Spotify Technology (SPOT) EV to CFO (2018 - 2026)
Spotify Technology's (SPOT) EV to CFO stood at 21.47 in the quarter ended Jun 30, 2026, down 54.7% from 47.44 a year earlier and down 10.2% 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 13.29 as of Jun 30, 2026, down 66.8% year-over-year; for the year ended Dec 31, 2025, it was 31.78, down 6.1% from the prior year.
- Annual EV to CFO has declined for three straight years.
- Across earlier years, EV to CFO came in at 33.85 in the year ended Dec 31, 2024 (-23.8%), 44.44 in the year ended Dec 31, 2023 (-82.4%), 252.34 in the year ended Dec 31, 2022 (+154.4%) and 99.20 in the year ended Dec 31, 2021 (-49.3%).
- The figure for the quarter ended Jun 30, 2026 is the lowest quarterly EV to CFO in data going back to the quarter ended Jun 30, 2018.
- On a year-over-year basis, EV to CFO has declined for three consecutive quarters, with an average decline of 22.0% over the last eight quarters.
- Peak year-over-year performance for EV to CFO in the last five years was growth of 364.0% in the quarter ended Mar 31, 2023, against a decline of 93.3% in the quarter ended Jun 30, 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at 23.91 (quarter ended Mar 31, 2026), 32.54 (quarter ended Dec 31, 2025) and 40.12 (quarter ended Sep 30, 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Alphabet | 4,139.30 Bn | 3,896.82 Bn | 73.85 Bn |
| 2 | Meta Platforms | 1,802.48 Bn | 1,505.00 Bn | 49.47 Bn |
| 3 | Netflix | 295.38 Bn | 255.58 Bn | 6.52 Bn |
| 4 | Alibaba Group Holding | 253.00 Bn | 66.78 Bn | 15.11 Bn |
| 5 | Shopify | 219.40 Bn | 196.59 Bn | 1.71 Bn |
| 6 | Uber Technologies | 143.37 Bn | 115.17 Bn | 6.38 Bn |
| 7 | Booking Holdings | 125.53 Bn | 58.58 Bn | - |
| 8 | PDD Holdings | 113.03 Bn | -130.74 Bn | 9.45 Bn |
| 9 | Spotify Technology | 108.69 Bn | 66.19 Bn | 1.86 Bn |
| 10 | Airbnb | 102.92 Bn | 56.15 Bn | 2.98 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 21.52 |
| Mar 31, 2026 | 23.96 |
| Dec 31, 2025 | 32.51 |
| Sep 30, 2025 | 40.11 |
| 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 |
| Sep 30, 2021 | 93.99 |
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();