Spotify Technology S.A. (SPOT) vs Tencent Holdings Limited (TCEHY)
A side-by-side comparison of Spotify Technology S.A. and Tencent Holdings Limited across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 10, 2026. Differences are shown without an overall score or investment verdict.
SPOT
Spotify Technology S.A.
$525.75Communication ServicesDelayed quote: Sep 11, 2026, 4:00 PM EDT
TCEHY
Tencent Holdings Limited
$54.55Communication ServicesDelayed quote: Sep 11, 2026, 4:00 PM EDT
Total return — SPOT vs TCEHY
growth of $100 · dividends reinvested · last 8ySPOT +251.0% (+17.0%/yr)TCEHY +15.8% (+1.9%/yr)SPOT compounded faster over this window
SPOT TCEHY
SPOT vs TCEHY: by the numbers
- •TCEHY is the larger company ($491.57B vs $108.09B market cap).
- •TCEHY trades at the lower trailing earnings multiple (14.97 vs 32.80 P/E), one valuation lens rather than an overall verdict.
- •TCEHY converts more revenue to profit (29.83% vs 18.49% net margin).
- •SPOT grew revenue faster over the past five years (15.47% vs 6.83% CAGR).
- •TCEHY pays a dividend (1.23% yield), while SPOT has no payments in the available dividend history.
Metrics side by side
Valuation
| Metric | SPOT | TCEHY |
|---|---|---|
| P/E ratio | 32.80 | 14.97 |
| P/S ratio | 5.14 | 4.36 |
| P/B ratio | 11.28 | 2.94 |
| EV / EBITDA | 31.80 | 11.31 |
| FCF yield | 3.53% | 5.21% |
Profitability
| Metric | SPOT | TCEHY |
|---|---|---|
| Gross margin | 32.79% | 55.66% |
| Operating margin | 14.65% | 32.48% |
| Net margin | 18.49% | 29.83% |
| ROE | 40.58% | 20.11% |
| ROIC | 29.12% | 11.92% |
Dividends
| Metric | SPOT | TCEHY |
|---|---|---|
| Dividend yield | N/A | 1.23% |
| Payout ratio | N/A | 18.51% |
Growth (annualized)
| Metric | SPOT | TCEHY |
|---|---|---|
| Revenue CAGR (5Y) | 15.47% | 6.83% |
| EPS CAGR (5Y) | N/A | 5.91% |
| FCF CAGR (5Y) | 66.34% | 2.93% |
| Total return CAGR (5Y) | 16.28% | -0.93% |
Frequently asked
- Which has the lower trailing P/E, SPOT or TCEHY?
- TCEHY has the lower trailing P/E: SPOT trades at 32.80 and TCEHY at 14.97. P/E is one valuation measure and does not by itself establish which business is cheaper.
- Which has grown faster, SPOT or TCEHY?
- Over the past five years, SPOT grew revenue faster — SPOT at a 15.47% CAGR versus TCEHY at 6.83%.
- Does SPOT or TCEHY pay a bigger dividend?
- TCEHY pays a dividend (1.23% yield), while SPOT has no payments in the available dividend history.
- Is SPOT or TCEHY more profitable?
- TCEHY runs the higher net margin — SPOT at 18.49% versus TCEHY at 29.83%.
- How have SPOT and TCEHY total returns compared?
- Over the past 5 years, SPOT delivered 16.28% and TCEHY delivered -0.93% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Spotify Technology P/E ratioTencent P/E ratioTencent dividend yieldSpotify Technology ROETencent ROESpotify Technology operating marginTencent operating marginSpotify Technology revenue growthTencent revenue growthSpotify Technology free cash flowTencent free cash flow
Spotify Technology & Tencent appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 10, 2026.