Spotify Technology S.A.
At today's price, Spotify Technology S.A. (SPOT) is priced for today's economics sustained for ~7.2 years. boothcheck doesn't publish a fair value or a price target; it shows what the price assumes, so you can judge whether that bar is too high. Built from SEC EDGAR filings.
• Spotify converted scale into profit: 761 million monthly users, 293 million paying subscribers, a Q1-record 33.0% gross margin, and €715 million of quarterly operating income [Source: Q1 2026 earnings release, April 2026], with $10.8 billion of net cash and no debt underneath. • The royalty structure is the permanent constraint: with certain record labels ⟦"the percentage of revenue used in the calculation of royalties is generally dependent upon certain targets being met"⟧ [FY2025 20-F, acces
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1,250 institutional managers reported holding SPOT in 13F filings for the quarter ended 2026-03-31. Together they hold about 64% of the company; the top 10 hold 25%. 183 opened new positions that quarter. Held by BlackRock, Morgan Stanley, Baillie Gifford, among others. On the short side, 7.8M shares were sold short as of the 2026-06-15 count, about 4% of shares outstanding (4.3 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
SPOT's share count grew 7.4% over the past five years. It pays no dividend.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Last analyzed: July 11, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.