Spotify Technology S.A.

NYSE:SPOT 주식 리포트

시가총액: US$108.9b

Spotify Technology 경영진

경영진 기준 점검 3/4

Spotify Technology CEO는 Alex Norström, Jan2026 에 임명되었습니다 의 임기는 1년 미만입니다. 총 연간 보상은 €11.82M, 2.5% 급여 및 97.5% 보너스(회사 주식 및 옵션 포함)로 구성됩니다. 는 $36.65M 가치에 해당하는 회사 주식의 0.034% 직접 소유합니다. 경영진과 이사회의 평균 재임 기간은 0.3 년과 8.9 년입니다.

핵심 정보

Alex Norström

최고경영자

€11.8m

총 보수

CEO 급여 비율2.51%
CEO 재임 기간less than a year
CEO 지분 보유율0.03%
경영진 평균 재임 기간less than a year
이사회 평균 재임 기간8.9yrs

최근 경영진 업데이트

Recent updates

Seeking Alpha May 22

Spotify: Weaker Advertising Trends Are Becoming A Concern (Downgrade)

Summary Spotify faces decelerating revenue growth as ad-supported users outpace Premium, but monetization lags amid macro headwinds. I am downgrading SPOT to "Neutral," citing a balanced risk-reward profile and concerns over slowing top-line growth and high valuation multiples. The company's gross margin in the mid-30s and 23x forward adjusted EBITDA multiple raise questions about long-term profitability versus peers like Netflix. Recent price increases test elasticity, but slower Premium growth and slim unit economics limit confidence in SPOT's growth narrative. Read the full article on Seeking Alpha
내러티브 업데이트 May 13

SPOT: Price Increases And AI Investments Will Support Future Margin Expansion

Spotify Technology's updated analyst price target has moved lower to reflect a fair value estimate now around $590, as analysts factor in slightly higher revenue growth assumptions along with more conservative long term profit margins and a reduced future P/E multiple. Analyst Commentary Recent research on Spotify Technology reflects a mix of optimism on execution and margins, alongside more cautious views on valuation and future growth assumptions.
내러티브 업데이트 Apr 29

SPOT: Future Margin Expansion Will Rely On Recurring Price Hikes

Analysts trimmed Spotify Technology's fair value estimate slightly to $786.63. This reflects lower price targets across several firms, balanced by views that improved profit margins and an updated future P/E assumption still support the long-term case.
내러티브 업데이트 Apr 15

SPOT: 2026 Price Hikes And AI Features Will Support Margins

The analyst price target for Spotify has edged slightly lower by about $2 to reflect a modestly higher discount rate and slightly softer revenue growth assumptions, even as analysts continue to highlight potential support from improving profit margins and product investments, including AI features. Analyst Commentary Recent research on Spotify reflects a mixed but engaged view, with analysts actively revisiting ratings and price targets as they reassess AI risk, margin trajectory, and the pace of price changes.
내러티브 업데이트 Mar 31

SPOT: Recurring Price Increases Will Support Future Margin Expansion Potential

Analysts have nudged their price target framework for Spotify higher to $784.59 from $767.84, reflecting slightly firmer assumptions around revenue growth, profit margins, and future P/E in light of a mix of supportive rating actions, incremental price hike expectations, and ongoing debate over AI related risks. Analyst Commentary Recent research on Spotify centers on two themes you should keep in mind: pricing power in Premium subscriptions and how much AI changes the risk profile for the business.
내러티브 업데이트 Mar 17

SPOT: Recurring Price Hikes And Firmer Margins Will Support Revaluation Potential

Spotify's analyst fair value estimate has been adjusted from $889.24 to $767.84 as analysts factor in slightly higher discount rates and a lower future P/E, partly offset by firmer margin expectations and views that AI related risks to the platform and its pricing power are limited. Analyst Commentary Recent research on Spotify highlights a split view on AI risk and pricing power, but there is a clear cluster of bullish analysts who still see upside in the story despite a period of target cuts across the Street.
내러티브 업데이트 Mar 03

SPOT: 2026 Price Hikes Will Support Margins Despite AI Concerns

Analysts have slightly reduced their price target on Spotify to $649 from $662. This reflects a modest increase in the discount rate and slightly lower assumptions for revenue growth and future P/E.
새로운 내러티브 Feb 27

Spotify (SPOT): The Audio Super-Platform – Scaling Profitability in the "Year of Raising Ambition"

Spotify Technology (SPOT) has decisively silenced the skeptics who questioned its ability to turn massive scale into meaningful profit. Following its Q4 fiscal 2025 earnings report on February 10, 2026 , the stock experienced a powerful 12% surge , eventually stabilizing around $511.84 as of February 27.
내러티브 업데이트 Feb 17

SPOT: 2026 U.S. Price Hike Will Offset Rising AI Subscription Risk

Analysts have trimmed their average price target on Spotify, reflected in a lower fair value estimate of $662.14 from $733.44, as they factor in higher perceived AI related risk to paid streaming, modestly softer growth assumptions, a richer discount rate, and a more conservative future P/E multiple, despite higher projected profit margins. Analyst Commentary Recent research on Spotify Technology points to a mixed but highly engaged analyst backdrop, with multiple firms revisiting their models around AI risk, pricing, and execution on product initiatives.
새로운 내러티브 Feb 13

Spotify - A Fundamental and Historical Valuation

️Business Overview Key Metrics Total: -1/17 +1 ✅ Projected Operating Margin: 17.56% +1 ✅ Projected 5-Year Revenue CAGR: 10.87% +0 ⚠️ Last 5-Year ROIC: 4.68% -2 ❌ Estimated Cost of Capital: 7.71% (greater than ROIC) -1 ❌ Last 5-Year Shares Outstanding CAGR: +2.07% +1 ✅ Projected 5-Year EPS CAGR: 15.46% +0 ⚠️ Projected 5-Year Dividend CAGR: N/A +1 ✅ Estimated Debt Rating: A1 -1 ❌ Morningstar Moat: Narrow -1 ❌ Morningstar Uncertainty: High Despite its Narrow Moat rating by Morningstar, Spotify still shows an operating margin around ~15-20% and expanding. Its revenue and EPS growth is also solid between 10-15%.
분석 기사 Feb 05

Spotify Technology S.A.'s (NYSE:SPOT) 26% Cheaper Price Remains In Tune With Earnings

The Spotify Technology S.A. ( NYSE:SPOT ) share price has fared very poorly over the last month, falling by a...
내러티브 업데이트 Feb 03

SPOT: Free Tier Funnel And 2026 U.S. Price Hike Will Support Leadership

Analysts have trimmed their blended price target for Spotify, with our fair value estimate easing from US$748.60 to about US$733.44. This reflects slightly lower assumed future P/E multiples, which more than offset modestly higher long term revenue growth and profit margin expectations following a wave of recent target cuts and rating changes across the Street.
내러티브 업데이트 Jan 20

SPOT: Future Price Increases And Margin Goals Will Drive Rerating Potential

Analysts have trimmed their Spotify Technology price targets, with our fair value estimate moving from US$913.70 to US$889.24. They are factoring in slightly softer margin assumptions, modestly lower growth estimates, and a higher future P/E, while still referencing potential benefits from pricing changes and longer term margin goals.
내러티브 업데이트 Jan 06

SPOT: Pricing Power And AI Collaboration Will Shape Balanced Risk Reward Outlook

Analysts have nudged their price targets for Spotify higher, citing a supportive mix of pricing power, a constructive view on music industry economics, and a willingness to underwrite a richer future P/E multiple of around 38.7x. Analyst Commentary Recent research on Spotify reflects a mix of enthusiasm for the business model and pricing potential alongside debate over how much optimism is already reflected in the share price.
내러티브 업데이트 Dec 14

SPOT: Pricing Power And AI Will Shape Balanced Risk Reward Outlook

Our fair value estimate for Spotify Technology has been raised by about $37 to roughly $569 per share, as analysts grow more confident in accelerating revenue growth, expanding profit margins, and the earnings power implied by recent price target revisions across the Street. Analyst Commentary Recent Street commentary on Spotify highlights a mix of optimism around pricing power, product innovation, and artificial intelligence, alongside a more measured tone on valuation and execution risk.
내러티브 업데이트 Nov 18

SPOT: User Gains From Free Tier Funnel Will Drive Competitive Leadership

Spotify’s analyst price target has been modestly increased from approximately $736 to $749, as analysts point to rising expectations for revenue growth and margin expansion. This outlook is fueled by upcoming price increases and ongoing product enhancements.
분석 기사 Nov 11

We Think Spotify Technology's (NYSE:SPOT) Profit Is Only A Baseline For What They Can Achieve

Even though Spotify Technology S.A. ( NYSE:SPOT ) posted strong earnings, investors appeared to be underwhelmed. We...
분석 기사 Nov 07

Spotify Technology S.A. Just Recorded A 63% EPS Beat: Here's What Analysts Are Forecasting Next

Last week, you might have seen that Spotify Technology S.A. ( NYSE:SPOT ) released its quarterly result to the market...
내러티브 업데이트 Nov 01

SPOT: Upcoming Price Increases And Product Changes Will Drive Future Upside

Analysts have slightly lowered their fair value estimate for Spotify Technology by approximately $10 to $736. They cite a balanced outlook in light of evolving industry pricing opportunities and the company's recent financial performance trends.
내러티브 업데이트 Oct 17

Generative AI And Personalization Will Shape Future Entertainment

Spotify’s consensus analyst price target has been adjusted slightly lower, from $747.78 to $746.42. This change reflects updated expectations around revenue growth and profit margins as analysts weigh recent price increases, user engagement momentum, and the outlook for cost management.
내러티브 업데이트 Oct 03

Generative AI And Personalization Will Shape Future Entertainment

Analysts have slightly lowered their fair value estimate for Spotify Technology, adjusting the price target from $756 to $748. More balanced risk-reward expectations and moderated growth outlooks for key metrics offset recent model updates and price increases.
내러티브 업데이트 Sep 17

Generative AI And Personalization Will Shape Future Entertainment

Analysts have raised Spotify’s price targets, citing robust subscriber growth, improved product differentiation and engagement, and greater pricing power despite near-term cost headwinds, leading to a consensus Analyst Price Target increase from $739.83 to $756.18. Analyst Commentary Bullish analysts are raising price targets on expectations of continued price increases in key markets and further upward revisions to long-term revenue and profit estimates.
분석 기사 Jul 31

Is It Too Late To Consider Buying Spotify Technology S.A. (NYSE:SPOT)?

Let's talk about the popular Spotify Technology S.A. ( NYSE:SPOT ). The company's shares saw a decent share price...
분석 기사 Jul 02

Spotify Technology (NYSE:SPOT) Could Easily Take On More Debt

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Seeking Alpha Apr 16

Spotify Is Executing Brilliantly, But The Stock Isn't A Buy Anymore (Rating Downgrade)

Summary Spotify's stock has surged 85.1% since my initial “cautious buy” rating, driven by better-than-expected company improvements and strong execution. Despite impressive growth, the reduced margin of safety now requires greater optimism for a favorable valuation, prompting a downgrade to “cautious hold”. Spotify has achieved significant milestones, including a +30% gross margin and +670 million MAUs, through strategic initiatives and cost management. Risks remain, such as dependency on record labels and increasing competition, making long-term growth visibility less clear and necessitating cautious optimism. Read the full article on Seeking Alpha
Seeking Alpha Mar 14

Spotify: The Road Ahead Is Tough, But It Is Positioned Well

Summary Spotify continues to lead in music streaming with strong growth, innovative features, and a dominant market position, despite recent stock price declines. The company achieved record Q4 results and profitability in 2024, but faces challenges in further margin expansion and increased competition from YouTube. Future success hinges on maintaining efficiency, better monetizing emerging markets users, and significantly improving ads and video capabilities. Considering the challenges ahead, Spotify's Valuation is a bit too high at 46 times forward earnings, making it a 'Hold'. Read the full article on Seeking Alpha
Seeking Alpha Feb 14

Spotify: Just Getting Started

Summary The monetization process is just getting started. Spotify may have multiple years of high earnings growth and increasing FCF. Growing premium subscribers with higher ARPU is the main earnings driver, boosting EBITDA and free cash flow and enhancing shareholder value. Spotify is beginning to gain pricing power from music labels that adds upside risk to its monetization story. The stock's valuation is transitioning to higher EPS-based multiples, I target a price of $770 by YE26. Competition from Amazon and Apple poses a risk, but Spotify's monetization strategy and profitability shift support a continued buy rating. Read the full article on Seeking Alpha
Seeking Alpha Feb 05

Spotify Q4: Profitability Is Only Getting Better

Summary Spotify released its Q4 earnings on 2/4, impressing the market. This was mostly off the back of growing premium subscribers from Q4 2024, and continued growth into Q1 2025. MAUs are up, revenue is up, and expenses are down; Spotify is in a great position and has finally turned a profit for a full year. Compound this with its high valuation, and you have a set-up for success or failure depending on future earnings and if growth can maintain its trajectory. Read the full article on Seeking Alpha
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새로운 내러티브 Feb 05

Narrative update from Michael Paige

Retain Dominant Market Share Position In Paid Music StreamingThis assumptions appears to be tracking well and ahead of my conservative estimates. I estimated 8% growth per year in MAU and premium subs
Seeking Alpha Jan 22

Spotify Q4 Preview: Changing Creator Incentives

Summary Spotify's shares have surged 31.99% since October, driven by AI optimization and enhanced user experiences, boosting demand and premium subscriptions. The new creator incentive program, offering 50% ad revenue share, is a game changer, attracting more high-quality content to Spotify. Despite market pessimism, I believe Spotify's Q4 earnings will exceed expectations due to these creator innovations and strong user engagement metrics. SPOT's strong free cash flow growth and competitive creator incentives position it for significant upside, making it a strong buy heading into Q4 earnings. Read the full article on Seeking Alpha
Seeking Alpha Jan 15

Spotify: The Operational Leverage Run Is Close To Being Over, What's Next?

Summary Spotify emerged stronger from the 2022 market selloff, with its stock up over 6x since December 2022 due to margin expansion and consistent growth. Key growth drivers included aggressive cost-cutting, gaining leverage over music labels, and diversifying into podcasts and audiobooks. Future growth will depend on emerging markets and advertising, though these come with lower ARPU and more uncertainty. Spotify's operational leverage has limits, and the company faces challenges in maintaining the margin expansion story while making strides into video and competing with YouTube. The current valuation and consensus estimates don't reflect the higher uncertainty, leading to a 'Hold' rating. Read the full article on Seeking Alpha
Seeking Alpha Dec 15

Spotify: My Top Investment Pick For 2025

Summary I recommend a "Strong Buy" for Spotify as I highlight robust growth, pricing power, and profitability improvements. Spotify's Q3 results were stellar, with gross margins at 31.1%, revenue up 19% YoY, and free cash flow soaring 230% to $711 million. The platform's scalable, low-cost model, AI-driven personalization, and new subscription tiers ensure sustained growth and high margins without significant overhead. Looking ahead, Spotify's video podcast push, new "Superfan" tier, and enhanced ad tools will drive further revenue and margin gains, with analysts projecting €3.6 billion in FCF by 2026. Read the full article on Seeking Alpha
Seeking Alpha Dec 08

From $15 Billion To $100 Billion: Lessons From Our Spotify Investment

Summary Spotify's stock surged from $132 to $500 per share since its 2018 IPO, delivering a 23% annualized return over 6.5 years. Despite past doubts about its profitability, Spotify's recent improvements in gross margins and cost discipline have renewed optimism in its long-term potential. The company's strategic shift towards advertising and price increases has driven revenue growth and positioned it for future profitability. Adopting a principle of letting winners naturally concentrate in the portfolio has proven effective, with Spotify now representing 15% of our holdings. Read the full article on Seeking Alpha
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새로운 내러티브 Nov 24

Expanding Audiobook Offerings And AI Innovation Propel Dynamic Growth Trajectory

Expansion into audiobooks and AI-enhanced music discovery are set to boost user engagement and revenue growth.
Seeking Alpha Nov 12

Spotify Q3: Strong Subscriber Growth And Margin Improvement

Summary I reiterate a Strong Buy on Spotify Technology S.A. stock with a one-year price target of $500 per share, due to strong subscriber growth and improved monetization. Spotify's potential launch of an ads exchange platform could enhance video ad offerings, reduce reliance on Alphabet and Meta, and boost ad revenue. Spotify's Q3 results showed 19% revenue growth and 11.5% growth in monthly active users, with new features enhancing user experience and reducing churn. Despite SPOT's ongoing legal battles with the Mechanical Licensing Collective, I project 16% annual revenue growth, driven by subscriber gains, price increases, and advertising expansions. Read the full article on Seeking Alpha
Seeking Alpha Oct 03

Spotify: Who's There? TikTok - Buy

Summary I'm maintaining my buy-rating on Spotify in light of TikTok Music's shutdown this November, which I expect will boost Spotify's subscriber base significantly. I expect SPOT to outperform due to momentum in premium subscribers' organic growth and migration from TikTok. I hereon share my positive sentiment on Spotify and why I see more upside in 4Q24 and FY25. Read the full article on Seeking Alpha
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새로운 내러티브 Sep 19

Narrative update from Richard Bowman

Monthly active users up 2% Q/Q and 14% Y/Y
Seeking Alpha Sep 13

Spotify: Why We Remain Confident In The Position We've Built

Summary Back in 2022, Spotify was trading at roughly $15 billion. Now, just 18 months later, Spotify is valued at about $68 billion - a 4.3x increase. Our average cost basis is $216, as we increased our position as the stock rose. As a result, the stock return from that cost basis stands at 58%. We remain confident in the position we've built, given the company's strong long-term growth and profitability potential. Read the full article on Seeking Alpha
Seeking Alpha Aug 24

Spotify: Beware Slowing MAU Growth, Lock In Gains And Sell (Rating Downgrade)

Summary Shares of Spotify are up more than 80% year to date, and there are significant fundamental risks ahead. The company is reporting slower-than-expected MAU expansion, which hurts the future pipeline of Premium subscribers while also slowing down near-term ad revenue. The stock trades at a significant premium to both the S&P 500 and Netflix. Downgrading Spotify to sell, especially as recent price increases (pushing a Spotify subscription above competitor pricing) may trigger heightened churn. Read the full article on Seeking Alpha
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새로운 내러티브 Aug 16

Narrative update from Michael Paige

In terms of market share, nothing has particularly changed, and reports still indicate that it has around one-third of market share in the industry. 

CEO 보수 분석

Alex Norström의 보수는 Spotify Technology의 수익에 비해 어떻게 변했나요?
날짜총 보수급여회사 수익
Mar 31 2026n/an/a

€3b

Dec 31 2025€12m€296k

€2b

Sep 30 2025n/an/a

€1b

Jun 30 2025n/an/a

€806m

Mar 31 2025n/an/a

€1b

Dec 31 2024€16m€300k

€1b

Sep 30 2024n/an/a

€701m

Jun 30 2024n/an/a

€466m

Mar 31 2024n/an/a

-€110m

Dec 31 2023€12m€290k

-€532m

Sep 30 2023n/an/a

-€732m

Jun 30 2023n/an/a

-€963m

Mar 31 2023n/an/a

-€786m

Dec 31 2022€9m€304k

-€430m

Sep 30 2022n/an/a

-€199m

Jun 30 2022n/an/a

-€31m

Mar 31 2022n/an/a

€74m

Dec 31 2021€6m€303k

-€34m

Sep 30 2021n/an/a

-€120m

Jun 30 2021n/an/a

-€223m

Mar 31 2021n/an/a

-€559m

Dec 31 2020€5m€310k

-€581m

Sep 30 2020n/an/a

-€665m

Jun 30 2020n/an/a

-€323m

Mar 31 2020n/an/a

-€43m

Dec 31 2019€6m€297k

-€186m

보상 대 시장: Alex의 총 보수(USD13.74M)는 US 시장에서 비슷한 규모 기업의 평균(USD14.81M) 수준입니다.

보상과 수익: Alex의 보상은 지난 1년 동안 회사 실적과 일치했습니다.


CEO

Alex Norström (48 yo)

less than a year
재임 기간
€11,817,151
보수

Mr. Alex Norström has been Co-Chief Executive Officer & Director of Spotify Technology S.A. since January 1, 2026. He was Co-President & Chief Business Officer of Spotify Technology S.A. since February 1,...


리더십 팀

이름직위재임 기간보수지분
Daniel Ek
Founder & Executive Chairman17.8yrs€591.14k5.83%
$ 6.4b
Alex Norström
Co-CEO & Directorless than a year€11.82m0.034%
$ 36.7m
Gustav Söderström
Co-CEO & Directorless than a year€11.83m0.010%
$ 10.9m
Sven Lorentzon
Co-Founder & Director20.3yrs€337.41k9.24%
$ 10.1b
Christian Luiga
Chief Financial Officer1.6yrs€5.43m데이터 없음
Dustee Jenkins
Chief Public Affairs Officerno data€4.85m0.021%
$ 22.9m
John Giraldo
Chief Accounting Officerno data데이터 없음데이터 없음
Bryan Goldberg
Head of Investor Relationsno data데이터 없음데이터 없음
Tanmaya Trivedi
Director of Salesless than a year데이터 없음데이터 없음
Anna Lundström
Chief Human Resources Officerno data데이터 없음0.0085%
$ 9.3m
Dinesh Srinivasan
Head of Marketing for MENAless than a year데이터 없음데이터 없음
Gustav Gyllenhammar
Vice President of Subscriptionsno data데이터 없음데이터 없음
0.3yrs
평균 재임 기간
48yo
평균 나이

경험이 풍부한 관리: SPOT의 경영진은 경험이 부족한 것으로 간주됩니다(평균 재임 0.3 년) — 신규 팀일 수 있습니다.


이사회 구성원

이름직위재임 기간보수지분
Daniel Ek
Founder & Executive Chairman17.8yrs€591.14k5.83%
$ 6.4b
Alex Norström
Co-CEO & Directorless than a year€11.82m0.034%
$ 36.7m
Gustav Söderström
Co-CEO & Directorless than a year€11.83m0.010%
$ 10.9m
Sven Lorentzon
Co-Founder & Director17.8yrs€337.41k9.24%
$ 10.1b
Christopher Marshall
Lead Independent Director10.9yrs€289.44k0.37%
$ 407.4m
Thomas Staggs
Independent Director8.9yrs€367.24k0.011%
$ 12.3m
Shishir Mehrotra
Independent Director8.9yrs€546.82k0.027%
$ 29.8m
Padmasree Warrior
Independent Director8.9yrs€301.01k0.0040%
$ 4.4m
Theodore Sarandos
Independent Director9.7yrs€337.41k0.0067%
$ 7.3m
Heidi O'Neill
Independent Director8.4yrs€353.48k0.0046%
$ 5.0m
Mona Sutphen
Independent Director5.1yrs€325.29k0.00081%
$ 882.2k
W. McCarthy
Independent Director6.3yrs€337.41k0.17%
$ 186.1m
8.9yrs
평균 재임 기간
57yo
평균 나이

경험이 풍부한 이사회: SPOT의 이사회경험이 있음으로 간주됩니다(평균 재임 8.9 년).


기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2026/05/27 15:52
종가2026/05/27 00:00
수익2026/03/31
연간 수익2025/12/31

데이터 소스

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별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.

분석 모델 및 스노우플레이크

이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드YouTube 튜토리얼도 제공합니다.

Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.

산업 및 섹터 지표

산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.

분석가 소스

Spotify Technology S.A.는 71명의 분석가가 다루고 있습니다. 이 중 36명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
Samuel LourenszArete Research Services LLP
Richard KramerArete Research Services LLP
William Noel MilnerArete Research Services LLP