Question 1

What is Spotify's EV/EBITDA ratio?

Accepted Answer

Spotify (SPOT) EV/EBITDA ratio is 27.3× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Spotify?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Spotify specifically, the relevant sector benchmark is the current sector median of 12.6×.

Question 5

Is Spotify's EV/EBITDA ratio high or low?

Accepted Answer

Spotify's EV/EBITDA ratio of 27.3× is below its own 5-year average of 147.2× and above the sector median of 12.6×. That places the current reading at the 2th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Spotify's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Spotify (SPOT) EV/EBITDA ratio has ranged from a low of 22.5× in 2026 to a high of 1243.3× in 2020. The 5-year average is 147.2× and the 5-year median is 72.2×.

Question 7

What was Spotify's EV/EBITDA ratio in 2025?

Accepted Answer

Spotify (SPOT) EV/EBITDA ratio at the end of 2025 was 41.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Spotify's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$119.46B	$2.71B	41.1×	-11.5×	Dec 31, 2025
2024	$90.77B	$1.62B	52.6×	—	Dec 31, 2024
2023	$36.78B	−$321.20M	—	—	Dec 31, 2023
2022	$15.25B	−$124.27M	—	—	Dec 31, 2022
2021	$44.97B	$506.19M	85.0×	—	Dec 31, 2021
2020	$59.71B	−$507.32M	—	—	Dec 31, 2020
2019	$27.38B	−$226.69M	—	—	Dec 31, 2019
2018	$20.51B	−$95.86M	—	—	Dec 31, 2018
2017	$26.54B	−$711.56M	—	—	Dec 31, 2017
2016	$22.29B	−$516.13M	—	—	Dec 31, 2016


Electronic Arts (EA)	40.3×
DoorDash (DASH)	37.4×
Reddit (RDDT)	35.2×
Roku (ROKU)	33.6×
Take-Two Interactive Software (TTWO)	30.2×
Pinterest (PINS)	28.4×
Omnicom Group (OMC)	19.0×
Live Nation Entertainment (LYV)	18.0×
Alphabet (GOOGL)	15.7×
Trade Desk (TTD)	13.5×
TKO Group Holdings (TKO)	12.9×
Meta (META)	12.8×
T-Mobile US (TMUS)	12.3×
Netflix (NFLX)	12.0×
Match Group (MTCH)	10.1×
Walt Disney (DIS)	9.9×
News (NWSA)	9.0×
Fox (FOXA)	9.0×
Verizon (VZ)	8.2×
Telephone and Data Systems (TDS)	6.9×
AT&T (T)	6.6×
Charter Communications (CHTR)	6.0×
John Wiley & Sons (WLY)	5.8×
Warner Bros. Discovery (WBD)	5.3×
Comcast (CMCSA)	4.2×

EV/EBITDA for Spotify (SPOT)

EV/EBITDA daily chart for Spotify (SPOT)

Historical EV/EBITDA for Spotify (SPOT) from 2016 to 2025

About EV/EBITDA at Spotify (SPOT)

Spotify EV/EBITDA by Year

Spotify EV/EBITDA 2025: 41.1×

Spotify EV/EBITDA 2024: 52.6×

Spotify EV/EBITDA 2021: 85.0×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Spotify (SPOT) Key Financials

EV/EBITDA daily chart for Spotify (SPOT)

Historical EV/EBITDA for Spotify (SPOT) from 2016 to 2025

About EV/EBITDA at Spotify (SPOT)

Spotify EV/EBITDA by Year

Spotify EV/EBITDA 2025: 41.1×

Spotify EV/EBITDA 2024: 52.6×

Spotify EV/EBITDA 2021: 85.0×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Spotify's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Spotify?

+Is Spotify's EV/EBITDA ratio high or low?

+What is Spotify's historical EV/EBITDA ratio range?

+What was Spotify's EV/EBITDA ratio in 2025?

+Why does Spotify's EV/EBITDA ratio change over time?

Spotify (SPOT) Key Financials