image
Communication Services - Internet Content & Information - NYSE - LU
$ 709.6297
1.67 %
$ 143 B
Market Cap
111.73
P/E
1. INTRINSIC VALUE

This DCF valuation model was last updated on Jun, 6, 2025.

The intrinsic value of one SPOT stock under the worst case scenario is HIDDEN Compared to the current market price of 710 USD, Spotify Technology S.A. is HIDDEN

This DCF valuation model was last updated on Jun, 6, 2025.

The intrinsic value of one SPOT stock under the base case scenario is HIDDEN Compared to the current market price of 710 USD, Spotify Technology S.A. is HIDDEN

This DCF valuation model was last updated on Jun, 6, 2025.

The intrinsic value of one SPOT stock under the best case scenario is HIDDEN Compared to the current market price of 710 USD, Spotify Technology S.A. is HIDDEN

2. FUNDAMENTAL ANALYSIS

Price Chart SPOT

image
$750.0$750.0$700.0$700.0$650.0$650.0$600.0$600.0$550.0$550.0$500.0$500.0$450.0$450.0$400.0$400.015 Dec15 DecJan '25Jan '2515 Jan15 JanFeb '25Feb '2515 Feb15 FebMar '25Mar '2515 Mar15 MarApr '25Apr '2515 Apr15 AprMay '25May '2515 May15 MayJun '25Jun '25
FINANCIALS
15.7 B REVENUE
18.31%
1.36 B OPERATING INCOME
406.05%
1.14 B NET INCOME
313.91%
2.3 B OPERATING CASH FLOW
238.38%
-1.49 B INVESTING CASH FLOW
-584.79%
729 M FINANCING CASH FLOW
211.54%
4.19 B REVENUE
-1.23%
509 M OPERATING INCOME
6.71%
225 M NET INCOME
-38.69%
539 M OPERATING CASH FLOW
-38.96%
-314 M INVESTING CASH FLOW
73.79%
126 M FINANCING CASH FLOW
-48.36%
Balance Sheet Spotify Technology S.A.
image
Current Assets 8.38 B
Cash & Short-Term Investments 7.45 B
Receivables 799 M
Other Current Assets 132 M
Non-Current Assets 3.63 B
Long-Term Investments 1.64 B
PP&E 414 M
Other Non-Current Assets 1.58 B
62.04 %6.66 %13.62 %3.45 %13.14 %Total Assets$12.0b
Current Liabilities 4.45 B
Accounts Payable 933 M
Short-Term Debt 0
Other Current Liabilities 3.52 B
Non-Current Liabilities 2.03 B
Long-Term Debt 2 B
Other Non-Current Liabilities 29 M
14.40 %54.27 %30.88 %Total Liabilities$6.5b
EFFICIENCY
Earnings Waterfall Spotify Technology S.A.
image
Revenue 15.7 B
Cost Of Revenue 10.9 B
Gross Profit 4.74 B
Operating Expenses 3.38 B
Operating Income 1.36 B
Other Expenses 227 M
Net Income 1.14 B
16b16b14b14b12b12b10b10b8b8b6b6b4b4b2b2b0016b(11b)5b(3b)1b(227m)1bRevenueRevenueCost Of RevenueCost Of RevenueGross ProfitGross ProfitOperating ExpensesOperating ExpensesOperating IncomeOperating IncomeOther ExpensesOther ExpensesNet IncomeNet Income
RATIOS
30.25% GROSS MARGIN
30.25%
8.71% OPERATING MARGIN
8.71%
7.26% NET MARGIN
7.26%
20.60% ROE
20.60%
9.48% ROA
9.48%
15.33% ROIC
15.33%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis Spotify Technology S.A.
image
3b3b2b2b2b2b1b1b500m500m00(500m)(500m)20162016201720172018201820192019202020202021202120222022202320232024202420252025
Net Income 1.14 B
Depreciation & Amortization 121 M
Capital Expenditures -17 M
Stock-Based Compensation 267 M
Change in Working Capital 376 M
Others 244 M
Free Cash Flow 2.28 B
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets Spotify Technology S.A.
image
Wall Street analysts predict an average 1-year price target for SPOT of $474 , with forecasts ranging from a low of $230 to a high of $775 .
SPOT Lowest Price Target Wall Street Target
230 USD -67.59%
SPOT Average Price Target Wall Street Target
474 USD -33.22%
SPOT Highest Price Target Wall Street Target
775 USD 9.21%
Price
Max Price Target
Min Price Target
Average Price Target
800800700700600600500500400400300300200200Jul '24Jul '24Aug '24Aug '24Oct '24Oct '24Nov '24Nov '2420252025Feb '25Feb '25Apr '25Apr '25Jun '25Jun '25Jul '25Jul '25Aug '25Aug '25Oct '25Oct '25Nov '25Nov '2520262026Feb '26Feb '26Apr '26Apr '26Jun '26Jun '26
4. DIVIDEND ANALYSIS
5. COMPETITION
slide 2 of 9
6. Ownership
Insider Ownership Spotify Technology S.A.
image
Sold
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
0 USD 0
Bought
0 USD 0
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
7. News
SPOT's User Engagement Surges: Will This Lead to Global Dominance? Spotify's MAUs hit 678M in 1Q25, fueled by emerging markets and AI-powered features that drive global user growth. zacks.com - 1 week ago
Apple Faces Modest Earnings Hit After Court Ruling But Analyst Expects Match, Bumble, Spotify Set To Gain Apple Inc‘s AAPL latest legal setback is a headwind, but one analyst says the impact on the iPhone maker's stock price is materially lower than investors feared. benzinga.com - 1 week ago
Here is What to Know Beyond Why Spotify Technology (SPOT) is a Trending Stock Recently, Zacks.com users have been paying close attention to Spotify (SPOT). This makes it worthwhile to examine what the stock has in store. zacks.com - 1 week ago
United and Spotify Announce Unique Collaboration: Music, Podcasts, and Audiobooks Now Available on 130,000+ Seatback Screens United customers can now enjoy a collection of Spotify's video and audio podcasts, audiobooks, and specially curated versions of Spotify's most popular playlists – for free – on 680+ aircraft with the airline's new 4K, Bluetooth-enabled seatback screens Spotify's audiobooks and video podcasts are available for the first time onboard an airline, featuring popular titles like Good Hang with Amy Poehler, The Dave Chang Show, and The Comment Section with Drew Afualo Coming in 2026, United passengers will be able to use their personal device to log into the Spotify app on the inflight entertainment screen CHICAGO and NEW YORK , June 5, 2025 /PRNewswire/ -- United and Spotify today announced a first-of-its-kind collaboration that delivers an even more entertaining travel experience in the sky, with 450+ hours of content now available for free on the airline's 130,000+ seatback screens, many of which offer stunning 4K quality and Bluetooth audio compatibility. This is the first time Spotify has offered audiobooks and video podcasts onboard an airline, allowing United flyers to enjoy more than 65+ pieces of content, including popular titles like Good Hang with Amy Poehler , The Dave Chang Show, and The Comment Section with Drew Afualo. prnewswire.com - 1 week ago
Spotify Early Winner From Taylor Swift Buying Back Old Albums: A 'Love Story' For Fans, Streaming Company Musician Taylor Swift celebrated a recent win with buying back her old albums previously owned outside of her control. benzinga.com - 1 week ago
Calls of the Day: Spotify, Honeywell, Live Nation and defense Stocks The investment Committee debate the latest Calls of the Day. youtube.com - 1 week ago
2 Top Tech Stocks to Buy Right Now After a very tough start to the year, tech sector stocks are back. The tech-heavy Nasdaq Composite index dipped as much as 24% from highs set earlier this year. fool.com - 1 week ago
Spotify: Dominating Audio With A Deepening Data Moat Spotify's profitability surge is driven by premium pricing, ad growth, and lower podcast costs, transforming it into a cash-generative audio platform. Personalized AI features and creator tools are deepening user engagement, expanding margins, and building data-driven moats that competitors can't easily replicate. Ad-supported revenue is accelerating, with improved targeting and new ad formats, positioning Spotify for significant margin expansion as digital audio advertising grows. seekingalpha.com - 1 week ago
Spotify: Strategy That's Starting To Pay Off Spotify has transformed into a profitable, global audio platform with strong user growth and expanding revenue streams beyond music, including podcasts and AI-driven advertising. Recent cost controls and strategic investments have led to record margins and robust free cash flow, with continued growth expected in emerging markets. Competition from Big Tech remains fierce, but Spotify's focus on user experience, personalization, and content diversity drives loyalty and differentiation. seekingalpha.com - 1 week ago
Spotify (SPOT) Stock Declines While Market Improves: Some Information for Investors Spotify (SPOT) reachead $671.07 at the closing of the latest trading day, reflecting a -0.14% change compared to its last close. zacks.com - 1 week ago
Spotify: I Was So Wrong - Premium Is Worth It (Rating Upgrade) I upgrade Spotify to a Buy, raising my price target due to strong execution on price hikes and robust user growth. Spotify's expansion into podcasts and video has driven higher engagement, retention, and premium user growth, exceeding my previous expectations. Despite increased royalty and content costs, management has expertly managed margins, supporting a bullish outlook for EPS growth above 70% this year. seekingalpha.com - 2 weeks ago
Spotify: With Healthy Premium Adds And Margins, It's Time To Buy In (Rating Upgrade) Spotify's aggressive expense reductions, including deep layoffs, are driving significant profitability gains while maintaining double-digit subscriber and ad revenue growth. Despite macroeconomic headwinds, Spotify continues to deliver strong user and premium subscriber growth, exceeding expectations and showcasing resilience and market opportunity. Price increases have proven effective, supporting revenue growth without major churn, while diversified content and playlists enhance user retention and platform stickiness. seekingalpha.com - 2 weeks ago
8. Profile Summary

Spotify Technology S.A. SPOT

image
COUNTRY LU
INDUSTRY Internet Content & Information
MARKET CAP $ 143 B
Dividend Yield 0.00%
Description Spotify Technology S.A., together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers. The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers on their computers, tablets, and compatible mobile devices. The company also offers sales, marketing, contract research and development, and customer support services. As of December 31, 2021, its platform included 406 million monthly active users and 180 million premium subscribers in 184 countries and territories. The company was incorporated in 2006 and is based in Luxembourg, Luxembourg.
Contact 42-44, avenue de la Gare, Luxembourg City, 1610 https://www.spotify.com
IPO Date April 3, 2018
Employees 7258
Officers Mr. Alex Norström Chief Business Officer & Co-President Mr. Daniel G. Ek Founder, Chief Executive Officer & Chairman Mr. Sven Martin Lorentzon Co-Founder & Director Mr. Christian Luiga Chief Financial Officer Ms. Anna Lundström Chief Human Resources Officer Mr. Gustav Söderström Co-President, Chief Product & Technology Officer Mr. Bryan Daniel Goldberg Head of Investor Relations Ms. Dustee Tucker Jenkins Chief Public Affairs Officer Ms. Eve Konstan J.D. General Counsel