.29%	0.16%	0.23%	0.21%	0.13%	0.18%
Cost of Goods Sold+	1.71B	2.55B	3.24B	3.91B	5.04B	5.87B	7.08B	8.8B	9.85B	10.95B
COGS % of Revenue	0.88%	0.86%	0.79%	0.74%	0.75%	0.74%	0.73%	0.75%	0.74%	0.7%
Gross Profit+	226M	401M	849M	1.35B	1.72B	2.02B	2.59B	2.93B	3.4B	4.72B
Gross Margin %	0.12%	0.14%	0.21%	0.26%	0.25%	0.26%	0.27%	0.25%	0.26%	0.3%
Gross Profit Growth %	-	0.77%	1.12%	0.59%	0.27%	0.17%	0.29%	0.13%	0.16%	0.39%
Operating Expenses+	461M	750M	1.23B	1.4B	1.79B	2.31B	2.5B	3.58B	3.84B	3.36B
OpEx % of Revenue	0.24%	0.25%	0.3%	0.27%	0.27%	0.29%	0.26%	0.31%	0.29%	0.21%
Selling, General & Admin	325M	543M	831M	903M	1.18B	1.47B	1.58B	2.2B	2.12B	1.87B
SG&A % of Revenue	0.17%	0.18%	0.2%	0.17%	0.17%	0.19%	0.16%	0.19%	0.16%	0.12%
Research & Development	136M	207M	396M	493M	615M	837M	912M	1.39B	1.73B	1.49B
R&D % of Revenue	0.07%	0.07%	0.1%	0.09%	0.09%	0.11%	0.09%	0.12%	0.13%	0.09%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-235M	-349M	-378M	-43M	-73M	-293M	94M	-659M	-446M	1.36B
Operating Margin %	-0.12%	-0.12%	-0.09%	-0.01%	-0.01%	-0.04%	0.01%	-0.06%	-0.03%	0.09%
Operating Income Growth %	-	-0.49%	-0.08%	0.89%	-0.7%	-3.01%	1.32%	-8.01%	0.32%	4.06%
EBITDA+	-205M	-311M	-324M	-11M	14M	-182M	221M	-488M	-288M	1.49B
EBITDA Margin %	-0.11%	-0.11%	-0.08%	-0%	0%	-0.02%	0.02%	-0.04%	-0.02%	0.09%
EBITDA Growth %	-	-0.52%	-0.04%	0.97%	2.27%	-14%	2.21%	-3.21%	0.41%	6.16%
D&A (Non-Cash Add-back)	30M	38M	54M	32M	87M	111M	127M	171M	158M	121M
EBIT	-224M	-530M	-1.23B	-167M	-88M	-655M	289M	-329M	-467M	1.38B
Net Interest Income+	1M	0	16M	19M	-12M	-37M	-29M	6M	93M	187M
Interest Income	2M	5M	19M	25M	31M	17M	11M	47M	131M	223M
Interest Expense	1M	5M	4M	6M	43M	54M	40M	41M	38M	36M
Other Income/Expense	10M	-186M	-855M	-130M	-58M	-416M	155M	289M	-59M	-24M
Pretax Income+	-225M	-535M	-1.23B	-173M	-131M	-709M	249M	-370M	-505M	1.34B
Pretax Margin %	-0.12%	-0.18%	-0.3%	-0.03%	-0.02%	-0.09%	0.03%	-0.03%	-0.04%	0.09%
Income Tax+	5M	4M	2M	-95M	55M	-128M	283M	60M	27M	203M
Effective Tax Rate %	1.02%	1.01%	1%	0.45%	1.42%	0.82%	-0.14%	1.16%	1.05%	0.85%
Net Income+	-230M	-539M	-1.24B	-78M	-186M	-581M	-34M	-430M	-532M	1.14B
Net Margin %	-0.12%	-0.18%	-0.3%	-0.01%	-0.03%	-0.07%	-0%	-0.04%	-0.04%	0.07%
Net Income Growth %	-	-1.34%	-1.29%	0.94%	-1.38%	-2.12%	0.94%	-11.65%	-0.24%	3.14%
Net Income (Continuing)	-230M	-539M	-1.24B	-78M	-186M	-581M	-34M	-430M	-532M	1.14B
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)+	-1.27	-3.09	-6.48	-0.45	-1.01	-2.88	-1.07	-2.86	-2.68	5.50
EPS Growth %	-	-1.43%	-1.1%	0.93%	-1.22%	-1.85%	0.63%	-1.67%	0.06%	3.05%
EPS (Basic)	-1.37	-3.21	-6.93	-0.44	-1.03	-3.10	-0.18	-2.23	-2.73	5.67
Diluted Shares Outstanding	167.78M	167.78M	178.11M	181.21M	180.96M	187.58M	193.94M	195.85M	194.73M	206.99M
Basic Shares Outstanding	167.78M	167.78M	178.11M	177.15M	180.96M	187.58M	191.3M	192.93M	194.73M	200.62M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	868.37M	1.92B	1.95B	2.25B	2.21B	2.36B	4.38B	4.32B	5.28B	8.38B
Cash & Short-Term Investments	595.2M	1.59B	1.55B	1.81B	1.74B	1.74B	3.51B	3.32B	4.23B	7.45B
Cash Only	595.2M	758.83M	489.37M	584.48M	1.05B	1.15B	2.75B	2.46B	3.13B	4.78B
Short-Term Investments	0	834.21M	1.06B	1.22B	684.15M	595.26M	758.24M	859.86M	1.1B	2.67B
Accounts Receivable	246.25M	307.55M	369.33M	402.33M	401.4M	467.42M	627.86M	689.28M	881.33M	798.99M
Days Sales Outstanding	46.33	38.03	32.96	27.92	21.66	21.65	23.7	21.45	24.28	18.61
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	26.92M	18.09M	29.75M	38.03M	67.23M	150.81M	246.73M	304.47M	168.64M	132M
Total Non-Current Assets+	179.46M	191.97M	1.24B	2.09B	2.86B	3.96B	2.81B	3.26B	3.1B	3.63B
Property, Plant & Equipment	80.76M	85.43M	74.89M	197.16M	771.16M	756.06M	811.4M	758.7M	549.08M	413.99M
Fixed Asset Turnover	24.02x	34.55x	54.61x	26.67x	8.77x	10.42x	11.92x	15.46x	24.13x	37.86x
Goodwill	64.8M	73.37M	138.5M	146.12M	472.58M	735.08M	896.65M	1.16B	1.14B	1.2B
Intangible Assets	7.98M	7.04M	27.7M	28.02M	57.34M	96.88M	89.26M	125.95M	84.32M	48M
Long-Term Investments	20.94M	21.11M	977.71M	1.65B	1.48B	2.27B	918.72M	1.13B	1.27B	1.76B
Other Non-Current Assets	996.98K	2.01M	12.31M	65.05M	68.22M	77.9M	77.23M	77.36M	24.09M	16M
Total Assets+	1.05B	2.11B	3.19B	4.34B	5.06B	6.32B	7.19B	7.57B	8.38B	12B
Asset Turnover	1.85x	1.40x	1.28x	1.21x	1.34x	1.25x	1.34x	1.55x	1.58x	1.31x
Asset Growth %	-	1.01%	0.51%	0.36%	0.17%	0.25%	0.14%	0.05%	0.11%	0.43%
Total Current Liabilities+	795.59M	1.23B	1.91B	2.15B	2.41B	2.9B	3.24B	3.49B	4.11B	4.45B
Accounts Payable	75.77M	139.7M	248.27M	295.24M	372.73M	433.46M	535.58M	583.16M	664.51M	932.98M
Days Payables Outstanding	16.14	19.99	27.96	27.59	26.98	26.98	27.62	24.18	24.62	31.1
Short-Term Debt	5.98M	5.03M	1.03M	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	594.2M	905.57M	1.39B	1.43B	1.66B	2.01B	2.13B	2.26B	2.53B	2.68B
Current Ratio	1.09x	1.56x	1.02x	1.05x	0.91x	0.82x	1.36x	1.24x	1.29x	1.88x
Quick Ratio	1.09x	1.56x	1.02x	1.05x	0.91x	0.82x	1.36x	1.24x	1.29x	1.88x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	23.93M	1.13B	1.04B	95.08M	638.68M	620.23M	1.83B	1.7B	1.74B	2.03B
Long-Term Debt	0	1.11B	968.48M	0	0	0	1.21B	1.12B	1.21B	1.54B
Capital Lease Obligations	4.98M	1.01M	0	0	614.95M	576.28M	580.72M	550.43M	494.87M	461.99M
Deferred Tax Liabilities	0	0	3.08M	2M	1.98M	0	0	4.96M	8.03M	21M
Other Non-Current Liabilities	9.97M	4.02M	7.18M	8.01M	21.75M	43.95M	44.13M	30.74M	29.11M	8M
Total Liabilities	819.52M	2.35B	2.94B	2.24B	3.05B	3.52B	5.07B	5.19B	5.85B	6.48B
Total Debt+	10.97M	1.12B	969.5M	0	614.95M	576.28M	1.79B	1.67B	1.7B	2B
Net Debt	-584.23M	358.81M	480.13M	-584.48M	-437.98M	-573.28M	-965.86M	-793.41M	-1.42B	-2.78B
Debt / Equity	0.05x	-	3.97x	-	0.31x	0.21x	0.84x	0.70x	0.67x	0.36x
Debt / EBITDA	-	-	-	-	43.92x	-	8.08x	-	-	1.35x
Net Debt / EBITDA	-	-	-	-	-31.28x	-	-4.37x	-	-	-1.87x
Interest Coverage	-235.00x	-69.80x	-94.50x	-7.17x	-1.70x	-5.43x	2.35x	-16.07x	-11.74x	37.92x
Total Equity+	228.31M	-241.22M	244.17M	2.1B	2.01B	2.8B	2.13B	2.38B	2.53B	5.52B
Equity Growth %	-	-2.06%	2.01%	7.58%	-0.04%	0.39%	-0.24%	0.12%	0.06%	1.18%
Book Value per Share	1.36	-1.44	1.37	11.57	11.13	14.93	10.96	12.16	13.01	26.69
Total Shareholders' Equity	228.31M	-241.22M	244.17M	2.1B	2.01B	2.8B	2.13B	2.38B	2.53B	5.52B
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-651.03M	-1.2B	-2.49B	-2.51B	-2.68B	-3.29B	-3.23B	-3.62B	-4.2B	-3.04B
Treasury Stock	0	0	0	-77.06M	-365.81M	-174.78M	-260.77M	-259.84M	-262.99M	-262M
Accumulated OCI	84.74M	122.62M	181.59M	875.73M	913.52M	1.68B	855.53M	1.51B	1.82B	2.71B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-38M	101M	179M	344M	573M	259M	361M	46M	680M	2.3B
Operating CF Margin %	-0.02%	0.03%	0.04%	0.07%	0.08%	0.03%	0.04%	0%	0.05%	0.15%
Operating CF Growth %	-	3.66%	0.77%	0.92%	0.67%	-0.55%	0.39%	-0.87%	13.78%	2.38%
Net Income	-230M	-539M	-1.24B	-78M	-186M	-581M	-34M	-430M	-532M	1.14B
Depreciation & Amortization	30M	38M	54M	32M	87M	111M	127M	171M	158M	121M
Stock-Based Compensation	28M	53M	65M	88M	122M	176M	223M	381M	321M	267M
Deferred Taxes	5M	4M	2M	-95M	55M	-128M	283M	60M	27M	203M
Other Non-Cash Items	-46M	245M	873M	146M	44M	364M	-202M	-327M	242M	196M
Working Capital Changes	175M	300M	420M	251M	451M	317M	-36M	191M	464M	376M
Change in Receivables	-121M	-60M	-112M	-61M	-27M	-187M	-245M	-84M	-145M	145M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	251M	245M	447M	291M	454M	425M	137M	226M	501M	183M
Cash from Investing+	-67M	-827M	-435M	-22M	-218M	-372M	-187M	-423M	-217M	-1.49B
Capital Expenditures	-49M	-27M	-46M	-125M	-135M	-78M	-85M	-25M	-6M	-17M
CapEx % of Revenue	0.03%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-8.98M	-4.66M	-34M	-45M	-14M	-25M	-9M	-3M	7M	12M
Cash from Financing+	476M	916M	34M	92M	-203M	285M	1.25B	-40M	234M	729M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	6M	55M	34M	164M	252M	339M	198M	5M	368M	933M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-87M	74M	133M	219M	438M	181M	276M	21M	674M	2.28B
FCF Margin %	-0.04%	0.03%	0.03%	0.04%	0.06%	0.02%	0.03%	0%	0.05%	0.15%
FCF Growth %	-	1.85%	0.8%	0.65%	1%	-0.59%	0.52%	-0.92%	31.1%	2.39%
FCF per Share	-0.52	0.44	0.75	1.21	2.42	0.96	1.42	0.11	3.46	11.03
FCF Conversion (FCF/Net Income)	0.17x	-0.19x	-0.14x	-4.41x	-3.08x	-0.45x	-10.62x	-0.11x	-1.28x	2.02x
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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-100.74%	-	-83614.13%	-6.67%	-9.05%	-24.13%	-1.38%	-19.08%	-21.65%	28.25%
Return on Invested Capital (ROIC)	-	-222.59%	-67.35%	-2.89%	-3.55%	-11.55%	4.16%	-35.98%	-24.81%	53.12%
Gross Margin	11.65%	13.58%	20.76%	25.73%	25.46%	25.57%	26.8%	24.95%	25.64%	30.14%
Net Margin	-11.86%	-18.26%	-30.2%	-1.48%	-2.75%	-7.37%	-0.35%	-3.67%	-4.02%	7.26%
Debt / Equity	0.05x	-	3.97x	-	0.31x	0.21x	0.84x	0.70x	0.67x	0.36x
Interest Coverage	-235.00x	-69.80x	-94.50x	-7.17x	-1.70x	-5.43x	2.35x	-16.07x	-11.74x	37.92x
FCF Conversion	0.17x	-0.19x	-0.14x	-4.41x	-3.08x	-0.45x	-10.62x	-0.11x	-1.28x	2.02x
Revenue Growth	-	52.16%	38.55%	28.58%	28.62%	16.5%	22.69%	21.3%	12.96%	18.31%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Premium	4.14B	5.56B	6.81B	8.13B	10B	10.77B	12.5B	14.95B
Premium Growth	-	34.29%	22.41%	19.41%	22.94%	7.74%	16.06%	19.54%
Ad-Supported	469.22M	639.42M	758.85M	849.28M	1.43B	1.55B	1.82B	2.01B
Ad-Supported Growth	-	36.27%	18.68%	11.92%	68.12%	8.64%	17.16%	10.35%

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
Other Countries	2.33B	3.19B	3.91B	4.66B	5.88B	5.89B	6.78B	8.04B
Other Countries Growth	-	37.05%	22.35%	19.39%	26.08%	0.23%	15.06%	18.59%
UNITED STATES	-	-	-	-	-	4.71B	5.22B	6.14B
UNITED STATES Growth	-	-	-	-	-	-	10.89%	17.44%
LUXEMBOURG	-	-	-	-	-	-	-	10M
LUXEMBOURG Growth	-	-	-	-	-	-	-	-
United States	1.78B	2.33B	2.85B	3.36B	4.36B	-	-	-
United States Growth	-	30.86%	22.23%	18.08%	29.90%	-	-	-
United Kingdom	500.8M	679.54M	813.69M	953.02M	1.17B	-	-	-
United Kingdom Growth	-	35.69%	19.74%	17.12%	23.28%	-	-	-
Luxembourg	3.38M	3.54M	4.48M	5.7M	7.09M	-	-	-
Luxembourg Growth	-	4.59%	26.50%	27.31%	24.42%	-	-	-

Frequently Asked Questions

Valuation & Price

Spotify Technology S.A. (SPOT) has a price-to-earnings (P/E) ratio of 92.4x. This suggests investors expect higher future growth.

Growth & Financials

Spotify Technology S.A. (SPOT) reported $17.02B in revenue for fiscal year 2024. This represents a 778% increase from $1.94B in 2015.

Spotify Technology S.A. (SPOT) grew revenue by 18.3% over the past year. This is strong growth.

Yes, Spotify Technology S.A. (SPOT) is profitable, generating $1.42B in net income for fiscal year 2024 (7.3% net margin).

Dividend & Returns

Spotify Technology S.A. (SPOT) has a return on equity (ROE) of 28.2%. This is excellent, indicating efficient use of shareholder capital.

Spotify Technology S.A. (SPOT) generated $2.93B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.