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As of Q2'26 (2025-09-30), BABA's EV/EBITDA ratio stands at 13.143, following a recent period of moderate increase from 9.884 in Q1'26 (2025-06-30) and 9.085 in Q4'25 (2025-03-31). The most recent data point reflects a continued upward movement in valuation multiples after a period of relative stability. Over the period from Q3'23 (2022-12-31) to Q2'26 (2025-09-30), the EV/EBITDA ratio has demonstrated significant volatility. After a sharp decline from 16.277 in Q3'23 to a low of 6.819 in Q2'24, the ratio rebounded and generally trended upward, with a notable outlier spike to 272.35 in Q2'25. Excluding this anomaly, the overall trend since Q2'24 suggests a gradual recovery in valuation, though the chart highlights periods of both rapid decline and recovery within the observed timeframe.