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Spotify Valuation Multiples
Discover revenue and EBITDA valuation multiples for Spotify and similar public comparables like Comcast, Warner Bros. Discovery, NetEase, Universal Music and more.
Spotify Overview
About Spotify
Spotify is the leading global music streaming service provider, with over 750 million monthly active users and 290 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 offers access to audiobooks 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.
Founded
2006
HQ
Employees
7.3K
Website
Sectors
Financials (LTM)
EV
$96B
Spotify Financials
Spotify reported last 12-month revenue of $21B and EBITDA of $3B.
In the same LTM period, Spotify generated $7B in gross profit, $3B in EBITDA, and $3B in net income.
Revenue (LTM)
Spotify P&L
In the most recent fiscal year, Spotify reported revenue of $20B and EBITDA of $3B.
Spotify expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $21B | XXX | $20B | XXX | XXX | XXX |
| Gross Profit | $7B | XXX | $6B | XXX | XXX | XXX |
| Gross Margin | 32% | XXX | 31% | XXX | XXX | XXX |
| EBITDA | $3B | XXX | $3B | XXX | XXX | XXX |
| EBITDA Margin | 14% | XXX | 14% | XXX | XXX | XXX |
| EBIT Margin | 14% | XXX | 13% | XXX | XXX | XXX |
| Net Profit | $3B | XXX | $3B | XXX | XXX | XXX |
| Net Margin | 13% | XXX | 13% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Spotify Stock Performance
Spotify has current market cap of $104B, and enterprise value of $96B.
Market Cap Evolution
Spotify's stock price is $507.28.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $96B | $104B | 0.0% | XXX | XXX | XXX | $12.80 |
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Start Free TrialSpotify Valuation Multiples
Spotify trades at 4.5x EV/Revenue multiple, and 31.4x EV/EBITDA.
EV / Revenue (LTM)
Spotify Financial Valuation Multiples
As of April 9, 2026, Spotify has market cap of $104B and EV of $96B.
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 37.5x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $104B | XXX | $104B | XXX | XXX | XXX |
| EV (current) | $96B | XXX | $96B | XXX | XXX | XXX |
| EV/Revenue | 4.5x | XXX | 4.7x | XXX | XXX | XXX |
| EV/EBITDA | 31.4x | XXX | 34.1x | XXX | XXX | XXX |
| EV/EBIT | 33.5x | XXX | 36.5x | XXX | XXX | XXX |
| EV/Gross Profit | 14.1x | XXX | 15.1x | XXX | XXX | XXX |
| P/E | 37.5x | XXX | 39.6x | XXX | XXX | XXX |
| EV/FCF | 26.7x | XXX | 28.6x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Spotify Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Spotify Margins & Growth Rates
Spotify's revenue in the last 12 month grew by 11%.
Spotify's revenue per employee in the last FY averaged $2.8M, while opex per employee averaged $0.5M for the same period.
Spotify's rule of 40 is 30% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Spotify's rule of X is 51% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Spotify Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 11% | XXX | 10% | XXX | XXX | XXX |
| EBITDA Margin | 14% | XXX | 14% | XXX | XXX | XXX |
| EBITDA Growth | 31% | XXX | 32% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 30% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 51% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $2.8M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.5M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 8% | XXX | 8% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 3% | XXX | 3% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 8% | XXX | 8% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 19% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Comcast | XXX | XXX | XXX | XXX | XXX | XXX |
| Warner Bros. Discovery | XXX | XXX | XXX | XXX | XXX | XXX |
| NetEase | XXX | XXX | XXX | XXX | XXX | XXX |
| Universal Music | XXX | XXX | XXX | XXX | XXX | XXX |
| Baidu | 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 M&A Activity
Spotify acquired XXX companies to date.
Last acquisition by Spotify was on XXXXXXXX, XXXXX. Spotify acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Spotify
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialSpotify Investment Activity
Spotify invested in XXX companies to date.
Spotify made its latest investment on XXXXXXXX, XXXXX. Spotify invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Spotify
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Spotify
| When was Spotify founded? | Spotify was founded in 2006. |
| Where is Spotify headquartered? | Spotify is headquartered in Sweden. |
| How many employees does Spotify have? | As of today, Spotify has over 7K employees. |
| Who is the CEO of Spotify? | Spotify's CEO is Alex Norstrom. |
| Is Spotify publicly listed? | Yes, Spotify is a public company listed on NYSE. |
| 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? | Spotify main competitors are Comcast, Warner Bros. Discovery, NetEase, Universal Music. |
| What is the current market cap of Spotify? | Spotify's current market cap is $104B. |
| What is the current revenue of Spotify? | Spotify's last 12 months revenue is $21B. |
| What is the current revenue growth of Spotify? | Spotify revenue growth (NTM/LTM) is 11%. |
| What is the current EV/Revenue multiple of Spotify? | Current revenue multiple of Spotify is 4.5x. |
| 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 $3B. |
| What is Spotify's EBITDA margin? | Spotify's last 12 months EBITDA margin is 14%. |
| What is the current EV/EBITDA multiple of Spotify? | Current EBITDA multiple of Spotify is 31.4x. |
| What is the current FCF of Spotify? | Spotify's last 12 months FCF is $4B. |
| What is Spotify's FCF margin? | Spotify's last 12 months FCF margin is 17%. |
| What is the current EV/FCF multiple of Spotify? | Current FCF multiple of Spotify is 26.7x. |
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