Sea vs Spotify Technology
Sea is the larger business, with $22.94bn of revenue in fiscal 2025 against $19.43bn for Spotify Technology (1.2 times as much). Sea grew faster (36.4% against 14.6%). Spotify Technology kept more of each dollar of sales as profit: a net margin of 12.9% against 6.9%. Spotify Technology carries less debt relative to equity (0.0% against 12.5%).
| Latest fiscal year | SeaSE, 2025 | Spotify TechnologySPOT, 2025 |
|---|---|---|
| Revenue | $22.94bn | $19.43bn |
| Revenue growth | 36.4% | 14.6% |
| Net income | $1.58bn | $2.50bn |
| Operating margin | 8.7% | 12.8% |
| Net margin | 6.9% | 12.9% |
| Return on equity | 15.1% | 32.3% |
| Free cash flow | $4.51bn | $3.25bn |
| Cash | $4.16bn | $6.17bn |
| Total debt | $1.56bn | $0 |
| Debt to equity | 12.5% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $14.0m | $496m |
| Employees | — | — |
| Market value | $48.82bn | $125.94bn |
| Price vs our value range | Below our value range | Above our value range |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 1339 sales | 0 buys, 72 sales |