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The latest data point for ARM's EV/EBITDA ratio in Q4'26 stands at 310.16, marking a significant rebound from the previous quarter's low of 99.03 in Q3'26 and reflecting heightened market valuation relative to earnings before interest, taxes, depreciation, and amortization. Over the period from Q1'24 to Q4'26, the EV/EBITDA ratio exhibits high volatility with an overall downward trend, starting at 364.93 in Q1'24, plunging to a negative -688.24 in Q2'24 due to potential operational challenges, then recovering to peaks around 403.44 in Q3'24 before steadily declining to 99.03 by Q3'26; this pattern suggests improving but still elevated multiples in the latest quarter, indicating investor optimism amid fluctuating profitability.