Spotify Technology S.A.
Research Spotify Technology S.A. (SPOT) on Bullrun: valuation model: 7.7% undervalued, market cap USD 108.78B, P/E 32.9. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerSPOT
- ExchangeNYSE
- CountrySweden
- SectorCommunication Services
- IndustryInternet Content & Information
- CurrencyUSD
- Valuation signal7.7% undervalued
- Market capUSD 108.78B
- P/E32.9
- Financial periodQ2 2026
- RevenueEUR 4.78B
- Net incomeEUR 545.00M
- Free cash flowEUR 796.00M
- Gross margin33.4%
Valuation Snapshot
Bullrun's latest valuation model marks Spotify Technology S.A. as 7.7% undervalued; latest market cap is USD 108.78B; P/E is 32.9.
Peer valuation comparison
Latest P/E is 32.94x versus a Communication Services sector median of 16.24x (102.9% above).
Latest P/E is 32.94x versus a Sweden median of 18.18x (81.2% above).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | EUR 17.19B | EUR 2.21B | EUR 2.87B | 32.0% | 10.51 | EUR 5.26B | EUR 1.96B | EUR 8.33B |
| FY2024 | EUR 15.67B | EUR 1.14B | EUR 2.28B | 30.1% | 5.5 | EUR 4.78B | EUR 2.08B | EUR 5.53B |
| FY2023 | EUR 13.25B | -EUR 532.00M | EUR 674.00M | 25.6% | -2.73 | EUR 3.11B | EUR 1.70B | EUR 2.52B |
| FY2022 | EUR 11.73B | -EUR 430.00M | EUR 21.00M | 25.0% | -2.93 | EUR 2.48B | EUR 1.68B | EUR 2.40B |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-10-09 | USD 108.78B | 32.9 | n/a | n/a |
| 2025 | 2025-12-31 | USD 119.53B | 60.2 | n/a | n/a |
| 2024 | 2024-12-31 | USD 91.20B | 74.7 | n/a | n/a |
| 2023 | 2023-12-29 | USD 36.67B | n/a | n/a | n/a |
| 2022 | 2022-12-30 | USD 15.25B | n/a | n/a | n/a |
| 2021 | 2021-12-31 | USD 44.97B | n/a | n/a | n/a |
About Spotify Technology S.A.
Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide. It operates in two segments, Premium and Ad-Supported. The Premium segment offers online and offline streaming access to its catalog of music and podcasts, including video, lossless music, and audiobooks in select markets through subscription offerings primarily sold directly to end users and partners.
ETFs that hold Spotify Technology S.A.
Spotify Technology S.A. is one of the ten largest holdings of 11 ETFs that investors in Europe can buy. The 8 most traded of them:
| ETF | Weight | TER |
|---|---|---|
| iShares Digitalisation UCITS ETF USD (Acc) | 2.73% | 0.40% |
| Amundi MSCI Nordic UCITS ETF-C | 5.08% | 0.25% |
| Xtrackers MSCI Nordic UCITS ETF 1D | 5.03% | 0.30% |
| Amundi S&P World Communication Services Screened UCITS ETF Acc | 6.24% | 0.18% |
| State Street SPDR MSCI Europe Communication Services UCITS ETF | 16.82% | 0.18% |
| iShares Digital Entertainment and Education UCITS ETF USD (Acc) | 4.61% | 0.40% |
| Amundi S&P World Communication Services Screened UCITS ETF Dist | 6.24% | 0.18% |
| Xtrackers MSCI Nordic UCITS ETF 1C | 4.76% | 0.30% |
Related stock research
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Frequently asked questions
Is Spotify Technology S.A. overvalued or undervalued?
Bullrun's valuation model currently marks Spotify Technology S.A. as 7.7% undervalued.
What is Spotify Technology S.A.'s market cap?
Spotify Technology S.A.'s market capitalization is USD 108.78B.
What is Spotify Technology S.A.'s P/E ratio?
Spotify Technology S.A.'s price-to-earnings (P/E) ratio is 32.9.
What does Spotify Technology S.A. do?
Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide. It operates in two segments, Premium and Ad-Supported. The Premium segment offers online and offline streaming access to its catalog of music and podcasts, including video, lossless music, and audiobooks in select markets through subscription offerings primarily sold directly to end users and partners.