Spotify Technology (SPOT) EV to EBITDA (2018 - 2026)
Spotify Technology's (SPOT) EV to EBITDA stood at 26.85 in Q3 2026, down 54.5% from 59.00 a year earlier but up 3.1% from the prior quarter.
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Analysis
Spotify Technology (SPOT) EV to EBITDA (2018 - 2026) Analysis & Trends
On a TTM basis, Spotify Technology's EV to EBITDA came in at 17.25 as of Sep 30, 2026, down 64.8% year-over-year; for FY2025, it came in at 40.49, down 22.9% from FY2024.
- Across earlier years, EV to EBITDA came in at 52.55 in FY2024 and 156.79 in FY2021.
- Quarterly EV to EBITDA has ranged from 26.05 in Q2 2026 to 1928.83 in Q1 2024 over the past five years.
- On a year-over-year basis, EV to EBITDA has declined for seven consecutive quarters, with an average decline of 45.7% over the last seven quarters.
- The year-over-year decline in EV to EBITDA has ranged between 10.5% (Q3 2025) and 97.2% (Q1 2025) over the last five years.
- Per Business Quant, the preceding three quarters came in at 26.05 (Q2 2026), 30.85 (Q1 2026) and 41.59 (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 | 30.91 |
| Jun 30, 2026 | 30.28 |
| Mar 31, 2026 | 30.51 |
| Dec 31, 2025 | 37.73 |
| Sep 30, 2025 | 42.38 |
| Jun 30, 2025 | 46.65 |
| Mar 31, 2025 | 41.93 |
| Dec 31, 2024 | 41.94 |
| Sep 30, 2024 | 48.11 |
| Jun 30, 2024 | 69.73 |
| Mar 31, 2024 | 203.82 |
| Jun 30, 2022 | 144.82 |
| Mar 31, 2022 | 75.96 |
| Dec 31, 2021 | 110.83 |
| Sep 30, 2021 | 96.69 |
| Jun 30, 2021 | 138.72 |
| Mar 31, 2021 | 107.48 |
| Dec 31, 2020 | 154.60 |
| Sep 30, 2020 | 124.81 |
| Jun 30, 2020 | 132.15 |
API Access
Spotify Technology EV to EBITDA 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-ebitda&ticker=SPOT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-ebitda", "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-ebitda&ticker=SPOT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();