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The latest data point for JNJ's EV/EBITDA ratio in Q1'26 stands at 92.06, marking a substantial surge from the previous quarter's value of 14.83 in Q4'25 and indicating potential valuation pressures or operational shifts in the most recent period. Over the timeframe from Q2'23 to Q1'26, the EV/EBITDA ratio exhibits high volatility with an overall upward trend, starting at 19.07 in Q2'23 before dropping sharply to a low of 7.52 in Q1'24, then fluctuating between 7.52 and 16.84 through Q3'24, and stabilizing around 11.17 to 14.83 from Q1'25 to Q4'25 prior to the dramatic Q1'26 spike. This pattern suggests intermittent improvements in earnings efficiency interspersed with periods of elevated enterprise value relative to EBITDA, warranting scrutiny for underlying factors like market sentiment or one-time events.