Spotify Technology Ratios and Metrics

Market cap in millions THB. Fiscal year is January - December.

Millions THB. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 2, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Market Capitalization	3,289,481	3,774,186	3,103,003	1,260,629	527,096	1,488,518
Market Cap Growth	-26.21%	21.63%	146.15%	139.16%	-64.59%	-16.88%
Enterprise Value	3,076,422	3,580,443	2,960,214	1,199,462	465,978	1,435,795
Last Close Price	1.98	2.32	-	-	-	-
PE Ratio	40.16	46.08	76.73	-	-	-
PS Ratio	5.17	5.93	5.57	2.50	1.22	4.08
PB Ratio	10.67	12.24	15.81	13.15	5.94	18.60
P/TBV Ratio	12.31	14.12	20.38	25.23	12.68	33.78
P/FCF Ratio	30.93	35.49	38.23	49.22	679.39	142.82
P/OCF Ratio	30.29	34.75	37.95	48.79	310.16	109.19
EV/Sales Ratio	4.84	5.63	5.32	2.38	1.08	3.93
EV/EBITDA Ratio	36.22	42.90	57.53	-	-	172.05
EV/EBIT Ratio	37.84	43.99	60.41	-	-	404.49
EV/FCF Ratio	28.93	33.67	36.47	46.83	600.61	137.76
Debt / Equity Ratio	0.24	0.24	0.38	0.70	0.73	0.86
Debt / EBITDA Ratio	0.85	0.85	1.39	-	-	8.26
Debt / FCF Ratio	0.68	0.68	0.91	2.61	82.91	6.61
Net Debt / Equity Ratio	-0.69	-0.69	-0.85	-0.88	-0.67	-0.76
Net Debt / EBITDA Ratio	-2.56	-2.56	-3.23	53.95	3.30	-7.28
Net Debt / FCF Ratio	-2.01	-2.01	-2.05	-3.28	-76.62	-5.83
Asset Turnover	1.27	1.27	1.54	1.66	1.58	1.43
Quick Ratio	1.42	1.42	1.70	1.19	1.15	1.26
Current Ratio	1.73	1.73	1.88	1.29	1.24	1.36
Return on Equity (ROE)	31.93%	31.93%	28.28%	-21.61%	-19.03%	-1.38%
Return on Assets (ROA)	10.17%	10.17%	8.47%	-1.56%	-5.56%	0.87%
Return on Invested Capital (ROIC)	85.53%	127.96%	201.94%	-36.08%	-101.15%	-1.05%
Return on Capital Employed (ROCE)	24.60%	24.60%	18.30%	-4.70%	-16.00%	2.40%
Earnings Yield	2.49%	2.17%	1.30%	-1.60%	-3.01%	-0.09%
FCF Yield	3.23%	2.82%	2.62%	2.03%	0.15%	0.70%
Buyback Yield / Dilution	-1.70%	-1.70%	-6.30%	0.57%	-0.98%	-3.39%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.