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As of Q3'26 (2025-12-31), ARM's EV/Sales ratio stands at 87.79, marking a significant decrease from the previous quarter's 147.75. This latest data point reflects a sharp contraction in valuation relative to sales. Over the period from Q4'23 (2023-03-31) to Q3'26 (2025-12-31), the EV/Sales ratio for ARM has shown considerable volatility. After an initial decline from 96.36 to 64.19, the ratio surged to a peak of 186.13 in Q2'25, followed by pronounced fluctuations and a notable drop in the most recent quarter. This trend suggests periods of heightened market optimism interspersed with corrections, indicating shifting investor sentiment and potential changes in underlying business performance or market conditions.