Overview Dividends

(SPOT) Spotify Technology - Ratings and Ratios

Exchange: NYSE • Country: Luxembourg • Currency: USD • Type: Common Stock • ISIN: LU1778762911

Audio Streaming, Music, Podcasts, Premium Subscriptions, Ad-Supported

SPOT EPS (Earnings per Share)

EPS Growth (3Y CAGR): 186.35%
EPS Trend (3Y Correlation): 74.6%

SPOT Revenue

Revenue Growth (3Y CAGR): 11.51%
Revenue Trend (3Y Correlation): 95.4%

Risk via 10d forecast
Volatility	34.8%
Value at Risk 5%th	57.1%
Relative Tail Risk	-10.79%

Reward TTM
Sharpe Ratio	0.83
Alpha	37.12

Character TTM
Hurst Exponent	0.336
Beta	1.055
Beta Downside	1.186

Drawdowns 3y
Max DD	26.84%
Mean DD	5.60%
Median DD	3.60%

Description: SPOT Spotify Technology September 25, 2025

Spotify Technology S.A. operates a global audio-streaming platform that offers both a paid “Premium” tier and a free “Ad-Supported” tier, delivering music and podcasts to users on smartphones, tablets, computers and other connected devices.

The Premium segment provides unlimited on- and offline access without ads, sold directly to consumers through monthly subscriptions. The Ad-Supported segment delivers on-demand music and free podcast streaming, monetized via programmatic and direct audio advertising.

Beyond streaming, Spotify generates ancillary revenue through services such as sales, distribution, marketing support, contract research and development, and customer-service operations. The company was incorporated in 2006 and is headquartered in Luxembourg City.

Recent performance highlights include a 15 % YoY increase in Monthly Active Users (MAUs) to 725 million in Q2 2024, driven largely by growth in emerging markets, and a 22 % rise in ad-revenue YoY as advertisers shift spend toward audio-first formats. A key sector driver is the accelerating adoption of podcasts, which now represent roughly 30 % of total listening minutes and are central to Spotify’s long-term differentiation strategy.

For a deeper quantitative dive into Spotify’s valuation metrics and scenario analysis, you may find ValueRay’s research platform a useful next step.

SPOT Stock Overview

Market Cap in USD	127,018m
Sub-Industry	Movies & Entertainment
IPO / Inception	2018-04-03
Return 12m vs S&P 500	16.2%
Analyst Rating	4.05 of 5

SPOT Dividends

Currently no dividends paid

SPOT Growth Ratios

CAGR 3y	103.46%
CAGR/Max DD Calmar Ratio	3.85
CAGR/Mean DD Pain Ratio	18.47
Current Volume	1439.8k
Average Volume	1609.9k

Piotroski VR‑10 (Strict, 0-10) 7.5

Net Income (1.42b TTM) > 0 and > 6% of Revenue (6% = 1.02b TTM)

FCFTA 0.20 (>2.0%) and ΔFCFTA 2.86pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 22.62% (prev 19.17%; Δ 3.45pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.20 (>3.0%) and CFO 2.98b > Net Income 1.42b (YES >=105%, WARN >=100%)

Net Debt (-3.21b) to EBITDA (1.60b) ratio: -2.01 <= 3.0 (WARN <= 3.5)

Current Ratio 1.62 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (205.4m) change vs 12m ago -0.95% (target <= -2.0% for YES)

Gross Margin 31.71% (prev 28.71%; Δ 3.00pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 134.9% (prev 143.2%; Δ -8.29pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 45.46 (EBITDA TTM 1.60b / Interest Expense TTM 33.0m) >= 6 (WARN >= 3)

Altman Z'' 2.32

(A) 0.26 = (Total Current Assets 10.09b - Total Current Liabilities 6.24b) / Total Assets 14.69b

(B) -0.14 = Retained Earnings (Balance) -2.01b / Total Assets 14.69b

(D) 0.24 = Book Value of Equity 1.65b / Total Liabilities 6.91b

Total Rating: 2.32 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 88.38

1. Piotroski 7.50pt = 2.50

2. FCF Yield 2.85% = 1.43

3. FCF Margin 17.22% = 4.31

4. Debt/Equity 0.29 = 2.46

5. Debt/Ebitda -2.01 = 2.50

6. ROIC - WACC (= 11.10)% = 12.50

7. RoE 21.64% = 1.80

8. Rev. Trend 95.43% = 7.16

9. EPS Trend 74.58% = 3.73

What is the price of SPOT shares?

As of November 15, 2025, the stock is trading at USD 635.75 with a total of 1,439,800 shares traded.
Over the past week, the price has changed by +3.05%, over one month by -6.99%, over three months by -8.98% and over the past year by +33.14%.

Is Spotify Technology a good stock to buy?

Yes, based on ValueRay´s Fundamental Analyses, Spotify Technology (NYSE:SPOT) is currently (November 2025) a good stock to buy. It has a ValueRay Fundamental Rating of 88.38 and therefor a positive outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of SPOT is around 674.09 USD . This means that SPOT is currently overvalued and has a potential downside of 6.03%.

Is SPOT a buy, sell or hold?

Spotify Technology has received a consensus analysts rating of 4.05. Therefore, it is recommended to buy SPOT.

Strong Buy: 19
Buy: 6
Hold: 13
Sell: 2
Strong Sell: 0

What are the forecasts/targets for the SPOT price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	746.6	17.4%
Analysts Target Price	746.6	17.4%
ValueRay Target Price	759.7	19.5%

SPOT Fundamental Data Overview November 09, 2025

Market Cap EUR = 109.55b (127.02b USD * 0.8625 USD.EUR)
P/E Trailing = 80.0143
P/E Forward = 51.5464
P/S = 7.5172
P/B = 18.7157
P/EG = 1.7594
Beta = 1.651
Revenue TTM = 17.02b EUR
EBIT TTM = 1.50b EUR
EBITDA TTM = 1.60b EUR
Long Term Debt = 1.54b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 1.81b EUR (from shortTermDebt, last quarter)
Debt = 2.25b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = -3.21b EUR (from netDebt column, last quarter)
Enterprise Value = 102.72b EUR (109.55b + Debt 2.25b - CCE 9.09b)
Interest Coverage Ratio = 45.46 (Ebit TTM 1.50b / Interest Expense TTM 33.0m)
FCF Yield = 2.85% (FCF TTM 2.93b / Enterprise Value 102.72b)
FCF Margin = 17.22% (FCF TTM 2.93b / Revenue TTM 17.02b)
Net Margin = 8.32% (Net Income TTM 1.42b / Revenue TTM 17.02b)
Gross Margin = 31.71% ((Revenue TTM 17.02b - Cost of Revenue TTM 11.63b) / Revenue TTM)
Gross Margin QoQ = 31.62% (prev 31.48%)
Tobins Q-Ratio = 6.99 (Enterprise Value 102.72b / Total Assets 14.69b)
Interest Expense / Debt = 0.36% (Interest Expense 8.00m / Debt 2.25b)
Taxrate = -8.71% (negative due to tax credits) (-71.8m / 825.1m)
NOPAT = 1.63b (EBIT 1.50b * (1 - -8.71%)) [negative tax rate / tax credits]
Current Ratio = 1.62 (Total Current Assets 10.09b / Total Current Liabilities 6.24b)
Debt / Equity = 0.29 (Debt 2.25b / totalStockholderEquity, last quarter 7.78b)
Debt / EBITDA = -2.01 (Net Debt -3.21b / EBITDA 1.60b)
Debt / FCF = -1.09 (Net Debt -3.21b / FCF TTM 2.93b)
Total Stockholder Equity = 6.54b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.64% (Net Income 1.42b / Total Assets 14.69b)
RoE = 21.64% (Net Income TTM 1.42b / Total Stockholder Equity 6.54b)
RoCE = 18.56% (EBIT 1.50b / Capital Employed (Equity 6.54b + L.T.Debt 1.54b))
RoIC = 20.80% (NOPAT 1.63b / Invested Capital 7.84b)
WACC = 9.70% (E(109.55b)/V(111.81b) * Re(9.89%) + D(2.25b)/V(111.81b) * Rd(0.36%) * (1-Tc(-0.09)))
Discount Rate = 9.89% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 2.08%
[DCF Debug] Terminal Value 75.68% ; FCFE base≈2.48b ; Y1≈3.06b ; Y5≈5.22b
Fair Price DCF = 312.6 (DCF Value 64.36b / Shares Outstanding 205.9m; 5y FCF grow 25.0% → 3.0% )
EPS Correlation: 74.58 | EPS CAGR: 186.3% | SUE: 1.16 | # QB: 1
Revenue Correlation: 95.43 | Revenue CAGR: 11.51% | SUE: 0.11 | # QB: 0

Additional Sources for SPOT Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle