Spotify Technology S.A. (BVMF:S1PO34)

Spotify Technology Ratios and Metrics

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

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 20, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Market Cap	516,224	635,105	484,560	196,836	81,085	238,940
Market Cap Growth	-19.45%	31.07%	146.18%	142.75%	-66.06%	-24.87%
Enterprise Value	480,481	594,851	455,618	183,457	72,228	229,806
PE Ratio	36.09	47.09	78.17	-62.26	-32.86	-1143.33
Forward PE	30.96	44.52	52.59	114.59	-	-
PS Ratio	4.64	6.96	5.82	2.80	1.30	4.65
PB Ratio	9.58	14.35	16.51	14.68	6.36	21.22
P/TBV Ratio	16.14	14.68	16.76	14.50	6.38	21.26
P/FCF Ratio	27.79	41.62	39.93	54.96	726.69	162.93
P/OCF Ratio	27.22	40.75	39.63	54.48	331.75	124.57
EV/Sales Ratio	4.51	6.51	5.47	2.61	1.16	4.47
EV/EBITDA Ratio	33.72	48.68	57.70	-119.89	-27.86	195.70
EV/EBIT Ratio	35.23	50.93	62.82	-77.42	-20.63	460.11
EV/FCF Ratio	25.87	38.98	37.54	51.23	647.31	156.70
Debt / Equity Ratio	0.23	0.23	0.36	0.67	0.70	0.84
Debt / EBITDA Ratio	0.82	0.82	1.35	-5.89	-3.45	8.06
Debt / FCF Ratio	0.66	0.66	0.88	2.52	80.14	6.45
Net Debt / Equity Ratio	-0.91	-0.91	-0.99	-1.00	-0.69	-0.81
Net Debt / EBITDA Ratio	-3.29	-3.29	-3.67	8.74	3.42	-7.78
Net Debt / FCF Ratio	-2.64	-2.64	-2.38	-3.74	-79.38	-6.23
Asset Turnover	1.27	1.27	1.54	1.66	1.58	1.43
Quick Ratio	1.71	1.71	1.85	1.24	1.15	1.28
Current Ratio	1.72	1.72	1.88	1.29	1.24	1.36
Return on Equity (ROE)	28.51%	31.93%	28.28%	-21.61%	-19.03%	-1.38%
Return on Assets (ROA)	14.45%	16.18%	11.38%	-5.88%	-10.35%	-0.19%
Return on Invested Capital (ROIC)	148.27%	166.06%	146.44%	-45.57%	-64.25%	-0.80%
Return on Capital Employed (ROCE)	26.67%	26.67%	23.11%	-10.65%	-16.34%	2.55%
Earnings Yield	2.77%	2.12%	1.28%	-1.61%	-3.04%	-0.09%
FCF Yield	3.60%	2.40%	2.50%	1.82%	0.14%	0.61%
Buyback Yield / Dilution	0.30%	0.26%	-0.88%	-0.80%	-0.01%	-0.12%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.