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As of Q4'25, ASML's EV/EBITDA ratio has surged to 139.01, marking a dramatic increase from the previous quarter's value of 26.81. This latest data point represents a significant spike, far exceeding the levels observed throughout the rest of the period. From Q1'23 to Q3'25, the EV/EBITDA ratio generally fluctuated between 18.98 and 38.33, with a notable peak at 38.33 in Q2'24 before declining to 18.98 in Q1'25. The trend was relatively stable with moderate volatility until Q4'25, when the ratio experienced an unprecedented jump, indicating a potential one-off event or significant shift in valuation or earnings during that quarter. This sharp increase warrants further investigation into the underlying drivers behind the Q4'25 outlier. The chart covers the period from Q1'23 to Q4'25.