The S&P 500 has been on a tear since the start of 2023. Posting a 32.2% total return and hitting an all-time high earlier this year, the index is going through one of its best bull runs ever.

However, audio streamer Spotify (NYSE: SPOT) has managed to crush the returns of the broad market over that period. Its shares are up 205% since the start of 2023, making it one of the best-performing stocks in the world over that time frame.

With expanding margins and consistent revenue growth, Spotify has proven a lot of the naysayers wrong, and it looks to be on a path of continued growth this year and beyond. Does that make the stock a buy today? Let's take a deeper look at the numbers and find out.

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Source Fool.com