Value Sense
SPOT
Spotify Technology S.A. (SPOT)
Last Price$604.70.8%
Market Cap$125.1B
LTM Revenue
$17.0B
+15.8% YoY
LTM Net Income
$1,231.1M
N/A
LTM Net Debt
($5,640.3M)
Net Debt to FCF - (2.4x)
LTM Free Cash Flow (FCF)
$2,483.8M
14.6% margin

SPOT Income Statement

SPOT Income Statement Overview

Annual
Quarterly
LTM
Dec'15
Dec'16
Dec'17
Dec'18
Dec'19
Dec'20
Dec'21
Dec'22
Dec'23
Dec'24
Revenue
$17.0B 18.3% YoY
Gross profit
$5,110.5M 39.1% YoY
30.1% margin
Cost of revenue
$11.8B 11.2% YoY
Operating income
$1,476.7M 0.0% YoY
8.7% margin
Other: $228.3M
Net interest: $202.3M
Operating expenses
$3,633.8M (12.6%) YoY
Pre-tax income
$1,450.7M 0.0% YoY
8.6% margin
Net income
$1,231.1M 0.0% YoY
7.3% margin
Income tax
$219.6M
15.1% tax rate
R&D
$1,607.6M (13.9%) YoY
9.5% of revenue
SG&A
$2,026.2M (11.6%) YoY
12.0% of revenue

SPOT Income statement key metrics

Annual
Quarterly
LTM

Revenue

$17.0B +18.3% YoY

Operating Income

$1.5B N/A

Net Income

$1.2B N/A

SPOT Balance Sheet

SPOT Balance Sheet Overview

Annual
Quarterly
LTM
Dec'15
Dec'16
Dec'17
Dec'18
Dec'19
Dec'20
Dec'21
Dec'22
Dec'23
Dec'24
Assets
Liabilities
Total assets
$12.4B
Current assets ($8,676.4M, 69.8% of total)
Cash & ST investments
$7,712.3M (62.0%)
Accounts receivables
$827.4M (6.7%)
Other current assets
$136.7M (1.1%)
Non-current assets ($3,754.7M, 30.2% of total)
Long-term investments
$1,693.0M (13.6%)
Intangible assets
$49.7M (0.4%)
Other non-current assets
$1,583.3M (12.7%)
Financial position
Net Debt
($5,640.3M)
$7,712.3M$2,072.0M
Cash & Short-term Investments
Total Debt
Quick ratio
1.9x
Net Debt to Free Cash Flow
(2.4x)
Debt to Equity ratio
36.2%

SPOT Balance Sheet Metrics

Annual
Quarterly
LTM

Assets

$12.4B +43.8% YoY

Liabilities

$6,710.0M +11.3% YoY

Shareholder's Equity

$5,721.1M +119.0% YoY

SPOT Cash Flow Statement

SPOT Cash Flow Statement Overview

Annual
Quarterly
LTM
Dec'15
Dec'16
Dec'17
Dec'18
Dec'19
Dec'20
Dec'21
Dec'22
Dec'23
Dec'24
Cash Beginning of PeriodOperating Cash FlowInvesting Cash FlowFinancing Cash FlowForex Changes on CashCash End of Period$3,368.8M$2,489.2M($1,607.6M)$788.6M$133.1M$5,172.1M

SPOT Cash Flow Statement key metrics

Annual
Quarterly
LTM

Operating Cash Flow (OCF)

$2,489.2M +240.1% YoY

Capital Expenditure (CAPEX)

($18.4M) +181.7% YoY

Free Cash Flow (FCF)

$2,470.9M +240.7% YoY

SPOT Financials

USD
EUR
Millions
Billions
Annual
Quarterly
Trailing
Key stats
Income statement
Balance sheet
Cash Flow Statement
Valuation
Ratios
Per share
Per employee
Dividends & Yields
Dec'15Dec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24
Revenue
% growth
2,154.2
0.0%
3,266.5
51.6%
4,618.7
41.4%
6,209.6
34.4%
7,571.8
21.9%
8,996.4
18.8%
11,434.9
27.1%
12,358.0
8.1%
14,325.0
15.9%
16,955.2
18.4%
Cost of Goods Sold (COGS)1,903.22,822.83,659.94,612.05,644.16,696.08,370.49,274.510,651.511,844.7
Gross Profit
% margin
250.9
11.6%
443.7
13.6%
958.7
20.8%
1,597.6
25.7%
1,927.6
25.5%
2,300.5
25.6%
3,064.5
26.8%
3,083.4
25.0%
3,673.4
25.6%
5,110.5
30.1%
Operating Expenses511.9829.91,385.61,648.32,009.42,635.02,953.43,777.94,155.73,633.8
Research & Development Expenses (R&D)151.0229.1447.2582.1688.4955.61,078.71,461.61,865.41,607.6
Selling, General & Administrative Expenses (SG&A)360.9600.9938.41,066.21,320.91,679.41,874.72,316.32,290.42,026.2
Operating Income
% margin
(260.9)
(12.1%)
(386.2)
(11.8%)
(426.9)
(9.2%)
(50.8)
(0.8%)
226.1
3.0%
(334.5)
(3.7%)
402.1
3.5%
(694.5)
(5.6%)
(482.3)
(3.4%)
1,476.7
8.7%
Interest Income2.25.521.5537.2307.8107.3291.049.5141.7241.2
Interest Expense1.15.54.5689.6372.8582.3107.661.141.138.9
Pre-tax Income(249.8)(592.0)(1,392.4)(204.3)(146.6)(809.5)294.5(389.9)(546.1)1,450.7
Income Tax
% effective tax rate
5.6
(2.2%)
4.4
(0.7%)
2.3
(0.2%)
(112.2)
54.9%
61.6
(42.0%)
(146.1)
18.1%
334.7
113.7%
63.2
(16.2%)
29.2
(5.3%)
219.6
15.1%
Net Income
% margin
(255.4)
(11.9%)
(596.4)
(18.3%)
(1,394.6)
(30.2%)
(92.1)
(1.5%)
(208.2)
(2.7%)
(663.3)
(7.4%)
(40.2)
(0.4%)
(453.1)
(3.7%)
(575.3)
(4.0%)
1,231.1
7.3%
EPS(1.52)(3.55)(7.83)(0.52)(1.15)(3.54)(0.21)(2.35)(2.95)5.95
Diluted EPS(1.52)(3.55)(7.83)(0.51)(1.15)(3.54)(0.21)(2.32)(2.95)5.94
EBITDA
% margin
(225.4)
(10.5%)
(544.4)
(16.7%)
(932.8)
(20.2%)
(50.8)
(0.8%)
(1.1)
(0.0%)
(334.5)
(3.7%)
552.3
4.8%
(299.3)
(2.4%)
(322.2)
(2.2%)
1,620.5
9.6%