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As of Q3'25, HOOD's EV/EBITDA stands at 48.562, marking a significant increase from previous quarters within the period covered from Q1'23 to Q3'25. This latest data point reflects a continued upward trajectory following a notable jump in Q2'25, where the ratio reached 48.834. Analyzing the overall trend, the EV/EBITDA ratio for HOOD has experienced considerable volatility, with negative values observed from Q2'23 through Q4'23, hitting a low of -10.668 in Q4'23. Starting in Q1'24, the ratio rebounded sharply to 31.307 and has generally trended upward, peaking in Q2'25 and Q3'25. This pattern suggests a period of financial instability followed by strong valuation growth relative to EBITDA, indicating improved market sentiment or operational performance in recent quarters.