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As of Q4'25, FTNT's EV/EBITDA ratio stands at 86.65, marking a significant spike compared to previous quarters. This latest data point represents a sharp increase from Q3'25, where the ratio was 24.69. Over the period from Q1'23 to Q4'25, the EV/EBITDA ratio has exhibited considerable volatility. After peaking at 43.92 in Q1'23, the ratio generally trended downward, reaching a low of 22.39 in Q2'25, before surging dramatically in Q4'25. This abrupt rise in the most recent quarter is a notable deviation from the prior trend of relative stability and suggests a significant shift in valuation or earnings expectations.