Spotify Technology Ratios and Metrics

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Feb '26 Feb 26, 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	543,863	659,169	559,152	177,927	80,608	249,776
Market Cap Growth	-27.79%	17.89%	214.26%	120.73%	-67.73%	-19.38%
Enterprise Value	509,161	625,331	533,422	169,294	71,261	240,929
Last Close Price	660.42	793.00	697.22	231.43	103.74	331.17
PE Ratio	38.02	46.08	76.73	-	-	-
PS Ratio	4.89	5.93	5.57	2.50	1.22	4.08
PB Ratio	10.10	12.24	15.81	13.15	5.94	18.60
P/TBV Ratio	11.65	14.12	20.38	25.23	12.68	33.78
P/FCF Ratio	29.28	35.49	38.23	49.22	679.39	142.82
P/OCF Ratio	28.67	34.75	37.95	48.79	310.16	109.19
EV/Sales Ratio	4.92	5.63	5.32	2.38	1.08	3.93
EV/EBITDA Ratio	36.81	42.90	57.53	-	-	172.05
EV/EBIT Ratio	38.45	43.99	60.41	-	-	404.49
EV/FCF Ratio	27.41	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	2.63%	2.17%	1.30%	-1.60%	-3.01%	-0.09%
FCF Yield	3.42%	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.