SPOT EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
SPOT's ev/ebitda is lower than 95% of the last 10 years.
EV/EBITDA History
SPOT EV/EBITDA by year
Yearly range of SPOT’s ev/ebitda from 2019 to 2026. Over the full period it ranged from 21.6 to 2,928.9, averaging 227.5.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 21.6 | 29.0 | 44.2 | 27.1 |
| 2025 | 43.2 | 71.9 | 92.2 | 43.2 |
| 2024 | 58.5 | 334.0 | 874.9 | 58.5 |
| 2022 | 32.4 | 69.2 | 151.6 | 112.7 |
| 2021 | 90.2 | 367.0 | 716.9 | 90.2 |
| 2020 | 1,340.7 | 1,875.6 | 2,928.9 | 2,897.0 |
| 2019 | 30.4 | 52.2 | 75.3 | 39.9 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is SPOT EV/EBITDA High or Low Right Now?
Spotify Technology S.A.'s EV/EBITDA is currently 27.1, which is near historic low relative to its 10-year historical range. The 10-year median EV/EBITDA for SPOT is approximately 71.1. See all SPOT valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.