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As of Q4'25, APP's EV/EBITDA ratio has surged to 179.51, marking a dramatic increase from the previous quarter's value of 52.86. This latest data point represents a significant spike and is the highest value observed in the period covered. From Q1'23 to Q4'25, the EV/EBITDA ratio for APP exhibits a generally upward trend with notable volatility. After a steady climb from 11.99 in Q1'23 to around 19.95 in Q4'23, the ratio fluctuated but remained below 50 until Q3'25. The most significant inflection occurs between Q3'25 (52.86) and Q4'25 (179.51), indicating a sharp and unprecedented jump in valuation multiples in the latest quarter.