The latest data point for HOOD shows a P/S Ratio of 13.899 for Q1'26. This reflects a continued cooling from the preceding periods, moving further away from the peak levels observed in late FY2025. Over the period from Q2'23 to Q1'26, the P/S Ratio experienced significant volatility, characterized by a massive surge starting in Q4'24. After maintaining a relatively stable range between 4.758 and 8.623, the ratio spiked to a high of 27.181 in Q3'25 before entering a sharp downward trend. This recent decline through Q4'25 and Q1'26 suggests a substantial contraction in valuation multiples compared to the historical highs seen mid-year.