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Spotify Technology S.A. (SPOT) 财务分析 | 估值·财报 | 100Baggers.club

Spotify Technology S.A.

SPOT

Spotify Technology S.A., together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers. The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers on their computers, tablets, and compatible mobile devices. The company also offers sales, marketing, contract research and development, and customer support services. As of December 31, 2021, its platform included 406 million monthly active users and 180 million premium subscribers in 184 countries and territories. The company was incorporated in 2006 and is based in Luxembourg, Luxembourg.

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利润瀑布图分析

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现金流瀑布图

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流入

流出

小计

起止点

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

P

盈利能力指标

Gross Profit Margini毛利率

33.08%

毛利润 = $1.73B

营业收入 = $5.23B

Operating Profit Margini营业利润率

15.47%

营业利润 = $0.81B

营业收入 = $5.23B

EBITDA MarginiEBITDA利润率

23.73%

EBITDA = $1.24B

营业收入 = $5.23B

EBIT MarginiEBIT利润率

23.17%

EBIT = $1.18B

营业收入 = $5.23B

Net Profit Margini净利率

25.91%

净利润 = $1.36B

营业收入 = $5.23B

Pretax Profit Margini税前利润率

22.53%

税前利润 = $1.18B

营业收入 = $5.23B

E

运营效率指标

Interest Coveragei利息保障倍数

43.15x

EBIT (TTM) = $2.60B

利息费用 (TTM) = $0.06B

43.7x

38.4x

52.6x

72.7x

85.0x

SG&A / Revenuei销管费率

11.21%

销售及管理费用 = $0.59B

营业收入 = $5.23B

R&D / Revenuei研发占比

6.40%

研发费用 = $0.33B

营业收入 = $5.23B

R

回报率指标 (TTM)

⚡ 比率按EUR计算，去除汇率影响

ROAi总资产回报率

17.06%

净利润 = $2.55B

平均总资产 = $14.92B

⚡ ROA比率 = 17.06% (按EUR计算，去除汇率影响)

ROEi净资产收益率

33.10%

净利润 = $2.55B

平均股东权益 = $7.69B

⚡ ROE比率 = 33.10% (按EUR计算，去除汇率影响)

ROICi投入资本回报率

-155.94%

NOPAT (TTM) = $2.32B

平均投入资本 = $-1.49B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

⚡ ROIC比率 = -155.94% (按EUR计算，去除汇率影响)

Revenue Growthi营收增长率

9.97%

当期营收 = $4.61B

去年同期营收 = $4.19B

⚡ Revenue Growth = 9.97% (按EUR计算，去除汇率影响)

+15.2%

+10.1%

+7.1%

+6.8%

+10.0%

Operating Cash Flow/Sharei每股经营现金流

$15.50

经营现金流 = $3.24B

流通股数 = 0.21B

$12.50

$13.85

$13.85

$13.80

$15.50

综合分析

⚡ YoY Growth & Margin按EUR计算，去除汇率影响

利润表项目	同比增长	当季数据	趋势
营业收入	+10.0%	$4.61B	↑
毛利	+14.2%	$1.51B, 32.87%	↑
营业利润	+42.8%	$0.73B, 15.77%	↑
EBITDA	+107.5%	$0.75B, 16.35%	↑
税前利润	+190.4%	$0.95B, 20.67%	↑
净利润	+225.7%	$0.73B, 15.91%	↑
稀释每股收益	+236.5%	3.50	↑

L

流动性指标

Current Ratioi流动比率

1.72

正常

流动资产 = $12.17B

流动负债 = $7.06B

Quick Ratioi速动比率

1.72

健康

速动资产 = $12.17B

流动负债 = $7.06B

Cash Ratioi现金比率

1.56

健康

现金及等价物 = $10.98B

流动负债 = $7.06B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.28

健康

总债务 = $2.70B

总权益 = $9.66B

Liabilities to Assetsi资产负债率 (总负债)

44.5%

正常

总负债 = $7.75B

总资产 = $17.42B

Equity Multiplieri权益乘数

1.80

健康

总资产 = $17.42B

总权益 = $9.66B

E

效率指标

Asset Turnoveri总资产周转率

1.30

健康

营收 (TTM) = $19.40B

平均总资产 = $14.92B

Inventory Turnoveri存货周转率

N/A

正常

营业成本 (TTM) = $13.19B

平均存货 = $0.00B

Receivables Turnoveri应收账款周转率

18.76

健康

营收 (TTM) = $19.40B

平均应收账款 = $1.03B

S

偿债能力

Interest Coveragei利息保障倍数

43.15

健康

EBIT (TTM) = $2.60B

利息费用 (TTM) = $0.06B

Net Debt to EBITDAi净债务/EBITDA

-1.26

健康

净债务 = $-3.40B

EBITDA (TTM) = $2.71B

Debt Service Coveragei偿债覆盖率

1.97

正常

经营现金流 (TTM) = $3.38B

债务偿付 = $1.72B

V

价值指标

Goodwill %i商誉占比

7.2%

健康

商誉 = $1.26B

总资产 = $17.42B

Working Capital Ratioi营运资本比率

0.29

健康

营运资本 = $5.12B

总资产 = $17.42B

C

现金流指标

经营现金流 TTMi

$3.10B

自由现金流 TTMi

$3.07B

FCF = OCF - CapEx

经营现金流 (TTM) = $3.10B

资本支出 (TTM) = $-0.03B

自由现金流收益率i

3.56%

关注

FCF (TTM) = $3.07B

市值 = $133.62B

经营现金流/销售比i

18.43%

正常

经营现金流 (TTM) = $3.10B

营业收入 (TTM) = $18.08B

⚡ 经营现金流/销售比 = 18.43% (比率按EUR计算，去除汇率影响)

Q

质量与覆盖指标

收益质量i

1.19x

正常

经营现金流 (TTM) = $3.10B

净利润 (TTM) = $0.86B

⚡ 收益质量 = 1.19x (比率按EUR计算，去除汇率影响)

现金流/债务比i

6.81x

健康

经营现金流 (TTM) = $3.10B

总负债 = $2.81B

⚡ 现金流/债务比 = 6.81x (比率按EUR计算，去除汇率影响)

短期覆盖率i

0.69x

健康

经营现金流 (TTM) = $3.10B

流动负债 = $7.45B

⚡ 短期覆盖率 = 0.69x (比率按EUR计算，去除汇率影响)

资本支出覆盖率i

53.99x

健康

经营现金流 (TTM) = $3.10B

资本支出 (TTM) = $0.03B

⚡ 资本支出覆盖率 = 53.99x (比率按EUR计算，去除汇率影响)

E

效率指标

⚡ 比率按EUR计算，去除汇率影响

自由/经营现金流比i

98.15%

健康

自由现金流 (TTM) = $3.07B

经营现金流 (TTM) = $3.10B

资本支出/营收比i

0.34%

健康

资本支出 (TTM) = $0.03B

营业收入 (TTM) = $18.08B

净债务/EBITDAi

-2.15

健康

净债务 = $-3.28B

EBITDA (TTM) = $1.53B

G

增长指标

经营现金流增长率i

118.99%

健康

当期OCF (TTM) = $3.10B

上期OCF = $1.42B

股东盈余i

$0.96B

健康

净利润 (TTM) = $0.86B

+ 折旧摊销 (TTM) = $0.12B

- 资本支出 (TTM) = $-0.03B