As of Q4'25, SPOT's PEG Ratio (5yr expected) stands at 0.74, reflecting a notable decrease from the previous quarter's value of 2.81. This latest data point suggests a moderation in growth expectations relative to earnings growth as of the end of 2025. Over the period from Q1'23 to Q4'25, the PEG Ratio has exhibited significant volatility, ranging from a low of -0.90 in Q3'23 to a peak of 6.51 in Q3'24. The metric turned negative in several quarters during 2023 and early 2024, indicating periods where earnings growth expectations outpaced price growth, before surging sharply in mid-2024. The subsequent decline towards the end of 2025 suggests a normalization of growth expectations, with the ratio stabilizing at a lower level compared to the mid-2024 peak.