Spotify Technology (SPOT) EV to CFO (2018 - 2026)
Spotify Technology's (SPOT) EV to CFO stood at 23.60 in Q3 2026, down 43.0% from 41.40 a year earlier but up 9.7% from the prior quarter.
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Analysis
Spotify Technology (SPOT) EV to CFO (2018 - 2026) Analysis & Trends
On a TTM basis, Spotify Technology's EV to CFO came in at 15.16 as of Sep 30, 2026, down 55.9% year-over-year; for FY2025, it was 31.75, down 6.4% from FY2024.
- Annual EV to CFO has declined for three straight years.
- Across earlier years, EV to CFO came in at 33.94 in FY2024 (-22.9%), 44.02 in FY2023 (-81.7%), 241.10 in FY2022 (+151.2%) and 95.99 in FY2021 (-50.8%).
- Quarterly EV to CFO has ranged from 21.52 in Q2 2026 to 588.85 in Q2 2023 over the past five years.
- On a year-over-year basis, EV to CFO has declined for four consecutive quarters, with an average decline of 19.1% over the last eight quarters.
- Peak year-over-year performance for EV to CFO in the last five years was growth of 362.3% in Q1 2023, against a decline of 93.1% in Q2 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at 21.52 (Q2 2026), 23.96 (Q1 2026) and 32.51 (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 23.60 |
| Jun 30, 2026 | 21.52 |
| Mar 31, 2026 | 23.96 |
| Dec 31, 2025 | 32.51 |
| Sep 30, 2025 | 41.40 |
| Jun 30, 2025 | 47.33 |
| Mar 31, 2025 | 37.76 |
| Dec 31, 2024 | 33.54 |
| Sep 30, 2024 | 34.20 |
| Jun 30, 2024 | 40.63 |
| Mar 31, 2024 | 53.66 |
| Dec 31, 2023 | 44.10 |
| Sep 30, 2023 | 110.14 |
| Jun 30, 2023 | 588.85 |
| Mar 31, 2023 | 298.94 |
| Dec 31, 2022 | 224.55 |
| Sep 30, 2022 | 50.00 |
| Jun 30, 2022 | 39.26 |
| Mar 31, 2022 | 64.66 |
| Dec 31, 2021 | 96.57 |
API Access
Spotify Technology EV to CFO API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ev-to-cfo&ticker=SPOT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-cfo", "ticker": "SPOT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ev-to-cfo&ticker=SPOT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();