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The latest data point for ADBE's EV/EBITDA ratio in Q1'26 stands at 43.99, marking a significant rebound from the prior quarter's value of 12.83 in Q4'25 and representing the highest level in the observed period. Over the timeframe from Q2'23 to Q1'26, the EV/EBITDA ratio exhibited an initial period of relative stability around 30-34 through Q1'24, followed by a pronounced downward trend to a low of 12.83 by Q4'25, reflecting potential improvements in operational efficiency or market valuation compression. The sharp uptick to 43.99 in Q1'26 suggests a reversal, possibly driven by forward-looking expectations, though this volatility underscores the need to monitor upcoming quarters for sustained direction in ADBE's valuation multiples.