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As of Q2'26 (2025-09-30), Alibaba's EV/Sales ratio stands at 1.55, marking the highest level in the period covered. This latest data point reflects a significant increase compared to the previous quarter's value of 1.29. From Q3'23 (2022-12-31) to Q2'26, the EV/Sales ratio has shown notable volatility, initially declining from 0.97 to a low of 0.66 in Q3'24 before rebounding sharply. The ratio has trended upward since Q3'24, with particularly strong growth observed in the last three quarters, indicating a rising valuation relative to sales.