As of Q4'25, CPNG's P/B Ratio stands at 9.28, reflecting a decrease from the previous quarter's 12.38. This latest data point suggests a notable contraction in valuation relative to book value at the end of the period. Over the period from Q1'23 to Q4'25, the P/B Ratio has exhibited moderate volatility, with peaks above 12 in Q2'23, Q2'25, and Q3'25, and troughs near 8 in Q4'23. After a decline from mid-2023 highs, the ratio stabilized around 9-10 through 2024 before rising again in 2025, followed by a sharp drop in the final quarter. This pattern indicates fluctuating investor sentiment and valuation multiples over the observed timeframe.