Spotify Technology Ratios and Metrics

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 3, 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	89,400	101,927	87,323	33,174	14,267	39,419
Market Cap Growth	-29.10%	16.72%	163.23%	132.52%	-63.81%	-19.17%
Enterprise Value	83,609	96,695	83,305	31,564	12,613	38,022
Last Close Price	428.75	495.20	430.70	172.00	72.60	206.60
PE Ratio	40.42	46.08	76.73	-	-	-
PS Ratio	5.20	5.93	5.57	2.50	1.22	4.08
PB Ratio	10.73	12.24	15.81	13.15	5.94	18.60
P/TBV Ratio	12.39	14.12	20.38	25.23	12.68	33.78
P/FCF Ratio	31.13	35.49	38.23	49.22	679.39	142.82
P/OCF Ratio	30.48	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	29.11	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	2.47%	2.17%	1.30%	-1.60%	-3.01%	-0.09%
FCF Yield	3.21%	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%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.