Spotify Technology S.A.
Research Spotify Technology S.A. (SPOT) on Bullrun: valuation model: 2.4% undervalued, market cap USD 113.60B, P/E 34.4. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerSPOT
- ExchangeNYSE
- CountrySweden
- SectorCommunication Services
- IndustryInternet Content & Information
- CurrencyUSD
- Valuation signal2.4% undervalued
- Market capUSD 113.60B
- P/E34.4
- 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 2.4% undervalued; latest market cap is USD 113.60B; P/E is 34.4.
Peer valuation comparison
Latest P/E is 34.4x versus a Communication Services sector median of 16.43x (109.4% above).
Latest P/E is 34.4x versus a Sweden median of 18.57x (85.3% 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% | 8.36 | EUR 5.26B | EUR 1.96B | EUR 8.33B |
| FY2024 | EUR 15.67B | EUR 1.14B | EUR 2.28B | 30.1% | 5.51 | EUR 4.78B | EUR 2.08B | EUR 5.53B |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-08-25 | USD 113.60B | 34.4 | 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.
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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 2.4% undervalued.
What is Spotify Technology S.A.'s market cap?
Spotify Technology S.A.'s market capitalization is USD 113.60B.
What is Spotify Technology S.A.'s P/E ratio?
Spotify Technology S.A.'s price-to-earnings (P/E) ratio is 34.4.
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.