Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
The historical rank and industry rank for Spotify Technology's Price-to-Tangible-Book or its related term are showing as below:
XSWX:SPOT'
s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 9.4 Med: 20.37 Max: 36.01
Current: 12.96
During the past 11 years, Spotify Technology's highest Price to Tangible Book Ratio was 36.01. The lowest was 9.40. And the median was 20.37.
XSWX:SPOT's Price-to-Tangible-Book is ranked worse than 91.36% of 440
companies
in the Interactive Media industry
Industry Median: 2.47
vs XSWX:SPOT: 12.96
Some businesses have very light assets, such as software companies or insurance agencies. The Price-to-Book Ratio does not work well for these companies. Some companies even have negative equity, so the Price-to-Book Ratio cannot be applied to them.
Spotify Technology Price-to-Tangible-Book Related Terms
Spotify Technology Price-to-Tangible-Book Historical Data
* Premium members only.
The historical data trend for Spotify Technology's Price-to-Tangible-Book 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.
XSWX:SPOT vs NBIS, BIDU, RDDT: Price-to-Tangible-Book Comparison
For the Internet Content & Information subindustry, Spotify Technology's Price-to-Tangible-Book, along with its competitors' market caps and Price-to-Tangible-Book 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 Price-to-Tangible-Book vs Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Spotify Technology's Price-to-Tangible-Book distribution charts can be found below:
* The bar in red indicates where Spotify Technology's Price-to-Tangible-Book falls into.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called PB Ratio. The difference between Price-to-Tangible-Book Ratio and PB Ratio is that book value other than intangibles are used in the calculation.
Spotify Technology (XSWX:SPOT) has a Price-to-Tangible-Book of 13.31 as of Sep. 14, 2026. Price-to-tangible-book ratio is the ratio of share price to a company's tangible book value per share. View historical data on Spotify Technology and its competitors. According to the industry distribution chart, Spotify Technology ranks #402 out of 440 companies in the Interactive Media industry, placing it in the top 91.4%.
Is Spotify Technology's Price-to-Tangible-Book too high?
Spotify Technology's current Price-to-Tangible-Book is 13.31. The Interactive Media industry median Price-to-Tangible-Book is 2.47. Spotify Technology's value of 13.31 is 438.9% above this industry median. Based on the distribution chart, Spotify Technology ranks #402 out of 440 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 Price-to-Tangible-Book compare to NBIS and BIDU?
According to the Interactive Media industry distribution chart, Spotify Technology ranks #402 out of 440 companies for Price-to-Tangible-Book. This places Spotify Technology in the lower half of its industry. The industry median Price-to-Tangible-Book is 2.47. Spotify Technology's value of 13.31 is 438.9% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Price-to-Tangible-Book for an Interactive Media company?
The median Price-to-Tangible-Book among Interactive Media companies is 2.47, based on 440 companies in the industry. Companies in the top quartile (top 25%) have a Price-to-Tangible-Book significantly above this median, while those in the bottom quartile fall well below. However, Price-to-Tangible-Book should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Spotify Technology's current Price-to-Tangible-Book of 13.31 is 438.9% 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 Price-to-Tangible-Book mean?
A high Price-to-Tangible-Book can signal that a stock is expensive relative to its fundamentals. Price-to-tangible-book ratio is the ratio of share price to a company's tangible book value per share. View historical data on Spotify Technology and its competitors. For the Interactive Media industry, the median Price-to-Tangible-Book is 2.47 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spotify Technology's current Price-to-Tangible-Book is 13.31. 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 Price-to-Tangible-Book of 13.31. The stock's GF Value™ is CHF426.12, compared to a current price of CHF431.50 — trading 1.3% above its estimated fair value. The current Price-to-Tangible-Book is 13.31 and 438.9% above the Interactive Media industry median of 2.47. 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 Price-to-Tangible-Book calculated?
Price-to-Tangible-Book is calculated from a company's financial statements. For Spotify Technology (XSWX:SPOT), the current Price-to-Tangible-Book is 13.31 as of Sep. 14, 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 CHF431.50 is trading 1.3% above its estimated GF Value™ of CHF426.12.
Key valuation signals for XSWX:SPOT:
Price-to-Tangible-Book: 13.31
GF Value™: CHF426.12 vs. price of CHF431.50 (1.3% above fair value)
Industry Position: 438.9% above the Interactive Media median (#402 of 440)
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
Get the complete analysis for XSWX:SPOT
Price-to-Tangible-Book is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
XSWX:SPOT has been successfully added to your 
