Spotify Technology S.A. (SPOT) Stock

Spotify Technology S.A. (SPOT) is a Communication Services stock trading at $478.12 (as of 2026-07-17). Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Spotify Technology S.A. provides audio streaming services worldwide, offering access to a catalog of music and podcasts through Premium and ad-supported offerings. Premium provides unlimited online and offline streaming to subscribers, while the ad-supported service provides on-demand online access for music and online access for podcasts on compatible devices.

Understand Spotify Technology S.A.: how it makes money

Spotify provides audio streaming for music and podcasts. It makes money through Premium subscriptions (offline and online streaming without commercial breaks) and an Ad-Supported offering that streams on demand with ads.

Spotify's profit model is driven primarily by Premium subscriptions, as Premium Revenue is $4.0B = 89% of revenue.

Revenue by segment (latest quarter)
Premium$4.0B
Ad-Supported$0.5B

Business quality (Mixed): Expensive valuation, Mixed business quality

Valuation: At 44× earnings, SPOT trades 148% above the Communication average (18×).

Bull case

  • Premium drives most revenue: Premium Revenue is $4.0B = 89% of revenue, which means the core monetization engine is its subscription offering rather than ads.
  • Meaningful monetization scale: quarterly revenue $4.5B shows the company already operates at a large revenue run-rate for an audio streaming platform.

Bear case

  • Valuation implies high expectations: P/E 43.8× vs Communication industry 18× (148% above) indicates the stock is priced for strong future performance, increasing downside risk if results disappoint.
Valuation — source: SEC EDGAR (first-party)
Price$478.12
DCF Value (model)$158.49
DCF Upside vs Price-66.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$17.19B
Net Margin12.9%
Revenue Growth (YoY)9.7%
EPS Growth (YoY)89.9%
Financial Health — source: SEC EDGAR
Piotroski F-Score6/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Communication Services)21.3
Industry P/E (Communication)15.7
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($5.52B)
Institutional Holders Tracked10
Company
SectorCommunication Services
IndustryCommunication
CEOAlex Norström
Employees7,258
CountryLU
IPO Date2018-04-03

Related Companies (Business model: Consumer Subscription Content (Streaming, News, Audio) + Ad-Supported Digital Media / Social; 8 closest by market cap; US-domiciled)

  • AT&T Inc. (T)
  • Comcast Corporation (CMCSA)
  • Warner Bros. Discovery, Inc. (WBD)
  • Fox Corporation (FOXA)
  • Formula One Group (FWONK)
  • Sirius XM Holdings Inc. (SIRI)
  • Paramount Skydance Corporation Class B Common Stock (PSKY)
  • Nexstar Media Group, Inc. (NXST)
SPOT earnings history · SPOT institutional & insider holders · SPOT 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.