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Spotify is the leading global music streaming service provider, with nearly 700 million monthly active users and over 250 million paying subscribers, with the latter constituting the firm’s premium segment. Most of the firm’s revenue and nearly all its gross profit come from the subscribers, who pay a monthly fee to access a music library that consists of most of the most popular songs ever recorded, including all from the major record labels. The firm also sells separate audiobook subscriptions and integrates podcasts within its standard music app. Podcast content is not exclusive and is typically free to access on other platforms. Ad-supported users can access a similar music catalog but cannot customize a similar on-demand experience.
2006
7.7K+
LTM Revenue $20.1B
LTM EBITDA $2.3B
$130B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
Spotify has a last 12-month revenue (LTM) of $20.1B and a last 12-month EBITDA of $2.3B.
In the most recent fiscal year, Spotify achieved revenue of $15.7B and an EBITDA of $1.5B.
Spotify expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Spotify valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $20.1B | XXX | $15.7B | XXX | XXX | XXX |
| Gross Profit | $6.2B | XXX | $4.7B | XXX | XXX | XXX |
| Gross Margin | 31% | XXX | 30% | XXX | XXX | XXX |
| EBITDA | $2.3B | XXX | $1.5B | XXX | XXX | XXX |
| EBITDA Margin | 12% | XXX | 10% | XXX | XXX | XXX |
| EBIT | $2.2B | XXX | $1.4B | XXX | XXX | XXX |
| EBIT Margin | 11% | XXX | 9% | XXX | XXX | XXX |
| Net Profit | $1.7B | XXX | $1.1B | XXX | XXX | XXX |
| Net Margin | 9% | XXX | 7% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
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As of May 30, 2025, Spotify's stock price is $665.
Spotify has current market cap of $136B, and EV of $130B.
See Spotify trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $130B | $136B | XXX | XXX | XXX | XXX | $7.33 |
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Start Free TrialAs of May 30, 2025, Spotify has market cap of $136B and EV of $130B.
Spotify's trades at 8.3x EV/Revenue multiple, and 86.7x EV/EBITDA.
Equity research analysts estimate Spotify's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Spotify has a P/E ratio of 88.2x.
See valuation multiples for Spotify and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $136B | XXX | $136B | XXX | XXX | XXX |
| EV (current) | $130B | XXX | $130B | XXX | XXX | XXX |
| EV/Revenue | 7.2x | XXX | 8.3x | XXX | XXX | XXX |
| EV/EBITDA | 62.3x | XXX | 86.7x | XXX | XXX | XXX |
| EV/EBIT | 67.8x | XXX | 95.1x | XXX | XXX | XXX |
| EV/Gross Profit | 23.4x | XXX | n/a | XXX | XXX | XXX |
| P/E | 88.2x | XXX | 119.9x | XXX | XXX | XXX |
| EV/FCF | 48.3x | XXX | 56.9x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialSpotify's last 12 month revenue growth is 20%
Spotify's revenue per employee in the last FY averaged $2.0M, while opex per employee averaged $0.4M for the same period.
Spotify's rule of 40 is 18% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Spotify's rule of X is 62% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for Spotify and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 20% | XXX | 22% | XXX | XXX | XXX |
| EBITDA Margin | 12% | XXX | 10% | XXX | XXX | XXX |
| EBITDA Growth | 55% | XXX | n/a | XXX | XXX | XXX |
| Rule of 40 | 18% | XXX | 30% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 62% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $2.0M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.4M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | 9% | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | 9% | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 21% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Kartoon Studios | XXX | XXX | XXX | XXX | XXX | XXX |
| Nine Entertainment | XXX | XXX | XXX | XXX | XXX | XXX |
| Seven West Media | XXX | XXX | XXX | XXX | XXX | XXX |
| DouYu | XXX | XXX | XXX | XXX | XXX | XXX |
| Meb Corporation | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Spotify acquired XXX companies to date.
Last acquisition by Spotify was XXXXXXXX, XXXXX XXXXX XXXXXX . Spotify acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
Sign up to see revenue and EBITDA valuation multiples for 60K+ M&A deals.
Start Free Trial| When was Spotify founded? | Spotify was founded in 2006. |
| Where is Spotify headquartered? | Spotify is headquartered in United States of America. |
| How many employees does Spotify have? | As of today, Spotify has 7.7K+ employees. |
| Who is the CEO of Spotify? | Spotify's CEO is Mr. Daniel Ek. |
| Is Spotify publicy listed? | Yes, Spotify is a public company listed on NYS. |
| What is the stock symbol of Spotify? | Spotify trades under SPOT ticker. |
| When did Spotify go public? | Spotify went public in 2018. |
| Who are competitors of Spotify? | Similar companies to Spotify include e.g. Kartoon Studios, Nine Entertainment, Seven West Media, DouYu. |
| What is the current market cap of Spotify? | Spotify's current market cap is $136B |
| What is the current revenue of Spotify? | Spotify's last 12 months revenue is $20.1B. |
| What is the current revenue growth of Spotify? | Spotify revenue growth (NTM/LTM) is 20%. |
| What is the current EV/Revenue multiple of Spotify? | Current revenue multiple of Spotify is 7.2x. |
| Is Spotify profitable? | Yes, Spotify is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Spotify? | Spotify's last 12 months EBITDA is $2.3B. |
| What is Spotify's EBITDA margin? | Spotify's last 12 months EBITDA margin is 12%. |
| What is the current EV/EBITDA multiple of Spotify? | Current EBITDA multiple of Spotify is 62.3x. |
| What is the current FCF of Spotify? | Spotify's last 12 months FCF is $3.0B. |
| What is Spotify's FCF margin? | Spotify's last 12 months FCF margin is 15%. |
| What is the current EV/FCF multiple of Spotify? | Current FCF multiple of Spotify is 48.3x. |
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