As of Q4'25, CPNG's EV/EBITDA ratio surged dramatically to 233.67, marking a significant spike compared to previous quarters. This latest data point stands out sharply from the recent trend, indicating a substantial shift in valuation metrics. From Q1'23 to Q3'25, the EV/EBITDA ratio generally fluctuated between 22.19 and 33.93, with moderate volatility and no extreme outliers. The metric remained relatively stable through most of the period, with only minor increases and decreases. However, the abrupt jump in Q4'25 represents a notable inflection point, suggesting either a sudden change in enterprise value, EBITDA, or both, and warrants further investigation into underlying business or market developments during this quarter.