The latest data point for CPNG's P/B Ratio in Q1'26 stands at 8.77, reflecting a moderate rebound from the previous quarter's low of 7.40 in Q4'25, though it remains below the elevated levels observed earlier in 2025. Over the period from Q2'23 to Q1'26, the P/B Ratio exhibited a volatile downward trend overall, starting at a high of 12.40 in Q2'23 and declining sharply to 8.00 by Q4'23, followed by fluctuations that peaked at 12.38 in Q3'25 before dropping to 7.40 in Q4'25; this pattern suggests periods of market optimism in mid-2025 giving way to renewed valuation pressures, with the area chart highlighting sustained instability rather than steady growth or decline.