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As of Q4'25, DDOG's EV/EBITDA ratio stands at 5,194.05, marking a dramatic surge from the previous quarter's 298.99. This latest data point represents a significant spike, reversing the relatively stable trend observed over the preceding quarters. Over the period from Q1'23 to Q4'25, the EV/EBITDA ratio exhibited high volatility, with notable peaks in Q2'23 (7,061.75) and Q4'25 (5,194.05). After a sharp decline from Q2'23 through Q1'24, the ratio stabilized between 133.45 and 298.99 from Q1'24 to Q3'25, before the abrupt increase in Q4'25. This pattern suggests periods of both extreme valuation and relative stability, highlighting significant shifts in market sentiment or underlying company performance during the timeframe.