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Earnings transcript
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SPOT
Spotify Technology S.A.
$496.22
-6.91
(-1.37%)
| Exchange: | NYSE |
| Market Cap: | 102.033B |
| Shares Outstanding: | 167.779M |
Delayed data
About The Company
| Sector: | Communication Services | |||||
| Industry: | Internet Content & Information | |||||
| CEO: | Alex Norström | |||||
| Full Time Employees: | 7258 | |||||
| Address: |
| |||||
| Website: | https://www.spotify.com |
Spotify Technology S.A., through its various entities, functions as a global provider of audio streaming services. Its operational model is split into two distinct segments: Premium and Ad-Supported. The Premium segment caters to subscribers by granting them uninterrupted, ad-free access to its extensive catalog of music and podcasts, available for both online and offline consumption. Conversely, the Ad-Supported segment delivers online, on-demand music streaming and unlimited podcast access to users, facilitated by advertisements and available across computers, tablets, and various mobile devices. Beyond its core streaming offerings, Spotify also manages functions like sales, marketing, outsourced research and development, and comprehensive customer support. By the end of 2021 (December 31), the platform had amassed a significant global user base, comprising 406 million monthly active users and 180 million premium subscribers spanning 184 nations and regions. Incorporated in 2006, the firm’s corporate headquarters are situated in Luxembourg, Luxembourg.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 13,247,000 | 15,673,000 | 17,186,000 |
| Gross Profit | 3,397,000 | 4,724,000 | 5,496,000 |
| EBITDA | -309,000 | 1,498,000 | 2,357,000 |
| Operating Income | -446,000 | 1,365,000 | 2,198,000 |
| Net Income | -532,000 | 1,138,000 | 2,212,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 8,377,663.696 | 12,004,788.111 | 15,008,609.540 |
| Total Liabilities | 5,845,091.745 | 6,479,885.628 | 6,680,155.680 |
| Total Stockholders Equity | 2,532,571.951 | 5,524,902.483 | 8,325,455.135 |
| Total Debt | 1,702,434.415 | 2,000,964.682 | 2,323,010.893 |
| Cash and Cash Equivalents | 3,125,814.132 | 4,780,915.615 | 5,255,762.168 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 680,000 | 2,301,000 | 2,839,334.641 |
| Capital Expenditure | -6,000 | -17,000 | -58,592.490 |
| Free Cash Flow | 674,000 | 2,284,000 | 2,780,742.150 |
| Net Income | -532,000 | 1,138,000 | 2,124,698.317 |
| Net Change in Cash | 631,000 | 1,667,000 | 1,042,199.695 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 31,823,778.101 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 33,217,426.545 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 32,519,108.429 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 8,435,071.432 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 8,804,465.793 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 8,619,372.647 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 5,462,906.733 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 5,775,965.451 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 5,619,100.330 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 4,720,165.113 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 4,926,873.780 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 4,823,297.869 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 26.690 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 27.440 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 25.950 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 11 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 15 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Revenue Growth: SPOT has demonstrated consistent revenue increases as per income statement data, supported by strong user growth and subscription model expansion. This aligns with industry trends in digital streaming within the Technology sector, reflecting SPOT's ability to capitalize on market demand.
- Strong Operating Cash Flow: Cash flow statements indicate healthy net cash provided by operating activities, suggesting operational efficiency and the ability to fund innovation without excessive reliance on external financing.
- Market Leadership in Streaming: As highlighted in the company profile, SPOT maintains a dominant position in the audio streaming industry, bolstered by a large user base and global presence across multiple regions, as seen in revenue geo segments.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates SPOT intrinsic value between $162.04 – $248.05 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
[intrinsic_calculator]
Common questions about SPOT valuation
Is Spotify Technology S.A. (SPOT) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Spotify Technology S.A. (SPOT) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is SPOT a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether SPOT trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is SPOT’s P/E ratio?
You can see SPOT’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for SPOT?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is SPOT a good long-term investment?
Whether SPOT fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
SPOT
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Daily snapshot
-1.37
Trading Metrics:
| Open: | 495.86 | Previous Close: | 503.13 | |
| Day Low: | 488.55 | Day High: | 506.55 | |
| Year Low: | 405 | Year High: | 785 | |
| Price Avg 50: | 479.1 | Price Avg 200: | 564.56 | |
| Volume: | 1.628M | Average Volume: | 2.136M |
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Login — it's freeSPOT full analysis
Welcome to MARKETSNAP’s SWOT analysis for Spotify Technology S.A., better known to most of us as just Spotify. If you’re a long-term investor looking to dig into the streaming giant’s potential, you’re in the right place. Today, we’re breaking down Spotify’s strengths, weaknesses, opportunities, and threats with a conversational deep dive into their financials, recent developments, and what could shape their future. Let’s get started with a quick overview of where Spotify stands right now. Spotify, as you likely know,…
