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The latest data point for Amazon's (AMZN) EV/EBITDA ratio in Q1'26 stands at 54.81, marking a significant surge from the previous quarter's value of 14.10 in Q4'25 and indicating heightened market valuation relative to earnings before interest, taxes, depreciation, and amortization. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibited an overall volatile yet predominantly declining trend, starting at 24.39 in Q2'23 and reaching a low of 14.10 in Q4'25, with intermittent recoveries such as the uptick to 20.66 in Q4'23 and 20.05 in Q4'24. This pattern suggests periods of market optimism interspersed with efficiency-driven compression in multiples, though the sharp rebound in Q1'26 to 54.81 could signal renewed growth expectations or sector-specific re-rating, warranting close monitoring for sustainability.