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SPOTSpotify Technology S.A.
$603.01$124.0B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
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SPOT logo

Spotify Technology S.A.

SPOT
NYSE · Music & Audio
$603.01
At close - Nov 6, 4:00 PM EST - USD
Market Cap$123.97B
P/E38.1x
52W High$668.50
Volume1.64M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Fortress Cash Position Masks Revenue Deceleration

Spotify's fundamentals show a genuine profitability inflection, with operating margin more than doubling from 7.0% in 2024Q2 to 15.8% in 2026Q1 and gross margin expanding 420 basis points to 33.4%, driven by Marketplace mix shift away from variable royalty structures.

GrowthMixed
ProfitabilityModerate
ValuationExpensive
TechnicalsStrong
Explore valuation models
MARKET ACTION

SPOT price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

5/12 Beats

EPS beat 5 of last 12 quarters

02

Valuation risk

+71% Peers

P/E is 71% above peer median

03

Market leadership

RS 88 · Leader

High momentum (Outperforming 88% of market)

04

Strong Uptrend

Strong Trend

Price > 20DMA > 50DMA > 200DMA

Next CatalystEstimated earnings · Jan 22
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth decelerated from 19.8% in 2024Q2 to single-digit rates by late 2025 before a possibly inorganic 33.8% spike in 2026Q3, while operating margin expanded from 7.0% to 15.8% over the same period and gross margin improved 420 basis points to ~33%, suggesting structural but potentially plateauing operating leverage.

Analyst Consensus+4.1% target
Buy(54 analysts)
33 Buy19 Hold2 Sell

The Bull Case

Upside Catalysts

Massive global content library

Spotify offers access to millions of songs, podcasts, and audiobooks on a single platform, creating a broad catalog that supports engagement and retention.

Cross-device ecosystem reach

Availability across desktop, mobile, tablet, web player, and multiple operating systems expands the addressable user base and makes the service easy to adopt everywhere.

Premium-quality listening features

High-quality audio, offline playback, and social features like friend activity feeds add differentiated value that can support premium subscription conversion.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
SPOT+4.87%
S&P 500 (^GSPC)+7.63%
1-Year Return
SPOT-2.46%
S&P 500 (^GSPC)+9.69%
3-Year Return
SPOT+260.57%
S&P 500 (^GSPC)+64.71%
5-Year Return
SPOT+110.18%
S&P 500 (^GSPC)+53.71%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
38.1x
Forward P/E
50.9x
EV/EBITDA0th %ile
37.8x
FCF YieldCash Flow
2.9%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
38.1x
81.3x
0th· Low
EV/EBITDA
37.8x
60.5x
0th· Low
Price/FCF
34.8x
54.3x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$210.78-65.0%
Base (Fair)$375.40-37.7%
Bull$454.82-24.6%
$210.78 Bear$375.40 Base$454.82 Bull
Current Market Price: $603.01
Trades at a 60.6% premium to Base DCF ($375.40)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$17.19B+9.7% YoY
Net income FY25
$2.21B+94.4% YoY
Free cash flow FY25
$2.87B+25.7% YoY
Operating margin FY25
12.8%+4.1 pts YoY
ROIC (FY25)42%
Avg ROIC 5Y7.6%
ROE (TTM)34.1%
Piotroski Score6 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate5/12 (42%)
Revenue Beat Rate6/12 (50%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Oct 22, 2026
$2.81-11.6%
vs $3.18
$5.6B-0.3%
vs $5.6B
Q3 2026
Aug 4, 2026
$3.03-4.1%
vs $3.16
$5.5B-0.3%
vs $5.5B
Q2 2026
Apr 28, 2026
$4.04+17.8%
vs $3.43
$5.2B+0.2%
vs $5.2B
Q1 2026
Feb 10, 2026
$5.16+60.7%
vs $3.21
$5.3B+0.2%
vs $5.3B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Business Wire·2d ago
VictoriaMetrics Expands in North America as Spotify and MongoDB Use Its Open-Source Stack to Run Observability at Scale

SAN FRANCISCO--(BUSINESS WIRE)--VictoriaMetrics, a provider of open-source observability solutions, today announced it's building momentum for its next phase of growth with a fast-growing open-source community, continued product innovation and expanding enterprise adoption. The company is increasing its investment in North America to bring its cost-efficient observability technology to more engineering teams managing increasingly complex IT and AI infrastructure, with plans to expand its suppor.

24/7 Wall Street·4d ago
Price Prediction: Spotify Will Hit $1,000 on This Date

Spotify's subscriber engine keeps compounding and its margins keep climbing, so the question is no longer whether the stock can reach four figures but exactly when and what has to go right between now and that date.

MarketBeat·4d ago
Streaming Success: Fox Corp Channels Tubi For Q1 Earnings Beat

Media companies built around traditional television face a difficult transition. As more viewers drop cable, staying profitable increasingly depends on reaching audiences through streaming.

Zacks Investment Research·5d ago
RDDT vs. SPOT: Which Stock Is the Better Value Option?

Investors interested in Internet - Software stocks are likely familiar with Reddit Inc. (RDDT) and Spotify (SPOT). But which of these two stocks offers value investors a better bang for their buck right now?

Filtered for Spotify Technology S.A.More Headlines
04

Compare before deciding

Benchmark SPOT against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Spotify Technology S.A. (SPOT)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
SPOT logoSPOTSpotify Technology S.A.Current
$603.01$123.97B38.149.65%15.73%34.14%—
SIRI logoSIRISirius XM Holdings Inc.
$32.40$10.91B13.07-1.62%10.47%7.6%3.16%
IHRT logoIHRTiHeartMedia, Inc.
$1.77$230.21M-0.980.27%-7.17%——
PTON logoPTONPeloton Interactive, Inc.
$5.61$2.34B20.26-1.8%5.93%——
AAPL logoAAPLApple Inc.
$342.37$5.03T37.9015.06%27.6%127.61%0.31%
AMZN logoAMZNAmazon.com, Inc.
$259.30$2.79T21.0312.38%16.9%26.71%—

Compare SPOT vs Peers

Spotify Technology S.A. (SPOT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SIRI

Most directly comparable listed peer for SPOT.

Scale Benchmark

vs AAPL

Larger-name benchmark to compare SPOT against a more recognizable public peer.

Peer Set

Compare Top 5

vs SIRI, IHRT, PTON, AAPL

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SPOT Frequently Asked Questions

Spotify Technology S.A. (SPOT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Spotify Technology S.A.'s revenue?

Spotify Technology S.A. (SPOT) reported $18.81B in revenue over the trailing twelve months. Revenue was $17.19B in fiscal year 2025. That is 786% more than the $1.94B of fiscal year 2015.

How fast is Spotify Technology S.A. growing?

Spotify Technology S.A. (SPOT) grew revenue by 11.3% over the trailing twelve months, compared with the twelve months before.

Is SPOT profitable?

Yes. Spotify Technology S.A. (SPOT) earned $2.96B in net income over the trailing twelve months (a 15.7% net margin).

Dividend & Returns
What is SPOT's return on equity?

Spotify Technology S.A. (SPOT) had a return on equity (ROE) of 34.1% over the trailing twelve months. That is well above the market's typical 10-15%.

What is Spotify Technology S.A.'s free cash flow?

Spotify Technology S.A. (SPOT) generated $3.19B in free cash flow over the trailing twelve months.

What if you invested $1,000 in SPOT back in 2015?

Total return calculator · dividends reinvested · 11+ years of data

See returns →