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As of Q4'25, CVS's EV/EBITDA ratio has surged to 81.57, representing a dramatic increase from the previous quarter's value of 16.44. This latest data point marks the highest level in the observed period from Q1'23 to Q4'25. Over the analyzed period, the EV/EBITDA ratio displayed significant volatility, with notable peaks in Q2'23 (15.59), Q4'24 (16.87), and especially the sharp spike in Q4'25. After a period of relative stability between Q3'23 and Q2'25, the ratio escalated rapidly in the last two quarters, indicating a substantial shift in either enterprise value or EBITDA. This pronounced upward movement may reflect major changes in CVS's financial structure or market conditions during late 2025.