As of Q4'25, CVNA's P/B Ratio stands at 17.38, reflecting a notable decrease from the previous quarter's 33.79. This latest data point indicates a continued downward adjustment in valuation after peaking at 70.45 in Q3'24. Over the period from Q1'23 to Q4'25, the P/B Ratio for CVNA has exhibited significant volatility. After starting in negative territory in early 2023, the ratio surged sharply throughout 2023 and into 2024, reaching a high of 70.45 in Q3'24. Since then, the trend has reversed, with the ratio declining steadily over the subsequent quarters, suggesting a normalization in market valuation following a period of extreme fluctuation.