Spotify Technology S.A. (SPOT) P/E Ratio History
Deep ValueTrading at 38.7x · 0th percentile of 5-year range · Significant discount to historical valuation · Data 2024–2026
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P/E Ratio Analysis
As of June 22, 2026, Spotify Technology S.A. (SPOT) trades at a price-to-earnings ratio of 38.7x, with a stock price of $468.08 and trailing twelve-month earnings per share of $13.00.
The current P/E is 64% below its 5-year average of 107.9x. Over the past five years, SPOT's P/E has ranged from a low of 45.1x to a high of 198.8x, placing the current valuation at the 0th percentile of its historical range.
Compared to the Communication Services sector median P/E of 15.3x, SPOT trades at a 153% premium to its sector peers. The sector includes 110 companies with P/E ratios ranging from 0.1x to 161.8x.
Relative to the broader market, SPOT commands a significant premium over the S&P 500 median P/E of 24.4x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our SPOT DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
SPOT Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
SPOT P/E vs Peers
Digital Media Publishers and Audio peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $9B | 12.5Lowest | 0.25Best | +146%Best | |
| $4.4T | 39.9 | 2.24 | +23% | |
| $2.6T | 34.1 | 1.22 | +30% | |
| $4.5T | 34.0 | 1.14 | +34% | |
| $328B | 30.6 | 0.93 | +28% | |
| $15B | 40.2 | - | -17% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
SPOT Historical P/E Data (2024–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q1 | - | $484.91 | $10.75 | 45.1x | -58% |
| FY2025 Q4 | Dec 31 2025 | $580.71 | $8.32 | 69.8x | -35% |
| FY2025 Q3 | - | $698.00 | $5.69 | 122.7x | +14% |
| FY2025 Q2 | Jun 30 2025 | $767.34 | $3.86 | 198.8x | +84% |
| FY2025 Q1 | Mar 30 2025 | $561.16 | $5.61 | 100.0x | -7% |
| FY2024 Q4 | - | $447.38 | $5.51 | 81.2x | -25% |
| FY2024 Q3 | Sep 30 2024 | $368.53 | $3.42 | 107.8x | -0% |
| FY2024 Q2 | Jun 30 2024 | $313.79 | $2.28 | 137.6x | +28% |
Average P/E for displayed period: 107.9x
Full Stock Analysis
Deep dive into SPOT consensus models and risk factors.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
2+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
SPOT — Frequently Asked Questions
Quick answers to the most common questions about buying SPOT stock.
What is SPOT's P/E ratio?
Spotify Technology S.A. (SPOT) trailing twelve-month P/E ratio is 38.7x, based on TTM diluted EPS of $13.00. The 5-year average P/E is 107.9x and the historical range spans 45.1x to 198.8x.
Is SPOT stock overvalued or undervalued?
SPOT trades at 38.7x P/E, below its 5-year average of 107.9x. At the 0th percentile of its historical range (45.1x–198.8x), the stock is priced at a discount to its own history.
Is SPOT stock expensive?
No, SPOT is not expensive on a historical basis. The current P/E of 38.7x is below the 5-year average of 107.9x and sits at the 0th percentile of its valuation range.
What is SPOT's historical P/E range?
Over the past 5 years, SPOT's P/E ratio has ranged from 45.1x to 198.8x, with a median of 107.8x and an average of 107.9x. The current P/E of 38.7x places the stock at the 0th percentile of this range. Full historical data spans 2024–2026.
How does SPOT's P/E compare to the S&P 500?
SPOT trades at 38.7x P/E versus the S&P 500 median of 24.4x. The 59% premium to the market typically reflects higher expected earnings growth or quality.
How does SPOT's valuation compare to Communication Services peers?
Spotify Technology S.A. P/E of 38.7x compares to the Communication Services sector median of 15.3x. The premium reflects expected growth above peers or stronger fundamentals. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is SPOT's PEG ratio?
SPOT PEG ratio is N/A, based on a P/E of 38.7x and EPS growth of 91.1%. PEG normalises P/E by growth and helps compare stocks with different earnings trajectories.
What is SPOT's earnings yield?
SPOT earnings yield is 2.58%, the inverse of its 38.7x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.