Spotify Technology S.A.
Financial ratios & Valuation

Forward Multiples (2025 – 2028)

2025202620272028
Price/Earnings ratio
113.4189.4883.9064.45
Price/Sales ratio
7.636.785.604.51
Earnings per Share (EPS)
$6.30$7.99$8.52$11.10

Historical Multiples (2015 – 2023)

2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
-100.08-44.04-17.90-224.78-129.74-83.12-1.15K-33.08-62.22-50.10-177.26
Price/Sales ratio
11.868.045.403.333.566.124.071.212.491.834.84
Price/Book Value ratio
100.52-98.9118.708.3711.8417.2118.575.9213.128.9714.53
Price/Cash Flow ratio
-605.80235.05123.5150.9642.11186.46109.05309.2448.68468.3746.54
Price/Free Cash Flow ratio
-264.60320.82166.2280.0655.09266.81142.64677.3949.111.02K67.57
Price/Earnings Growth ratio
N/A-0.32-0.152.40-0.96-0.4112.29-0.02-2.770.030.71
Dividend Yield
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Profitability Indicator Ratios
Gross Profit Margin
11.64%13.58%20.75%25.72%25.45%25.57%26.79%24.95%25.64%24.95%25.51%
Operating Profit Margin
-12.11%-11.82%-9.24%-0.81%2.98%-3.71%3.51%-5.61%-3.36%-5.61%-0.36%
Pretax Profit Margin
-11.59%-18.12%-30.14%-3.28%-1.93%-8.99%2.57%-3.15%-3.81%-3.15%-5.46%
Net Profit Margin
-11.85%-18.25%-30.19%-1.48%-2.74%-7.37%-0.35%-3.66%-4.01%-3.66%-5.06%
Effective Tax Rate
-2.22%-0.74%-0.16%54.91%-41.98%18.05%113.65%-16.21%-5.34%-16.21%-29.10%
Return on Assets
-21.88%-25.66%-39.74%-1.79%-3.63%-9.18%-0.47%-5.63%-6.37%-5.63%-6.40%
Return On Equity
-100.43%224.58%-104.48%-3.72%-9.13%-20.71%-1.60%-17.90%-21.08%-18.93%-14.92%
Return on Capital Employed
-92.88%-39.65%-30.31%-1.96%7.52%-8.55%8.62%-15.99%-10.47%-15.99%-0.51%
Liquidity Ratios
Current Ratio
N/AN/AN/A1.040.910.81N/AN/AN/A1.230.98
Quick Ratio
1.091.561.021.040.910.811.351.201.281.150.98
Cash ratio
0.740.610.250.410.430.390.850.700.760.700.42
Days of Sales Outstanding
45.9037.8324.2727.9016.0214.7723.6315.6216.5821.6318.82
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/A4.97N/AN/AN/A
Operating Cycle
45.9037.8324.2727.9016.0214.7723.6320.6016.585.3315.40
Days of Payables Outstanding
25.3419.8827.2527.5627.2927.0027.5424.3824.5324.3827.15
Cash Conversion Cycle
20.5617.94-2.980.33-11.26-12.23-3.90-3.78-7.94-2.75-5.46
Debt Ratios
Debt Ratio
N/A0.520.30N/AN/AN/A0.160.140.140.68N/A
Debt Equity Ratio
N/A-4.600.79N/AN/AN/A0.560.460.472.18N/A
Long-term Debt to Capitalization
N/A1.270.44N/AN/AN/A0.360.310.320.41N/A
Total Debt to Capitalization
N/A1.270.44N/AN/AN/A0.360.310.32N/AN/A
Interest Coverage Ratio
N/AN/AN/A-7.16-1.69-5.42N/AN/AN/A-11.36-3.56
Cash Flow to Debt Ratio
N/A0.090.18N/AN/AN/A0.300.040.56N/AN/A
Company Equity Multiplier
4.58-8.752.622.072.512.253.383.183.303.182.29
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
-0.010.030.040.060.080.030.030.000.050.000.05
Free Cash Flow / Operating Cash Flow Ratio
2.280.730.740.630.760.690.760.450.990.450.73
Cash Flow Coverage Ratio
N/A0.090.18N/AN/AN/A0.300.040.56N/AN/A
Short Term Coverage Ratio
N/AN/A179N/AN/AN/AN/AN/AN/AN/AN/A
Dividend Payout Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A