Question 1

What is Spotify's P/S ratio?

Accepted Answer

Spotify (SPOT) P/S ratio is 5.1× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

What is a good P/S ratio for Spotify?

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Spotify specifically, the relevant sector benchmark is the current sector median of 2.3×.

Question 5

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

Accepted Answer

Spotify's P/S ratio of 5.1× is above its own 5-year average of 4.0× and above the sector median of 2.3×. That places the current reading at the 70th 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/S ratio range?

Accepted Answer

In the available daily series, Spotify (SPOT) P/S ratio has ranged from a low of 1.1× in 2022 to a high of 9.4× in 2025. The 5-year average is 4.0× and the 5-year median is 3.9×.

Question 7

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

Accepted Answer

Spotify (SPOT) P/S ratio at the end of 2025 was 6.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$119.46B	$19.44B	6.1×	+0.8×	Dec 31, 2025
2024	$90.77B	$16.95B	5.4×	+2.8×	Dec 31, 2024
2023	$36.78B	$14.33B	2.6×	+1.3×	Dec 31, 2023
2022	$15.25B	$12.32B	1.2×	-2.7×	Dec 31, 2022
2021	$44.97B	$11.42B	3.9×	-2.7×	Dec 31, 2021
2020	$59.71B	$9.01B	6.6×	+3.0×	Dec 31, 2020
2019	$27.38B	$7.57B	3.6×	+0.3×	Dec 31, 2019
2018	$20.51B	$6.19B	3.3×	-2.4×	Dec 31, 2018
2017	$26.54B	$4.64B	5.7×	-1.1×	Dec 31, 2017
2016	$22.29B	$3.28B	6.8×	—	Dec 31, 2016


Alphabet (GOOGL)	8.2×
Electronic Arts (EA)	6.8×
Meta (META)	6.7×
Take-Two Interactive Software (TTWO)	5.5×
DoorDash (DASH)	4.4×
Trade Desk (TTD)	3.6×
TKO Group Holdings (TKO)	3.1×
Roku (ROKU)	2.8×
Pinterest (PINS)	2.7×
T-Mobile US (TMUS)	2.6×
Telephone and Data Systems (TDS)	2.3×
Match Group (MTCH)	2.1×
Warner Bros. Discovery (WBD)	1.8×
Walt Disney (DIS)	1.7×
AT&T (T)	1.6×
News (NWSA)	1.5×
Fox (FOXA)	1.5×
Verizon (VZ)	1.5×
Live Nation Entertainment (LYV)	1.4×
Snap (SNAP)	1.3×
John Wiley & Sons (WLY)	1.0×
Comcast (CMCSA)	0.8×
Omnicom Group (OMC)	0.8×
Charter Communications (CHTR)	0.5×
Paramount Skydance (PSKY)	0.2×

P/S Ratio for Spotify (SPOT)

P/S Ratio daily chart for Spotify (SPOT)

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

About P/S Ratio at Spotify (SPOT)

Spotify P/S Ratio by Year

Spotify P/S Ratio 2025: 6.1×

Spotify P/S Ratio 2024: 5.4×

Spotify P/S Ratio 2023: 2.6×

Spotify P/S Ratio 2022: 1.2×

Spotify P/S Ratio 2021: 3.9×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Spotify (SPOT) Key Financials

P/S Ratio daily chart for Spotify (SPOT)

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

About P/S Ratio at Spotify (SPOT)

Spotify P/S Ratio by Year

Spotify P/S Ratio 2025: 6.1×

Spotify P/S Ratio 2024: 5.4×

Spotify P/S Ratio 2023: 2.6×

Spotify P/S Ratio 2022: 1.2×

Spotify P/S Ratio 2021: 3.9×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

+What is Spotify's P/S ratio?

+How is the P/S ratio calculated?

+What is the P/S ratio?

+What is a good P/S ratio for Spotify?

+Is Spotify's P/S ratio high or low?

+What is Spotify's historical P/S ratio range?

+What was Spotify's P/S ratio in 2025?

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

Spotify (SPOT) Key Financials