Spotify Technology (SPOT)
Market Price (2/27/2026): $493.0 | Market Cap: $101.4 BilSector: Communication Services | Industry: Interactive Media & Services
Spotify Technology (SPOT)
Market Price (2/27/2026): $493.0Market Cap: $101.4 BilSector: Communication ServicesIndustry: Interactive Media & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 2.9 Bil, FCF LTM is 2.9 Bil | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 45x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
| Low stock price volatilityVol 12M is 47% | Key risksSPOT key risks include [1] high content licensing costs that challenge sustained profitability and [2] evolving legal and regulatory disputes over content rights and royalty payments. |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, Social Media & Creator Economy, and Digital Advertising. Themes include Music Streaming, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 2.9 Bil, FCF LTM is 2.9 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30% |
| Low stock price volatilityVol 12M is 47% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, Social Media & Creator Economy, and Digital Advertising. Themes include Music Streaming, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 45x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
| Key risksSPOT key risks include [1] high content licensing costs that challenge sustained profitability and [2] evolving legal and regulatory disputes over content rights and royalty payments. |
Qualitative Assessment
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Spotify Technology (SPOT) stock has lost about 25% since 10/31/2025 because of the following key factors:
1. Analyst Downgrades and Price Target Cuts Intensified
During the period, multiple financial analysts downgraded Spotify's stock or significantly reduced their price targets, indicating a more cautious outlook for the company's future performance. For instance, Bernstein lowered its price target by 21.69% on January 14, 2026. Other firms like Wells Fargo, UBS, and Guggenheim also cut their price targets in early January 2026. KeyBanc Capital Markets, on February 9, 2026, further lowered its target, citing foreign exchange headwinds, which likely contributed to investor uncertainty and selling pressure.
2. Persistent Concerns Over Advertising Revenue Growth
Spotify faced ongoing challenges with its advertising business, with Q3 2025 ad-supported revenue reported as flat year-over-year on a constant currency basis. Management characterized 2025 as a "transition year" for the ad business, but the slow progress and low average revenue per user (ARPU) for ad-supported tiers, compared to premium subscribers, continued to be a point of concern for investors. An article from December 2025 suggested that investors might be underestimating the impact of these ad struggles on Spotify's long-term investment case, further undermining confidence.
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1. Analyst Downgrades and Price Target Cuts Intensified
During the period, multiple financial analysts downgraded Spotify's stock or significantly reduced their price targets, indicating a more cautious outlook for the company's future performance. For instance, Bernstein lowered its price target by 21.69% on January 14, 2026. Other firms like Wells Fargo, UBS, and Guggenheim also cut their price targets in early January 2026. KeyBanc Capital Markets, on February 9, 2026, further lowered its target, citing foreign exchange headwinds, which likely contributed to investor uncertainty and selling pressure.
2. Persistent Concerns Over Advertising Revenue Growth
Spotify faced ongoing challenges with its advertising business, with Q3 2025 ad-supported revenue reported as flat year-over-year on a constant currency basis. Management characterized 2025 as a "transition year" for the ad business, but the slow progress and low average revenue per user (ARPU) for ad-supported tiers, compared to premium subscribers, continued to be a point of concern for investors. An article from December 2025 suggested that investors might be underestimating the impact of these ad struggles on Spotify's long-term investment case, further undermining confidence.
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Stock Movement Drivers
Fundamental Drivers
The -24.4% change in SPOT stock from 10/31/2025 to 2/26/2026 was primarily driven by a -72.4% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2262026 | Change |
|---|---|---|---|
| Stock Price ($) | 655.32 | 495.65 | -24.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,613 | 17,186 | 3.4% |
| Net Income Margin (%) | 4.9% | 12.9% | 165.3% |
| P/E Multiple | 167.0 | 46.1 | -72.4% |
| Shares Outstanding (Mil) | 205 | 206 | -0.2% |
| Cumulative Contribution | -24.4% |
Market Drivers
10/31/2025 to 2/26/2026| Return | Correlation | |
|---|---|---|
| SPOT | -24.4% | |
| Market (SPY) | 1.1% | 24.6% |
| Sector (XLC) | 1.7% | 34.9% |
Fundamental Drivers
The -20.9% change in SPOT stock from 7/31/2025 to 2/26/2026 was primarily driven by a -71.1% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 2262026 | Change |
|---|---|---|---|
| Stock Price ($) | 626.54 | 495.65 | -20.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,613 | 17,186 | 3.4% |
| Net Income Margin (%) | 4.9% | 12.9% | 165.3% |
| P/E Multiple | 159.7 | 46.1 | -71.1% |
| Shares Outstanding (Mil) | 205 | 206 | -0.2% |
| Cumulative Contribution | -20.9% |
Market Drivers
7/31/2025 to 2/26/2026| Return | Correlation | |
|---|---|---|
| SPOT | -20.9% | |
| Market (SPY) | 9.4% | 22.5% |
| Sector (XLC) | 9.0% | 31.2% |
Fundamental Drivers
The -9.6% change in SPOT stock from 1/31/2025 to 2/26/2026 was primarily driven by a -70.8% change in the company's P/E Multiple.| (LTM values as of) | 1312025 | 2262026 | Change |
|---|---|---|---|
| Stock Price ($) | 548.55 | 495.65 | -9.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15,102 | 17,186 | 13.8% |
| Net Income Margin (%) | 4.6% | 12.9% | 177.3% |
| P/E Multiple | 157.7 | 46.1 | -70.8% |
| Shares Outstanding (Mil) | 202 | 206 | -2.0% |
| Cumulative Contribution | -9.6% |
Market Drivers
1/31/2025 to 2/26/2026| Return | Correlation | |
|---|---|---|
| SPOT | -9.6% | |
| Market (SPY) | 15.5% | 39.7% |
| Sector (XLC) | 15.0% | 45.4% |
Fundamental Drivers
The 339.7% change in SPOT stock from 1/31/2023 to 2/26/2026 was primarily driven by a 206.8% change in the company's P/S Multiple.| (LTM values as of) | 1312023 | 2262026 | Change |
|---|---|---|---|
| Stock Price ($) | 112.72 | 495.65 | 339.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,250 | 17,186 | 52.8% |
| P/S Multiple | 1.9 | 5.9 | 206.8% |
| Shares Outstanding (Mil) | 193 | 206 | -6.2% |
| Cumulative Contribution | 339.7% |
Market Drivers
1/31/2023 to 2/26/2026| Return | Correlation | |
|---|---|---|
| SPOT | 339.7% | |
| Market (SPY) | 75.9% | 39.2% |
| Sector (XLC) | 118.2% | 40.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SPOT Return | -26% | -66% | 138% | 138% | 30% | -20% | 47% |
| Peers Return | 24% | -27% | 38% | 8% | 15% | -3% | 50% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% |
Monthly Win Rates [3] | |||||||
| SPOT Win Rate | 33% | 17% | 83% | 83% | 58% | 0% | |
| Peers Win Rate | 62% | 37% | 65% | 55% | 55% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| SPOT Max Drawdown | -35% | -70% | 0% | 0% | 0% | -29% | |
| Peers Max Drawdown | -10% | -35% | -16% | -22% | -22% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AAPL, AMZN, GOOGL, SIRI, WMG. See SPOT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/26/2026 (YTD)
How Low Can It Go
| Event | SPOT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -80.5% | -25.4% |
| % Gain to Breakeven | 413.1% | 34.1% |
| Time to Breakeven | 686 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -25.9% | -33.9% |
| % Gain to Breakeven | 35.0% | 51.3% |
| Time to Breakeven | 60 days | 148 days |
| 2018 Correction | ||
| % Loss | -45.6% | -19.8% |
| % Gain to Breakeven | 83.7% | 24.7% |
| Time to Breakeven | 544 days | 120 days |
Compare to AAPL, AMZN, GOOGL, SIRI, WMG
In The Past
Spotify Technology's stock fell -80.5% during the 2022 Inflation Shock from a high on 2/19/2021. A -80.5% loss requires a 413.1% gain to breakeven.
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About Spotify Technology (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.
AI Analysis | Feedback
Here are 1-3 brief analogies for Spotify Technology (SPOT):
- Netflix for music and podcasts.
- YouTube for audio.
AI Analysis | Feedback
- Music Streaming Service: A digital platform providing on-demand access to millions of songs worldwide through various subscription tiers, including a free ad-supported option.
- Podcast Streaming Service: Offers a vast library of podcasts, including exclusive content, accessible through its platform via ad-supported or premium subscription models.
- Advertising Services: Provides businesses with opportunities to reach Spotify's global audience through audio ads, video ads, display ads, and sponsored content across its free tiers and podcasts.
AI Analysis | Feedback
Spotify Technology (symbol: SPOT) primarily sells its music and podcast streaming services directly to individuals.
The company serves its customer base through the following three main categories:
- Premium Individual Subscribers: These customers pay a monthly subscription fee for an ad-free, high-quality streaming experience, offline downloads, and unlimited skips. This category includes standard individual premium plans.
- Premium Multi-User/Discounted Subscribers: This category includes customers who subscribe to plans designed for multiple users (e.g., Family Plan, Duo Plan) or specific demographics (e.g., Student Plan), offering premium features at a shared or reduced rate for several accounts or qualified individuals.
- Ad-Supported Free Tier Users: These customers access a free version of the service, supported by advertisements. While they do not pay a direct subscription fee, they are a significant portion of Spotify's user base, consuming content with certain feature limitations.
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- Universal Music Group (UMGNA)
- Sony Corporation (SONY)
- Warner Music Group (WMG)
- Alphabet Inc. (GOOGL)
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Daniel Ek, CEO and Chairman
Daniel Ek is the co-founder, CEO, and Chairman of Spotify. Prior to co-founding Spotify in 2006, Ek founded Advertigo, an online advertising company that was acquired by TradeDoubler in 2006. He also held senior roles at Tradera, a Nordic auction company acquired by eBay in 2006, and served as CTO of the browser-based game and fashion community Stardoll. Additionally, he briefly served as CEO of μTorrent before its sale to BitTorrent in 2006.
Christian Luiga, Chief Financial Officer
Christian Luiga was appointed as Spotify's Chief Financial Officer in April 2024, with an effective start date in Q3 2024. Before joining Spotify, he served as Deputy Chief Executive Officer and Chief Financial Officer at Saab AB, a European defense and security company. Luiga also held several leadership positions at the European telecommunications company Telia, including CFO and acting CEO and President.
Gustav Söderström, Co-President, Chief Product & Technology Officer
Gustav Söderström is Spotify's Co-President, Chief Product & Technology Officer, responsible for global product and technology strategy, overseeing product, design, data, and engineering teams. He co-founded and served as CEO of Kenet Works, a company that developed community software for mobile phones, which was acquired by Yahoo! in 2006. Söderström is also a startup seed investor and founder of 13th Lab, which was acquired by Facebook's Oculus in 2014.
Alex Norström, Co-President, Chief Business Officer
Alex Norström serves as Spotify's Co-President and Chief Business Officer, overseeing the subscriber and advertising businesses, and all licensed, distributed, and owned content across music, podcasts, and audiobooks. His responsibilities include marketing, global markets, partnerships, licensing, payments, and customer service. Prior to his current role, Norström held positions such as Chief Freemium Business Officer, Chief Premium Business Officer, VP of Subscriptions, and VP of Growth at Spotify. Before joining Spotify in 2011, he was the Chief New Business Officer at King (now King.com Ltd.) and co-founded companies like Jetbox and Emode.
Dustee Jenkins, Chief Public Affairs Officer
Dustee Jenkins is Spotify's Chief Public Affairs Officer, responsible for external communications, government affairs, trust and safety, and enterprise-wide internal communications globally. Previously, she served as Senior Vice President and Chief Communications Officer at Target. Her earlier career also includes roles as a director at Public Strategies, Inc. and Director of Communications for the U.S. Department of Housing and Urban Development.
AI Analysis | Feedback
The key risks to Spotify Technology (SPOT) are:- High Content Licensing Costs and Profitability Concerns: Spotify consistently faces challenges in achieving sustained profitability due to significant operating costs, particularly the substantial fees associated with music licensing agreements and royalty payments to artists and record labels. These high costs directly impact the company's gross margins and financial performance.
- Intense Competition: Spotify operates within a highly competitive global audio streaming market, contending with major players such as Apple Music, Amazon Music, and YouTube Music. This intense competition places continuous pressure on pricing, necessitates ongoing investment in content and technology, and requires constant innovation to attract and retain users in a dynamic market.
- Regulatory and Legal Challenges: As a global company, Spotify is subject to diverse and evolving regulatory environments, including changes in copyright laws, data privacy regulations, and licensing agreements. The company also faces potential legal disputes with artists, record labels, and other stakeholders over royalty payments and content rights. Furthermore, international trade disputes, such as those related to digital taxes and regulations between the US and the EU, could impact Spotify's operations and financial performance.
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- TikTok/ByteDance's Potential Full-Scale Entry into Music Streaming: TikTok is already a dominant global platform for music discovery and promotion, significantly influencing trends and artist careers. Its parent company, ByteDance, operates Resso, a music streaming service in several markets. The clear emerging threat lies in the potential for ByteDance to leverage TikTok's immense user base, sophisticated recommendation algorithms, and existing music engagement into a fully integrated, global music streaming service that could directly challenge Spotify. This would not be merely another competitor, but one with an established, highly engaging discovery funnel deeply embedded in daily user habits.
- Generative AI in Music Creation and Consumption: The rapid advancement and accessibility of generative artificial intelligence for creating music represent an emerging threat. As AI tools become more sophisticated, they could lead to an explosion of copyright-free or low-cost AI-generated music and personalized soundscapes. If a significant segment of consumers begins to prefer or adopt AI-created music for background listening, mood setting, or even as alternatives to traditional artist-created content, it could disrupt the traditional music licensing model, diminish the perceived value of Spotify's licensed catalog, and alter the fundamental economics of the music industry upon which Spotify's business relies.
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Spotify Technology (SPOT) primarily operates in the music streaming and podcasting markets. The addressable markets for these services are substantial, both globally and within specific regions like the U.S.
Music Streaming Market
- Global: The global music streaming market was valued between USD 34.52 billion and USD 46.66 billion in 2024. It is projected to grow significantly, with estimates ranging from USD 92.96 billion by 2031 to USD 181.39 billion by 2034.
- U.S.: In the U.S., the music streaming market was valued at approximately USD 11.05 billion in 2024 and is projected to reach USD 23.69 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 13.40%. Recorded music trade revenues from streaming in the U.S. reached USD 14.88 billion in 2024. North America, as a region, held the largest share of the global music streaming market in 2024.
Podcasting Market
- Global: The global podcasting market was valued between USD 22.6 billion and USD 36.28 billion in 2024. Projections indicate substantial growth, with the market expected to reach figures between USD 131.13 billion by 2030 and USD 327.83 billion by 2034, with CAGRs ranging from 24.96% to 29.4%.
- U.S.: The U.S. podcasting market generated approximately USD 8.39 billion in revenue in 2024 and is expected to reach USD 25.78 billion by 2030, with a CAGR of 19.8%. Another estimate valued the U.S. market at USD 8.34 billion in 2024, expecting it to reach USD 11.39 billion by 2030. North America held the largest share of the global podcasting market in 2024.
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Spotify Technology (SPOT) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Price Increases: Spotify has demonstrated pricing power with minimal impact on subscriber retention despite recent price hikes in various markets, including the United States and Europe. The company implemented price increases across more than 150 markets and expects further increases in non-U.S. markets. Analysts anticipate these price adjustments will continue to boost average revenue per user (ARPU) and contribute significantly to revenue growth in 2026.
- Premium Subscriber Growth: Spotify continues to focus on expanding its global Premium subscriber base. The company projects sustained growth in Monthly Active Users (MAUs) and Premium subscribers, driven by an enhanced free tier experience, successful promotional campaigns, and strong performance in regions like Latin America and North America. Strategic investments in personalized music recommendations and AI-driven content curation are also enhancing user engagement and aiding subscriber retention.
- Growth in Advertising Revenue: While advertising revenue faced some volatility, Spotify anticipates a turnaround in its ad-supported business, with improvements expected in the second half of 2026. The company's ad-supported revenue has shown growth in impressions sold across music and podcasts, and it is transitioning its ad sales model to automated systems and leveraging new product launches and strategic partnerships to diversify and strengthen its advertising proposition.
- Expansion into New Content Verticals: Spotify is actively diversifying its content beyond music into podcasts, audiobooks, and video. The company's podcast consumption continues to grow, with more than 390 million users streaming video podcasts and time spent with video content more than doubling year-over-year. Spotify has also significantly expanded its audiobook catalog to 500,000 titles across 14 markets, with audiobooks driving increased listener engagement and consumption hours. Strategic partnerships, such as the one with Netflix to bring Spotify podcasts to the video streaming platform, further support this multi-format content strategy.
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Share Repurchases
- Spotify announced a stock repurchase program in Q3 2021, authorizing repurchases of up to 10,000,000 ordinary shares, totaling up to $1.0 billion, which is set to expire on April 21, 2026.
- As of June 30, 2024, approximately €91 million worth of ordinary shares (469,274 shares) had been repurchased under this program.
- In Q3 2025, Spotify announced an increase in its authorized share repurchase program from $1.0 billion to $2.0 billion.
Share Issuance
- Spotify has experienced significant "Social Charges" related to share-based compensation, which are influenced by share price appreciation.
- In Q4 2024, Social Charges for share-based compensation amounted to €96 million, exceeding forecasts by €80 million due to share price appreciation.
- Q3 2024 also saw Social Charges for share-based compensation reach €54 million, which was €39 million above forecast.
Inbound Investments
- On February 10, 2023, Spotify had a Post-IPO funding round where ValueAct Capital participated, though the amount was undisclosed.
Outbound Investments
- Spotify made significant acquisitions in the podcasting space, including The Ringer for $196 million in February 2020 and Megaphone for $235 million in November 2020.
- The company acquired audiobook company Findaway for $123 million in November 2021 to expand its audiobook offerings.
- In April 2025, Spotify announced a €1 million investment to boost the production of audiobooks in non-English languages, initially focusing on French and Dutch.
Capital Expenditures
- Spotify's capital expenditures have fluctuated, peaking at €96.745 million in 2021 and reaching a five-year low of €6.624 million in 2023.
- Capital expenditures for the full fiscal year 2024 were reported as €17.611 million.
- The company's business model is characterized by inherently low capital expenditure needs, with a focus on optimizing its real estate footprint and investing in IT infrastructure.
Latest Trefis Analyses
Trade Ideas
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|---|---|---|---|---|---|---|---|
| 01302026 | RBLX | Roblox | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.5% | 3.5% | -7.9% |
| 01162026 | META | Meta Platforms | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.4% | 5.4% | -2.6% |
| 01092026 | IRDM | Iridium Communications | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 22.2% | 22.2% | -4.6% |
| 12192025 | DIS | Walt Disney | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -5.6% | -5.6% | -8.0% |
| 12192025 | WMG | Warner Music | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -7.8% | -7.8% | -7.8% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 240.44 |
| Mkt Cap | 1,164.4 |
| Rev LTM | 210,012 |
| Op Inc LTM | 41,086 |
| FCF LTM | 5,284 |
| FCF 3Y Avg | 13,103 |
| CFO LTM | 69,202 |
| CFO 3Y Avg | 57,708 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.9% |
| Rev Chg 3Y Avg | 8.9% |
| Rev Chg Q | 12.0% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Mgn LTM | 18.5% |
| Op Mgn 3Y Avg | 18.2% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 20.8% |
| CFO/Rev 3Y Avg | 19.2% |
| FCF/Rev LTM | 15.6% |
| FCF/Rev 3Y Avg | 12.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1,164.4 |
| P/S | 4.5 |
| P/EBIT | 24.3 |
| P/E | 31.4 |
| P/CFO | 20.6 |
| Total Yield | 3.7% |
| Dividend Yield | 0.3% |
| FCF Yield 3Y Avg | 3.0% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.0% |
| 3M Rtn | -2.7% |
| 6M Rtn | -7.9% |
| 12M Rtn | -4.6% |
| 3Y Rtn | 104.5% |
| 1M Excs Rtn | -4.0% |
| 3M Excs Rtn | -6.2% |
| 6M Excs Rtn | -13.7% |
| 12M Excs Rtn | -21.0% |
| 3Y Excs Rtn | 30.3% |
Price Behavior
Price Behavior
| Market Price | $495.65 | |
| Market Cap ($ Bil) | 102.1 | |
| First Trading Date | 04/03/2018 | |
| Distance from 52W High | -36.1% | |
| 50 Days | 200 Days | |
| DMA Price | $517.13 | $635.11 |
| DMA Trend | down | down |
| Distance from DMA | -4.2% | -22.0% |
| 3M | 1YR | |
| Volatility | 54.2% | 47.2% |
| Downside Capture | 141.53 | 112.43 |
| Upside Capture | 17.86 | 74.84 |
| Correlation (SPY) | 28.7% | 40.8% |
SPOT Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.82 | -0.17 | 0.37 | 0.48 | 0.95 | 1.03 |
| Up Beta | -1.29 | -0.17 | 0.25 | 0.76 | 0.90 | 0.90 |
| Down Beta | -1.19 | -0.55 | 0.17 | -0.01 | 1.03 | 1.17 |
| Up Capture | -179% | -70% | -37% | 15% | 72% | 193% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 4 | 14 | 22 | 59 | 121 | 410 |
| Down Capture | 134% | 92% | 124% | 106% | 104% | 95% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 16 | 27 | 39 | 66 | 129 | 341 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPOT | |
|---|---|---|---|---|
| SPOT | -18.9% | 47.1% | -0.30 | - |
| Sector ETF (XLC) | 15.9% | 18.7% | 0.65 | 46.4% |
| Equity (SPY) | 17.1% | 19.4% | 0.69 | 40.4% |
| Gold (GLD) | 79.3% | 25.7% | 2.25 | 0.3% |
| Commodities (DBC) | 10.9% | 16.8% | 0.45 | 8.5% |
| Real Estate (VNQ) | 6.6% | 16.6% | 0.21 | 18.5% |
| Bitcoin (BTCUSD) | -23.4% | 45.1% | -0.46 | 22.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPOT | |
|---|---|---|---|---|
| SPOT | 5.6% | 47.9% | 0.28 | - |
| Sector ETF (XLC) | 11.0% | 20.8% | 0.44 | 58.2% |
| Equity (SPY) | 13.6% | 17.0% | 0.63 | 50.6% |
| Gold (GLD) | 23.6% | 17.2% | 1.12 | 7.8% |
| Commodities (DBC) | 10.8% | 19.0% | 0.45 | 6.7% |
| Real Estate (VNQ) | 5.3% | 18.8% | 0.19 | 28.7% |
| Bitcoin (BTCUSD) | 4.0% | 57.0% | 0.29 | 26.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPOT | |
|---|---|---|---|---|
| SPOT | 12.4% | 47.1% | 0.49 | - |
| Sector ETF (XLC) | 9.6% | 22.4% | 0.52 | 54.0% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 45.5% |
| Gold (GLD) | 15.1% | 15.6% | 0.81 | 5.8% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 12.5% |
| Real Estate (VNQ) | 6.6% | 20.7% | 0.28 | 25.0% |
| Bitcoin (BTCUSD) | 66.3% | 66.8% | 1.06 | 19.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/10/2026 | 20-F |
| 09/30/2025 | 11/04/2025 | 6-K |
| 06/30/2025 | 07/29/2025 | 6-K |
| 03/31/2025 | 04/29/2025 | 6-K |
| 12/31/2024 | 02/05/2025 | 20-F |
| 09/30/2024 | 11/13/2024 | 6-K |
| 06/30/2024 | 07/24/2024 | 6-K |
| 03/31/2024 | 04/24/2024 | 6-K |
| 12/31/2023 | 02/08/2024 | 20-F |
| 09/30/2023 | 10/25/2023 | 6-K |
| 06/30/2023 | 07/25/2023 | 6-K |
| 03/31/2023 | 04/26/2023 | 6-K |
| 12/31/2022 | 02/02/2023 | 20-F |
| 09/30/2022 | 10/26/2022 | 6-K |
| 06/30/2022 | 07/27/2022 | 6-K |
| 03/31/2022 | 04/27/2022 | 6-K |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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