Snap vs Spotify Technology
Spotify Technology is the larger business, with $19.43bn of revenue in fiscal 2025 against $5.93bn for Snap (3.3 times as much). Spotify Technology grew faster (14.6% against 10.6%). Spotify Technology kept more of each dollar of sales as profit: a net margin of 12.9% against -7.8%. Spotify Technology carries less debt relative to equity (0.0% against 157.1%).
| Latest fiscal year | SnapSNAP, 2025 | Spotify TechnologySPOT, 2025 |
|---|---|---|
| Revenue | $5.93bn | $19.43bn |
| Revenue growth | 10.6% | 14.6% |
| Net income | −$460m | $2.50bn |
| Operating margin | -9.0% | 12.8% |
| Net margin | -7.8% | 12.9% |
| Return on equity | -19.5% | 32.3% |
| Free cash flow | $437m | $3.25bn |
| Cash | $1.03bn | $6.17bn |
| Total debt | $3.58bn | $0 |
| Debt to equity | 157.1% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $751m | $496m |
| Employees | 5,261 | — |
| Market value | $9.41bn | $125.05bn |
| Price vs our value range | — | Above our value range |
| Moat score | 28 (Weak) | — |
| Insider trades, 12 months | 0 buys, 54 sales | 0 buys, 72 sales |