Added to YB: 2026-04-30
Pitch date: 2026-04-29
SPOT [neutral]
Spotify Technology S.A.
Author Info
Accrued Interest is an TMT Equity Research Specialist. They manage their family office and write about business and investing. Former tv/radio executive. During corporate years, achieved +3,400% TWR in PA from ’16-‘24. Sign up for the newsletter.
Company Info
Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide.
Market Cap
$76.3B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
27.19
P/E
28.78
EV/Sales
3.88
Sector
Entertainment
Category
growth
Spotify ($SPOT) Q1 2026 Earnings: The Audio Illusion Unravels
SPOT (earnings): Q1 beat on op income & FCF but Q2 sub guidance missed by 33%, exposing pricing ceiling. 70% of new users join ad-tier where rev fell 5% YoY & margin just 13% vs 34.8% premium. Royalties cap gross margin ~30s permanently. At 33x fwd P/E vs Meta/Google, overvalued for stalling growth engine. Rate Underperform.
Read full article (7 min)