Spotify Technology (SPOT) Stock Analysis

September 14, 2026

This is a peer-relative look at Spotify Technology (SPOT): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Media & Entertainment peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Spotify Technology (SPOT)
Profile Item	SPOT
Name	Spotify Technology S.A.
Country/Region	Sweden
GICS Sector	Communication Services
GICS Industry Group	Media & Entertainment
GICS Industry	Entertainment
GICS Sub-Industry	Movies & Entertainment
Market Capitalization	108.09 billion USD
Currency	USD
Exchange	NYSE
Listing Date	April 3, 2018
Security Type	Common Stock

Price Performance

Cumulative Growth

SPOT

GSPC

Spotify Technology (SPOT) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Spotify Technology (SPOT) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Spotify Technology (SPOT) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Spotify Technology (SPOT) metric values compared with Media & Entertainment industry-group medians
Metric	Current stock: SPOT	Industry group median
Total Return (1Y)	-23.84%	1.43%
Total Return (3Y, Annualized)	49.40%	8.03%
Total Return (5Y, Annualized)	16.24%	-8.01%

Risk Profile

Drawdown History

SPOT

GSPC

Spotify Technology (SPOT) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Spotify Technology (SPOT) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Spotify Technology (SPOT) metric values compared with Media & Entertainment industry-group medians
Metric	Current stock: SPOT	Industry group median
Volatility (1Y, Annualized)	44.32%	45.28%
Beta (5Y)	1.60	0.98
Max Drawdown (5Y)	-76.39%	-74.13%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. SPOT is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Spotify Technology (SPOT) metric values compared with Media & Entertainment industry-group medians
Metric	Current stock: SPOT	Industry group median
Sharpe Ratio (1Y)	-0.63	-0.06
Sortino Ratio (1Y)	-0.90	-0.09

Profitability

ROE (TTM)

Spotify Technology (SPOT) posts ROE of 44.48%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

SPOT

Media & Entertainment industry group

44.48%

Group distribution

Max: 45.82%
SPOT: 44.48%
Q3: 16.13%
Median: 6.69%
Q1: -4.15%
Min: -26.31%

Largest peers

NFLX: 49.54%
GOOGL: 48.68%
GOOG: 48.68%
SPOT: 44.48%
META: 29.85%
CMCSA: 11.49%
DIS: 8.01%

Where Spotify Technology (SPOT) stands on ROE within its Media & Entertainment peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Spotify Technology (SPOT) keeps 18.43% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

SPOT

Media & Entertainment industry group

18.43%

Group distribution

Max: 29.84%
SPOT: 18.43%
Q3: 9.84%
Median: 4.33%
Q1: -3.96%
Min: -17.61%

Largest peers

GOOGL: 54.77%
GOOG: 54.77%
META: 29.84%
NFLX: 28.22%
SPOT: 18.43%
CMCSA: 8.97%
DIS: 8.70%

Where Spotify Technology (SPOT) stands on net margin within its Media & Entertainment peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Spotify Technology (SPOT) turns 13.71% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

SPOT

Media & Entertainment industry group

13.71%

Group distribution

Max: 40.16%
Q3: 18.59%
SPOT: 13.71%
Median: 10.43%
Q1: 0.85%
Min: -19.55%

Largest peers

META: 34.83%
GOOGL: 34.03%
GOOG: 34.03%
NFLX: 33.38%
DIS: 19.30%
CMCSA: 17.23%
SPOT: 13.71%

Where Spotify Technology (SPOT) stands on operating margin within its Media & Entertainment peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Spotify Technology (SPOT) metric values compared with Media & Entertainment industry-group medians
Metric	Current stock: SPOT	Industry group median
ROE (TTM)	44.48%	6.69%
ROA (TTM)	12.19%	2.74%
Net Margin (TTM)	18.43%	4.33%
Operating Margin (TTM)	13.71%	10.43%
Gross Margin (TTM)	32.77%	53.60%

Growth

Revenue Growth

Spotify Technology (SPOT) grew revenue 9.65%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Spotify Technology (SPOT): Revenue Growth across different time periods, set against Media & Entertainment industry-group medians.

EPS Growth

Spotify Technology (SPOT) grew earnings per share 91.09%, in the upper peer quartile. Per-share profits are compounding faster than at most industry peers.

Spotify Technology (SPOT): EPS Growth across different time periods, set against Media & Entertainment industry-group medians.

Growth Metrics

Spotify Technology (SPOT) metric values compared with Media & Entertainment industry-group medians
Metric	Current stock: SPOT	Industry group median
Revenue Growth (YoY)	9.65%	4.82%
Revenue Growth (3Y CAGR)	13.59%	4.72%
EPS Growth (YoY)	91.09%	-1.55%
EPS Growth (3Y CAGR)	--	22.64%

Financial Strength

Current Ratio (MRQ)

Spotify Technology (SPOT) has current ratio of 2.11, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

SPOT

Media & Entertainment industry group

2.11

Group distribution

Max: 4.50
Q3: 2.38
SPOT: 2.11
Median: 1.41
Q1: 0.87
Min: 0.23

Largest peers

GOOGL: 2.72
GOOG: 2.72
META: 2.23
SPOT: 2.11
NFLX: 1.14
CMCSA: 0.80
DIS: 0.71

Where Spotify Technology (SPOT) stands on current ratio within its Media & Entertainment peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Spotify Technology (SPOT) has debt-to-equity ratio of 0.06, in the lower-leverage quartile for its industry. Borrowing is modest relative to equity compared with most peers, which can leave more flexibility through a cycle.

SPOT

Media & Entertainment industry group

0.06

Group distribution

Max: 3.84
Q3: 1.70
Median: 0.55
Q1: 0.17
SPOT: 0.06
Min: 0.00

Largest peers

CMCSA: 1.00
NFLX: 0.55
META: 0.43
DIS: 0.39
GOOGL: 0.19
GOOG: 0.19
SPOT: 0.06

Where Spotify Technology (SPOT) stands on debt-to-equity ratio within its Media & Entertainment peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Spotify Technology (SPOT) metric values compared with Media & Entertainment industry-group medians
Metric	Current stock: SPOT	Industry group median
Current Ratio (MRQ)	2.11	1.41
Debt / Equity (MRQ)	0.06	0.55
Net Debt / EBITDA	-2.43	1.75

Dividends

Dividend Yield (TTM)

Spotify Technology (SPOT) pays no dividend, leaving dividend yield at 0.00% this period. Shareholders may still receive value through reinvestment or buybacks, but there is no dividend income to compare here.

SPOT

Media & Entertainment industry group

0.00%

Group distribution

Max: 1.40%
Q3: 0.58%
SPOT: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

CMCSA: 4.95%
DIS: 1.40%
META: 0.34%
GOOG: 0.25%
GOOGL: 0.25%
SPOT: 0.00%
NFLX: 0.00%

Where Spotify Technology (SPOT) stands on dividend yield within its Media & Entertainment peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Spotify Technology (SPOT) paid no earnings out as dividends this period, leaving payout ratio at 0.00%. There is no dividend payout to size against earnings.

SPOT

Media & Entertainment industry group

0.00%

Group distribution

Max: 43.37%
Q3: 19.42%
SPOT: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

CMCSA: 42.31%
DIS: 30.93%
META: 7.91%
GOOGL: 4.26%
GOOG: 4.26%
SPOT: 0.00%
NFLX: 0.00%

Where Spotify Technology (SPOT) stands on payout ratio within its Media & Entertainment peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Spotify Technology (SPOT) metric values compared with Media & Entertainment industry-group medians
Metric	Current stock: SPOT	Industry group median
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

Spotify Technology (SPOT) trades at P/E ratio of 28.40, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

SPOT

Media & Entertainment industry group

28.40

Group distribution

Max: 70.74
Q3: 37.84
SPOT: 28.40
Median: 18.97
Q1: 10.76
Min: 1.78

Largest peers

SPOT: 28.40
NFLX: 24.61
META: 23.26
DIS: 21.71
GOOGL: 16.97
GOOG: 16.83
CMCSA: 8.49

Where Spotify Technology (SPOT) stands on P/E ratio within its Media & Entertainment peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Spotify Technology (SPOT) trades at 5.97 on P/S ratio, in the higher sales-valuation quartile. Investors are paying up for each dollar of revenue, so stronger margins, growth, or revenue quality need to carry that price.

SPOT

Media & Entertainment industry group

5.97

Group distribution

Max: 6.88
SPOT: 5.97
Q3: 3.57
Median: 1.43
Q1: 0.53
Min: 0.00

Largest peers

GOOGL: 9.28
GOOG: 9.20
META: 6.88
NFLX: 6.74
SPOT: 5.97
DIS: 1.84
CMCSA: 0.75

Where Spotify Technology (SPOT) stands on P/S ratio within its Media & Entertainment peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Spotify Technology (SPOT) trades at 11.04 on P/B ratio, above the industry benchmark range. Investors are putting an unusually rich price on each dollar of book equity relative to peers.

SPOT

Media & Entertainment industry group

11.04

Group distribution

SPOT: 11.04
Max: 10.81
Q3: 4.77
Median: 1.92
Q1: 0.74
Min: -4.11

Largest peers

SPOT: 11.04
NFLX: 10.81
GOOGL: 6.65
GOOG: 6.59
META: 6.02
DIS: 1.66
CMCSA: 1.05

Where Spotify Technology (SPOT) stands on P/B ratio within its Media & Entertainment peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Spotify Technology (SPOT) metric values compared with Media & Entertainment industry-group medians
Metric	Current stock: SPOT	Industry group median
P/E Ratio (TTM)	28.40	18.97
P/S Ratio (TTM)	5.97	1.43
P/B Ratio (MRQ)	11.04	1.92
Free Cash Flow Yield (TTM)	1.43%	7.16%