Spotify Technology S.A (SPOT) Key Metrics
SPOT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · eurosSPOT returns How much profit the business earns on the capital it uses.
SPOT financial health Debt, liquidity and how easily interest is covered.
SPOT efficiency & capital use Working capital cycle and where the cash goes.
SPOT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SPOT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SPOT cash returned to shareholders
SPOT key metrics in euros
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 31.9% | 28.3% | −21.6% | −19.0% | −1.4% | −24.0% | −9.0% | −4.8% | −262.2% | — |
| Return on invested capital (ROIC) | 450.3% | — | −95.4% | −34.5% | 1.6% | −8.0% | −4.2% | −6.6% | — | — |
| Return on assets (ROA) | 16.4% | 11.2% | −6.7% | −5.8% | −0.5% | −10.2% | −3.9% | −2.1% | −47.4% | −34.2% |
| Return on tangible assets | 15.9% | 10.6% | −7.5% | −6.8% | −0.5% | −10.6% | −4.1% | −1.9% | −41.9% | −26.7% |
| Free cash flow margin | 16.7% | 14.6% | 5.1% | 0.2% | 2.9% | 2.3% | 6.5% | 4.2% | 3.3% | 2.5% |
| Income quality (OCF / net income) | 1.33 | 2.02 | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | €1.96B | €2.08B | €1.70B | €1.68B | €3.67B | €2.35B | €2.08B | €123.0M | €945.0M | €1.11B |
| Cash & short-term investments | €9.47B | €7.45B | €4.21B | €3.35B | €3.50B | €1.75B | €1.76B | €1.81B | €1.51B | €1.58B |
| Net debt | −€7.51B | −€5.37B | −€2.52B | −€1.67B | €167.0M | €607.0M | €325.0M | −€1.68B | −€564.0M | −€473.0M |
| Debt / equity | 0.23 | 0.38 | 0.67 | 0.70 | 1.73 | 0.84 | 1.02 | 0.06 | 0.80 | — |
| Debt / assets | 0.13 | 0.17 | 0.20 | 0.22 | 0.51 | 0.37 | 0.41 | 0.03 | 0.30 | 0.53 |
| Net debt / EBITDA | −3.19 | −3.59 | — | — | 0.40 | — | — | — | — | — |
| Current ratio | 1.72 | 1.88 | 1.29 | 1.24 | 1.36 | 0.82 | 0.91 | 1.05 | 1.02 | 1.56 |
| Quick ratio | 1.72 | 1.88 | 1.35 | 1.20 | 1.36 | 0.82 | 0.91 | 1.05 | 1.02 | 1.56 |
| Interest coverage | 70.9 | 37.9 | -11.7 | -16.1 | 2.4 | -5.8 | -1.7 | -7.2 | -0.7 | -69.8 |
| Working capital | €4.41B | €3.93B | €1.17B | €836.0M | €1.15B | −€534.0M | −€208.0M | €99.0M | €38.0M | €689.0M |
| Invested capital | €818.0M | €153.0M | €5.0M | €734.0M | €2.29B | €3.41B | €2.36B | €411.0M | €618.0M | −€713.0M |
| Tangible asset value | €7.21B | €4.28B | €1.30B | €1.11B | €1.14B | €1.97B | €1.50B | €1.92B | €1.02B | −€320.0M |
| Net current asset value | €3.81B | €1.90B | −€563.0M | −€883.0M | −€679.0M | −€1.16B | −€854.0M | €4.0M | −€27.0M | −€431.0M |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | €42.2M | €205.9M | €30.0M | €242.3M | €0 | €0 | €0 |
| Share buybacks (net) | €439.0M | €135.0M | €68.0M | €2.0M | €143.0M | €30.0M | €438.0M | €72.0M | €0 | €0 |
| Dividends + buybacks / free cash flow | 15.3% | 5.9% | 10.1% | 210.6% | 126.4% | 33.1% | 155.3% | 32.9% | 0.0% | 0.0% |
| Capex / revenue | 0.4% | 0.1% | 0.0% | 0.2% | 0.9% | 1.0% | 2.0% | 2.4% | 1.1% | 0.9% |
| Capex / operating cash flow | 2.1% | 0.7% | 0.9% | 54.3% | 23.5% | 30.1% | 23.6% | 36.3% | 25.7% | 26.7% |
| Capex / depreciation | 0.60 | 0.14 | 0.04 | 0.15 | 0.67 | 0.70 | 1.55 | 3.91 | 0.85 | 0.71 |
| Stock-based compensation / revenue | 1.4% | 1.7% | 2.4% | 3.2% | 2.3% | 2.2% | 1.8% | 1.7% | 1.6% | 1.8% |
| R&D / revenue | 8.1% | 9.5% | 13.0% | 11.8% | 9.4% | 10.6% | 9.1% | 9.4% | 9.7% | 7.0% |
| SG&A / revenue | 11.1% | 12.0% | 16.0% | 18.7% | 16.4% | 18.7% | 17.4% | 17.2% | 20.3% | 18.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 18.2 | 19.5 | 21.7 | 20.6 | 20.7 | 20.2 | 21.8 | 26.4 | 29.7 | 34.2 |
| Days of inventory on hand | — | — | -2.9 | 5.0 | — | — | — | — | — | — |
| Days payables outstanding | 26.8 | 26.6 | 23.2 | 28.6 | 36.9 | 36.9 | 35.3 | 31.3 | 21.5 | 18.5 |
| Cash conversion cycle (days) | -8.6 | -7.1 | -4.4 | -3.1 | -16.3 | -16.7 | -13.5 | -4.8 | 8.3 | 15.7 |
| Receivables turnover | 20.02 | 18.69 | 16.84 | 17.75 | 17.67 | 18.03 | 16.74 | 13.80 | 12.28 | 10.68 |
| Payables turnover | 13.62 | 13.73 | 15.76 | 12.75 | 9.89 | 9.88 | 10.33 | 11.68 | 17.01 | 19.78 |
| Inventory turnover | — | — | — | 73.34 | — | — | — | — | — | — |
| Asset turnover | 1.27 | 1.54 | 1.66 | 1.58 | 1.43 | 1.38 | 1.43 | 1.41 | 1.57 | 1.87 |
| Average receivables | €858.5M | €838.5M | €786.5M | €660.5M | €547.0M | €437.0M | €404.0M | €381.0M | €333.0M | €276.5M |
| Average payables | €858.0M | €797.5M | €625.0M | €690.5M | €715.5M | €593.5M | €488.0M | €334.5M | €190.5M | €129.0M |
| Average inventory | — | — | −€78.0M | €120.0M | — | — | €0 | €0 | €0 | €0 |
| Intangibles / total assets | 7.5% | 10.4% | 14.6% | 17.0% | 13.7% | 13.2% | 10.5% | 4.0% | 5.2% | 3.8% |
Computed from SPOT's annual financial statements (latest annual report filed February 10, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in euros; data from EODHD. Averages use the opening and closing balance of each year.
SPOT valuation and financial ratios
Spotify Technology S.A earned a return on equity of 31.9% and a return on invested capital of 450.3% in fiscal 2025. It ended the year with €2.0 billion of debt and €9.5 billion in cash and short-term investments, a net cash position of €7.5 billion. It returned €439.0 million to shareholders: €0 in dividends and €439.0 million in share buybacks, 15% of free cash flow.
See the SPOT income statement, the SPOT chart for price history, or the SPOT stock overview for the latest quote and news.
SPOT key metrics FAQ
What is Spotify Technology S.A's return on equity?
Spotify Technology S.A's return on equity (ROE) was 31.9% in fiscal 2025: net income of €2.2 billion on average shareholders' equity of €6.9 billion.
What is Spotify Technology S.A's ROIC?
Spotify Technology S.A's return on invested capital was 450.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Spotify Technology S.A have?
Spotify Technology S.A had total debt of €2.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.23 and more cash than debt.
Does Spotify Technology S.A buy back its shares?
Yes. Spotify Technology S.A spent €439.0 million on net share repurchases in fiscal 2025.
What is Spotify Technology S.A's current ratio?
Spotify Technology S.A's current ratio was 1.72 at the end of fiscal 2025: current assets were 1.72 times current liabilities.