Spotify TechnologyXSWX:SPOT +1.68%77 Cyclically Adjusted PB Ratio is 28.71 as of Jul. 08, 2026, which is 17% below its 10-year median of 34.77. GuruFocus rates XSWX:SPOT with a GF Score™ of 77/100 and a GF Value™ of CHF389.04. The stock has 2 warning signs investors should review. Among 348 Interactive Media companies, Spotify Technology ranks worse than 98.56% on this metric.
The historical rank and industry rank for Spotify Technology's Cyclically Adjusted PB Ratio or its related term are showing as below:
XSWX:SPOT'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 24.47 Med: 34.77 Max: 50.33
Current: 28.6
During the past 11 years, Spotify Technology's highest Cyclically Adjusted PB Ratio was 50.33. The lowest was 24.47. And the median was 34.77.
XSWX:SPOT's Cyclically Adjusted PB Ratio is ranked worse than 98.56% of 348
companies
in the Interactive Media industry
Industry Median: 1.52
vs XSWX:SPOT: 28.60
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
Spotify Technology's adjusted book value per share data of for the fiscal year that ended in Dec25 was CHF37.759. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is CHF13.67 for the trailing ten years ended in Dec25.
Shiller PE for Stocks: The True Measure of Stock Valuation
Spotify Technology (XSWX:SPOT) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
Spotify Technology Cyclically Adjusted PB Ratio Related Terms
Spotify Technology Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for Spotify Technology's Cyclically Adjusted PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Spotify Technology Cyclically Adjusted PB Ratio Chart
XSWX:SPOT vs NBIS, BIDU, RDDT: Cyclically Adjusted PB Ratio Comparison
For the Internet Content & Information subindustry, Spotify Technology's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Spotify Technology Cyclically Adjusted PB Ratio vs Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Spotify Technology's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Spotify Technology's Cyclically Adjusted PB Ratio falls into.
Spotify Technology Cyclically Adjusted PB Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
Spotify Technology's Cyclically Adjusted PB Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 28.71 mean?
Spotify Technology (XSWX:SPOT) has a Cyclically Adjusted PB Ratio of 28.71 as of Jul. 08, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Spotify Technology and its competitors. This is 17% below median its historical median of 34.77. Over the past decade, Spotify Technology's Cyclically Adjusted PB Ratio has ranged from 24.47 to 50.33. According to the industry distribution chart, Spotify Technology ranks #343 out of 348 companies in the Interactive Media industry, placing it in the top 98.6%.
Is Spotify Technology's Cyclically Adjusted PB Ratio too high?
Spotify Technology's current Cyclically Adjusted PB Ratio of 28.71 is 17% below median its 10-year median of 34.77. Over the past 10 years, this metric has ranged from a low of 24.47 to a high of 50.33. The Interactive Media industry median Cyclically Adjusted PB Ratio is 1.52. Spotify Technology's value of 28.71 is 1788.8% above this industry median. Based on the distribution chart, Spotify Technology ranks #343 out of 348 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, Spotify Technology has a GF Score™ of 77/100, reflecting its overall financial health beyond just this single metric.
How does Spotify Technology's Cyclically Adjusted PB Ratio compare to NBIS and BIDU?
According to the Interactive Media industry distribution chart, Spotify Technology ranks #343 out of 348 companies for Cyclically Adjusted PB Ratio. This places Spotify Technology in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.52. Spotify Technology's value of 28.71 is 1788.8% above this benchmark. Historically, Spotify Technology's own Cyclically Adjusted PB Ratio has ranged from 24.47 to 50.33 over the past decade. While the company's 10-year median is 34.77 vs. the industry median of 1.52, Spotify Technology has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for an Interactive Media company?
The median Cyclically Adjusted PB Ratio among Interactive Media companies is 1.52, based on 348 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Spotify Technology's current Cyclically Adjusted PB Ratio of 28.71 is 1788.8% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Spotify Technology and its competitors. For the Interactive Media industry, the median Cyclically Adjusted PB Ratio is 1.52 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spotify Technology's current Cyclically Adjusted PB Ratio is 28.71, which is 17% below median its own 10-year median of 34.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spotify Technology stock overvalued right now?
Spotify Technology (XSWX:SPOT) has a current Cyclically Adjusted PB Ratio of 28.71. The stock's GF Value™ is CHF389.04, compared to a current price of CHF392.50 — trading 0.9% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 28.71, which is 17% below median its 10-year median of 34.77 and 1788.8% above the Interactive Media industry median of 1.52. Spotify Technology's overall GF Score™ is 77/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Spotify Technology (XSWX:SPOT), the current Cyclically Adjusted PB Ratio is 28.71 as of Jul. 08, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Spotify Technology (XSWX:SPOT) Overvalued in 2026?
Based on GuruFocus' analysis, Spotify Technology stock appears to be overvalued.
The current stock price of CHF392.50 is trading 0.9% above its estimated GF Value™ of CHF389.04.
Key valuation signals for XSWX:SPOT:
Cyclically Adjusted PB Ratio: 28.71 (17% below median its 10-year median of 34.77)
GF Value™: CHF389.04 vs. price of CHF392.50 (0.9% above fair value)
Industry Position: 1788.8% above the Interactive Media median (#343 of 348)
No single metric tells the full story. See the XSWX:SPOT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Spotify is the leading global music streaming service, with over 750 million monthly active users and nearly 300 million paying subscribers, with the latter constituting the firm's premium segment. Most of the firm's revenue and nearly all its gross profit come from subscribers, who pay a monthly fee to access a music library that includes most of the most popular songs ever recorded, including all from the major record labels. The firm also offers access to audiobooks and integrates podcasts within its standard music app. Podcast content is not exclusive and is typically free to access on other platforms. Ad-supported users can access a similar music catalog, but cannot customize a similar on-demand experience.
77GF Score
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