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As of Q4'25, GOOG's EV/EBITDA ratio stands at 105.96, marking a substantial increase from the previous quarter and representing the highest value in the observed period from Q1'23 to Q4'25. Throughout this timeframe, the EV/EBITDA ratio exhibited significant volatility, with notable fluctuations between quarters. After peaking at 72.12 in Q2'24, the ratio dropped sharply to 41.57 in Q1'25 before surging to its current high. This pattern suggests periods of both compression and expansion in valuation multiples, highlighting shifting market sentiment and possible changes in underlying earnings performance.