Spotify Technology (BUE:SPOT) Beneish M-Score: -2.66 (As of Jun. 26, 2026)


What is Spotify Technology Beneish M-Score?

Spotify Technology BUE:SPOT 77 Beneish M-Score is -2.66 as of Jun. 26, 2026. GuruFocus rates BUE:SPOT with a GF Score™ of 77/100. The stock has 2 warning signs investors should review. Among 532 Interactive Media companies, Spotify Technology ranks better than 51.32% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Spotify Technology's Beneish M-Score or its related term are showing as below:

BUE:SPOT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17   Med: -2.8   Max: -1.34
Current: -2.66

During the past 11 years, the highest Beneish M-Score of Spotify Technology was -1.34. The lowest was -3.17. And the median was -2.80.

Spotify Technology Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Spotify Technology's Beneish M-Score 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 Beneish M-Score Chart

Spotify Technology Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.97 -2.83 -2.86 -2.95 -2.32

Spotify Technology Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.89 -2.83 -2.62 -2.32 -2.66

BUE:SPOT vs NBIS, BIDU, RDDT: Beneish M-Score Comparison

For the Internet Content & Information subindustry, Spotify Technology's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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 Beneish M-Score vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Spotify Technology's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Spotify Technology's Beneish M-Score falls into.


Spotify Technology Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Spotify Technology for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.8545+0.528 * 0.9625+0.404 * 0.8617+0.892 * 1.6042+0.115 * 1.0906
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9521+4.679 * -0.050523-0.327 * 0.7688
=-2.29

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ARS1,255,995.90 Mil.
Revenue was 7327451.001 + 7701049.377 + 6809189.192 + 5741716.973 = ARS27,579,406.54 Mil.
Gross Profit was 2416620.174 + 2547753.921 + 2153374.204 + 1807552.207 = ARS8,925,300.51 Mil.
Total Current Assets was ARS15,613,467.73 Mil.
Total Assets was ARS21,220,996.41 Mil.
Property, Plant and Equipment(Net PPE) was ARS661,135.55 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS158,376.24 Mil.
Selling, General, & Admin. Expense(SGA) was ARS3,005,717.94 Mil.
Total Current Liabilities was ARS7,578,003.60 Mil.
Long-Term Debt & Capital Lease Obligation was ARS669,217.89 Mil.
Net Income was 1165473.676 + 1995372.317 + 1432926.284 + -117764.765 = ARS4,476,007.51 Mil.
Non Operating Income was 268333.745 + 447004.19 + 301249.241 + -566914.101 = ARS449,673.08 Mil.
Cash Flow from Operations was 1351367.535 + 1454888.163 + 1321352.491 + 970874.633 = ARS5,098,482.82 Mil.
 Total Receivables was ARS916,215.57 Mil.
Revenue was 4828859.434 + 4486303.665 + 4207096.559 + 3669718.515 = ARS17,191,978.17 Mil.
Gross Profit was 1528178.427 + 1446785.34 + 1308124.306 + 1071900.969 = ARS5,354,989.04 Mil.
Total Current Assets was ARS10,203,990.80 Mil.
Total Assets was ARS14,621,417.58 Mil.
Property, Plant and Equipment(Net PPE) was ARS462,141.44 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS123,410.87 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,967,995.35 Mil.
Total Current Liabilities was ARS6,874,497.98 Mil.
Long-Term Debt & Capital Lease Obligation was ARS516,307.64 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(1255995.903 / 27579406.543) / (916215.573 / 17191978.173)
=0.045541 / 0.053293
=0.8545

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(5354989.042 / 17191978.173) / (8925300.506 / 27579406.543)
=0.311482 / 0.323622
=0.9625

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (15613467.731 + 661135.553) / 21220996.414) / (1 - (10203990.795 + 462141.44) / 14621417.576)
=0.23309 / 0.270513
=0.8617

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=27579406.543 / 17191978.173
=1.6042

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(123410.865 / (123410.865 + 462141.44)) / (158376.243 / (158376.243 + 661135.553))
=0.21076 / 0.193257
=1.0906

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(3005717.944 / 27579406.543) / (1967995.351 / 17191978.173)
=0.108984 / 0.114472
=0.9521

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((669217.894 + 7578003.595) / 21220996.414) / ((516307.644 + 6874497.978) / 14621417.576)
=0.388635 / 0.505478
=0.7688

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(4476007.512 - 449673.075 - 5098482.822) / 21220996.414
=-0.050523

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Spotify Technology has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.66 mean?
Spotify Technology (BUE:SPOT) has a Beneish M-Score of -2.66 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Spotify Technology and its competitors. According to the industry distribution chart, Spotify Technology ranks #259 out of 532 companies in the Interactive Media industry, placing it in the top 48.7%.
Is Spotify Technology's Beneish M-Score too high?
Spotify Technology's current Beneish M-Score is -2.66. Based on the distribution chart, Spotify Technology ranks #259 out of 532 companies in the Interactive Media industry, which is above the industry midpoint. 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 Beneish M-Score compare to NBIS and BIDU?
According to the Interactive Media industry distribution chart, Spotify Technology ranks #259 out of 532 companies for Beneish M-Score. This puts Spotify Technology in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Interactive Media company?
A good Beneish M-Score depends on the Interactive Media industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Spotify Technology and its competitors. Spotify Technology's current Beneish M-Score is -2.66. 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 (BUE:SPOT) has a current Beneish M-Score of -2.66. The current Beneish M-Score is -2.66. 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 Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Spotify Technology (BUE:SPOT), the current Beneish M-Score is -2.66 as of Jun. 26, 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.

Spotify Technology Business Description

Address Regeringsgatan 19, Stockholm, SWE, 111 53
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.