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As of Q4'25, ANET's EV/EBITDA ratio has surged to 157.66, marking a significant jump from the previous quarter's 42.91. This latest data point represents the highest value in the observed period, indicating a sharp increase in valuation relative to EBITDA. From Q1'23 to Q3'25, the EV/EBITDA ratio generally trended upward, with moderate fluctuations and a notable peak at 44.67 in Q2'25 before a slight dip in Q3'25. However, the most remarkable change occurs in Q4'25, where the ratio more than triples compared to the prior quarter, suggesting either a substantial increase in enterprise value, a drop in EBITDA, or both. This dramatic spike may signal a significant market event or shift in company fundamentals during the latter part of the covered timeframe.