As of Q4'25, CVNA's Price-to-Sales (P/S) ratio stands at 10.68, marking a significant increase from the previous quarter's value of 4.22. This latest data point represents the highest P/S ratio observed in the period covered by the chart. From Q1'23 to Q4'25, the P/S ratio for CVNA has shown a pronounced upward trend, with notable volatility in certain quarters. After a relatively low and stable start in 2023, the ratio began to accelerate in 2024, climbing from 1.57 in Q1'24 to 4.39 in Q4'24. The most dramatic surge occurred between Q3'25 and Q4'25, where the P/S ratio more than doubled, indicating a sharp increase in market valuation relative to sales. This pattern suggests growing investor optimism or changing market dynamics impacting CVNA's valuation over the observed period.