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World's largest music and podcast streaming service, offering free ad-supported and paid subscription tiers.
World's largest music and podcast streaming service, offering free ad-supported and paid subscription tiers.
Earns from premium subscriptions and from advertising on its free tier, and pays out most of its music revenue as royalties to labels and publishers, so margin depends on negotiated rates and on mix between music and higher-margin podcasts and audiobooks.
Moat: narrow (network effects, scale, data). Personalization data and scale of catalog and listeners create a leading but replicable position.
Headquarters: Stockholm, Sweden · Founded: 2006 · Employees: 7,323
Size Spotify Technology (SPOT) is a United States Communication Services company (Internet Software/Services) with a market value of $124B, the 100th largest of 3,117 United States companies the cockpit tracks. Shares closed at $603.01 on 6 Nov 2026.
Performance Over six months the shares gained 44.3%, against -3.8% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 19 in its peer set.
Growth Revenue grew 17.0% over the last twelve months (peer median +13.4%); the operating margin is 14.6% (peer median 22.8%).
Valuation It trades at 37.4× forward earnings against a peer median of 15.4× (2nd most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Short interest Short interest is 1.7% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $21.8B | $19.4B | $17.0B | $14.3B | $12.3B |
| Revenue growth | — | +14% | +18% | +16% | — |
| Gross profit | $7.21B | $6.18B | $5.10B | $3.64B | $3.03B |
| EBITDA | $3.32B | $2.60B | $1.65B | -$178M | -$503M |
| Net income | $3.44B | $2.50B | $1.23B | -$575M | -$452M |
| Free cash flow | $3.70B | $3.27B | $2.49B | $731M | $24.2M |
| Capital expenditure | $61.3M | $68.8M | $18.4M | $6.49M | $26.3M |
| Total debt | $513M | $2.30B | $2.07B | $1.87B | $1.80B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Spotify Technology SPOT | $124B | +44% | +17% | 15% | 37.4× | 29.4% |
| Apple AAPL | $4.98T | +17% | +15% | 33% | 36.8× | 19.0% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
| Alphabet Inc. (Class A) GOOGL | $3.47T | -29% | +22% | 33% | 20.5× | 18.5% |
| Tencent Music Entertainment Group Sponsored ADR TME | $13.1B | +3% | +16% | 29% | 10.5× | -5.9% |
| NetEase Cloud Music 9899.HK | $2.52B | -21% | +6% | 17% | 10.1× | -18.7% |
| SiriusXM SIRI | $10.9B | +20% | +1% | 22% | 10.4× | -0.4% |
| iHeartMedia IHRT | $309M | -69% | +3% | 7% | n/a | 7.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SPOT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.6% | -6.6% | 5th highest of 19 |
| 6-month return | +44.3% | -3.8% | 2nd highest of 19 |
| Distance from 52-week high | -9.8% | -31.2% | 2nd highest of 19 |
| Revenue growth (TTM) | +17.0% | +13.4% | 5th highest of 19 |
| Operating margin | 14.6% | 22.8% | 8th lowest of 19 |
| Forward P/E | 37.4× | 15.4× | 2nd most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 29.4% | 7.9% | most demanding of 17 |
| Growth delivered (Del g) | +16.6% | +12.7% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | +12.8 pp | -6.9 pp | most demanding of 17 |
| EV / EBITDA | 34.2× | 11.9× | 2nd most expensive of 17 |
| Net debt / EBITDA | -3.2× | -0.9× | 7th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Spotify Technology SPOT | United States | $124B | +44% | +17% | 15% | 37.4× | 29.4% | +16.6% |
| Recruit 6098.T | Japan | $149B | +133% | +9% | 20% | 30.3× | 22.0% | +10.3% |
| Netflix NFLX | United States | $260B | -28% | +15% | 32% | 17.7× | 15.0% | +12.6% |
| Liberty Media FWONA | United States | $27.3B | +18% | +12% | 12% | 51.0× | 29.0% | +31.4% |
| Bidu-sw 9888.HK | Hong Kong | $26.4B | -43% | -1% | 7% | 14.5× | n/a | n/a |
| Reddit RDDT | United States | $18.4B | -39% | +62% | 29% | 15.0× | 18.0% | +57.3% |
| Tencent Music Entertainment 1698.HK | Hong Kong | $13.9B | -2% | +16% | 29% | 11.0× | 0.6% | +1.7% |
| Nexon 3659.T | Japan | $13.8B | +10% | +15% | 26% | 22.4× | -9.1% | +10.1% |
| Pinterest PINS | United States | $10.9B | -11% | +15% | 6% | 8.8× | 16.2% | +20.1% |
| Meta Platforms META | United States | $1.56T | 0% | +28% | 33% | 19.0× | 16.6% | +18.5% |
| Match MTCH | United States | $8.88B | +6% | 0% | 30% | 13.6× | 1.8% | +7.8% |
| Alphabet Inc. (Class A) GOOGL | United States | $3.47T | -29% | +22% | 33% | 20.5× | 18.5% | +17.2% |
| Cyber Agent 4751.T | Japan | $4.13B | +3% | +14% | 10% | 15.4× | -11.3% | +12.8% |
| CarGurus CARG | United States | $3.01B | -3% | +6% | 26% | 12.1× | 2.7% | +10.5% |
| China Ruyi 0136.HK | Hong Kong | $2.82B | -5% | -40% | -17% | 12.6× | 13.1% | +69.6% |
| Autohome 2518.HK | Hong Kong | $2.70B | +21% | -22% | 0% | 22.7× | -15.3% | -6.4% |
| NetEase Cloud Music 9899.HK | Hong Kong | $2.52B | -21% | +6% | 17% | 10.1× | -18.7% | +8.9% |
| RUM RUM | United States | $2.44B | -41% | +13% | -101% | n/a | n/a | n/a |
| Grindr GRND | United States | $2.35B | -10% | +32% | 31% | 19.7× | -6.0% | +31.1% |