The latest data point for HOOD shows a P/B Ratio of 6.88 in Q1'26. This represents a sequential decrease from the 7.497 recorded in Q4'25, continuing a downward adjustment from the peak levels seen earlier in the fiscal year. From Q2'23 to Q1'26, the P/B Ratio experienced significant volatility, characterized by a sharp expansion starting in Q4'24 that peaked at 13.338 in Q3'25. Following this substantial growth phase, the ratio has entered a notable period of contraction, nearly halving from its high point as it trends back toward more moderate historical levels.