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As of Q4'25, MSTR's EV/EBITDA stands at -2.90, marking a significant recovery from the deeply negative values observed in prior quarters. This latest data point reflects a notable improvement compared to the low of -274.42 in Q4'23 and the recent positive peak of 17.20 in Q2'25. From Q1'23 to Q4'25, the EV/EBITDA ratio for MSTR has exhibited high volatility, with a pronounced dip into negative territory throughout 2023, reaching its lowest at -274.42 in Q4'23. The metric began to recover steadily in 2024, turning positive in Q2'25 at 17.20 before slightly declining to -2.90 by Q4'25. This trend suggests a period of financial instability followed by a partial rebound, indicating improving operational performance but ongoing fluctuations in valuation relative to EBITDA.