SPOTIFY TECHNOLOGY SA (639.DE) Fundamental Analysis & Valuation

FRA:639 • LU1778762911

Current stock price

423.95 EUR
-24.4 (-5.44%)
Last:

This 639.DE fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

6

1. 639.DE Profitability Analysis

1.1 Basic Checks

  • In the past year 639 was profitable.
  • In the past year 639 had a positive cash flow from operations.
  • In multiple years 639 reported negative net income over the last 5 years.
  • In the past 5 years 639 always reported a positive cash flow from operatings.
639.DE Yearly Net Income VS EBIT VS OCF VS FCF639.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B -1B 2B

1.2 Ratios

  • 639's Return On Assets of 14.73% is amongst the best of the industry. 639 outperforms 95.45% of its industry peers.
  • The Return On Equity of 639 (26.56%) is better than 84.09% of its industry peers.
  • With an excellent Return On Invested Capital value of 17.33%, 639 belongs to the best of the industry, outperforming 93.18% of the companies in the same industry.
Industry RankSector Rank
ROA 14.73%
ROE 26.56%
ROIC 17.33%
ROA(3y)5.95%
ROA(5y)2.35%
ROE(3y)8.69%
ROE(5y)1.31%
ROIC(3y)N/A
ROIC(5y)N/A
639.DE Yearly ROA, ROE, ROIC639.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200 -200 -400

1.3 Margins

  • 639's Profit Margin of 12.87% is amongst the best of the industry. 639 outperforms 88.64% of its industry peers.
  • 639's Operating Margin of 12.79% is fine compared to the rest of the industry. 639 outperforms 79.55% of its industry peers.
  • Looking at the Gross Margin, with a value of 31.98%, 639 is doing worse than 70.45% of the companies in the same industry.
  • In the last couple of years the Gross Margin of 639 has grown nicely.
Industry RankSector Rank
OM 12.79%
PM (TTM) 12.87%
GM 31.98%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y8.62%
GM growth 5Y4.57%
639.DE Yearly Profit, Operating, Gross Margins639.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20

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8

2. 639.DE Health Analysis

2.1 Basic Checks

  • 639 has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
  • 639 has more shares outstanding than it did 1 year ago.
  • The number of shares outstanding for 639 has been increased compared to 5 years ago.
  • Compared to 1 year ago, 639 has an improved debt to assets ratio.
639.DE Yearly Shares Outstanding639.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M 200M
639.DE Yearly Total Debt VS Total Assets639.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

2.2 Solvency

  • 639 has an Altman-Z score of 9.73. This indicates that 639 is financially healthy and has little risk of bankruptcy at the moment.
  • The Altman-Z score of 639 (9.73) is better than 93.18% of its industry peers.
  • The Debt to FCF ratio of 639 is 0.68, which is an excellent value as it means it would take 639, only 0.68 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 0.68, 639 belongs to the top of the industry, outperforming 88.64% of the companies in the same industry.
  • A Debt/Equity ratio of 0.05 indicates that 639 is not too dependend on debt financing.
  • 639 has a better Debt to Equity ratio (0.05) than 88.64% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.05
Debt/FCF 0.68
Altman-Z 9.73
ROIC/WACC2.3
WACC7.55%
639.DE Yearly LT Debt VS Equity VS FCF639.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B 4B 6B 8B

2.3 Liquidity

  • 639 has a Current Ratio of 1.72. This is a normal value and indicates that 639 is financially healthy and should not expect problems in meeting its short term obligations.
  • With an excellent Current ratio value of 1.72, 639 belongs to the best of the industry, outperforming 88.64% of the companies in the same industry.
  • A Quick Ratio of 1.72 indicates that 639 should not have too much problems paying its short term obligations.
  • 639's Quick ratio of 1.72 is amongst the best of the industry. 639 outperforms 88.64% of its industry peers.
Industry RankSector Rank
Current Ratio 1.72
Quick Ratio 1.72
639.DE Yearly Current Assets VS Current Liabilites639.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B 10B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. 639.DE Growth Analysis

3.1 Past

  • 639 shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 51.72%, which is quite impressive.
  • The Revenue has grown by 9.65% in the past year. This is quite good.
  • The Revenue has been growing by 16.88% on average over the past years. This is quite good.
EPS 1Y (TTM)51.72%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%151.7%
Revenue 1Y (TTM)9.65%
Revenue growth 3Y13.59%
Revenue growth 5Y16.88%
Sales Q2Q%6.81%

3.2 Future

  • Based on estimates for the next years, 639 will show a very strong growth in Earnings Per Share. The EPS will grow by 22.44% on average per year.
  • Based on estimates for the next years, 639 will show a quite strong growth in Revenue. The Revenue will grow by 12.44% on average per year.
EPS Next Y58.65%
EPS Next 2Y40.81%
EPS Next 3Y32.92%
EPS Next 5Y22.44%
Revenue Next Year13.44%
Revenue Next 2Y13.62%
Revenue Next 3Y13.29%
Revenue Next 5Y12.44%

3.3 Evolution

  • The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
639.DE Yearly Revenue VS Estimates639.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 10B 20B 30B 40B
639.DE Yearly EPS VS Estimates639.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 0 10 20 30

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4

4. 639.DE Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 50.71, the valuation of 639 can be described as expensive.
  • 639's Price/Earnings ratio is a bit cheaper when compared to the industry. 639 is cheaper than 70.45% of the companies in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 25.73, 639 is valued quite expensively.
  • 639 is valuated quite expensively with a Price/Forward Earnings ratio of 31.96.
  • The rest of the industry has a similar Price/Forward Earnings ratio as 639.
  • When comparing the Price/Forward Earnings ratio of 639 to the average of the S&P500 Index (23.72), we can say 639 is valued slightly more expensively.
Industry RankSector Rank
PE 50.71
Fwd PE 31.96
639.DE Price Earnings VS Forward Price Earnings639.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

  • 639's Enterprise Value to EBITDA ratio is in line with the industry average.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as 639.
Industry RankSector Rank
P/FCF 30.38
EV/EBITDA 32.84
639.DE Per share data639.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • The decent profitability rating of 639 may justify a higher PE ratio.
  • 639's earnings are expected to grow with 32.92% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.86
PEG (5Y)N/A
EPS Next 2Y40.81%
EPS Next 3Y32.92%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. 639.DE Dividend Analysis

5.1 Amount

  • 639 does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

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639.DE Fundamentals: All Metrics, Ratios and Statistics

SPOTIFY TECHNOLOGY SA

FRA:639 (3/19/2026, 7:00:00 PM)

423.95

-24.4 (-5.44%)

Chartmill FA Rating
GICS IndustryGroupMedia & Entertainment
GICS IndustryEntertainment
Earnings (Last)02-10
Earnings (Next)04-21
Inst Owners68.17%
Inst Owner ChangeN/A
Ins Owners15.33%
Ins Owner ChangeN/A
Market Cap87.26B
Revenue(TTM)17.19B
Net Income(TTM)2.21B
Analysts82.17
Price Target571.18 (34.73%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)60.73%
Min EPS beat(2)58.63%
Max EPS beat(2)62.82%
EPS beat(4)2
Avg EPS beat(4)-13.13%
Min EPS beat(4)-121.7%
Max EPS beat(4)62.82%
EPS beat(8)4
Avg EPS beat(8)-1.71%
EPS beat(12)6
Avg EPS beat(12)27.76%
EPS beat(16)7
Avg EPS beat(16)29%
Revenue beat(2)0
Avg Revenue beat(2)-1.39%
Min Revenue beat(2)-1.78%
Max Revenue beat(2)-1%
Revenue beat(4)0
Avg Revenue beat(4)-2.16%
Min Revenue beat(4)-3.59%
Max Revenue beat(4)-1%
Revenue beat(8)0
Avg Revenue beat(8)-1.97%
Revenue beat(12)0
Avg Revenue beat(12)-2.18%
Revenue beat(16)0
Avg Revenue beat(16)-1.86%
PT rev (1m)-8.98%
PT rev (3m)-12.66%
EPS NQ rev (1m)10.22%
EPS NQ rev (3m)10.59%
EPS NY rev (1m)7.11%
EPS NY rev (3m)6.03%
Revenue NQ rev (1m)-1.01%
Revenue NQ rev (3m)-2.16%
Revenue NY rev (1m)-0.75%
Revenue NY rev (3m)-0.91%
Valuation
Industry RankSector Rank
PE 50.71
Fwd PE 31.96
P/S 5.08
P/FCF 30.38
P/OCF 29.75
P/B 10.48
P/tB 12.11
EV/EBITDA 32.84
EPS(TTM)8.36
EY1.97%
EPS(NY)13.26
Fwd EY3.13%
FCF(TTM)13.95
FCFY3.29%
OCF(TTM)14.25
OCFY3.36%
SpS83.5
BVpS40.47
TBVpS35
PEG (NY)0.86
PEG (5Y)N/A
Graham Number87.24
Profitability
Industry RankSector Rank
ROA 14.73%
ROE 26.56%
ROCE 24.61%
ROIC 17.33%
ROICexc N/A
ROICexgc N/A
OM 12.79%
PM (TTM) 12.87%
GM 31.98%
FCFM 16.71%
ROA(3y)5.95%
ROA(5y)2.35%
ROE(3y)8.69%
ROE(5y)1.31%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y8.62%
GM growth 5Y4.57%
F-Score7
Asset Turnover1.14
Health
Industry RankSector Rank
Debt/Equity 0.05
Debt/FCF 0.68
Debt/EBITDA 0.19
Cap/Depr 59.8%
Cap/Sales 0.35%
Interest Coverage 61.06
Cash Conversion 127.52%
Profit Quality 129.84%
Current Ratio 1.72
Quick Ratio 1.72
Altman-Z 9.73
F-Score7
WACC7.55%
ROIC/WACC2.3
Cap/Depr(3y)25.88%
Cap/Depr(5y)31.84%
Cap/Sales(3y)0.17%
Cap/Sales(5y)0.32%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)51.72%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%151.7%
EPS Next Y58.65%
EPS Next 2Y40.81%
EPS Next 3Y32.92%
EPS Next 5Y22.44%
Revenue 1Y (TTM)9.65%
Revenue growth 3Y13.59%
Revenue growth 5Y16.88%
Sales Q2Q%6.81%
Revenue Next Year13.44%
Revenue Next 2Y13.62%
Revenue Next 3Y13.29%
Revenue Next 5Y12.44%
EBIT growth 1Y61.03%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year50.25%
EBIT Next 3Y32.32%
EBIT Next 5Y22.08%
FCF growth 1Y25.74%
FCF growth 3Y415.22%
FCF growth 5Y73.82%
OCF growth 1Y27.47%
OCF growth 3Y299.5%
OCF growth 5Y62.48%

SPOTIFY TECHNOLOGY SA / 639.DE Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for SPOTIFY TECHNOLOGY SA?

ChartMill assigns a fundamental rating of 6 / 10 to 639.DE.


Can you provide the valuation status for SPOTIFY TECHNOLOGY SA?

ChartMill assigns a valuation rating of 4 / 10 to SPOTIFY TECHNOLOGY SA (639.DE). This can be considered as Fairly Valued.


Can you provide the profitability details for SPOTIFY TECHNOLOGY SA?

SPOTIFY TECHNOLOGY SA (639.DE) has a profitability rating of 6 / 10.


What are the PE and PB ratios of SPOTIFY TECHNOLOGY SA (639.DE) stock?

The Price/Earnings (PE) ratio for SPOTIFY TECHNOLOGY SA (639.DE) is 50.71 and the Price/Book (PB) ratio is 10.48.


What is the earnings growth outlook for SPOTIFY TECHNOLOGY SA?

The Earnings per Share (EPS) of SPOTIFY TECHNOLOGY SA (639.DE) is expected to grow by 58.65% in the next year.