Spotify Technology (SPOT) EV to FCF (2018 - 2026)
Spotify Technology's (SPOT) EV to FCF came in at 24.12 for Q3 2026, down 41.5% from 41.22 a year earlier but up 10.3% from the prior quarter.
Powered by 
Analysis
Spotify Technology (SPOT) EV to FCF (2018 - 2026) Analysis & Trends
For the trailing twelve months through Sep 30, 2026, EV to FCF at Spotify Technology was 15.49, down 54.8% year-over-year; for FY2025, it was 32.43, down 5.2% from FY2024.
- Annual EV to FCF has declined for three consecutive years.
- In prior years, Spotify Technology's EV to FCF was 34.19 in FY2024 (-23.0%), 44.41 in FY2023 (-91.6%), 528.13 in FY2022 (+320.7%) and 125.55 in FY2021 (-55.0%).
- Quarterly EV to FCF has run from a low of 21.86 in Q2 2026 to a high of 2773.22 in Q2 2023 over five years.
- On a year-over-year basis, EV to FCF has declined in each of the last four quarters, with an average decline of 18.7% over the last eight quarters.
- The strongest year-over-year quarter for EV to FCF in the past five years was Q1 2023, with growth of 924.6%; the weakest was Q2 2024, with a decline of 98.5%.
- According to Business Quant data, EV to FCF for the three prior quarters was 21.86 (Q2 2026), 24.44 (Q1 2026) and 33.22 (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 | 24.12 |
| Jun 30, 2026 | 21.86 |
| Mar 31, 2026 | 24.44 |
| Dec 31, 2025 | 33.22 |
| Sep 30, 2025 | 41.22 |
| Jun 30, 2025 | 47.45 |
| Mar 31, 2025 | 37.99 |
| Dec 31, 2024 | 33.78 |
| Sep 30, 2024 | 34.19 |
| Jun 30, 2024 | 40.72 |
| Mar 31, 2024 | 53.85 |
| Dec 31, 2023 | 44.49 |
| Sep 30, 2023 | 132.99 |
| Jun 30, 2023 | 2,773.22 |
| Mar 31, 2023 | 545.58 |
| Dec 31, 2022 | 421.32 |
| Sep 30, 2022 | 43.33 |
| Jun 30, 2022 | 33.36 |
| Mar 31, 2022 | 53.25 |
| Dec 31, 2021 | 78.04 |
API Access
Spotify Technology EV to FCF 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-fcf&ticker=SPOT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-fcf", "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-fcf&ticker=SPOT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();