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As of the most recent data point on 2025-12-31, ARM’s EV/EBITDA stands at 99.03. This marks a continued decline from previous quarters, reflecting a significant reduction from the peak of 403.41 observed in Q3'24. Over the period from Q4'23 to Q3'26, the EV/EBITDA ratio has exhibited high volatility, starting at an extreme low of -6.78K in Q4'23, followed by sharp swings into positive territory and subsequent declines. After reaching a high in Q3'24, the ratio has trended downward, indicating a normalization from earlier volatility and suggesting improving EBITDA or moderating enterprise value relative to earnings. This trend highlights a period of stabilization after substantial fluctuations, with the latest quarters showing a more consistent and lower EV/EBITDA multiple.