Spotify Technology S.A. (SPOT) P/E Ratio History
Historical price-to-earnings valuation from 2019 to 2025
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Valuation Context
How does the current P/E compare to historical and market benchmarks?
P/E Ratio Analysis
As of March 2, 2026, Spotify Technology S.A. (SPOT) trades at a price-to-earnings ratio of 43.3x, with a stock price of $514.94 and trailing twelve-month earnings per share of $10.36.
The current P/E is 62% below its 5-year average of 112.4x. Over the past five years, SPOT's P/E has ranged from a low of 70.0x to a high of 201.9x, placing the current valuation at the 0th percentile of its historical range.
Compared to the Communication Services sector median P/E of 15.1x, SPOT trades at a 186% premium to its sector peers. The sector includes 108 companies with P/E ratios ranging from 0.5x to 181.8x.
Relative to the broader market, SPOT commands a significant premium over the S&P 500 median P/E of 26.2x. 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.
Peer Comparison
P/E metrics vs. Digital Media Publishers and Audio peers
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
SPOTSpotify Technology S.A. | $106B | 43.3 | - | +83%Best |
TMETencent Music Entertainment Group | $10B | 23.6 | 1.93Best | +37% |
NAMIJinxin Technology Holding Company American Depositary Shares | $508M | 4.1Lowest | - | -73% |
Peers sorted by market capitalization. P/E below peers may indicate undervaluation or lower growth expectations. Consider PEG ratio for growth-adjusted comparison.
Historical P/E Data
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Date | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2025 Q4 | Wed Dec 31 2025 00:00:00 GM | $580.71 | $8.29 | 70.0x | -38% |
| FY2025 Q3 | $698.00 | $5.66 | 123.3x | +10% | |
| FY2025 Q2 | Mon Jun 30 2025 00:00:00 GM | $767.34 | $3.80 | 201.9x | +80% |
| FY2025 Q1 | Sun Mar 30 2025 00:00:00 GM | $561.16 | $5.55 | 101.1x | -10% |
| FY2024 Q4 | $447.38 | $5.49 | 81.5x | -27% | |
| FY2024 Q3 | Mon Sep 30 2024 00:00:00 GM | $368.53 | $3.38 | 109.0x | -3% |
| FY2024 Q2 | Sun Jun 30 2024 00:00:00 GM | $313.79 | $2.27 | 138.3x | +23% |
| FY2019 Q3 | Mon Sep 30 2019 00:00:00 GM | $114.00 | $1.48 | 77.3x | -31% |
| FY2019 Q2 | Sun Jun 30 2019 00:00:00 GM | $146.22 | $1.34 | 109.4x | -3% |
Average P/E for displayed period: 112.4x
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Start ComparisonFrequently Asked Questions
Is SPOT stock overvalued or undervalued?
SPOT trades at 43.3x P/E, below its 5-year average of 112.4x. At the N/A percentile of historical range, the stock is priced at a discount to its own history.
How does SPOT's valuation compare to peers?
Spotify Technology S.A. P/E of 43.3x compares to sector median of 15.1x. The premium reflects expected growth above peers.
What is SPOT's PEG ratio?
SPOT PEG ratio is N/A. Above 2.0 indicates premium valuation relative to growth rate. Historical P/E data spans 2019-2025.