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As of Q3'25, MARA's latest EV/EBITDA ratio stands at 4.928. This represents a significant decrease from the previous quarter's value of 6.061, and is notably lower than the recent peak of 64.993 observed in Q1'25. Over the period from Q1'23 to Q3'25, the EV/EBITDA ratio for MARA has exhibited considerable volatility. The metric was negative throughout 2023, reaching a low of -8.348 in Q3'23, before sharply turning positive in Q4'23 at 17.684. After fluctuating between 5.863 and 14.85 during 2024, the ratio spiked dramatically to 64.993 in Q1'25, followed by a rapid normalization to single-digit values in subsequent quarters. This trend suggests periods of significant shifts in enterprise value or EBITDA, reflecting underlying changes in MARA's financial performance and market valuation over the observed timeframe.