Spotify Technology S.A. (SPOT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 22, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Feb 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SPOT SEC filings page.
Spotify Technology S.A. (SPOT) reported $20.2B in revenue for fiscal year 2025, up 24.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Spotify Technology S.A.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Spotify Technology S.A. has an operating margin of 12.8%, meaning the company retains $13 of operating profit per $100 of revenue. This results in a moderate score of 46/100, indicating healthy but not exceptional operating efficiency. This is up from 8.7% the prior year.
Spotify Technology S.A.'s revenue surged 24.3% year-over-year to $20.2B, reflecting rapid business expansion. This strong growth earns a score of 79/100.
Spotify Technology S.A. carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.
Spotify Technology S.A.'s current ratio of 1.72 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.
Spotify Technology S.A. converts 16.7% of revenue into free cash flow ($3.4B). This strong cash generation earns a score of 76/100.
Spotify Technology S.A.'s ROE of 26.6% shows moderate profitability relative to equity, earning a score of 59/100. This is up from 20.6% the prior year.
Spotify Technology S.A. scores 11.08, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $120.0B against total liabilities of $7.8B. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Spotify Technology S.A. passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
For every $1 of reported earnings, Spotify Technology S.A. generates $1.33 in operating cash flow ($3.4B OCF vs $2.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Spotify Technology S.A. earns $8.26 in operating income for every $1 of interest expense ($2.6B vs $312.2M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Spotify Technology S.A. generated $20.2B in revenue in fiscal year 2025. This represents an increase of 24.3% from the prior year.
Spotify Technology S.A. reported $2.6B in net income in fiscal year 2025. This represents an increase of 120.4% from the prior year.
Spotify Technology S.A. earned $12.33 per diluted share (EPS) in fiscal year 2025. This represents an increase of 116.7% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Spotify Technology S.A. generated $3.4B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 42.6% from the prior year.
Spotify Technology S.A. held $6.2B in cash against $0 in long-term debt as of fiscal year 2025, with $7.1B of liabilities due within a year.
Not reported for fiscal year 2025.
Margins & Returns
Spotify Technology S.A.'s gross margin was 32.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.8 percentage points from the prior year.
Spotify Technology S.A.'s operating margin was 12.8% in fiscal year 2025, reflecting core business profitability. This is up 4.1 percentage points from the prior year.
Spotify Technology S.A.'s net profit margin was 12.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.6 percentage points from the prior year.
Spotify Technology S.A.'s ROE was 26.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.0 percentage points from the prior year.
Capital Allocation
Spotify Technology S.A. invested $1.6B in research and development in fiscal year 2025. This represents an increase of 6.3% from the prior year.
Spotify Technology S.A. spent $515.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Spotify Technology S.A. invested $71.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 306.8% from the prior year.
SPOT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.2B+24.3% | $16.2B+10.7% | $14.7B+16.8% | $12.5B+14.7% | $10.9B+13.5% | $9.6B+26.9% | $7.6B+26.0% | $6.0B+22.5% | $4.9B+57.9% | $3.1B |
| Cost of Revenue | $13.7B+21.1% | $11.3B+4.0% | $10.9B+15.7% | $9.4B+17.5% | $8.0B+11.7% | $7.2B+26.7% | $5.7B+26.5% | $4.5B+14.8% | $3.9B+44.7% | $2.7B |
| Gross Profit | $6.5B+31.9% | $4.9B+30.1% | $3.8B+20.0% | $3.1B+6.7% | $2.9B+19.0% | $2.5B+27.5% | $1.9B+24.7% | $1.5B+51.9% | $1.0B+141.2% | $423.1M |
| R&D Expenses | $1.6B+6.3% | $1.5B-19.4% | $1.9B+28.6% | $1.5B+43.8% | $1.0B+0.8% | $1.0B+48.3% | $690.5M+22.3% | $564.8M+18.6% | $476.1M+118.0% | $218.4M |
| Operating Income | $2.6B+82.6% | $1.4Bn/m | -$493.4Mn/m | -$705.0M-762.7% | $106.4Mn/m | -$358.3Mn/m | -$82.0Mn/m | -$49.3Mn/m | -$454.4Mn/m | -$368.3M |
| Interest Expense | $312.2M-14.3% | $364.4M+49.7% | $243.4M+72.3% | $141.2M+37.1% | $103.0M-83.5% | $623.7M+66.8% | $373.9M-44.1% | $669.0M-42.9% | $1.2B+230.3% | $354.5M |
| Income Tax | $14.1M-93.3% | $210.1M+603.5% | $29.9M-53.5% | $64.2M-80.0% | $320.3Mn/m | -$156.5M-353.5% | $61.7Mn/m | -$108.8M-4626.4% | $2.4M-43.0% | $4.2M |
| Net Income | $2.6B+120.4% | $1.2Bn/m | -$588.5Mn/m | -$460.0Mn/m | -$38.5Mn/m | -$710.6Mn/m | -$208.8Mn/m | -$89.4Mn/m | -$1.5Bn/m | -$568.8M |
| EPS (Basic) | $12.64+115.4% | $5.87n/m | -$3.02n/m | -$2.39 | -$0.20 | -$3.79n/m | -$1.16n/m | -$0.50n/m | -$9.79n/m | -$3.83 |
| EPS (Diluted) | $12.33+116.7% | $5.69n/m | -$3.02n/m | -$3.13 | -$1.17 | -$3.79n/m | -$1.16n/m | -$0.58n/m | -$9.79n/m | -$3.83 |
| Diluted Shares (Avg) | 211M+1.7% | 207M+6.3% | 195M-0.6% | 196M | 194M | 188M+3.7% | 181M-0.1% | 181M+19.5% | 152M+2.2% | 148M |
Not reported in any period shown, so not listed: SG&A Expenses, EBITDA.
SPOT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $17.6B+41.8% | $12.4B+34.6% | $9.2B+13.0% | $8.2B+0.7% | $8.1B+4.9% | $7.7B+34.5% | $5.8B+15.8% | $5.0B+33.0% | $3.7B | N/A |
| Current Assets | $12.3B+42.0% | $8.7B+49.1% | $5.8B+25.0% | $4.7B-5.9% | $4.9B+71.0% | $2.9B+15.5% | $2.5B-2.7% | $2.6B+12.8% | $2.3B | N/A |
| Cash & Equivalents | $6.2B+24.7% | $4.9B+43.7% | $3.4B+29.7% | $2.7B-14.5% | $3.1B+120.6% | $1.4B+17.7% | $1.2B+17.1% | $1.0B+78.0% | $573.4M-28.0% | $796.7M |
| Accounts Receivable | $941.2M+17.9% | $798.1M-15.9% | $949.1M+28.6% | $738.2M+5.0% | $702.8M+23.9% | $567.5M+25.7% | $451.3M-1.5% | $458.2M+5.9% | $432.8M | N/A |
| Goodwill | $1.3B+2.2% | $1.2B-1.2% | $1.3B+0.7% | $1.2B+23.5% | $1.0B+12.4% | $900.1M+67.7% | $536.7M+220.9% | $167.3M-14.1% | $194.8M | N/A |
| Total Liabilities | $7.8B+17.0% | $6.7B+4.1% | $6.4B+15.0% | $5.6B-2.0% | $5.7B+32.8% | $4.3B+24.3% | $3.5B+34.8% | $2.6B-25.5% | $3.4B | N/A |
| Current Liabilities | $7.1B+55.0% | $4.6B+1.8% | $4.5B+20.3% | $3.8B+3.0% | $3.7B+2.9% | $3.5B+29.5% | $2.7B+11.2% | $2.5B+10.1% | $2.2B | N/A |
| Non-Current Liabilities | $705.3M-66.4% | $2.1B+9.6% | $1.9B+4.2% | $1.8B-11.0% | $2.1B+172.0% | $759.5M+4.7% | $725.3M+580.7% | $106.5M-91.2% | $1.2B | N/A |
| Long-Term Debt | $0-100.0% | $1.6B+19.7% | $1.3B+10.3% | $1.2B-11.3% | $1.4Bn/m | $0 | N/A | N/A | N/A | N/A |
| Total Equity | $9.8B+70.9% | $5.7B+104.9% | $2.8B+8.7% | $2.6B+7.1% | $2.4B-30.1% | $3.4B+50.0% | $2.3B-4.7% | $2.4B+738.4% | $286.1Mn/m | -$253.2M |
| Retained Earnings | -$976.4Mn/m | -$3.2Bn/m | -$4.6Bn/m | -$3.9Bn/m | -$3.6Bn/m | -$4.0Bn/m | -$3.0Bn/m | -$2.9Bn/m | -$2.9B | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments.
SPOT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.4B+44.5% | $2.4B+216.6% | $752.2M+1428.6% | $49.2M-88.0% | $408.6M+29.0% | $316.8M-50.8% | $643.3M+63.2% | $394.1M+83.1% | $215.2M+101.9% | $106.6M |
| Capital Expenditures | $71.6M+306.8% | $17.6M+165.1% | $6.6M-75.2% | $26.7M-72.2% | $96.2M+0.8% | $95.4M-37.1% | $151.6M+5.8% | $143.2M+230.9% | $43.3M+51.9% | $28.5M |
| Free Cash Flow | $3.4B+42.6% | $2.4B+217.1% | $745.6M+3218.7% | $22.5M-92.8% | $312.4M+41.1% | $221.4M-55.0% | $491.7M+96.0% | $250.9M+45.9% | $171.9M+120.2% | $78.1M |
| Investing Cash Flow | -$2.1Bn/m | -$1.5Bn/m | -$240.0Mn/m | -$452.5Mn/m | -$211.6Mn/m | -$455.0Mn/m | -$244.7Mn/m | -$25.2Mn/m | -$523.0Mn/m | -$872.7M |
| Financing Cash Flow | -$447.1M-159.3% | $754.6M+191.5% | $258.9Mn/m | -$42.8M-103.0% | $1.4B+305.9% | $348.6Mn/m | -$227.9M-316.2% | $105.4M+157.8% | $40.9M-95.8% | $966.6M |
| Share Buybacks | $515.2M | N/A | N/A | $2.1M-97.9% | $100.7Mn/m | $0-100.0% | $486.1M+451.1% | $88.2M | N/A | N/A |
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Dividends Paid.
SPOT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.0%+1.8pp | 30.1%+4.5pp | 25.6%+0.7pp | 24.9%-1.9pp | 26.8%+1.2pp | 25.6%+0.1pp | 25.5%-0.3pp | 25.7%+5.0pp | 20.8%+7.2pp | 13.6% |
| Operating Margin | 12.8%+4.1pp | 8.7%+12.1pp | -3.4%+2.3pp | -5.6%-6.6pp | 1.0%+4.7pp | -3.7%-2.6pp | -1.1%-0.3pp | -0.8%+8.4pp | -9.2%+2.6pp | -11.8% |
| Net Margin | 12.9%+5.6pp | 7.3%+11.3pp | -4.0%-0.3pp | -3.7%-3.3pp | -0.4%+7.0pp | -7.4%-4.6pp | -2.8%-1.3pp | -1.5%+28.7pp | -30.2%-11.9pp | -18.3% |
| Return on Equity | 26.6%+6.0pp | 20.6%+41.7pp | -21.1%-3.2pp | -17.9%-16.3pp | -1.6%+19.1pp | -20.7%-11.6pp | -9.1%-5.4pp | -3.7%+515.2pp | -518.9% | N/A |
| Return on Assets | 14.7%+5.2pp | 9.5%+15.8pp | -6.4%-0.7pp | -5.6%-5.2pp | -0.5%+8.7pp | -9.2%-5.6pp | -3.6%-1.8pp | -1.8%+38.0pp | -39.8% | N/A |
| Current Ratio | 1.72-0.2x | 1.88+0.6x | 1.290.0x | 1.24-0.1x | 1.36+0.5x | 0.82-0.1x | 0.91-0.1x | 1.050.0x | 1.02 | N/A |
| Debt-to-Equity | 0.00-0.3x | 0.28-0.2x | 0.480.0x | 0.47-0.1x | 0.57+0.6x | 0.00 | N/A | N/A | N/A | N/A |
| Liabilities-to-Equity | 0.80-0.4x | 1.17-1.1x | 2.31+0.1x | 2.18-0.2x | 2.38+1.1x | 1.26-0.3x | 1.51+0.4x | 1.07-11.0x | 12.05 | N/A |
| Asset Turnover | 1.14-0.2x | 1.31-0.3x | 1.59+0.1x | 1.54+0.2x | 1.35+0.1x | 1.25-0.1x | 1.32+0.1x | 1.21-0.1x | 1.32 | N/A |
| FCF Margin | 16.7%+2.1pp | 14.6%+9.5pp | 5.1%+4.9pp | 0.2%-2.7pp | 2.9%+0.6pp | 2.3%-4.2pp | 6.5%+2.3pp | 4.2%+0.7pp | 3.5%+1.0pp | 2.5% |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Spotify Technology S.A. SPOT | FY2025 | $20.2B | $2.6B | 12.9% | $120.0B | 67/100 |
| Reddit RDDT | FY2025 | $2.2B | $529.7M | 24.1% | $29.5B | 67/100 |
| Tencent Music Entertainment Group TME | FY2024 | $3.9B | $910.2M | 23.4% | $13.8B | 66/100 |
| Baidu, Inc. BIDU | FY2025 | $18.5B | $799.2M | 4.3% | $26.8B | 33/100 |
| Pinterest, Inc. PINS | FY2025 | $4.2B | $416.9M | 9.9% | $13.0B | 73/100 |
| ZILLOW GROUP INC ZG | FY2025 | $2.6B | $23.0M | 0.9% | $7.3B | 57/100 |
Where Spotify Technology S.A. Ranks
Frequently Asked Questions
What is Spotify Technology S.A.'s annual revenue?
Spotify Technology S.A. (SPOT) reported $20.2B in total revenue for fiscal year 2025. This represents a 24.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Spotify Technology S.A.'s revenue growing?
Spotify Technology S.A. (SPOT) revenue grew by 24.3% year-over-year, from $16.2B to $20.2B in fiscal year 2025.
Is Spotify Technology S.A. profitable?
Yes, Spotify Technology S.A. (SPOT) reported a net income of $2.6B in fiscal year 2025, with a net profit margin of 12.9%.
How much debt does Spotify Technology S.A. have?
As of fiscal year 2025, Spotify Technology S.A. (SPOT) had $6.2B in cash and equivalents against $0 in long-term debt.
What is Spotify Technology S.A.'s gross margin?
Spotify Technology S.A. (SPOT) had a gross margin of 32.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Spotify Technology S.A.'s operating margin?
Spotify Technology S.A. (SPOT) had an operating margin of 12.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Spotify Technology S.A.'s net profit margin?
Spotify Technology S.A. (SPOT) had a net profit margin of 12.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Spotify Technology S.A.'s return on equity (ROE)?
Spotify Technology S.A. (SPOT) has a return on equity of 26.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Spotify Technology S.A.'s free cash flow?
Spotify Technology S.A. (SPOT) generated $3.4B in free cash flow during fiscal year 2025. This represents a 42.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Spotify Technology S.A.'s operating cash flow?
Spotify Technology S.A. (SPOT) generated $3.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Spotify Technology S.A.'s total assets?
Spotify Technology S.A. (SPOT) had $17.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Spotify Technology S.A.'s capital expenditures?
Spotify Technology S.A. (SPOT) invested $71.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Spotify Technology S.A. spend on research and development?
Spotify Technology S.A. (SPOT) invested $1.6B in research and development during fiscal year 2025.
What is Spotify Technology S.A.'s current ratio?
Spotify Technology S.A. (SPOT) had a current ratio of 1.72 as of fiscal year 2025, which is generally considered healthy.
What is Spotify Technology S.A.'s debt-to-equity ratio?
Spotify Technology S.A. (SPOT) had a debt-to-equity ratio of 0.00 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Spotify Technology S.A.'s liabilities-to-equity ratio?
Spotify Technology S.A. (SPOT) had a liabilities-to-equity ratio of 0.80 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Spotify Technology S.A.'s return on assets (ROA)?
Spotify Technology S.A. (SPOT) had a return on assets of 14.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Spotify Technology S.A.'s P/E ratio?
Spotify Technology S.A. (SPOT) trades at 46.2x earnings, its market capitalization divided by $2.6B net income, FY2025. The market capitalization is $120.0B as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Spotify Technology S.A.'s price-to-sales ratio?
Spotify Technology S.A. (SPOT) trades at 5.9x sales, its market capitalization divided by $20.2B revenue, FY2025. The market capitalization is $120.0B as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Spotify Technology S.A.'s Altman Z-Score?
Spotify Technology S.A. (SPOT) has an Altman Z-Score of 11.08, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Spotify Technology S.A.'s Piotroski F-Score?
Spotify Technology S.A. (SPOT) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Spotify Technology S.A.'s earnings high quality?
Spotify Technology S.A. (SPOT) has an earnings quality ratio of 1.33x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Spotify Technology S.A. cover its interest payments?
Spotify Technology S.A. (SPOT) has an interest coverage ratio of 8.26x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Spotify Technology S.A.?
Spotify Technology S.A. (SPOT) scores 67 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.