Spotify Technology Ratios and Metrics

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

Millions GBP. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Feb '26 Feb 27, 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	78,100	88,918	72,214	28,788	12,655	33,107
Market Cap Growth	-25.77%	23.13%	150.85%	127.48%	-61.78%	-24.23%
Enterprise Value	73,042	84,354	68,891	27,391	11,187	31,935
Last Close Price	375.26	428.55	357.91	149.26	64.62	173.87
PE Ratio	40.47	46.08	76.73	-	-	-
PS Ratio	5.21	5.93	5.57	2.50	1.22	4.08
PB Ratio	10.75	12.24	15.81	13.15	5.94	18.60
P/TBV Ratio	12.40	14.12	20.38	25.23	12.68	33.78
P/FCF Ratio	31.17	35.49	38.23	49.22	679.39	142.82
P/OCF Ratio	30.52	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	29.15	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%

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