As of Q3'25, MARA's EV/Sales ratio stands at 35.91, reflecting a moderate level compared to previous quarters. This latest data point suggests a slight decrease from Q2'25 (36.30), following a period of volatility in the preceding quarters. Between Q1'23 and Q3'25, the EV/Sales ratio has shown significant fluctuations, peaking at 64.99 in Q3'24 and dropping to a low of 21.68 in Q3'23. The trend indicates high volatility, with sharp increases and decreases rather than a consistent upward or downward movement. Notably, after the spike in Q3'24, the ratio declined and has since stabilized in the mid-30s range, suggesting a period of relative normalization following earlier volatility.