SPOT - Spotify Technology S.A.
Price:
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--
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$614.93
DETAILS
HIGH:
$750.00
LOW:
$420.00
MEDIAN:
$605.00
CONSENSUS:
$614.93
UPSIDE:
18.29%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| Revenue | 17,186 | 15,673 | 13,247 | 11,727 | 9,668 | 7,880 | 6,764 | 5,259 | 4,090 | 2,952 | 1,940 |
| Cost of Revenue | 11,690 | 10,949 | 9,850 | 8,801 | 7,077 | 5,865 | 5,042 | 3,906 | 3,241 | 2,551 | 1,714 |
| Gross Profit | 5,496 | 4,724 | 3,397 | 2,926 | 2,591 | 2,015 | 1,722 | 1,353 | 849 | 401 | 226 |
| Operating Expenses | |||||||||||
| R&D Expenses | 1,393 | 1,486 | 1,725 | 1,387 | 912 | 837 | 615 | 493 | 396 | 207 | 136 |
| SG&A Expenses | 1,905 | 1,873 | 2,118 | 2,198 | 1,585 | 1,471 | 1,180 | 903 | 831 | 543 | 325 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 3,298 | 3,359 | 3,843 | 3,585 | 2,497 | 2,308 | 1,795 | 1,396 | 1,227 | 750 | 461 |
| Operating Income | |||||||||||
| Operating Income | 2,198 | 1,365 | (446) | (659) | 94 | (293) | (73) | (43) | (378) | (349) | (235) |
| Interest Expense | 31 | 36 | 38 | 41 | 40 | 50.2 | 42.4 | 6 | 508.8 | 5 | 1 |
| Interest Income | 245 | 223 | 131 | 47 | 11 | 15.8 | 30.6 | 25 | 18.3 | 5 | 2 |
| Profitability | |||||||||||
| EBITDA | 2,357 | 1,498 | (309) | (158) | 416 | (544) | (1) | (135) | (1,175) | (492) | (194) |
| EBIT | 2,255 | 1,377 | (467) | (329) | 289 | (655) | (88) | (167) | (1,229) | (530) | (224) |
| Income Before Tax | 2,224 | 1,341 | (505) | (370) | 249 | (709) | (131) | (173) | (1,233) | (535) | (225) |
| Income Tax Expense | 12 | 203 | 27 | 60 | 283 | (128) | 55 | (95) | 2 | 4 | 5 |
| Net Income | 2,212 | 1,138 | (532) | (430) | (34) | (581) | (186) | (78) | (1,235) | (539) | (230) |
| Per Share Data | |||||||||||
| EPS (Basic) | 10.77 | 5.67 | -2.73 | -2.23 | -0.18 | -3.10 | -1.03 | -0.44 | -6.93 | -3.21 | -1.37 |
| EPS (Diluted) | 10.51 | 5.50 | -2.73 | -2.93 | -1.03 | -3.10 | -1.03 | -0.51 | -6.93 | -3.21 | -1.37 |
| Shares Outstanding | 205.4 | 200.6 | 194.7 | 192.9 | 191.3 | 187.6 | 181.0 | 177.2 | 178.1 | 167.8 | 167.8 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||
| Cash & Cash Equivalents | 5,255.8 | 4,780.9 | 3,125.8 | 2,462.5 | 2,752.1 | 1,149.6 | 1,052.9 | 584.5 | 489.4 | 758.8 |
| Short-Term Investments | 4,207.2 | 2,667.0 | 1,104.2 | 859.9 | 758.2 | 595.3 | 684.2 | 1,223.0 | 1,058.8 | 834.2 |
| Net Receivables | 917.6 | 799.0 | 881.3 | 689.3 | 627.9 | 467.4 | 401.4 | 402.3 | 369.3 | 307.6 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 111.0 | 132.0 | 168.6 | 304.5 | 246.7 | 150.8 | 67.2 | 38.0 | 29.8 | 18.1 |
| Total Current Assets | 10,491.5 | 8,378.9 | 5,280.0 | 4,316.2 | 4,385.0 | 2,363.1 | 2,205.7 | 2,247.9 | 1,947.2 | 1,918.7 |
| Non-Current Assets | ||||||||||
| Property, Plant & Equipment | 421.8 | 414.0 | 549.1 | 758.7 | 811.4 | 756.1 | 771.2 | 197.2 | 74.9 | 85.4 |
| Goodwill | 1,082.5 | 1,201.0 | 1,141.3 | 1,158.4 | 896.7 | 735.1 | 472.6 | 146.1 | 138.5 | 73.4 |
| Intangible Assets | 41.0 | 48.0 | 84.3 | 126.0 | 89.3 | 96.9 | 57.3 | 28.0 | 27.7 | 7.0 |
| Long-Term Investments | 2,249.0 | 1,761.0 | 1,270.8 | 1,128.6 | 918.7 | 2,274.2 | 1,480.0 | 1,647.4 | 977.7 | 21.1 |
| Other Non-Current Assets | 61.0 | 16.0 | 24.1 | 77.4 | 77.2 | 77.9 | 68.2 | 65.1 | 12.3 | 2.0 |
| Total Non-Current Assets | 4,517.1 | 3,625.9 | 3,097.7 | 3,257.0 | 2,806.3 | 3,955.1 | 2,858.2 | 2,091.7 | 1,240.3 | 192.0 |
| Total Assets | 15,008.6 | 12,004.8 | 8,377.7 | 7,573.1 | 7,191.3 | 6,318.1 | 5,063.9 | 4,339.6 | 3,187.6 | 2,110.6 |
| Current Liabilities | ||||||||||
| Account Payables | 1,193.5 | 933.0 | 664.5 | 583.2 | 535.6 | 433.5 | 372.7 | 295.2 | 248.3 | 139.7 |
| Short-Term Debt | 1,457.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.0 | 5.0 |
| Deferred Revenue | 710.7 | 683.0 | 624.4 | 515.7 | 459.4 | 379.5 | 315.4 | 258.2 | 221.6 | 149.8 |
| Other Current Liabilities | 2,648.9 | 2,682.0 | 2,530.6 | 2,258.2 | 2,125.3 | 2,009.5 | 1,661.0 | 1,431.2 | 1,393.2 | 905.6 |
| Total Current Liabilities | 6,082.4 | 4,449.9 | 4,105.5 | 3,487.0 | 3,235.6 | 2,896.4 | 2,411.3 | 2,148.8 | 1,908.2 | 1,226.2 |
| Non-Current Liabilities | ||||||||||
| Long-Term Debt | 432.8 | 1,539.0 | 1,207.6 | 1,118.7 | 1,205.6 | 0 | 0 | 0 | 968.5 | 1,111.6 |
| Deferred Tax Liabilities | 162.9 | 21.0 | 8.0 | 5.0 | 0 | 0 | 2.0 | 2.0 | 3.1 | 0 |
| Other Non-Current Liabilities | (430.8) | 8.0 | 29.1 | 30.7 | 44.1 | 43.9 | 21.8 | 8.0 | 7.2 | 4.0 |
| Total Non-Current Liabilities | 597.7 | 2,030.0 | 1,739.6 | 1,704.8 | 1,830.4 | 620.2 | 638.7 | 95.1 | 1,035.2 | 1,125.7 |
| Total Liabilities | 6,680.2 | 6,479.9 | 5,845.1 | 5,191.9 | 5,066.0 | 3,516.6 | 3,050.0 | 2,243.9 | 2,943.4 | 2,351.9 |
| Stockholders' Equity | ||||||||||
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | (831.6) | (3,043.9) | (4,197.9) | (3,617.0) | (3,229.5) | (3,285.9) | (2,678.3) | (2,507.1) | (2,489.9) | (1,198.0) |
| Accumulated Other Comprehensive Income | 0 | 2,707.0 | 1,818.9 | 1,508.5 | 855.5 | 1,684.9 | 913.5 | 875.7 | 181.6 | 122.6 |
| Total Stockholders' Equity | 8,325.5 | 5,524.9 | 2,532.6 | 2,381.2 | 2,125.3 | 2,801.5 | 2,013.9 | 2,095.7 | 244.2 | (241.2) |
| Total Liabilities & Equity | 15,008.6 | 12,004.8 | 8,377.7 | 7,573.1 | 7,191.3 | 6,318.1 | 5,063.9 | 4,339.6 | 3,187.6 | 2,110.6 |
| Debt Metrics | ||||||||||
| Total Debt | 2,323.0 | 2,001.0 | 1,702.4 | 1,669.1 | 1,786.3 | 576.3 | 614.9 | 0 | 969.5 | 1,117.6 |
| Net Debt | (2,932.8) | (2,780.0) | (1,423.4) | (793.4) | (965.9) | (573.3) | (438.0) | (584.5) | 480.1 | 358.8 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | 2,212 | 1,138 | (532) | (430) | (34) | (581) | (186) | (78) | (1,235) | (539) |
| Depreciation & Amortization | 102 | 121 | 158 | 171 | 127 | 111 | 87 | 32 | 54 | 38 |
| Stock-Based Compensation | 247 | 267 | 321 | 381 | 223 | 176 | 122 | 88 | 65 | 53 |
| Change in Working Capital | 248 | 376 | 464 | 191 | (36) | 317 | 451 | 251 | 420 | 300 |
| Other Non-Cash Items | 112 | 196 | 242 | (327) | (202) | 364 | 44 | 146 | 873 | 245 |
| Operating Cash Flow | 2,933 | 2,301 | 680 | 46 | 361 | 259 | 573 | 344 | 179 | 101 |
| Investing Activities | ||||||||||
| Capital Expenditure | (61) | (17) | (6) | (25) | (85) | (78) | (135) | (125) | (46) | (27) |
| Acquisitions | (18) | (10) | (7) | (306) | (115) | (336) | (331) | (9) | (49) | (7.3) |
| Purchases of Investments | (19,271) | (7,275) | (1,590) | (457) | (497) | (1,354) | (901) | (1,069) | (1,386) | (1,397) |
| Sales/Maturities of Investments | 17,545 | 5,804 | 1,379 | 368 | 519 | 1,421 | 1,163 | 1,226 | 1,080 | 609 |
| Other Investing Activities | 20 | 12 | 7 | (3) | (9) | (25) | (14) | (45) | (34) | (4.7) |
| Investing Cash Flow | (1,785) | (1,486) | (217) | (423) | (187) | (372) | (218) | (22) | (435) | (827) |
| Financing Activities | ||||||||||
| Net Debt Issuance | (73) | (69) | (66) | (43) | 1,195 | (24) | (17) | 0 | 0 | 861 |
| Stock Repurchased | (439) | (135) | (68) | (2) | (143) | (30) | (438) | (72) | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (241) | 933 | 368 | 5 | 198 | 339 | 252 | 164 | 34 | 55 |
| Financing Cash Flow | (381) | 729 | 234 | (40) | 1,250 | 285 | (203) | 92 | 34 | 916 |
| Cash Position | ||||||||||
| Net Change in Cash | 477 | 1,667 | 631 | (261) | 1,593 | 86 | 174 | 414 | (278) | 158 |
| Cash at Beginning | 4,781 | 3,114 | 2,483 | 2,744 | 1,151 | 1,065 | 891 | 477 | 755 | 597 |
| Cash at End | 5,258 | 4,781 | 3,114 | 2,483 | 2,744 | 1,151 | 1,065 | 891 | 477 | 755 |
| Free Cash Flow | 2,872 | 2,284 | 674 | 21 | 276 | 181 | 438 | 219 | 133 | 74 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 17,186 | 15,673 | 13,247 | 11,727 | 9,668 | 7,880 | 6,764 | 5,259 | 4,090 | 2,952 | 1,940 |
| Gross Profit | 5,496 | 4,724 | 3,397 | 2,926 | 2,591 | 2,015 | 1,722 | 1,353 | 849 | 401 | 226 |
| Operating Income | 2,198 | 1,365 | (446) | (659) | 94 | (293) | (73) | (43) | (378) | (349) | (235) |
| Net Income | 2,212 | 1,138 | (532) | (430) | (34) | (581) | (186) | (78) | (1,235) | (539) | (230) |
| EPS (Diluted) | 10.51 | 5.50 | -2.73 | -2.93 | -1.03 | -3.10 | -1.03 | -0.51 | -6.93 | -3.21 | -1.37 |
| Balance Sheet | |||||||||||
| Cash & Equivalents | 5,255.8 | 4,780.9 | 3,125.8 | 2,462.5 | 2,752.1 | 1,149.6 | 1,052.9 | 584.5 | 489.4 | 758.8 | |
| Total Assets | 15,008.6 | 12,004.8 | 8,377.7 | 7,573.1 | 7,191.3 | 6,318.1 | 5,063.9 | 4,339.6 | 3,187.6 | 2,110.6 | |
| Total Debt | 2,323.0 | 2,001.0 | 1,702.4 | 1,669.1 | 1,786.3 | 576.3 | 614.9 | 0 | 969.5 | 1,117.6 | |
| Stockholders' Equity | 8,325.5 | 5,524.9 | 2,532.6 | 2,381.2 | 2,125.3 | 2,801.5 | 2,013.9 | 2,095.7 | 244.2 | (241.2) | |
| Cash Flow | |||||||||||
| Operating Cash Flow | 2,933 | 2,301 | 680 | 46 | 361 | 259 | 573 | 344 | 179 | 101 | |
| Capital Expenditure | (61) | (17) | (6) | (25) | (85) | (78) | (135) | (125) | (46) | (27) | |
| Free Cash Flow | 2,872 | 2,284 | 674 | 21 | 276 | 181 | 438 | 219 | 133 | 74 | |