As of Q4'25, Robinhood's ( HOOD ) latest Price-to-Book (P/B) ratio stands at 11.1, reflecting a substantial increase compared to previous quarters. This marks a significant rise from the prior quarter's value of 13.3 in Q3'25, indicating a slight pullback but still maintaining an elevated level relative to earlier periods. Over the period from Q1'23 to Q4'25, the P/B ratio for HOOD has shown a pronounced upward trend, particularly accelerating from Q4'23 onward. After remaining below 3 through 2023 and early 2024, the ratio surged sharply in the second half of 2024 and throughout 2025, peaking at 13.3 in Q3'25 before a modest decline in Q4'25. This pattern suggests a significant revaluation of the company's equity, possibly driven by improved market sentiment or fundamental changes in the business.