Valuation Spotify Technology S.A.

Equities

Market Closed - Nyse Other stock markets 21:00:03 17/04/2026 BST			5-day change	1st Jan Change
536.61 ^USD	+0.97%		+12.74%	-7.59%

04-13	Spotify Technology Seen Driving Growth Through Scale and Engagement Gains, Morgan Stanley Says	MT
04-13	Morgan Stanley Lowers Price Target on Spotify Technology to $630 From $650, Keeps Overweight Rating	MT

Data adjusted to current consolidation scope

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Capitalization ¹	39,419	14,267	33,174	87,323	101,927	93,564	-	-
Change	-	-63.81%	132.52%	163.23%	16.72%	-8.21%	-	-
Enterprise Value (EV) ¹	37,700	12,600	30,656	81,876	94,351	85,308	81,903	77,755
Change	-	-66.58%	143.3%	167.08%	15.24%	-9.58%	-3.99%	-5.06%
P/E ratio	-1,143x	-33.1x	-62.3x	78.6x	47.1x	34.9x	27.5x	23.1x
PBR	18.7x	5.94x	13.1x	15.7x	-	8.63x	6.72x	5.38x
PEG	-	-0x	-2.8x	-0x	0.5x	1.5x	1x	1.2x
Capitalization / Revenue	4.08x	1.22x	2.5x	5.57x	5.93x	4.8x	4.22x	3.75x
EV / Revenue	3.9x	1.07x	2.31x	5.22x	5.49x	4.38x	3.7x	3.12x
EV / EBITDA	171x	-25.8x	-106x	55.1x	41x	27.4x	20.7x	16.1x
EV / EBIT	401x	-19.1x	-68.7x	60x	42.9x	28.2x	21.2x	16.3x
EV / FCF	136x	600x	45.2x	35.8x	32.8x	24.4x	19x	15.3x
FCF Yield	0.73%	0.17%	2.21%	2.79%	3.05%	4.1%	5.27%	6.54%
Dividend per Share ²	-	-	-	-	-	-	-	-
Rate of return	-	-	-	-	-	-	-	-
EPS ²	-0.18	-2.23	-2.73	5.5	10.51	13.02	16.55	19.66
Distribution rate	-	-	-	-	-	-	-	-
Net sales ¹	9,668	11,727	13,247	15,673	17,186	19,482	22,148	24,919
EBITDA ¹	221	-488	-288	1,486	2,300	3,113	3,952	4,816
EBIT ¹	94	-659	-446	1,365	2,198	3,029	3,865	4,758
Net income ¹	-34	-430	-532	1,138	2,212	2,702	3,498	4,071
Net Debt ¹	-1,719	-1,667	-2,518	-5,447	-7,576	-8,256	-11,661	-15,808
Reference price ²	205.78	73.87	170.00	432.12	494.59	454.56	454.56	454.56
Nbr of stocks (in thousands)	191,554	193,130	195,139	202,079	206,084	205,833	-	-
Announcement Date	02/02/22	31/01/23	06/02/24	04/02/25	10/02/26	-	-	-

¹EUR in Million²EUR

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
SPOTIFY TECHNOLOGY S.A.	34.92x	4.38x	27.4x	-.--%	110B
TENCENT HOLDINGS LIMITED	16.85x	4.66x	10.77x	1.2%	588B
NETFLIX, INC.	27.28x	7.97x	23.9x	-.--%	410B
UBER TECHNOLOGIES, INC.	22.88x	2.66x	14.05x	-.--%	157B
PROSUS N.V.	11.24x	13.95x	136.24x	0.37%	122B
AIRBNB, INC.	28.72x	5.29x	15.05x	-.--%	84.86B
DOORDASH, INC.	72.4x	4.14x	20.31x	-.--%	79.89B
SK SQUARE CO., LTD.	4.16x	41.95x	3.29x	0.25%	61.21B
NASPERS LIMITED	9.82x	4.6x	48.52x	0.45%	44.6B
KUAISHOU TECHNOLOGY	9.72x	1.02x	4.87x	0.75%	25.7B
Average	23.80x	9.06x	30.44x	0.3%	168.36B
Weighted average by Cap.	23.21x	7.24x	25.75x	0.48%