Question 1

What is Spotify's P/B ratio?

Accepted Answer

Spotify (SPOT) P/B ratio is 10.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Spotify?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Spotify specifically, the relevant sector benchmark is the current sector median of 3.1×.

Question 5

Is Spotify's P/B ratio high or low?

Accepted Answer

Spotify's P/B ratio of 10.7× is below its own 5-year average of 13.5× and above the sector median of 3.1×. That places the current reading at the 26th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Spotify's historical P/B ratio range?

Accepted Answer

In the available daily series, Spotify (SPOT) P/B ratio has ranged from a low of 6.0× in 2022 to a high of 126.3× in 2018. The 5-year average is 13.5× and the 5-year median is 13.8×.

Question 7

What was Spotify's P/B ratio in 2025?

Accepted Answer

Spotify (SPOT) P/B ratio at the end of 2025 was 12.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Spotify's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$119B	$9.78B	12.2×	-3.7×	Dec 31, 2025
2024	$90.8B	$5.72B	15.9×	+2.7×	Dec 31, 2024
2023	$36.8B	$2.8B	13.2×	+7.2×	Dec 31, 2023
2022	$15.2B	$2.55B	6.0×	-12.6×	Dec 31, 2022
2021	$45B	$2.42B	18.6×	+1.1×	Dec 31, 2021
2020	$59.7B	$3.42B	17.4×	+5.3×	Dec 31, 2020
2019	$27.4B	$2.26B	12.1×	+3.6×	Dec 31, 2019
2018	$20.5B	$2.4B	8.6×	-82.0×	Dec 31, 2018
2017	$26.5B	$293M	90.5×	—	Dec 31, 2017
2016	$22.3B	—	—	—	Dec 31, 2016


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P/B Ratio for Spotify (SPOT) 2017-2026

P/B Ratio daily chart for Spotify (SPOT)

Historical P/B Ratio for Spotify (SPOT) from 2016 to 2025

About P/B Ratio at Spotify (SPOT)

Spotify P/B Ratio by Year

Spotify P/B Ratio 2025: 12.2×

Spotify P/B Ratio 2024: 15.9×

Spotify P/B Ratio 2023: 13.2×

Spotify P/B Ratio 2022: 6.0×

Spotify P/B Ratio 2021: 18.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Spotify (SPOT) Key Financials