Spotify Technology (SPOT) Financial Ratios: P/E, ROE & More

Spotify Technology (SPOT) Financial Ratios

For fiscal 2025 (fiscal year ended Dec 31, 2025), Spotify Technology had a P/E ratio of 46.08 (down from 76.73), return on equity of 31.9% (up from 28.3%), debt-to-equity of 0.23 (down from 0.38) and a current ratio of 1.73 (down from 1.88). A current ratio of 1.73 means current assets exceed current liabilities.

Spotify Technology Financial Ratios Analysis

Valuation, profitability, leverage, and liquidity ratios

Income Statement Balance Sheet Cash Flow Ratios

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Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Valuation Ratios
P/E Ratio	46.08	76.73	-	-	-	-
Forward P/E	44.52	52.59	114.59	-	-	-
P/S Ratio	5.93	5.57	2.50	1.22	4.08	6.19
P/B Ratio	12.24	15.80	13.15	5.94	18.60	17.39
Price/Tangible Book	14.12	20.38	25.23	12.68	33.78	24.32
Price/FCF	35.49	38.23	49.22	679.39	142.82	269.44
Price/OCF	34.75	37.95	48.78	310.16	109.19	188.29
PEG Ratio	1.42	1.42	0.27	-	-	-
Enterprise Value Ratios
EV/Revenue	5.63	5.32	2.38	1.08	3.93	6.05
EV/EBITDA	42.90	57.53	-	-	172.05	-
EV/EBIT	43.99	60.41	-	-	404.49	-
EV/FCF	33.67	36.47	46.83	600.61	137.76	263.62
Profitability & Returns
Return on Equity (ROE)	31.93%	28.28%	-21.61%	-19.03%	-1.38%	-24.00%
Return on Assets (ROA)	10.17%	8.47%	-1.56%	-5.56%	0.87%	-3.20%
Return on Invested Capital (ROIC)	127.96%	201.94%	-36.08%	-101.15%	-1.05%	-19.53%
Return on Capital Employed (ROCE)	24.60%	18.30%	-4.70%	-16.00%	2.40%	-8.60%
Leverage & Solvency Ratios
Debt/Equity	0.23	0.38	0.70	0.72	0.86	0.22
Debt/EBITDA	0.85	1.39	-	-	8.26	-
Debt/FCF	0.68	0.91	2.61	82.91	6.61	3.36
Liquidity Ratios
Current Ratio	1.73	1.88	1.29	1.24	1.35	0.82
Quick Ratio	1.42	1.70	1.19	1.15	1.26	0.67
Efficiency Ratios
Asset Turnover	1.27	1.54	1.66	1.58	1.43	1.38
Yield & Distribution Ratios
Earnings Yield	2.17%	1.30%	-1.60%	-3.01%	-0.09%	-1.19%
FCF Yield	2.82%	2.62%	2.03%	0.15%	0.70%	0.37%
Buyback Yield	-1.70%	-6.30%	0.57%	-0.98%	-3.39%	-3.66%

Source: Company financial statements from annual and quarterly filings. Data as of Sep 30, 2026. Data sources and methodology

Frequently Asked Questions About Spotify Technology Financial Ratios

What is Spotify Technology's P/E ratio?

Spotify Technology's P/E ratio was 46.08 for fiscal 2025 (period ended Dec 31, 2025). It was 76.73 a year earlier.

What is Spotify Technology's return on equity?

Spotify Technology's return on equity (ROE) was 31.9% for fiscal 2025 (period ended Dec 31, 2025). It was 28.3% a year earlier.

What is Spotify Technology's debt-to-equity ratio?

Spotify Technology's debt-to-equity ratio was 0.23 for fiscal 2025 (period ended Dec 31, 2025). It was 0.38 a year earlier.

What is return on equity (ROE)?

Return on equity is net income divided by shareholders' equity. It measures how much profit a company generates from the capital its shareholders have invested. Full definition