SPOTIFY TECHNOLOGY SA (639.DE) Stock Fundamental Analysis

Europe • Frankfurt Stock Exchange • FRA:639 • LU1778762911

405.05 EUR
+52.3 (+14.83%)
Last: Feb 10, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to 639. 639 was compared to 48 industry peers in the Entertainment industry. 639 has an excellent financial health rating, but there are some minor concerns on its profitability. 639 is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • 639 had positive earnings in the past year.
  • In the past year 639 had a positive cash flow from operations.
  • 639 had negative earnings in 4 of the past 5 years.
  • 639 had a positive operating cash flow in each of the past 5 years.
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 0 1B -1B 2B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 9.56%, 639 belongs to the top of the industry, outperforming 89.58% of the companies in the same industry.
  • 639 has a Return On Equity of 18.06%. This is in the better half of the industry: 639 outperforms 79.17% of its industry peers.
  • 639 has a Return On Invested Capital of 19.82%. This is amongst the best in the industry. 639 outperforms 91.67% of its industry peers.
Industry RankSector Rank
ROA 9.56%
ROE 18.06%
ROIC 19.82%
ROA(3y)-0.84%
ROA(5y)-2.44%
ROE(3y)-6.13%
ROE(5y)-8.14%
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 0 200 -200 -400

1.3 Margins

  • Looking at the Profit Margin, with a value of 8.32%, 639 is in the better half of the industry, outperforming 77.08% of the companies in the same industry.
  • The Operating Margin of 639 (11.68%) is better than 77.08% of its industry peers.
  • 639's Operating Margin has improved in the last couple of years.
  • Looking at the Gross Margin, with a value of 31.75%, 639 is doing worse than 72.92% 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 11.68%
PM (TTM) 8.32%
GM 31.75%
OM growth 3Y107.65%
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y4.12%
GM growth 5Y3.51%
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 0 20 -20

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8

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), 639 is creating value.
  • Compared to 1 year ago, 639 has more shares outstanding
  • Compared to 5 years ago, 639 has more shares outstanding
  • 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 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 2B 4B 6B 8B 10B

2.2 Solvency

  • An Altman-Z score of 9.30 indicates that 639 is not in any danger for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 9.30, 639 belongs to the top of the industry, outperforming 93.75% of the companies in the same industry.
  • 639 has a debt to FCF ratio of 0.75. This is a very positive value and a sign of high solvency as it would only need 0.75 years to pay back of all of its debts.
  • 639's Debt to FCF ratio of 0.75 is amongst the best of the industry. 639 outperforms 87.50% of its industry peers.
  • A Debt/Equity ratio of 0.06 indicates that 639 is not too dependend on debt financing.
  • 639 has a Debt to Equity ratio of 0.06. This is amongst the best in the industry. 639 outperforms 83.33% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.06
Debt/FCF 0.75
Altman-Z 9.3
ROIC/WACC2.61
WACC7.61%
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 0 1B 2B 3B 4B 5B

2.3 Liquidity

  • A Current Ratio of 1.61 indicates that 639 should not have too much problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 1.61, 639 belongs to the top of the industry, outperforming 83.33% of the companies in the same industry.
  • A Quick Ratio of 1.61 indicates that 639 should not have too much problems paying its short term obligations.
  • 639 has a Quick ratio of 1.61. This is amongst the best in the industry. 639 outperforms 83.33% of its industry peers.
Industry RankSector Rank
Current Ratio 1.61
Quick Ratio 1.61
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 2B 4B 6B 8B

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

6

3. Growth

3.1 Past

  • 639 shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 38.11%, which is quite impressive.
  • The Revenue has grown by 11.89% in the past year. This is quite good.
  • The Revenue has been growing by 18.30% on average over the past years. This is quite good.
EPS 1Y (TTM)38.11%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%126.21%
Revenue 1Y (TTM)11.89%
Revenue growth 3Y17.47%
Revenue growth 5Y18.3%
Sales Q2Q%7.12%

3.2 Future

  • 639 is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 29.34% yearly.
  • Based on estimates for the next years, 639 will show a quite strong growth in Revenue. The Revenue will grow by 12.46% on average per year.
EPS Next Y33.72%
EPS Next 2Y49.91%
EPS Next 3Y41.78%
EPS Next 5Y29.34%
Revenue Next Year9.51%
Revenue Next 2Y11.88%
Revenue Next 3Y12.59%
Revenue Next 5Y12.46%

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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3

4. Valuation

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 71.19 indicates a quite expensive valuation of 639.
  • 639's Price/Earnings ratio is a bit cheaper when compared to the industry. 639 is cheaper than 66.67% of the companies in the same industry.
  • 639 is valuated expensively when we compare the Price/Earnings ratio to 28.03, which is the current average of the S&P500 Index.
  • Based on the Price/Forward Earnings ratio of 32.71, the valuation of 639 can be described as expensive.
  • 639's Price/Forward Earnings ratio is in line with the industry average.
  • When comparing the Price/Forward Earnings ratio of 639 to the average of the S&P500 Index (27.97), we can say 639 is valued inline with the index average.
Industry RankSector Rank
PE 71.19
Fwd PE 32.71
639.DE Price Earnings VS Forward Price Earnings639.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • 639's Enterprise Value to EBITDA is on the same level as the industry average.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as 639.
Industry RankSector Rank
P/FCF 28.61
EV/EBITDA 35.04
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 high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • The decent profitability rating of 639 may justify a higher PE ratio.
  • A more expensive valuation may be justified as 639's earnings are expected to grow with 41.78% in the coming years.
PEG (NY)2.11
PEG (5Y)N/A
EPS Next 2Y49.91%
EPS Next 3Y41.78%

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

0

5. Dividend

5.1 Amount

  • No dividends for 639!.
Industry RankSector Rank
Dividend Yield 0%

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Find the best dividend stocksShow peers with best dividend

SPOTIFY TECHNOLOGY SA

FRA:639 (2/10/2026, 7:00:00 PM)

405.05

+52.3 (+14.83%)

Chartmill FA Rating
GICS IndustryGroupMedia & Entertainment
GICS IndustryEntertainment
Earnings (Last)11-04
Earnings (Next)02-10
Inst Owners67.66%
Inst Owner ChangeN/A
Ins Owners16.11%
Ins Owner ChangeN/A
Market Cap83.40B
Revenue(TTM)16.90B
Net Income(TTM)1.41B
Analysts80
Price Target627.53 (54.93%)
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)1
Avg EPS beat(2)-29.44%
Min EPS beat(2)-121.7%
Max EPS beat(2)62.82%
EPS beat(4)1
Avg EPS beat(4)-31.07%
Min EPS beat(4)-121.7%
Max EPS beat(4)62.82%
EPS beat(8)4
Avg EPS beat(8)25.11%
EPS beat(12)5
Avg EPS beat(12)22.23%
EPS beat(16)7
Avg EPS beat(16)28.56%
Revenue beat(2)0
Avg Revenue beat(2)-2.29%
Min Revenue beat(2)-3.59%
Max Revenue beat(2)-1%
Revenue beat(4)0
Avg Revenue beat(4)-1.9%
Min Revenue beat(4)-3.59%
Max Revenue beat(4)-0.75%
Revenue beat(8)0
Avg Revenue beat(8)-2.15%
Revenue beat(12)0
Avg Revenue beat(12)-2.17%
Revenue beat(16)0
Avg Revenue beat(16)-1.78%
PT rev (1m)-4.64%
PT rev (3m)-6.31%
EPS NQ rev (1m)1.91%
EPS NQ rev (3m)11.31%
EPS NY rev (1m)-0.01%
EPS NY rev (3m)36.22%
Revenue NQ rev (1m)-0.02%
Revenue NQ rev (3m)-0.06%
Revenue NY rev (1m)-0.01%
Revenue NY rev (3m)-0.28%
Valuation
Industry RankSector Rank
PE 71.19
Fwd PE 32.71
P/S 4.94
P/FCF 28.61
P/OCF 28.17
P/B 10.72
P/tB 12.51
EV/EBITDA 35.04
EPS(TTM)5.69
EY1.4%
EPS(NY)12.38
Fwd EY3.06%
FCF(TTM)14.16
FCFY3.5%
OCF(TTM)14.38
OCFY3.55%
SpS82.07
BVpS37.78
TBVpS32.39
PEG (NY)2.11
PEG (5Y)N/A
Graham Number69.55
Profitability
Industry RankSector Rank
ROA 9.56%
ROE 18.06%
ROCE 23.36%
ROIC 19.82%
ROICexc N/A
ROICexgc N/A
OM 11.68%
PM (TTM) 8.32%
GM 31.75%
FCFM 17.25%
ROA(3y)-0.84%
ROA(5y)-2.44%
ROE(3y)-6.13%
ROE(5y)-8.14%
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 3Y291.99%
ROICexc growth 5YN/A
OM growth 3Y107.65%
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y4.12%
GM growth 5Y3.51%
F-Score6
Asset Turnover1.15
Health
Industry RankSector Rank
Debt/Equity 0.06
Debt/FCF 0.75
Debt/EBITDA 0.21
Cap/Depr 42.06%
Cap/Sales 0.27%
Interest Coverage 50.62
Cash Conversion 142.24%
Profit Quality 207.47%
Current Ratio 1.61
Quick Ratio 1.61
Altman-Z 9.3
F-Score6
WACC7.61%
ROIC/WACC2.61
Cap/Depr(3y)10.82%
Cap/Depr(5y)33.93%
Cap/Sales(3y)0.12%
Cap/Sales(5y)0.45%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)38.11%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%126.21%
EPS Next Y33.72%
EPS Next 2Y49.91%
EPS Next 3Y41.78%
EPS Next 5Y29.34%
Revenue 1Y (TTM)11.89%
Revenue growth 3Y17.47%
Revenue growth 5Y18.3%
Sales Q2Q%7.12%
Revenue Next Year9.51%
Revenue Next 2Y11.88%
Revenue Next 3Y12.59%
Revenue Next 5Y12.46%
EBIT growth 1Y99.6%
EBIT growth 3Y143.94%
EBIT growth 5YN/A
EBIT Next Year71.22%
EBIT Next 3Y44.05%
EBIT Next 5Y29.65%
FCF growth 1Y1335.96%
FCF growth 3Y102.27%
FCF growth 5Y39.14%
OCF growth 1Y1289.67%
OCF growth 3Y85.41%
OCF growth 5Y32.05%

SPOTIFY TECHNOLOGY SA / 639.DE 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 71.19 and the Price/Book (PB) ratio is 10.72.


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 33.72% in the next year.