Last 33 quarters of trend data · Communication Services · Internet Content & Information
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Spotify Technology S.A.'s quarterly P/E stands at 33.1x, down 48.0% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 6.4% YoY to 41.9x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 43.27 | 33.07 | 53.20 | — | 134.89 | 63.55 | 64.88 | 58.98 | 67.57 | — | 124.71 | — | — |
| — | -48.0% | -18.0% | — | +99.6% | — | -48.0% | — | — | — | — | — | — | |
| P/S Ratio | 5.44 | 6.87 | 8.39 | 9.40 | 7.04 | 5.51 | 4.79 | 4.25 | 3.70 | 2.52 | 2.28 | 2.46 | 2.13 |
| — | +24.7% | +75.1% | +121.3% | +90.4% | +118.4% | +110.1% | +72.9% | +74.0% | +109.4% | +63.7% | +53.1% | -24.0% | |
| P/B Ratio | 11.04 | 14.82 | 18.37 | 23.74 | 18.92 | 16.92 | 16.51 | 15.21 | 16.17 | 14.63 | 14.26 | 15.19 | 11.05 |
| — | -12.4% | +11.3% | +56.1% | +17.0% | +15.7% | +15.8% | +0.1% | +46.3% | +128.2% | +88.8% | +90.1% | -19.9% | |
| P/FCF | 32.31 | 36.20 | 43.53 | 56.38 | 55.34 | 26.66 | 26.88 | 33.00 | 65.26 | 23.39 | 36.45 | 709.41 | 113.44 |
| — | +35.8% | +62.0% | +70.8% | -15.2% | +14.0% | -26.3% | -95.3% | -42.5% | — | -69.8% | +425.0% | -58.8% | |
| EV / EBITDA | 39.35 | 41.87 | 57.83 | 89.61 | 53.67 | 44.74 | 37.98 | 52.72 | 65.43 | — | 109.29 | — | — |
| — | -6.4% | +52.3% | +70.0% | -18.0% | — | -65.2% | — | — | — | — | — | — | |
| EV / EBIT | 41.17 | 28.95 | 41.97 | 691.28 | 85.62 | 44.65 | 45.17 | 55.93 | 71.15 | — | 90.63 | — | — |
| — | -35.2% | -7.1% | +1135.9% | +20.3% | — | -50.2% | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Spotify Technology S.A.'s operating margin was 15.5% in Q4 2025, up 1.8 pp QoQ and up 4.2 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 12.7% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.0% | 33.1% | 31.6% | 31.5% | 31.6% | 32.2% | 31.1% | 29.2% | 27.6% | 26.7% | 26.4% | 24.1% | 25.2% |
| — | +2.6% | +1.7% | +7.8% | +14.6% | +20.8% | +17.9% | +21.1% | +9.7% | +5.5% | +6.7% | -1.9% | -0.1% | |
| Operating Margin | 12.8% | 15.5% | 13.6% | 9.7% | 12.1% | 11.2% | 11.4% | 7.0% | 4.6% | -2.0% | 1.0% | -7.8% | -5.1% |
| — | +37.6% | +19.7% | +38.6% | +162.9% | +650.4% | +1094.3% | +189.9% | +190.1% | +72.0% | +112.7% | -14.8% | -2174.1% | |
| Net Margin | 12.9% | 25.9% | 21.0% | -2.1% | 5.4% | 8.7% | 7.5% | 7.2% | 5.4% | -1.9% | 1.9% | -9.5% | -7.4% |
| — | +199.5% | +179.7% | -128.5% | -0.9% | +553.7% | +288.5% | +175.7% | +173.3% | +77.6% | +135.4% | -117.8% | -250.2% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 30.7% | 14.4% | 12.4% | -1.3% | 3.8% | 7.2% | 6.8% | 7.2% | 6.7% | -3.0% | 3.1% | -13.7% | -9.5% |
| — | +99.5% | +84.3% | -118.5% | -43.1% | +341.7% | +118.4% | +152.6% | +170.6% | +74.4% | +142.3% | -145.0% | -255.8% | |
| ROA | 15.7% | 7.8% | 6.4% | -0.7% | 1.8% | 3.3% | 2.9% | 2.8% | 2.3% | -0.9% | 0.9% | -4.1% | -3.0% |
| — | +140.2% | +119.5% | -123.1% | -19.0% | +472.0% | +233.4% | +169.9% | +175.5% | +75.3% | +139.4% | -135.4% | -262.3% | |
| ROIC | 38.9% | 10.4% | 10.3% | 8.5% | 12.6% | 16.0% | 18.3% | 11.0% | 9.2% | -4.8% | 2.0% | -13.3% | -7.3% |
| — | -34.7% | -43.4% | -22.9% | +36.7% | +436.0% | +832.1% | +182.9% | +225.4% | +61.8% | +113.9% | -9.3% | -1796.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Spotify Technology S.A.'s Debt/EBITDA ratio is 3.2x, down from 3.7x last quarter — at a moderate level that warrants monitoring. The current ratio has weakened 8.4% YoY to 1.72x, tightening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.28 | 0.28 | 0.29 | 0.36 | 0.34 | 0.36 | 0.39 | 0.42 | 0.53 | 0.67 | 0.81 | 0.82 | 0.73 |
| — | -23.0% | -25.1% | -14.7% | -36.8% | -46.1% | -52.3% | -48.7% | -26.7% | -4.1% | -0.0% | +10.1% | -10.0% | |
| Debt / EBITDA | 1.05 | 3.23 | 3.72 | 5.52 | 3.91 | 3.95 | 3.69 | 6.06 | 8.90 | — | 25.53 | — | — |
| — | -18.2% | +0.8% | -8.8% | -56.0% | — | -85.6% | — | — | — | — | — | — | |
| Current Ratio | 1.72 | 1.72 | 1.61 | 1.47 | 1.48 | 1.88 | 1.71 | 1.56 | 1.42 | 1.29 | 1.27 | 1.22 | 1.24 |
| — | -8.4% | -5.5% | -5.7% | +4.3% | +46.4% | +34.4% | +28.0% | +14.7% | +3.9% | -3.1% | -10.0% | -11.3% | |
| Quick Ratio | 1.72 | 1.72 | 1.61 | 1.47 | 1.48 | 1.88 | 1.71 | 1.56 | 1.42 | 1.29 | 1.27 | 1.22 | 1.24 |
| — | -8.4% | -5.5% | -5.7% | +4.3% | +46.4% | +34.4% | +28.0% | +14.7% | +3.9% | -3.1% | -10.0% | -11.3% | |
| Interest Coverage | 8.26 | 24.17 | 72.75 | 50.75 | 63.63 | 53.00 | 50.44 | 29.56 | 18.67 | -8.33 | 3.56 | -24.70 | -15.60 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 33 years · Updated daily
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Start ComparisonSpotify Technology S.A.'s current P/E is 43.3x. The average P/E over the last 3 quarters is 73.7x. 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.