Home 
Today's Top Picks 
Top Performers 
Watchlist 
My Robo Portfolios 
ETF Zone 
How It Works 
News - Chart
- Upturn Summary
- Highlights
- Revenue
- Valuation
Upturn AI Summary - About
Spotify Technology SA(SPOT)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for SPOT
10/23/2026: SPOT (3-star) is a STRONG-BUY. BUY for 1 day. Simulated Profits (0.00%). Updated daily EoD!
Spotify Technology SA is a leading digital audio platform offering music, podcasts, and audiobooks via a freemium model. Its primary strength lies in a massive global user base and industry-leading recommendation algorithms that drive engagement. The company's growth story centers on diversifying into higher-margin audio content and scaling advertising revenue. However, it faces significant risks from well-funded competitors and persistent content licensing costs that influence profitability. The stock may suit growth-oriented investors looking for exposure to the audio entertainment market, but investors should monitor margins and the effectiveness of new initiatives like audiobooks as key indicators of long-term performance.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Strong fit | The company continues to grow its user base and revenue at a healthy pace while scaling operations. |
| Momentum investor | Strong fit while signal remains positive | Strong recent operational improvements have driven positive stock momentum. |
| Value investor | Weak fit | The company trades at a premium valuation based on growth prospects rather than current cash flow yield. |
| Dividend investor | Weak fit | Spotify does not pay a dividend and prioritizes reinvestment. |
| Low-risk investor | Weak fit | The stock exhibits high volatility and competitive pressure. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | The stock's price often reacts sharply to subscriber growth metrics and market sentiment. |
| Valuation risk | Medium / high | High growth expectations are priced into the stock, leaving little margin for error. |
| Competition risk (Tech Ecosystem) | High | Competitors like Apple and Amazon use streaming as a loss leader, pressuring margins. |
| Business quality | Medium | While the product is high-quality, the business relies heavily on third-party labels. |
| Dividend income | Low / none | Investors should not expect income from this equity. |
| Execution risk | Medium | Success depends on managing complex content costs while scaling new revenue lines. |
Price Behavior
Steady Uptrend
The stock demonstrates consistent and steady upward price momentum.
Moderately Choppy
The stock has experienced noticeable price swings while retaining some directional structure.
Analysis of Past Performance
Type Stock | Historic Profit 77.97% | Avg. Invested days 42 | Today’s Advisory Strong Buy |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | Stock Returns Performance  4.0 |
| Profits based on simulation | Last Close 10/23/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Large-Cap Stock | Market Capitalization 120.11B USD | Price to earnings Ratio 35.6 | 1Y Target Price 631.93 |
Price to earnings Ratio 35.6 | 1Y Target Price 631.93 | ||
Volume (30-day avg) 1.7M shares | Beta 1.61 | 52 Weeks Range 405.00 - 673.16 | Updated Date 10/25/2026 |
52 Weeks Range 405.00 - 673.16 | Updated Date 10/25/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) 16.41 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Premium Subscriptions | Monthly recurring revenue from ad-free music and audio listening. | This is the primary stable revenue stream for the company. |
| Ad-Supported | Revenue from advertisements served to free-tier users. | This segment offers higher margin potential as it grows. |
| Global Markets | Operations spanning Europe, North America, and emerging markets. | International expansion remains a key growth driver. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2026-10-22 | When Before Market | Estimate 3.1 | Actual 2.85 |
Profitability
Profit Margin 15.73% | Operating Margin (TTM) 13.52% |
Management Effectiveness
Return on Assets (TTM) 11.82% | Return on Equity (TTM) 35.81% |
Valuation
Trailing PE 35.6 | Forward PE 51.55 | Enterprise Value 138.55B | Price to Sales(TTM) 6.39 |
Enterprise Value 138.55B | Price to Sales(TTM) 6.39 | ||
Enterprise Value to Revenue 7.11 | Enterprise Value to EBITDA 83.16 | Shares Outstanding 205.58M | Shares Floating 157.06M |
Shares Outstanding 205.58M | Shares Floating 157.06M | ||
Percent Insiders 23.46 | Percent Institutions 68.87 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
Note: This website is maintained by Upturn Corporation, which is an investment adviser registered with the U.S. Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. Investing in securities has risks. Past performance is no guarantee of future returns. No assurance is provided as to any particular investment return, and you may lose money using our services. You are strongly advised to consult appropriate counsel before making any investments in companies you learn about through our services. You should obtain appropriate legal, tax, investment, accounting, and other advice that takes into account your investment portfolio and overall financial situation. You are solely responsible for conducting due diligence on a potential investment. We do not affect trades for you. You will select your own broker through which to transact. Investments are not FDIC insured, they are not guaranteed, and they may lose value. Please see the Privacy Policy, Terms of Use, and Disclosure for more information.
All company names, trademarks, logos, and brands are the property of their respective owners and are used for identification and informational purposes only. Use of these names, trademarks, and logos does not imply endorsement by their respective owners.