SPOT

Spotify Technology SA

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Advanced Chart

695.480

-25.43(-3.527%)1D

Overview
Forecast
Valuation
Earnings

Line

Candle

YTD

High

719.000

Open

713.150

VWAP

695.70

Vol

2.15M

Mkt Cap

142.37B

Low

685.470

Amount

1.50B

EV/EBITDA(TTM)

69.64

Total Shares

199.05M

136.17B

EV/OCF(TTM)

47.87

P/S(TTM)

8.26

Spotify Technology SA a Luxembourg-based company, which offers digital music-streaming services. The Company enables users to discover new releases, which includes the latest singles and albums; playlists, which includes ready-made playlists put together by music fans and experts, and over millions of songs so that users can play their favorites, discover new tracks and build a personalized collection. Its users can either select Spotify Free, which includes only shuffle play or Spotify Premium, which encompasses a range of features, such as shuffle play, advertisement free, unlimited skips, listen offline, play any track and audio. The Company operates through a number of subsidiaries, including Spotify LTD and is present in over 20 countries. Its service offers a music listening experience without commercial breaks.

Market Estimates

Earnings Estimates

Revenue

YoY Chg

EPS

YoYChg

FY2025Q4

FY2025Q3

FY2025Q2

4.81B

+13.38%

4.49B

+12.53%

4.27B

+12.25%

Estimates Revision

The market is revising Downward the revenue expectations for Spotify Technology S.A. (SPOT) for FY2025, with the revenue forecasts being adjusted by -1.65% over the past three months. During the same period, the stock price has changed by 24.46%.

Revenue Estimates for FY2025

Revise Downward

-1.65%

In Past 3 Month

Stock Price

Go Up

+24.46%

In Past 3 Month

26 Analyst Rating

3.78% Upside

Wall Street analysts forecast SPOT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for SPOT is 721.76 USD with a low forecast of 457.00 USD and a high forecast of 900.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

18 Buy

7 Hold

1 Sell

Moderate Buy

3.78% Upside

Current: 695.480

Low

457.00

Averages

721.76

High

900.00

3.78% Upside

Current: 695.480

Low

457.00

Averages

721.76

High

900.00

Raymond James

Outperform

maintain

$635 -> $805

2025-07-15

New

Reason

Raymond James

Price Target

$635 -> $805

2025-07-15

New

maintain

Outperform

Reason

Raymond James raised the firm's price target on Spotify to $805 from $635 and keeps an Outperform rating on the shares. Spotify's third-party data checks were solid in Q2, indicating no major hurdles to an in-line quarter on the subscriber and user front, but revenuevis likely to be impacted by the strengthening EUR vs. the USD, the analyst tells investors in a research note.

KeyBanc

Overweight

maintain

$640 -> $860

2025-07-11

Reason

KeyBanc

Price Target

$640 -> $860

2025-07-11

maintain

Overweight

Reason

KeyBanc raised the firm's price target on Spotify to $860 from $640 and keeps an Overweight rating on the shares. The firm expects Spotify's Q2 results and Q3 guidance may contain some noise around FX, social charges, and seasonal gross margin dynamics. As has been the case on prior calls, KeyBanc advises buying any near-term dips as its core thesis is still intact. Music remains under-monetized and is in a price inflationary market, competitive dynamics are favorable, and there are near-term, mid-term, and long-term initiatives that support high-teens revenue growth, it adds.

JPMorgan

Doug Anmuth

Overweight

maintain

$730 -> $780

2025-07-11

Reason

JPMorgan

Doug Anmuth

Price Target

$730 -> $780

2025-07-11

maintain

Overweight

Reason

JPMorgan analyst Doug Anmuth raised the firm's price target on Spotify to $780 from $730 and keeps an Overweight rating on the shares. The firm updated estimates and price targets in the internet space as part of a Q2 earnings preview. Estimate increases reflect better channel checks and favorable currency moves while higher share multiples reflect lower recession risk, the analyst tells investors in a research note.

Benchmark

Mark Zgutowicz

Buy

maintain

$700 -> $840

2025-07-10

Reason

Benchmark

Mark Zgutowicz

Price Target

$700 -> $840

2025-07-10

maintain

Buy

Reason

Benchmark analyst Mark Zgutowicz raised the firm's price target on Spotify to $840 from $700 and keeps a Buy rating on the shares as part of a Q2 preview. The firm sees several potential catalysts for the company over the next 12 months including a podcast gross margin inflection and new "Supremium" subscription tier.

Morgan Stanley

Benjamin Swinburne

maintain

$700 -> $850

2025-07-10

Reason

Morgan Stanley

Benjamin Swinburne

Price Target

$700 -> $850

2025-07-10

maintain

Reason

Morgan Stanley analyst Benjamin Swinburne raised the firm's price target on Spotify to $850 from $700 and keeps an Overweight rating on the shares.

Barclays

Overweight

maintain

$650 -> $800

2025-07-09

Reason

Barclays

Price Target

$650 -> $800

2025-07-09

maintain

Overweight

Reason

Barclays raised the firm's price target on Spotify to $800 from $650 and keeps an Overweight rating on the shares as part of a Q2 earnings preview for the media group. Legacy media earnings could surprise to the upside to some extent, but the valuation debate will likely remain around corporate actions, the analyst tells investors in a research note.

See All Ratings

Valuation Metrics

The current forward P/E ratio for Spotify Technology SA (SPOT.N) is 62.04, compared to its 5-year average forward P/E of -84.47. For a more detailed relative valuation and DCF analysis to assess Spotify Technology SA 's fair value, click here.

Forward PE

The forward P/E ratio is a valuation metric that divides a company's current stock price by its estimated future earnings per share over the next 12 months.

N/A

5Y Average PE

-84.47

Current PE

62.04

Overvalued PE

164.49

Undervalued PE

-333.44

Forward EV/EBITDA

The forward EV/EBITDA ratio is a valuation metric that divides a company's enterprise value (EV) by its estimated future earnings before interest, taxes, depreciation, and amortization (EBITDA) over the next 12 months.

N/A

5Y Average EV/EBITDA

-36.91

Current EV/EBITDA

46.99

Overvalued EV/EBITDA

223.98

Undervalued EV/EBITDA

-297.81

Forward PS

The forward P/S ratio is a valuation metric that divides a company's current stock price by its estimated future sales (or revenue) per share over the next 12 months.

Strongly Overvalued

5Y Average PS

3.36

Current PS

6.69

Overvalued PS

4.94

Undervalued PS

1.79