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Spotify Valuation Multiples

Discover revenue and EBITDA valuation multiples for Spotify and similar public comparables like DouYu, Meb Corporation, and Seven West Media.

Spotify Overview

About Spotify

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 comprising 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 very comprehensive 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.


Founded

2006

HQ

United States of America
Employees

7.7K+

Website

spotify.com

Financials

LTM Revenue $18.5B

LTM EBITDA $2.0B

EV

$111B

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Spotify Financials

Spotify has a last 12-month revenue of $18.5B and a last 12-month EBITDA of $2.0B.

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

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Spotify P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $13.2B $15.7B XXX XXX XXX
Gross Profit $2.9B $3.4B XXX XXX XXX
Gross Margin 22% 22% XXX XXX XXX
EBITDA -$298M $1.5B XXX XXX XXX
EBITDA Margin -2% 10% XXX XXX XXX
Net Profit -$430M -$532M XXX XXX XXX
Net Margin -3% -3% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Spotify Stock Performance

As of March 19, 2025, Spotify's stock price is $569.

Spotify has current market cap of $117B, and EV of $111B.

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Spotify Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$111B $117B XXX XXX XXX XXX $6.84

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Spotify Valuation Multiples

As of March 19, 2025, Spotify has market cap of $117B and EV of $111B.

Spotify's trades at 6.5x LTM EV/Revenue multiple, and 60.6x LTM EBITDA.

Analysts estimate Spotify's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Spotify Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $111B XXX XXX XXX
EV/Revenue 7.1x XXX XXX XXX
EV/EBITDA 73.9x XXX XXX XXX
P/E 102.4x XXX XXX XXX
P/E/Growth 1.6x XXX XXX XXX
EV/FCF 48.4x XXX XXX XXX

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Spotify Valuation Multiples

Spotify's NTM/LTM revenue growth is 21%

Spotify's revenue per employee for the last fiscal year averaged $2.0M, while opex per employee averaged $0.4M for the same period.

Over next 12 months, Spotify's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Spotify's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Spotify Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 18% XXX XXX XXX XXX
EBITDA Margin 10% XXX XXX XXX XXX
EBITDA Growth -603% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 30% XXX XXX XXX XXX
Revenue per Employee $2.0M XXX XXX XXX XXX
Opex per Employee $0.4M XXX XXX XXX XXX
S&M Expenses to Revenue 9% XXX XXX XXX XXX
G&A Expenses to Revenue 3% XXX XXX XXX XXX
R&D Expenses to Revenue 9% XXX XXX XXX XXX
Opex to Revenue 21% XXX XXX XXX XXX

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Spotify Public Comps

See public comps and valuation multiples for Streaming and Music comps
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 M&A and Investment Activity

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 ).

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Latest Acquisitions by Spotify

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

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About Spotify

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 $117B
What is the current revenue of Spotify? Spotify's last 12-month revenue is $18.5B.
What is the current EBITDA of Spotify? Spotify's last 12-month EBITDA is $2.0B.
What is the current EV/Revenue multiple of Spotify? Current revenue multiple of Spotify is 6.5x.
What is the current EV/EBITDA multiple of Spotify? Current EBITDA multiple of Spotify is 60.6x.
What is the current revenue growth of Spotify? Spotify revenue growth between 2023 and 2024 was 18%.
Is Spotify profitable? Yes, Spotify is EBITDA-positive (as of the last 12 months).

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