Spotify Technology S.A. Financial Ratios — SPOT Stock

Profitability (EUR)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-34.21	-47.44	-2.1	-3.93	-10.15	-0.5	-5.81	-6.66	11.18	16.37
Return on Capital (%)	- -	- -	- -	- -	- -	- -	1.9	- -	- -	-67.66	2,875.43
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	-0.33	- -	- -	18.56	23.38
Gross Margin (%)	11.65	13.58	20.76	25.73	25.46	25.57	26.8	24.95	25.64	30.14	31.98
EBITDA Margin (%)	-10.57	-10.54	-7.92	-0.21	0.21	-2.31	2.29	-4.16	-2.17	9.48	13.38
Operating Margin (%)	-12.11	-11.82	-9.24	-0.82	-1.08	-3.72	0.97	-5.62	-3.37	8.71	12.79
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	21.64	- -	- -	74.65	55.06
Pretax Margin (%)	-11.6	-18.12	-30.15	-3.29	-1.94	-9	2.58	-3.16	-3.81	8.56	12.94
Profit Margin (%)	-11.86	-18.26	-30.2	-1.48	-2.75	-7.37	-0.35	-3.67	-4.02	7.26	12.87
Net Income to Common Margin (%)	-11.86	-18.26	-30.2	-1.48	-2.75	-7.37	-0.35	-3.67	-4.02	7.26	12.87
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	113.65	- -	- -	15.14	0.54
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (EUR)

API Chat

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	1,112	945	- -	622	577	1,781	1,683	1,696	2,076	1,956
ST Debt	- -	5	1	- -	- -	- -	- -	- -	- -	75	1,523
LT Debt	- -	1,107	944	- -	622	577	1,781	1,683	1,696	2,001	433
Total Debt/EBITDA	- -	-3.58	-2.92	- -	44.43	-3.17	8.06	-3.45	-5.89	1.4	0.85
Net Debt/EBITDA	2.91	-1.13	-1.44	81	-76.07	6.32	-6.98	2.78	6.64	-2.18	-1.65
Total Debt/EBIT	- -	-3.19	-2.5	- -	-8.52	-1.97	18.95	-2.55	-3.8	1.52	0.89
Net Debt/EBIT	2.54	-1.01	-1.24	20.72	14.59	3.93	-16.4	2.06	4.28	-2.38	-1.73
EBITDA to Interest Expense	-205	-62.2	-81	-1.83	0.33	-3.37	5.52	-11.9	-7.58	41.28	74.19
EBITDA-CapEx/Interest Expense	-254	-67.6	-92.5	-22.67	-2.81	-4.81	3.4	-12.51	-7.74	40.81	72.23
EBIT to Interest Expense	-235	-69.8	-94.5	-7.17	-1.7	-5.43	2.35	-16.07	-11.74	37.92	70.9
Interest Expense	1	5	4	6	43	54	40	41	38	36	31
Common Equity/Total Assets	-62.13	-56.76	-78.11	-57.77	-52.89	-52.01	-44.91	-47.76	-50.11	-25.36	-5.54
Long-Term Debt/Equity (%)	- -	- -	396.64	- -	30.54	20.57	84.05	70.1	67.22	36.22	5.2
Long-Term Debt/Capital (%)	- -	-1,383.75	-63.7	- -	-29.8	-21.27	-123.77	-85.69	-68.22	-206.71	38.52
Long-Term Debt/Total Assets (%)	- -	52.71	30.38	- -	12.14	9.12	24.84	22.04	20.32	16.67	2.88
Total Debt/Equity (%)	- -	-463.33	397.06	- -	30.54	20.57	84.05	70.1	67.22	37.57	23.48
Total Debt/Capital (%)	- -	-1,390	-63.77	- -	-29.8	-21.27	-123.77	-85.69	-68.22	-214.46	174.02
Total Debt/Total Assets (%)	- -	52.95	30.42	- -	12.14	9.12	24.84	22.04	20.32	17.29	13.03
Net Debt to Equity	-260.7	-146.25	196.22	-42.55	-52.28	-41.03	-72.77	-56.43	-75.74	-58.68	-45.62
Net Debt/Capital (%)	47.76	-42.04	-23.84	26.24	33.79	29.79	36.86	30.47	34.12	56.39	91.92
EBITDA	-205	-311	-324	-11	14	-182	221	-488	-288	1,486	2,300
EBITDA-CapEx	-254	-338	-370	-136	-121	-260	136	-513	-294	1,469	2,239
Operating Income (Loss)	-235	-349	-378	-43	-73	-293	94	-659	-446	1,365	2,198

Liquidity (EUR)

API Chat

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.75	1.3	0.81	0.84	0.72	0.6	1.08	0.95	1.03	1.67	1.56
Current Ratio	1.09	1.56	1.02	1.05	0.91	0.82	1.36	1.24	1.29	1.88	1.72
Quick Ratio	1.06	1.55	1	1.03	0.89	0.76	1.28	1.15	1.24	1.85	1.71
CFO/Avg Current Liab	- -	0.1	0.12	0.17	0.25	0.1	0.12	0.01	0.18	0.54	0.56
Common Equity/Total Assets	-62.13	-56.76	-78.11	-57.77	-52.89	-52.01	-44.91	-47.76	-50.11	-25.36	-5.54
Long-Term Debt/Equity (%)	- -	- -	396.64	- -	30.54	20.57	84.05	70.1	67.22	36.22	5.2
Long-Term Debt/Capital (%)	- -	-1,383.75	-63.7	- -	-29.8	-21.27	-123.77	-85.69	-68.22	-206.71	38.52
Long-Term Debt/Total Assets (%)	- -	52.71	30.38	- -	12.14	9.12	24.84	22.04	20.32	16.67	2.88
Total Debt/Equity (%)	- -	-463.33	397.06	- -	30.54	20.57	84.05	70.1	67.22	37.57	23.48
Total Debt/Capital (%)	- -	-1,390	-63.77	- -	-29.8	-21.27	-123.77	-85.69	-68.22	-214.46	174.02
Total Debt/Total Assets (%)	- -	52.95	30.42	- -	12.14	9.12	24.84	22.04	20.32	17.29	13.03
CFO/Total Liabilities	-4.62	4.32	6.24	15.34	18.57	7.36	7.15	0.88	11.68	35.51	43.87
CFO/CapEx	-0.78	3.74	3.89	2.75	4.24	3.32	4.25	1.84	113.33	135.35	48.08
Altman's Z-Score	0.35	0.47	-0.17	5.12	5.23	8.54	5.78	2.49	4.44	9.94	11.17

Working Capital (EUR)

API Chat

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	12.64	16.53	19.3	23.73	25.58	25.58	24.98	24	27.45	31.94
Days Sales Outstanding	- -	28.87	22.09	18.91	15.38	14.27	14.27	14.61	15.21	13.3	11.43
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	19.78	17.01	14.55	15.01	14.46	14.62	15.69	15.76	13.73	13.62
Accounts Payable Turnover Days	- -	18.46	21.45	25.09	24.32	25.24	24.96	23.27	23.16	26.59	26.79
Cash Conversion Cycle	- -	10.41	0.63	-6.18	-8.94	-10.97	-10.69	-8.65	-7.95	-13.29	-15.36
Inventory to Cash Days	- -	28.87	22.09	18.91	15.38	14.27	14.27	14.61	15.21	13.3	11.43
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (EUR)

API Chat

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	17,569	24,115	48,319	39,328	14,237	33,153	86,678	101,555
- Cash & Cash Equivalents	597	755	477	891	1,065	1,151	2,744	2,483	3,114	4,781	5,258
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	1,112	945	- -	622	577	1,781	1,683	1,696	2,076	1,956
Enterprise Value	-597	-473	-564	15,763	22,980	47,149	37,609	12,570	30,635	81,306	94,044
Total Capital	-653	-80	-1,482	-2,505	-2,087	-2,713	-1,439	-1,964	-2,486	-968	1,124
Total Debt/Capital (%)	- -	-1,390	-63.77	- -	-29.8	-21.27	-123.77	-85.69	-68.22	-214.46	174.02
Total Debt / EV	- -	-2.35	-1.68	- -	0.03	0.01	0.05	0.13	0.06	0.03	0.02
EV/Sales	- -	- -	- -	3	3.4	5.98	3.89	1.07	2.31	5.19	5.47
EV/EBITDA	- -	- -	- -	- -	1,641.43	- -	170.18	- -	- -	54.71	40.89
EV/EBIT	- -	- -	- -	- -	- -	- -	400.1	- -	- -	59.57	42.79
EV/Cash Flow to Firm	- -	- -	- -	45.46	36.24	155.48	105.78	134.22	42.55	34.87	31.73
EV/Free Cash Flow to Firm	- -	- -	- -	33.42	29.88	123.67	85.37	105.94	42.19	34.62	31.09
Diluted Market Cap	- -	- -	- -	17,971	24,115	48,319	39,872	14,451	33,153	89,429	104,074
Diluted Enterprise Value	-597	357	468	17,080	23,672	47,745	38,909	13,651	31,735	86,724	100,772
EV per Share	- -	- -	- -	88.98	126.99	251.35	196.6	65.15	157.32	405.27	457.83
TTM Sales	1,940	2,952	4,090	5,259	6,764	7,880	9,668	11,727	13,247	15,673	17,186
TTM EBITDA	-205	-311	-324	-11	14	-182	221	-488	-288	1,486	2,300
TTM Operating Income	-235	-349	-378	-43	-73	-293	94	-659	-446	1,365	2,198
TTM Cash Flow to Firm	-37	106	183	347	634	303	356	94	720	2,332	2,964
TTM Free Cash Flow to Firm	12	133	229	472	769	381	441	119	726	2,349	3,025

Multiples (EUR)

API Chat

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	38.32	34.06	143.38	89.4	203.54	48.33	38.58	34.76
EV/EBIT	- -	- -	- -	- -	- -	- -	400.1	- -	- -	59.57	42.79
Enterprise Value	-597	-473	-564	15,763	22,980	47,149	37,609	12,570	30,635	81,306	94,044
Low Price	- -	- -	- -	90.61	95.31	97.66	172.75	67.76	75.05	169.46	431.94
EV/Sales	- -	- -	- -	3	3.4	5.98	3.89	1.07	2.31	5.19	5.47
EV/EBITDA	- -	- -	- -	- -	1,641.43	- -	170.18	- -	- -	54.71	40.89
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	76.17	45.91
Price/Earnings Average	- -	- -	- -	-313.93	-120.15	-59.98	-1,246.84	-49.64	-49.65	53.11	51.85
Price/Earnings High	- -	- -	- -	-392.12	-141.65	-92.37	-1,793.64	-98.21	-68.99	84.96	62.22
Price/Earnings Low	- -	- -	- -	-205.79	-92.73	-31.53	-971.98	-30.4	-27.47	29.87	40.11
Price/Book Value	- -	- -	- -	-7.01	-8.9	-14.69	-12.21	-3.9	-7.93	-28.48	-122.06
Price/Book Value Average	- -	- -	- -	-9.77	-8.25	-10.59	-13.17	-5.85	-6.32	-19.86	-137.84
Price/Book Value High	- -	- -	- -	-12.21	-9.73	-16.31	-18.94	-11.58	-8.78	-31.76	-165.42
Price/Book Value Low	- -	- -	- -	-6.41	-6.37	-5.57	-10.26	-3.58	-3.49	-11.17	-106.64
Price/Tangible Book Value	- -	- -	- -	9.15	16.07	24.5	34.62	12.87	25.46	20.27	14.1
Price/Tangible Book Value Average	- -	- -	- -	12.75	14.89	17.67	37.32	19.3	20.29	14.14	15.92
Price/Tangible Book Value High	- -	- -	- -	15.93	17.55	27.21	53.68	38.18	28.19	22.61	19.1
Price/Tangible Book Value Low	- -	- -	- -	8.36	11.49	9.29	29.09	11.82	11.23	7.95	12.31
Price/Sales	- -	- -	- -	3.34	3.57	6.13	4.07	1.21	2.5	5.53	5.91
Price/Sales Average	- -	- -	- -	4.66	3.3	4.42	4.38	1.82	1.99	3.86	6.67
Price/Sales High	- -	- -	- -	5.82	3.9	6.81	6.31	3.6	2.77	6.17	8.01
Price/Sales Low	- -	- -	- -	3.05	2.55	2.32	3.42	1.11	1.1	2.17	5.16
Price/Cash Flow	- -	- -	- -	51.07	42.09	186.56	108.94	309.49	48.75	37.67	34.62
Price/Cash Flow Average	- -	- -	- -	71.18	39	134.56	117.43	464.02	38.84	26.27	39.1
Price/Cash Flow High	- -	- -	- -	88.91	45.98	207.2	168.93	918.01	53.97	42.02	46.92
Price/Cash Flow Low	- -	- -	- -	46.66	30.1	70.73	91.54	284.2	21.49	14.77	30.25
Price/Free Cash Flow Average	- -	- -	- -	53.4	31.57	103.42	96.36	305.17	38.5	26.9	39.25
Price/Free Cash Flow High	- -	- -	- -	66.71	37.21	159.24	138.63	603.75	53.5	43.03	47.11
Price/Free Cash Flow Low	- -	- -	- -	35.01	24.36	54.36	75.12	186.91	21.3	15.13	30.37
EV/Sales Average	- -	0.12	0.11	4.49	3.24	4.35	4.29	1.75	1.89	3.68	6.48
EV/Sales High	- -	0.12	0.11	5.65	3.83	6.74	6.21	3.53	2.66	6	7.82
EV/Sales Low	- -	0.12	0.11	2.88	2.48	2.25	3.32	1.05	1	2	4.97
EV/EBITDA Average	2.91	-1.15	-1.44	-2,145.02	1,564.69	-188.33	187.46	-42.1	-86.78	38.85	48.43
EV/EBITDA High	2.91	-1.15	-1.44	-2,699.5	1,850.24	-291.71	271.59	-84.89	-122.52	63.24	58.4
EV/EBITDA Low	2.91	-1.15	-1.44	-1,378.26	1,200.35	-97.5	145.18	-25.15	-45.82	21.06	37.14
EV/EBIT Average	2.54	-1.02	-1.24	-548.73	-300.08	-116.99	440.74	-31.18	-56.04	42.3	50.67
EV/EBIT High	2.54	-1.02	-1.24	-690.57	-354.84	-181.2	638.52	-62.87	-79.11	68.85	61.11
EV/EBIT Low	2.54	-1.02	-1.24	-352.58	-230.2	-60.56	341.32	-18.62	-29.59	22.92	38.86
Last Price	- -	- -	- -	99.17	133.26	257.59	205.59	73.79	170.25	432.05	494.39
High Price	- -	- -	- -	172.65	145.59	286.08	318.79	218.88	188.48	481.9	670.01
Enterprise Value Average	-597	357	468	23,595	21,906	34,277	41,430	20,545	24,993	57,738	111,380
Enterprise Value High	-597	357	468	29,694	25,903	53,091	60,021	41,429	35,285	93,975	134,326
Enterprise Value Low	-597	357	468	15,161	16,805	17,745	32,084	12,273	13,197	31,292	85,423

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	178	178	178	181	184	190	192	193	197	204	206
Diluted Weighted Avg Shares	168	168	178	181	181	188	194	196	195	207	211
Basic Weighted Avg Shares	168	168	178	177	181	188	191	193	195	201	205
Revenue per Share	11.56	17.59	22.96	29.69	37.38	42.01	50.54	60.78	68.03	78.12	83.67
EBITDA per Share	-1.22	-1.85	-1.82	-0.06	0.08	-0.97	1.16	-2.53	-1.48	7.41	11.2
Operating Income per Share	-1.4	-2.08	-2.12	-0.24	-0.4	-1.56	0.49	-3.42	-2.29	6.8	10.7
Basic EPS, GAAP	-1.37	-3.21	-6.93	-0.44	-1.03	-3.1	-0.18	-2.23	-2.73	5.67	10.77
Basic EPS from Cont Ops	-1.37	-3.21	-6.93	-0.44	-1.03	-3.1	-0.18	-2.23	-2.73	5.67	10.77
Diluted EPS, GAAP	-1.37	-3.21	-6.93	-0.43	-1.03	-3.1	-0.18	-2.2	-2.73	5.5	10.51
Diluted EPS from Cont Ops	-1.37	-3.21	-6.93	-0.43	-1.03	-3.1	-0.18	-2.2	-2.73	5.5	10.51
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.23	0.6	1	1.94	3.17	1.38	1.89	0.24	3.49	11.47	14.28
Free Cash Flow per Basic Share	-0.52	0.44	0.75	1.24	2.42	0.96	1.44	0.11	3.46	11.38	13.98
Cash & Equivalents per Share	3.56	9.45	8.47	10.19	9.71	9.31	18.3	17.36	21.64	37.12	46.09
Book Value per Share	-3.89	-7.1	-13.63	-14.14	-14.97	-17.54	-16.83	-18.9	-21.48	-15.17	-4.05
Tangible Book Value per Share	0.93	-1.91	0.43	10.84	8.29	10.51	5.94	5.73	6.69	21.31	35.08

Spotify Technology S.A.

Profitability (EUR)

Credit (EUR)

Liquidity (EUR)

Working Capital (EUR)

Enterprise Value (EUR)

Multiples (EUR)

Per Share Data Items (EUR)