SPOT
Spotify Technology S.A.Communication Services · $101.5B market cap
Verdict
Share price
$472.89
close of Oct 3, 2026
Fair value
$526.30
Sticker Price
Payback Price
$210.52
buy price
SPOT is Undervalued: at $472.89 it trades 10% below its fair value of $526.30. Its buy price (Payback Price) is $210.52, 55% below today's price. Business quality is strong: 4 of 5 key numbers clear the 10% bar.
How we valued it
Free Cash Flow Growth. There's too little earnings history to value it on earnings, but it has produced free cash flow consistently, so we value it on cash flow.
Business quality
4 of 5 clear the 10% bar. What are the Big Five?
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7 of the investors we track hold SPOT. In Q2 2026, 1 opened a position, 1 added, 3 trimmed and 2 sold out. Who we track
Chase Coleman
Tiger Global Management · as of Q2 2026
$537.8M
1,171,427 shares
ValueAct Capital
ValueAct Capital · as of Q2 2026
$241.9M
526,800 shares
Polen Capital Management
Polen Capital Management · as of Q2 2026
$37.5M
81,578 shares
Josh Tarasoff
Greenlea Lane Capital · as of Q2 2026
$18.1M
39,370 shares
Thomas Gayner
Markel Group · as of Q2 2026
$11.9M
25,900 shares
Moves in Q2 2026
New position: Josh Tarasoff
Added: ValueAct Capital
Trimmed: William Von Mueffling, Polen Capital Management, Chase Coleman
Sold out: Stephen Mandel, Lee Ainslie
Insider activity
Since Jul 1, 2026: no open-market purchases, 43 sales worth $27.8M and 19 other filings (stock awards, tax withholding and similar). Why purchases matter
Sales
Jenkins Dustee
Chief Public Affairs Officer · 2026-08-14
Sold
$1.1M
Jenkins Dustee
Chief Public Affairs Officer · 2026-08-14
Sold
$884K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Sold
$361K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Sold
$2.1M
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Sold
$1.1M
Show all 43 salesShow fewer
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Sold
$1.2M
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Sold
$1.1M
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Sold
$1.0M
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Sold
$786K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Sold
$122K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Sold
$302K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Sold
$792K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Sold
$836K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Sold
$373K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Sold
$385K
Norstrom Alex
Co-Chief Executive Officer · 2026-08-03
Sold
$159K
Norstrom Alex
Co-Chief Executive Officer · 2026-08-03
Sold
$128K
Norstrom Alex
Co-Chief Executive Officer · 2026-08-03
Sold
$583K
Norstrom Alex
Co-Chief Executive Officer · 2026-08-03
Sold
$936K
Norstrom Alex
Co-Chief Executive Officer · 2026-08-03
Sold
$628K
Norstrom Alex
Co-Chief Executive Officer · 2026-08-03
Sold
$295K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-06
Sold
$116K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-06
Sold
$50K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-06
Sold
$219K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-06
Sold
$36K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-06
Sold
$375K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-06
Sold
$1.1M
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-06
Sold
$1.6M
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-06
Sold
$1.3M
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-06
Sold
$1.4M
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-06
Sold
$1.3M
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-06
Sold
$1.9M
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-06
Sold
$654K
Norstrom Alex
Co-Chief Executive Officer · 2026-07-06
Sold
$19K
Norstrom Alex
Co-Chief Executive Officer · 2026-07-06
Sold
$66K
Norstrom Alex
Co-Chief Executive Officer · 2026-07-06
Sold
$303K
Norstrom Alex
Co-Chief Executive Officer · 2026-07-06
Sold
$73K
Norstrom Alex
Co-Chief Executive Officer · 2026-07-06
Sold
$306K
Norstrom Alex
Co-Chief Executive Officer · 2026-07-06
Sold
$678K
Norstrom Alex
Co-Chief Executive Officer · 2026-07-06
Sold
$588K
Norstrom Alex
Co-Chief Executive Officer · 2026-07-06
Sold
$184K
Norstrom Alex
Co-Chief Executive Officer · 2026-07-06
Sold
$155K
Norstrom Alex
Co-Chief Executive Officer · 2026-07-06
Sold
$242K
Other filings
Norstrom Alex
Co-Chief Executive Officer · 2026-09-01
Tax withholding
$440K
Lundstrom Anna
Chief Human Resources Officer · 2026-09-01
Tax withholding
$135K
Luiga Christian
Chief Financial Officer · 2026-09-01
Tax withholding
$57K
Jenkins Dustee
Chief Public Affairs Officer · 2026-09-01
Tax withholding
$233K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-09-01
Tax withholding
$64K
Show all 19 other filingsShow fewer
Jenkins Dustee
Chief Public Affairs Officer · 2026-08-14
Option exercise
$260K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-03
Option exercise
$3.2M
Norstrom Alex
Co-Chief Executive Officer · 2026-08-03
Option exercise
$822K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-08-01
Tax withholding
$58K
Lundstrom Anna
Chief Human Resources Officer · 2026-08-01
Tax withholding
$222K
Luiga Christian
Chief Financial Officer · 2026-08-01
Tax withholding
$158K
Norstrom Alex
Co-Chief Executive Officer · 2026-08-01
Tax withholding
$404K
Jenkins Dustee
Chief Public Affairs Officer · 2026-08-01
Tax withholding
$280K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-06
Option exercise
$3.2M
Norstrom Alex
Co-Chief Executive Officer · 2026-07-06
Option exercise
$822K
Soderstrom Gustav
Co-Chief Executive Officer · 2026-07-01
Tax withholding
$54K
Lundstrom Anna
Chief Human Resources Officer · 2026-07-01
Tax withholding
$70K
Norstrom Alex
Co-Chief Executive Officer · 2026-07-01
Tax withholding
$371K
Jenkins Dustee
Chief Public Affairs Officer · 2026-07-01
Tax withholding
$166K
About Spotify Technology S.A.
Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide. It operates in two segments, Premium and Ad-Supported. The Premium segment offers online and offline streaming access to its catalog of music and podcasts, including video, lossless music, and audiobooks in select markets through subscription offerings primarily sold directly to end users and partners…
Internet Content & Information
Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Oct 3, 2026. How the Payback Price works