Spotify Technology SA (SPOT)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from SPOT's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Spotify Technology SA's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9.7B | $11.7B | $13.2B | $15.7B | $17.2B |
| Net income | -$34M | -$430M | -$532M | $1.1B | $2.2B |
| Free cash flow | $276M | $21M | $674M | $2.3B | $2.9B |
| EPS (diluted) | -$1.03 | -$2.93 | -$2.73 | $5.50 | $10.51 |
| Operating margin | 0.97% | -5.6% | -3.4% | 8.7% | 12.8% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own SPOT
From each investor's latest 13F filing (what a 13F shows). 12 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Ron Baron Baron Capital (BAMCO) |
Added | $1.1B | 1.7% | Q2 2026 |
| Philippe Laffont Coatue Management |
Trimmed | $602M | 1.2% | Q2 2026 |
| Chase Coleman Tiger Global Management |
Trimmed | $538M | 2.2% | Q2 2026 |
| Mason Morfit ValueAct Holdings L.P. |
Added | $242M | 4.3% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Added | $230M | 0.19% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Added | $165M | 0.10% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $64M | 0.02% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $16M | 0.04% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
Held | $12M | 0.09% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Added | $5M | 0.05% | Q2 2026 |
| Robert Robotti Robotti & Company |
Held | $3M | 0.56% | Q2 2026 |
| Ric Dillon Diamond Hill Capital Management |
Held | $2M | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by Spotify Technology SA's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
Are Spotify Technology SA insiders buying the stock?
No open-market insider purchases of SPOT in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own Spotify Technology SA?
12 of the superinvestors Investingly tracks hold SPOT in their latest 13F, including Ron Baron, Philippe Laffont, Chase Coleman.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.