SPOT vs TME: Spotify Technology SA and Tencent Music Entertainment Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Spotify Technology SA is the larger company, worth $111.5B, about 8.3 times Tencent Music Entertainment Group.
- Spotify Technology SA grew revenue faster over the last year (+9.7% vs +2.3%).
- Tencent Music Entertainment Group keeps more of each dollar of revenue as operating profit (30.7% vs 12.8%).
- On earnings, Tencent Music Entertainment Group is the cheaper stock (9.8x vs 36.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | SPOT | TME |
|---|---|---|
| Market cap | $111.5B | $13.4B |
| Share price | $529.14 | $7.99 |
| Revenue (last fiscal year) | $17.2B | $28.4B |
| Free cash flow (last fiscal year) | $2.9B | $9.2B |
| Revenue growth, last year | +9.7% | +2.3% |
| Revenue growth per year, last 5 fiscal years | +15.5% | -0.7% |
| Operating margin | 12.8% | 30.7% |
| Net margin | 12.9% | 23.4% |
| Return on equity | 26.6% | 9.8% |
| P/E (trailing) | 36.2x | 9.84x |
| Price / free cash flow | 38.8x | 1.36x |
| EV / EBITDA | 21.9x | 6.76x |
| FCF growth the price implies | — | — |
| Dividend yield | — | 2.9% |
| Debt / equity | 0.80x | 0.31x |
| Fundamental grade | C | B |
| Superinvestors holding it | 12 | 5 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Spotify Technology SA
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.7B | $276M | 0.97% |
| 2022 | $11.7B | $21M | -5.6% |
| 2023 | $13.2B | $674M | -3.4% |
| 2024 | $15.7B | $2.3B | 8.7% |
| 2025 | $17.2B | $2.9B | 12.8% |
Tencent Music Entertainment Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2020 | $29.2B | $4.4B | 16.2% |
| 2021 | $31.2B | $4.0B | 12.2% |
| 2022 | $28.3B | $7.0B | 15.7% |
| 2023 | $27.8B | $6.7B | 21.8% |
| 2024 | $28.4B | $9.2B | 30.7% |
Where the revenue comes from
Spotify Technology SA · by segments, 2025
Premium$15.3B89%
Ad-Supported$1.8B11%
Tencent Music Entertainment Group · by products, 2025
Online Music Services$26.7B81%
Social Entertainment Services And Others$6.2B19%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open SPOT in InvestinglyQuestions
Which is bigger, Spotify Technology SA or Tencent Music Entertainment Group?
Spotify Technology SA (SPOT), at $111.5B against $13.4B.
Is SPOT or TME cheaper?
By trailing P/E, Tencent Music Entertainment Group (9.84x) is cheaper than Spotify Technology SA (36.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, SPOT or TME?
Spotify Technology SA: revenue grew +9.7% over the last year, against +2.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.