Valuation Spotify Technology S.A.

Equities

Market Closed - Nyse Other stock markets 04:00:02 2025-12-12 pm EST			5-day change	1st Jan Change
597.80 ^USD	-0.18%		+5.82%	+33.62%

Dec. 10	Spotify Technology S.A. Announces Election of Alex Norström and Gustav Söderström as Directors, Effective January 1, 2026	CI
Dec. 10	Spotify Stock Rises on Expansion of Music Video Offering	DJ

Data adjusted to current consolidation scope

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	48,768	39,419	14,267	33,174	87,323	104,951	-	-
Change	-	-19.17%	-63.81%	132.52%	163.23%	20.19%	-	-
Enterprise Value (EV) ¹	47,598	37,700	12,600	30,656	81,876	98,890	96,664	93,632
Change	-	-20.8%	-66.58%	143.3%	167.08%	20.78%	-2.25%	-3.14%
P/E ratio	-83x	-1,143x	-33.1x	-62.3x	78.6x	69.8x	42.6x	32.6x
PBR	17.2x	18.7x	5.94x	13.1x	15.7x	14.2x	10.8x	8.5x
PEG	-	12.1x	-0x	-2.8x	-0x	2.1x	0.7x	1.1x
Capitalization / Revenue	6.19x	4.08x	1.22x	2.5x	5.57x	6.11x	5.33x	4.66x
EV / Revenue	6.04x	3.9x	1.07x	2.31x	5.22x	5.76x	4.91x	4.16x
EV / EBITDA	-262x	171x	-25.8x	-106x	55.1x	44.7x	31.8x	23.4x
EV / EBIT	-162x	401x	-19.1x	-68.7x	60x	46.8x	32.8x	23.9x
EV / FCF	260x	136x	600x	45.2x	35.8x	34.1x	27.1x	21.6x
FCF Yield	0.38%	0.73%	0.17%	2.21%	2.79%	2.93%	3.69%	4.62%
Dividend per Share ²	-	-	-	-	-	-	-	-
Rate of return	-	-	-	-	-	-	-	-
EPS ²	-3.1	-0.18	-2.23	-2.73	5.5	7.294	11.96	15.63
Distribution rate	-	-	-	-	-	-	-	-
Net sales ¹	7,880	9,668	11,727	13,247	15,673	17,177	19,680	22,514
EBITDA ¹	-182	221	-488	-288	1,486	2,214	3,036	4,002
EBIT ¹	-293	94	-659	-446	1,365	2,112	2,947	3,910
Net income ¹	-581	-34	-430	-532	1,138	1,558	2,516	3,284
Net Debt ¹	-1,170	-1,719	-1,667	-2,518	-5,447	-6,061	-8,287	-11,320
Reference price ²	257.23	205.78	73.87	170.00	432.12	509.27	509.27	509.27
Nbr of stocks (in thousands)	189,586	191,554	193,130	195,139	202,079	206,084	-	-
Announcement Date	2/3/21	2/2/22	1/31/23	2/6/24	2/4/25	-	-	-

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.	69.82x	5.76x	44.67x	-.--%	123B
TENCENT HOLDINGS LIMITED	23.34x	6.53x	14.94x	0.87%	715B
NETFLIX, INC.	37.56x	9.78x	31.56x	-.--%	435B
UBER TECHNOLOGIES, INC.	15.77x	3.43x	20.49x	-.--%	177B
PROSUS N.V.	13.88x	17.03x	170.08x	0.28%	138B
DOORDASH, INC.	100.88x	7.02x	34.89x	-.--%	98.05B
AIRBNB, INC.	31.13x	5.54x	15.76x	-.--%	77.85B
NASPERS LIMITED	10.9x	5.24x	57.87x	0.37%	50.64B
KUAISHOU TECHNOLOGY	14.6x	1.64x	7.91x	0.34%	37.42B
ETERNAL LIMITED	541.65x	4.84x	257.3x	-.--%	29.86B
Average	85.95x	6.68x	65.55x	0.19%	188.16B
Weighted average by Cap.	40.35x	7.54x	38.55x	0.37%