Spotify Technology S.A.
Spotify Technology S.A. Ordinary Shares is a publicly traded equity of Spotify Technology S.A., the global audio streaming company known for its digital music and podcast platform. The business provides subscription-based Premium services and ad-supported listening options across computers, mobile devices, smart speakers, and other connected devices. Its platform gives users access to on-demand music, podcasts, and, in select markets, audiobooks and video content, while also offering tools for artists, creators, and advertisers to reach large, engaged audiences. Spotify Technology S.A. serves consumers worldwide and operates at the intersection of digital media, subscription software, and audio advertising, making its shares a closely watched name within the communications and internet services space.
$524.87
-$8.50 (-1.59%)
EOD Oct 16, 2026
12.79% operating margin is respectable but not wide. ROIC at 22.80%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 7.2% YoY. The question is whether this is cyclical or a structural shift.
At 34x earnings, the current multiple leaves limited room for execution misses or growth deceleration.
33.9x earnings, 29.8x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€18.11B
▼ -7.2% YoY
Net Income (TTM)
€3.34B
▲ +64.5% YoY
Op. Margin
14.65%
▲ +4.1pp YoY
ROIC
22.80%
▲ +1.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€3.27B
▲ +6.4% YoY
Op. Cash Flow (TTM)
€3.34B
▲ +7.9% YoY
Net Debt
-€7.51B
Net Cash Position
Cash & Equiv.
€9.47B
3Y CAGR: +13.6%
3Y CAGR: +415.2%
Continue Research
Is Spotify Technology (SPOT) overvalued?
At a P/E of 33.9 and a price-to-free-cash-flow of 29.8, Spotify Technology (SPOT) trades below a two-stage DCF intrinsic value of about €825.55 per share, so at €524.87 the stock looks undervalued (57.3% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Spotify Technology scores 78/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is Spotify Technology's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about €825.55 per share for SPOT, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around €619.16. At today's €524.87, that puts the stock about 57.3% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is Spotify Technology a high-quality business?+
Spotify Technology scores 78 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 14.6% operating margin and a 22.8% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Is Spotify Technology a good stock to buy right now?+
That depends on valuation and quality together, not either alone. SPOT currently trades below its estimated intrinsic value and scores 78/100 on quality (solid). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.