Last 35 quarters of trend data · Communication Services · Internet Content & Information
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 39.99 | 43.98 | 34.64 | 33.07 | 53.20 | — | 131.11 | 63.55 | 63.54 | 58.98 | 68.02 | — | 124.71 | — | — | — | — | — | 198.71 | — | — |
| — | — | -73.6% | -48.0% | -16.3% | — | +92.8% | — | -49.0% | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 5.03 | 5.02 | 5.60 | 6.81 | 8.73 | 9.40 | 7.04 | 5.51 | 4.79 | 4.25 | 3.70 | 2.51 | 2.28 | 2.46 | 2.13 | 1.21 | 1.39 | 1.60 | 2.80 | 4.18 | 4.38 |
| — | -46.6% | -20.5% | +23.5% | +82.3% | +121.3% | +90.4% | +119.7% | +110.1% | +72.9% | +74.0% | +108.2% | +63.7% | +53.1% | -24.0% | -71.2% | -68.2% | -72.0% | -53.3% | -39.3% | -24.5% | |
| P/B Ratio | 10.63 | 11.44 | 12.66 | 14.82 | 19.12 | 23.74 | 18.92 | 16.92 | 16.51 | 15.21 | 16.17 | 14.55 | 14.26 | 15.19 | 11.05 | 6.41 | 7.55 | 7.99 | 13.79 | 21.16 | 20.75 |
| — | -51.8% | -33.1% | -12.4% | +15.8% | +56.1% | +17.0% | +16.4% | +15.8% | +0.1% | +46.3% | +127.0% | +88.8% | +90.1% | -19.9% | -69.7% | -63.6% | -59.7% | -13.0% | -0.8% | +11.4% | |
| P/FCF | 30.08 | 30.12 | 30.04 | 36.99 | 46.29 | 56.38 | 55.34 | 26.66 | 26.88 | 33.00 | 65.26 | 23.26 | 36.45 | 709.41 | 113.44 | — | 120.81 | 135.13 | 275.58 | 109.14 | 111.84 |
| — | -46.6% | -45.7% | +38.8% | +72.2% | +70.8% | -15.2% | +14.6% | -26.3% | -95.3% | -42.5% | — | -69.8% | +425.0% | -58.8% | — | +8.0% | -65.6% | -12.1% | -47.4% | +2.4% | |
| EV / EBITDA | 36.29 | 33.05 | 32.62 | 41.48 | 60.24 | 89.61 | 53.67 | 44.74 | 37.98 | 52.72 | 65.43 | — | 109.29 | — | — | — | — | — | 232.01 | 423.09 | 99.74 |
| — | -63.1% | -39.2% | -7.3% | +58.6% | +70.0% | -18.0% | — | -65.2% | — | — | — | — | — | — | — | — | — | -19.6% | — | — | |
| EV / EBIT | 37.97 | 31.05 | 25.61 | 29.30 | 43.72 | 691.28 | 85.62 | 44.65 | 45.17 | 55.93 | 71.15 | — | 90.63 | — | — | — | — | — | 43.59 | 846.19 | 62.63 |
| — | -95.5% | -70.1% | -34.4% | -3.2% | +1135.9% | +20.3% | — | -50.2% | — | — | — | — | — | — | — | — | — | -66.7% | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.0% | 33.4% | 33.0% | 33.1% | 31.6% | 31.5% | 31.6% | 32.2% | 31.1% | 29.2% | 27.6% | 26.7% | 26.4% | 24.1% | 25.2% | 25.3% | 24.7% | 24.6% | 25.2% | 26.5% | 26.7% |
| — | +6.1% | +4.2% | +2.6% | +1.7% | +7.8% | +14.6% | +20.8% | +17.9% | +21.1% | +9.7% | +5.5% | +6.7% | -1.9% | -0.1% | -4.4% | -7.5% | -13.6% | -1.2% | -0.2% | +7.9% | |
| Operating Margin | 12.8% | 13.7% | 15.8% | 15.5% | 13.6% | 9.7% | 12.1% | 11.2% | 11.4% | 7.0% | 4.6% | -2.0% | 1.0% | -7.8% | -5.1% | -7.3% | -7.5% | -6.8% | -0.2% | -0.3% | 3.0% |
| — | +41.6% | +29.8% | +37.6% | +19.7% | +38.6% | +162.9% | +650.4% | +1094.3% | +189.9% | +190.1% | +72.0% | +112.7% | -14.8% | -2174.1% | -2703.0% | -350.4% | -1415.8% | -134.6% | +91.8% | +248.1% | |
| Net Margin | 12.9% | 11.4% | 15.9% | 25.9% | 21.0% | -2.1% | 5.4% | 8.7% | 7.5% | 7.2% | 5.4% | -1.9% | 1.9% | -9.5% | -7.4% | -8.5% | -5.5% | -4.4% | 4.9% | -1.5% | 0.1% |
| — | +656.3% | +196.2% | +199.5% | +179.7% | -128.5% | -0.9% | +553.7% | +288.5% | +175.7% | +173.3% | +77.6% | +135.4% | -117.8% | -250.2% | -488.0% | -6934.6% | -408.7% | +359.5% | +74.8% | +101.6% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.9% | 6.6% | 8.8% | 14.6% | 12.4% | -1.3% | 3.8% | 7.2% | 6.8% | 7.2% | 6.7% | -3.0% | 3.1% | -13.7% | -9.5% | -11.7% | -7.3% | -5.6% | 6.1% | -1.8% | 0.1% |
| — | +597.4% | +130.6% | +101.4% | +84.3% | -118.5% | -43.1% | +341.7% | +118.4% | +152.6% | +170.6% | +74.4% | +142.3% | -145.0% | -255.8% | -535.0% | -8902.0% | -732.7% | +703.4% | +61.3% | +101.9% | |
| ROA | 16.4% | 4.1% | 5.1% | 7.9% | 6.4% | -0.7% | 1.8% | 3.3% | 2.9% | 2.8% | 2.3% | -0.9% | 0.9% | -4.1% | -3.0% | -3.5% | -2.2% | -1.7% | 1.8% | -0.6% | 0.0% |
| — | +716.3% | +180.8% | +142.5% | +119.5% | -123.1% | -19.0% | +472.0% | +233.4% | +169.9% | +175.5% | +75.3% | +139.4% | -135.4% | -262.3% | -544.0% | -8070.8% | -570.3% | +472.9% | +73.4% | +101.5% | |
| ROIC | 40.5% | 16.0% | 12.4% | 10.5% | 10.3% | 8.5% | 12.6% | 16.0% | 18.3% | 11.0% | 9.2% | -4.8% | 2.0% | -13.3% | -7.3% | -12.5% | -14.1% | -12.1% | -0.4% | -0.4% | 3.3% |
| — | +88.4% | -1.2% | -34.1% | -43.4% | -22.9% | +36.7% | +436.0% | +832.1% | +182.9% | +225.4% | +61.8% | +113.9% | -9.3% | -1796.1% | -2892.1% | -525.5% | -3233.5% | -189.3% | +83.5% | +291.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.28 | 0.06 | 0.06 | 0.28 | 0.29 | 0.36 | 0.34 | 0.36 | 0.39 | 0.42 | 0.53 | 0.67 | 0.81 | 0.82 | 0.73 | 0.70 | 0.81 | 0.75 | 0.81 | 0.84 | 0.83 |
| — | -84.5% | -82.3% | -23.0% | -25.1% | -14.7% | -36.8% | -46.1% | -52.3% | -48.7% | -26.7% | -4.1% | -0.0% | +10.1% | -10.0% | -16.6% | -2.6% | +13.6% | +44.2% | +308.6% | +245.7% | |
| Debt / EBITDA | 1.01 | 0.68 | 0.64 | 3.20 | 3.72 | 5.52 | 3.91 | 3.95 | 3.69 | 6.06 | 8.90 | — | 25.53 | — | — | — | — | — | 56.18 | 68.70 | 16.24 |
| — | -87.7% | -83.6% | -18.9% | +0.8% | -8.8% | -56.0% | — | -85.6% | — | — | — | — | — | — | — | — | — | +36.3% | — | — | |
| Current Ratio | 1.72 | 2.11 | 2.06 | 1.72 | 1.61 | 1.47 | 1.48 | 1.88 | 1.71 | 1.56 | 1.42 | 1.29 | 1.27 | 1.22 | 1.24 | 1.24 | 1.31 | 1.36 | 1.40 | 1.36 | 1.31 |
| — | +43.3% | +38.8% | -8.4% | -5.5% | -5.7% | +4.3% | +46.4% | +34.4% | +28.0% | +14.7% | +3.9% | -3.1% | -10.0% | -11.3% | -8.7% | -0.3% | +7.4% | +10.5% | +66.1% | +43.4% | |
| Quick Ratio | 1.72 | 2.11 | 2.06 | 1.72 | 1.61 | 1.47 | 1.48 | 1.88 | 1.71 | 1.56 | 1.42 | 1.29 | 1.27 | 1.22 | 1.24 | 1.24 | 1.31 | 1.36 | 1.40 | 1.36 | 1.31 |
| — | +43.3% | +38.8% | -8.4% | -5.5% | -5.7% | +4.3% | +46.4% | +34.4% | +28.0% | +14.7% | +3.9% | -3.1% | -10.0% | -11.3% | -8.7% | -0.3% | +7.4% | +10.5% | +66.1% | +43.4% | |
| Interest Coverage | 72.74 | 60.67 | 134.86 | 146.86 | 104.38 | 7.00 | 42.00 | 56.44 | 45.22 | 31.00 | 20.33 | -12.33 | 9.11 | -23.10 | -14.19 | -9.78 | -12.09 | -8.00 | 16.50 | 0.62 | 17.20 |
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Includes 30+ ratios · 35 years · Updated daily
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Quick answers to the most common questions about buying SPOT stock.
Spotify Technology S.A.'s current P/E is 40.0x. The average P/E over the last 4 quarters is 41.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Spotify Technology S.A.'s current operating margin is 12.8%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Spotify Technology S.A.'s business trajectory between earnings reports.