Company Valuation: Spotify Technology S.A.

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 89,632 89,632 -
Change - -19.17% -63.81% 132.52% 163.23% 2.64% 0% -
Enterprise Value (EV) 1 47,598 37,700 12,600 30,656 81,876 83,518 81,301 78,306
Change - -20.8% -66.58% 143.3% 167.08% 2.01% -2.65% -3.68%
P/E ratio -83x -1,143x -33.1x -62.3x 78.6x 59.4x 36.3x 27.9x
PBR 17.2x 18.7x 5.94x 13.1x 15.7x 12.1x 9.22x 7.3x
PEG - 12.1x -0x -2.8x -0x 1.8x 0.6x 0.9x
Capitalization / Revenue 6.19x 4.08x 1.22x 2.5x 5.57x 5.22x 4.56x 4x
EV / Revenue 6.04x 3.9x 1.07x 2.31x 5.22x 4.86x 4.14x 3.49x
EV / EBITDA -262x 171x -25.8x -106x 55.1x 37.3x 26.7x 19.8x
EV / EBIT -162x 401x -19.1x -68.7x 60x 39.2x 27.6x 20.2x
EV / FCF 260x 136x 600x 45.2x 35.8x 28.8x 22.7x 17.9x
FCF Yield 0.38% 0.73% 0.17% 2.21% 2.79% 3.48% 4.41% 5.58%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -3.1 -0.18 -2.23 -2.73 5.5 7.322 11.97 15.58
Distribution rate - - - - - - - -
Net sales 1 7,880 9,668 11,727 13,247 15,673 17,179 19,658 22,434
EBITDA 1 -182 221 -488 -288 1,486 2,239 3,044 3,963
EBIT 1 -293 94 -659 -446 1,365 2,128 2,949 3,885
Net income 1 -581 -34 -430 -532 1,138 1,566 2,521 3,275
Net Debt 1 -1,170 -1,719 -1,667 -2,518 -5,447 -6,114 -8,331 -11,326
Reference price 2 257.23 205.78 73.87 170.00 432.12 434.93 434.93 434.93
Nbr of stocks (in thousands) 1,89,586 1,91,554 1,93,130 1,95,139 2,02,079 2,06,084 2,06,084 -
Announcement Date 03/02/21 02/02/22 31/01/23 06/02/24 04/02/25 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
59.4x4.86x37.3x-.--% 10TCr
22.96x6.43x14.72x0.88% 71TCr
34.47x9.05x29.22x-.--% 40TCr
15.74x3.42x20.43x-.--% 18TCr
13.92x15.92x154.66x0.29% 14TCr
91.27x6.3x31.28x-.--% 8.85TCr
31.68x5.63x16.03x-.--% 7.92TCr
11.08x5.3x58.46x0.36% 5.12TCr
16.8x1.93x9.27x0.3% 4.37TCr
8.06x29.82x6.48x-.--% 4TCr
Average 30.54x 8.87x 37.78x 0.18% 18.34TCr
Weighted average by Cap. 29.05x 7.66x 31.86x 0.38%
See all sector valuations

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

  1. Stock Market
  2. Equities
  3. SPOT Stock
  4. Valuation Spotify Technology S.A.