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The latest data point for CVX's EV/EBITDA ratio, as of Q4'25, stands at 9.883, reflecting a significant elevation from prior periods and indicating a higher valuation relative to earnings before interest, taxes, depreciation, and amortization. Over the period from Q2'23 to Q4'25, the EV/EBITDA ratio exhibits an overall upward trend, starting at 5.314 and climbing steadily to 9.883, with notable acceleration in the latter half from Q1'24 (6.749) onward, including a peak in Q4'25. This growth pattern suggests increasing market expectations for CVX's future cash flows, though a minor dip occurred in Q2'24 (6.085) before resuming its ascent, highlighting moderate volatility amid broader expansion in the area chart visualization.