What is the intrinsic value of Spotify Technology S.A. (SPOT)?

Decent fundamentals but some concerns. Investigate the failing criteria. Valuo applies Buffett DCF, Graham Number, Lynch PEGY, and Rule #1 frameworks to calculate buy targets and margin of safety for SPOT.

Should I buy SPOT at the current price?

Based on Buffett's framework analysis, SPOT has a Hold recommendation with a Buffett score of 72%. This combines signals from four investor models — each calculates a fair value and margin of safety to determine whether the current price offers a good entry point.

What is the Buffett score for SPOT?

SPOT has a Buffett score of 72% on Valuo. This score reflects how well the company meets Warren Buffett's investment criteria: durable competitive advantage, strong return on equity, consistent earnings growth, and a price below intrinsic value.

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Spotify Technology S.A.

SPOT

Communication Services · Internet Content & Information · NYSE

$478.17

P/E 31.4×

CEO

Alex Norström

Sector

Communication Services

Industry

Internet Content & Information

Website

open.spotify.com

Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide. It operates in two segments, Premium and Ad-Supported. The Premium segment offers online and offline streaming access to its catalog of music and podcasts, including video, lossless music, and audiobooks in select markets through subscription offerings primarily sold directly to end users and partners. The Ad-Supported segment provides limited on-demand online access to its catalog of music and online and offline access to its catalog of podcasts on computers, tablets, mobile devices, and other smart devices. The company also offers sales, distribution and marketing, contract research and development, and customer and other support services. Spotify Technology S.A. was incorporated in 2006 and is headquartered in Stockholm, Sweden.

Investor model analysis

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Intrinsic Value (DCF)

Warren Buffett's valuation model · select an investor above to switch

Intrinsic Value

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Buy Below

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Strong Buy

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Margin of Safety

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Scenario analysis

Bear, base & bull

Three growth assumptions, three fair values — and where today's price lands

What's working

Key strengths

Identified by Buffett framework analysis

Return on Equity

ROE Quality (Low Leverage)

Debt Levels

Risk factors & concerns — free account

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Company financials

5-Year Financials

Income statement highlights — annual, USD

Source: 10-K filings

Metric	2025	2024	2023	2022	2021
Revenue	$17.2B	$15.7B	$13.2B	$11.7B	$9.7B
Rev. Growth	—	-8.8%	-15.5%	-11.5%	-17.6%
Net Income	$2.2B	$1.1B	-$532M	-$430M	-$34M
Net Margin	12.9%	7.3%	-4.0%	-3.7%	-0.4%
EPS (Diluted)	$10.77	$5.67	$-2.73	$-2.23	$-0.18
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Educational Use Only · Not Financial Advice

Analysis, scores, valuations, and buy zones are derived from publicly documented investor frameworks (Buffett, Lynch, Benjamin Graham, Phil Town) for learning purposes only. They are not recommendations from licensed financial advisors. Past performance does not guarantee future results. Prices may be delayed up to 15 minutes. Always conduct your own research before making any investment decisions.