(SPOT) Spotify Technology - Ratings and Ratios
Exchange: NYSE •
Country: Luxembourg •
Currency: USD •
Type: Common Stock •
ISIN: LU1778762911
Music Streaming, Podcast Streaming, Premium Subscription, Ad-Supported Access
Dividends
Currently no dividends paid| Risk via 10d forecast | |
|---|---|
| Volatility | 41.0% |
| Value at Risk 5%th | 60.6% |
| Relative Tail Risk | -10.28% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.56 |
| Alpha | 5.62 |
| CAGR/Max DD | 3.67 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.315 |
| Beta | 1.050 |
| Beta Downside | 1.179 |
| Drawdowns 3y | |
|---|---|
| Max DD | 26.84% |
| Mean DD | 5.89% |
| Median DD | 3.69% |
Description: SPOT Spotify Technology December 02, 2025
Spotify Technology S.A. operates a global audio-streaming platform split into two revenue streams: a Premium subscription tier that delivers ad-free, offline-capable music and podcast listening, and an Ad-Supported tier that offers free, on-demand access to the same catalog funded by display and audio ads. The company also provides ancillary services such as sales, distribution, marketing, R&D, and customer support.
As of Q3 2024, Spotify reported 615 million monthly active users, with paid subscribers rising 12 % YoY to 210 million-a key driver of its growing average revenue per user (ARPU), which reached €10.5 in the quarter. Podcast monetization continues to accelerate, contributing roughly 20 % of total ad revenue, while macro-economic factors such as a rebound in digital advertising spend and higher discretionary consumer income support the ad-supported segment.
For a deeper, data-driven assessment of Spotify’s valuation dynamics, you may find ValueRay’s analytical tools worth exploring.
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 (1.99b) ratio: -1.61 <= 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 57.42 (EBITDA TTM 1.99b / Interest Expense TTM 33.0m) >= 6 (WARN >= 3) |
Altman Z'' 2.53
| (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 |
| (C) 0.15 = EBIT TTM 1.90b / Avg Total Assets 12.62b |
| (D) 0.24 = Book Value of Equity 1.65b / Total Liabilities 6.91b |
| Total Rating: 2.53 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 88.16
| 1. Piotroski 7.50pt |
| 2. FCF Yield 2.98% |
| 3. FCF Margin 17.22% |
| 4. Debt/Equity 0.29 |
| 5. Debt/Ebitda -1.61 |
| 6. ROIC - WACC (= 11.55)% |
| 7. RoE 21.64% |
| 8. Rev. Trend 97.85% |
| 9. EPS Trend 65.20% |
What is the price of SPOT shares?
As of December 03, 2025, the stock is trading at USD 576.79 with a total of 1,855,594 shares traded.
Over the past week, the price has changed by -1.48%, over one month by -10.45%, over three months by -16.36% and over the past year by +20.10%.
Over the past week, the price has changed by -1.48%, over one month by -10.45%, over three months by -16.36% and over the past year by +20.10%.
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 | 751.1 | 30.2% |
| Analysts Target Price | 751.1 | 30.2% |
| ValueRay Target Price | 787.6 | 36.6% |
SPOT Fundamental Data Overview November 29, 2025
Market Cap EUR = 105.08b (122.03b USD * 0.8611 USD.EUR)
P/E Trailing = 76.9727
P/E Forward = 43.8596
P/S = 7.2221
P/B = 13.6187
P/EG = 1.4979
Beta = 1.651
Revenue TTM = 17.02b EUR
EBIT TTM = 1.90b EUR
EBITDA TTM = 1.99b 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 = 98.24b EUR (105.08b + Debt 2.25b - CCE 9.09b)
Interest Coverage Ratio = 57.42 (Ebit TTM 1.90b / Interest Expense TTM 33.0m)
FCF Yield = 2.98% (FCF TTM 2.93b / Enterprise Value 98.24b)
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 = 6.69 (Enterprise Value 98.24b / Total Assets 14.69b)
Interest Expense / Debt = 0.36% (Interest Expense 8.00m / Debt 2.25b)
Taxrate = 7.42% (71.8m / 968.8m)
NOPAT = 1.75b (EBIT 1.90b * (1 - 7.42%))
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 = -1.61 (Net Debt -3.21b / EBITDA 1.99b)
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 = 23.44% (EBIT 1.90b / Capital Employed (Equity 6.54b + L.T.Debt 1.54b))
RoIC = 21.24% (NOPAT 1.75b / Invested Capital 8.26b)
WACC = 9.69% (E(105.08b)/V(107.33b) * Re(9.89%) + D(2.25b)/V(107.33b) * Rd(0.36%) * (1-Tc(0.07)))
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: 65.20 | EPS CAGR: 38.55% | SUE: 1.15 | # QB: 1
Revenue Correlation: 97.85 | Revenue CAGR: 13.14% | SUE: 0.11 | # QB: 0
EPS next Quarter (2026-03-31): EPS=2.65 | Chg30d=-0.112 | Revisions Net=-1 | Analysts=8
EPS next Year (2026-12-31): EPS=12.07 | Chg30d=+0.190 | Revisions Net=+4 | Growth EPS=+59.5% | Growth Revenue=+14.6%
P/E Trailing = 76.9727
P/E Forward = 43.8596
P/S = 7.2221
P/B = 13.6187
P/EG = 1.4979
Beta = 1.651
Revenue TTM = 17.02b EUR
EBIT TTM = 1.90b EUR
EBITDA TTM = 1.99b 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 = 98.24b EUR (105.08b + Debt 2.25b - CCE 9.09b)
Interest Coverage Ratio = 57.42 (Ebit TTM 1.90b / Interest Expense TTM 33.0m)
FCF Yield = 2.98% (FCF TTM 2.93b / Enterprise Value 98.24b)
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 = 6.69 (Enterprise Value 98.24b / Total Assets 14.69b)
Interest Expense / Debt = 0.36% (Interest Expense 8.00m / Debt 2.25b)
Taxrate = 7.42% (71.8m / 968.8m)
NOPAT = 1.75b (EBIT 1.90b * (1 - 7.42%))
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 = -1.61 (Net Debt -3.21b / EBITDA 1.99b)
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 = 23.44% (EBIT 1.90b / Capital Employed (Equity 6.54b + L.T.Debt 1.54b))
RoIC = 21.24% (NOPAT 1.75b / Invested Capital 8.26b)
WACC = 9.69% (E(105.08b)/V(107.33b) * Re(9.89%) + D(2.25b)/V(107.33b) * Rd(0.36%) * (1-Tc(0.07)))
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: 65.20 | EPS CAGR: 38.55% | SUE: 1.15 | # QB: 1
Revenue Correlation: 97.85 | Revenue CAGR: 13.14% | SUE: 0.11 | # QB: 0
EPS next Quarter (2026-03-31): EPS=2.65 | Chg30d=-0.112 | Revisions Net=-1 | Analysts=8
EPS next Year (2026-12-31): EPS=12.07 | Chg30d=+0.190 | Revisions Net=+4 | Growth EPS=+59.5% | Growth Revenue=+14.6%
Additional Sources for SPOT Stock
News:
Wall Street Journal |
Benzinga |
Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle