Pandora Media, Inc. (P) Stock

Pandora Media, Inc. (P) is a Technology stock trading at $69.36 (as of 2026-07-17), with a market capitalization of $23.05B and a trailing P/E of 101.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Understand Pandora Media, Inc.: how it makes money

Pandora Media, Inc. earns revenue from Product Revenue and Subscription Services Revenue.

The profit model is structurally tied to subscription economics, with recurring revenue reflected in Subscription Annual Recurring Revenue and forward demand captured in Remaining Performance Obligations.

Revenue by segment (latest quarter)
Product$0.6B
Subscription$0.5B

Business quality (Mixed): The business shows strong gross margin (68.7%) but a thin operating margin (1.9%), so operating results likely hinge on how well the company converts its product and subscription mix into controlled operating costs.

Valuation: At 105× earnings, P trades 230% above the Tech Hardware average (32×). Note: one-time items can distort reported P/E.

Bull case

  • Strong gross margin: Gross margin is 68.7%.
  • Subscription durability signals: Subscription Annual Recurring Revenue is 2.0 USD_B and Remaining Performance Obligations are 3.8 USD_B.

Bear case

  • Low operating profitability: Operating margin is 1.9%, which leaves less room for expense pressures.
  • Results can be sensitive to the subscription portion of revenue: Subscription Services Revenue is 0.48 USD_B compared with Product Revenue of 0.58 USD_B, so changes in either line item can affect total performance.
Valuation — source: SEC EDGAR (first-party)
Price$69.36
Market Cap$23.05B
P/E Ratio101.9
EV / EBITDA71.3
Price / Book15.99
Price / Sales5.86
FCF Yield2.2%
DCF Value (model)$30.03
DCF Upside vs Price-56.7%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$3.66B
Net Margin5.1%
Revenue Growth (YoY)35.2%
EPS Growth (YoY)-275.0%
FCF Growth (YoY)-47.2%
Financial Health — source: SEC EDGAR
Altman Z-Score5.07 (safe)
Piotroski F-Score6/9 (moderate)
Valuation vs Sector & Industry
Stock P/E101.9
Sector P/E (Technology)34.7
Industry P/E (Computers)30.9
vs Sector193.8%
vs Industry229.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderJANA Partners Management, LP ($61.54M)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryComputers
IPO Date2011-06-15

Related Companies (Business model: Consumer Hardware (incl. ecosystem services); 8 closest by market cap; US-domiciled)

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P earnings history · P institutional & insider holders · P KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-17.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.