In the latest reporting period of Q4'26, the P/E Ratio for BABA reached 136.21. This represents a significant and sharp increase compared to the previous quarter's value of 21.52. The P/E Ratio exhibited relative stability between Q1'24 and Q3'26, generally fluctuating within a range of 11.12 to 21.69. However, the trend concluded with a dramatic spike in Q4'26, indicating a major shift in the company's valuation multiple or earnings performance during that final period.