RDDT
Reddit, Inc.
RDDT has a slight edge over SPOT overall, supported by stronger fundamentals and stronger modeled upside.
SPOT
Spotify Technology S.A.
SPOT has lower modeled downside risk, despite its lower overall score.
RDDT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
RDDT's revenue, profitability, cash flow and balance sheet are all currently healthy.
SPOT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Strong |
SPOT's revenue, profitability, cash flow and balance sheet are all currently healthy.
RDDT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $99.55 | — |
| Current | 20x | $99.55 | — |
| Cheap | 35x | $171 | +72% |
| Fair | 46x | $228 | +129% |
| Expensive | 53x | $262 | +163% |
Historical ranges are pointers, not guarantees.
RDDT has the edge over SPOT in the historical PE scenario, which offers more potential upside but is not a forecast.
SPOT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 40x | $577 | -3.6% |
| Current | 42x | $599 | — |
| Fair | 98x | $1,404 | +135% |
| Expensive | 144x | $2,066 | +245% |
Historical ranges are pointers, not guarantees.
SPOT's PE is 42x, but its earnings don't support one, so it isn't a reliable read right now.
RDDT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect strong earnings and revenue growth for RDDT, with profitability improving. However, they disagree widely on these estimates.
SPOT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for SPOT, with profitability improving. However, they disagree widely on these estimates.
RDDT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.32 | +29% |
| Q3 2024 | -$7.98 | -$7.17 |
| Q2 2024 | -$8.19 | -$7.15 |
| Q1 2024 | -$8.38 | -$7.25 |
| Q4 2023 | -$0.56 | +$0.41 |
| Q3 2023 | -$0.81 | -$0.02 |
| Q2 2023 | -$1.04 | -$0.48 |
| Q1 2023 | -$1.13 | -$0.48 |
| Q4 2022 | -$0.97 | -$0.19 |
SPOT has the stronger earnings trend. Trailing diluted EPS is down 39% for RDDT versus SPOT up 127%.
SPOT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $14.36 | +127% |
| Q2 2026 | $15.25 | +255% |
| Q1 2026 | $11.89 | +91% |
| Q4 2025 | $9.24 | +51% |
| Q3 2025 | $6.32 | +66% |
| Q2 2025 | $4.29 | +70% |
| Q1 2025 | $6.23 | +$6.75 |
| Q4 2024 | $6.12 | +$8.91 |
SPOT's earnings per share have climbed steadily: $14.36 over the past year, up 127% from the year before, and higher year over year for 12 quarters in a row.
RDDT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $895M | +53% |
| Q2 2026 | $804.9M | +61% |
| Q1 2026 | $663.4M | +69% |
| Q4 2025 | $725.6M | +70% |
| Q3 2025 | $584.9M | +68% |
| Q2 2025 | $499.6M | +78% |
| Q1 2025 | $392.4M | +61% |
| Q4 2024 | $427.7M | +71% |
RDDT has the edge over SPOT on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 29% | +5.5 points |
| Q2 2026 | 29% | +15 points |
| Q1 2026 | 28% | +27 points |
| Q4 2025 | 32% | +20 points |
| Q3 2025 | 24% | +22 points |
| Q2 2025 | 14% | +25 points |
| Q1 2025 | 1% | +244 points |
| Q4 2024 | 12% | +11 points |
RDDT has the edge over SPOT on profitability, with a higher operating margin.
SPOT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.5B | +16% |
| Q2 2026 | $5.3B | +14% |
| Q1 2026 | $5B | +8.2% |
| Q4 2025 | $5B | +6.8% |
| Q3 2025 | $4.7B | +7.1% |
| Q2 2025 | $4.7B | +10% |
| Q1 2025 | $4.7B | +15% |
| Q4 2024 | $4.7B | +16% |
SPOT's revenue has grown year over year every quarter since late 2020: $5.5B last quarter, up 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | -0.1 points |
| Q2 2026 | 14% | +4 points |
| Q1 2026 | 16% | +3.6 points |
| Q4 2025 | 15% | +4.2 points |
| Q3 2025 | 14% | +2.2 points |
| Q2 2025 | 9.7% | +2.7 points |
| Q1 2025 | 12% | +7.5 points |
| Q4 2024 | 11% | +13 points |
SPOT's operating margin was 14% last quarter, about level with the same quarter a year ago.
RDDT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $362.6M | +98% |
| Q2 2026 | $260.7M | +135% |
| Q1 2026 | $311.2M | +146% |
| Q4 2025 | $263.6M | +196% |
| Q3 2025 | $183.1M | +161% |
| Q2 2025 | $110.8M | +308% |
| Q1 2025 | $126.6M | +333% |
| Q4 2024 | $89.2M | +$111.2M |
RDDT has the edge over SPOT on cash flow, with more consistent year-over-year improvement.
SPOT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $815.4M | -8.9% |
| Q2 2026 | $884.3M | +14% |
| Q1 2026 | $923.2M | +56% |
| Q4 2025 | $926.5M | -4.9% |
| Q3 2025 | $895.4M | +13% |
| Q2 2025 | $776.5M | +43% |
| Q1 2025 | $592.1M | +159% |
| Q4 2024 | $974.3M | +121% |
SPOT generated $3.5B in free cash flow over the past year, up 9.6% from the year before.
RDDT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -169K shares |
| 1 year | -0.4% | -868K shares |
| 3 years | +24% | +38.5M shares |
| 5 years | +24% | +38.5M shares |
RDDT has 202M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $100.4M |
| Q2 2026 | $234.6M |
| Q1 2026 | $5M |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | $4.2M |
| Q4 2022 | — |
SPOT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -280K shares |
| 1 year | -2.4% | -5.2M shares |
| 3 years | +5.3% | +10.6M shares |
| 5 years | +7.5% | +14.5M shares |
| Available history | +14% | +25.6M shares |
SPOT has the edge over RDDT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $347.7M |
| Q2 2026 | $257.7M |
| Q1 2026 | $339.9M |
| Q4 2025 | $423.3M |
| Q3 2025 | $64.4M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $47.8M |
SPOT spent $1.4B buying back its own shares over the past year, more than ten times what it spent the year before.
RDDT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.5x | Net Cash |
| Q2 2026 | -1.9x | Net Cash |
| Q1 2026 | -2.2x | Net Cash |
| Q4 2025 | -2.1x | Net Cash |
| Q3 2025 | -3.3x | Net Cash |
| Q2 2025 | -5.0x | Net Cash |
| Q1 2025 | -13.1x | Net Cash |
RDDT has more cash than debt.
SPOT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.8x | Net Cash |
| Q2 2026 | -1.5x | Net Cash |
| Q1 2026 | -1.6x | Net Cash |
| Q4 2025 | -1.4x | Net Cash |
| Q3 2025 | -1.7x | Net Cash |
| Q2 2025 | -2.0x | Net Cash |
| Q1 2025 | -1.8x | Net Cash |
| Q4 2024 | -1.8x | Net Cash |
SPOT has the edge over RDDT on leverage, with a lower net debt burden relative to earnings.
RDDT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 34.8 | Neutral |
| Stochastic | 6.5 | Oversold |
RDDT's weekly RSI is 35 (neutral) and its Stochastic is 6 (oversold).
SPOT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.8 | Neutral |
| Stochastic | 86.0 | Overbought |
SPOT's weekly RSI is 63 (neutral) and its Stochastic is 86 (overbought).
RDDT PE vs Communication Services Sector
| Metric | RDDT | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 16x | 23% above |
| PE % | 5 | 23 | 18 pts below |
RDDT has the edge over SPOT on valuation relative to its sector.
SPOT PE vs Communication Services Sector
| Metric | SPOT | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 16x | 153% above |
| PE % | 23 | 26 | 3 pts below |
SPOT is trading at 42x earnings, a 153% premium to the Communication Services sector's median of 16x, though its earnings don't support one.
RDDT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $130.6 | 24% below |
| 20 week MA | $151.7 | 34% below |
| 50 week MA | $165.0 | 40% below |
| 100 week MA | $167.1 | 40% below |
SPOT has stronger trend alignment. RDDT is above 0 of 4 weekly averages versus SPOT above 5 of 5.
SPOT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $552.7 | 8.3% above |
| 20 week MA | $525.4 | 14% above |
| 50 week MA | $512.5 | 17% above |
| 100 week MA | $570.6 | 4.9% above |
| 200 week MA | $402.8 | 49% above |
SPOT is in an uptrend: it's above all five of its weekly moving averages, and 49% above its 200-week average.
RDDT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $46.0 | $173.5 | +277% |
| 2025 | $173.5 | $225.8 | +30% |
| 2026 YTD | $225.8 | $99.6 | -56% |
RDDT has finished every year since 2024 higher, and it's down 56% so far in 2026.
SPOT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $153.2 | $328.4 | +114% |
| 2021 | $328.4 | $236.6 | -28% |
| 2022 | $236.6 | $77.7 | -67% |
| 2023 | $77.7 | $187.9 | +142% |
| 2024 | $187.9 | $456.5 | +143% |
| 2025 | $456.5 | $584.4 | +28% |
| 2026 YTD | $584.4 | $598.5 | +2.4% |
SPOT has the edge over RDDT on returns for 2026, with the stronger performance.