Stock SPF SPOTIFY TECHNOLOGY S.A.
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Financials Spotify Technology S.A. Swiss Exchange

Equities

SPF

LU1778762911

Internet Services

Market Closed - Swiss Exchange
Other stock markets
 10:05:22 13/02/2020 pm IST 		5-day change 1st Jan Change
140 CHF +4.48% Intraday chart for Spotify Technology S.A. -1.41% -1.41%
25/06 The New York Times Plans Paywall for Top Podcasts to Boost Revenue MT
25/06 European regulators crack down on Big Tech RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 23,885 48,842 39,429 14,247 33,222 58,295 - -
Enterprise Value (EV) 1 22,750 47,672 37,710 12,580 30,704 54,330 52,293 49,764
P/E ratio -130 x -83.1 x -1,144 x -33.1 x -62.4 x 62.6 x 43.2 x 34.1 x
Yield - - - - - - - -
Capitalization / Revenue 3.53 x 6.2 x 4.08 x 1.21 x 2.51 x 3.72 x 3.25 x 2.89 x
EV / Revenue 3.36 x 6.05 x 3.9 x 1.07 x 2.32 x 3.46 x 2.91 x 2.47 x
EV / EBITDA 1,625 x -262 x 171 x -25.8 x -107 x 47.3 x 30.2 x 22.4 x
EV / FCF 51.7 x 261 x 136 x 599 x 45.3 x 34.8 x 25.4 x 21.2 x
FCF Yield 1.93% 0.38% 0.73% 0.17% 2.21% 2.87% 3.94% 4.71%
Price to Book 12.1 x 17.2 x 18.7 x 5.93 x 13.1 x 14.5 x 10.6 x 7.4 x
Nbr of stocks (in thousands) 1,79,067 1,89,586 1,91,554 1,93,130 1,95,139 1,99,054 - -
Reference price 2 133.4 257.6 205.8 73.77 170.2 292.9 292.9 292.9
Announcement Date 05/02/20 03/02/21 02/02/22 31/01/23 06/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 6,764 7,880 9,668 11,727 13,247 15,682 17,950 20,187
EBITDA 1 14 -182 221 -488 -288 1,149 1,730 2,224
EBIT 1 -73 -293 94 -659 -446 1,007 1,559 2,048
Operating Margin -1.08% -3.72% 0.97% -5.62% -3.37% 6.42% 8.69% 10.14%
Earnings before Tax (EBT) 1 -131 -709 249 -370 -505 1,052 1,612 2,169
Net income 1 -186 -581 -34 -430 -532 937.1 1,358 1,743
Net margin -2.75% -7.37% -0.35% -3.67% -4.02% 5.98% 7.57% 8.64%
EPS 2 -1.030 -3.100 -0.1800 -2.230 -2.730 4.676 6.780 8.594
Free Cash Flow 1 440 183 277 21 678 1,561 2,062 2,346
FCF margin 6.51% 2.32% 2.87% 0.18% 5.12% 9.95% 11.49% 11.62%
FCF Conversion (EBITDA) 3,142.86% - 125.34% - - 135.82% 119.21% 105.5%
FCF Conversion (Net income) - - - - - 166.55% 151.85% 134.55%
Dividend per Share 2 - - - - - - - -
Announcement Date 05/02/20 03/02/21 02/02/22 31/01/23 06/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 2,689 2,661 2,864 3,036 3,166 3,042 3,177 3,357 3,671 3,636 3,814 3,990 4,236 4,161 4,358
EBITDA 1 26 31 -154 -184 -181 -112 -203 68 -41 199 274.2 321.5 359.2 372.8 404.2
EBIT 1 -7 -6 -194 -228 -231 -156 -247 32 -75 168 240.7 281.6 321.9 318.4 344.7
Operating Margin -0.26% -0.23% -6.77% -7.51% -7.3% -5.13% -7.77% 0.95% -2.04% 4.62% 6.31% 7.06% 7.6% 7.65% 7.91%
Earnings before Tax (EBT) 1 -8 155 -90 -144 -291 -206 -241 73 -131 174 267.1 318.8 362.9 329.9 388.8
Net income 1 -39 131 -125 -166 -270 -225 -302 65 -70 197 218.3 267.3 305.5 276.1 312.9
Net margin -1.45% 4.92% -4.36% -5.47% -8.53% -7.4% -9.51% 1.94% -1.91% 5.42% 5.72% 6.7% 7.21% 6.64% 7.18%
EPS 2 -0.2000 0.2100 -0.6500 -0.8600 -1.400 -1.160 -1.550 0.3300 -0.3600 0.9700 1.091 1.289 1.463 1.480 1.672
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 02/02/22 27/04/22 27/07/22 25/10/22 31/01/23 25/04/23 25/07/23 24/10/23 06/02/24 23/04/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 1,135 1,170 1,719 1,667 2,518 3,965 6,002 8,531
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 440 183 277 21 678 1,561 2,062 2,346
ROE (net income / shareholders' equity) -9.01% -24% -1.38% -19% -21.6% 25.6% 26.7% 27.5%
ROA (Net income/ Total Assets) -3.93% -10.2% -0.5% -5.81% -6.66% 10.6% 12.6% 14.6%
Assets 1 4,729 5,724 6,747 7,404 7,991 8,823 10,763 11,941
Book Value Per Share 2 11.10 15.00 11.00 12.40 13.00 20.20 27.50 39.60
Cash Flow per Share 2 3.170 1.380 1.860 0.2300 3.490 7.230 9.670 11.50
Capex 1 135 78 85 25 6 22.9 29.8 31.9
Capex / Sales 2% 0.99% 0.88% 0.21% 0.05% 0.15% 0.17% 0.16%
Announcement Date 05/02/20 03/02/21 02/02/22 31/01/23 06/02/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Spotify Technology S.A.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
35
Last Close Price
292.9 EUR
Average target price
322.6 EUR
Spread / Average Target
+10.15%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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