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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 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.
2006
7.7K+
LTM Revenue $18.5B
LTM EBITDA $2.0B
$111B
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 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
See Spotify valuation multiples based on analyst estimates| 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 |
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As of March 19, 2025, Spotify's stock price is $569.
Spotify has current market cap of $117B, and EV of $111B.
See Spotify trading valuation 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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Sign UpAs 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
See valuation multiples for Spotify and 10K+ public comps| 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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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpSpotify'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
See operational valuation multiples for Spotify and other 10K+ public comps| 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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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 |
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Sign Up| 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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