Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Spotify Technology S.A. is a digital audio streaming company that provides access to music, podcasts, and other spoken-word content for listeners around the world. Its platform is organized around Premium and Ad-Supported offerings, serving subscribers with on-demand, offline, and commercial-free listening, while also providing free access supported by advertising. Spotify Technology S.A. delivers its service across computers, mobile devices, connected speakers, smart TVs, game consoles, cars, and wearables, making it a widely used distribution platform for audio entertainment. The company plays a central role in the global streaming market by combining subscription services, advertising-supported listening, and podcast distribution within a single platform.
€441.21
€13.80 (-3.03%)
EOD Jun 25, 2026 · Twelve Data
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 36x earnings, the current multiple leaves limited room for execution misses or growth deceleration.
36.2x earnings, 25.7x 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.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€17.53B
▼ -7.2% YoY
Net Income (TTM)
€2.71B
▲ +64.5% YoY
Op. Margin
13.71%
▲ +4.1pp YoY
ROIC
22.80%
▲ +1.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€3.17B
▲ +6.4% YoY
Op. Cash Flow (TTM)
€3.37B
▲ +7.9% YoY
Net Debt
-€7.51B
Net Cash Position
Cash & Equiv.
€9.47B
3Y CAGR: +13.6%
3Y CAGR: +415.2%
Continue Research
At a P/E of 36.2 and a price-to-free-cash-flow of 25.7, Spotify Technology (SPOT) trades below a two-stage DCF intrinsic value of about €800.49 per share, so at €441.21 the stock looks undervalued (81.4% 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 SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about €800.49 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 €600.37. At today's €441.21, that puts the stock about 81.4% 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.
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 13.7% 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 SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
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 SEC filings, not investment advice.