As of Q4'25, NBIS's P/B Ratio stands at 4.921, marking a significant increase from the previous quarter's value of 4.639. This latest figure is the highest observed in the charted period, indicating a notable expansion in the company's price-to-book multiple. From Q1'23 to Q4'25, the P/B Ratio has exhibited considerable volatility, with periods of both decline and sharp growth. After a relatively stable range between 1.9 and 2.1 through 2023 and early 2024, the ratio dropped to its lowest point of 1.284 in Q2'24 before rebounding strongly. The most pronounced surge occurred between Q1'25 and Q2'25, where the ratio jumped from 2.948 to 5.905, followed by a slight pullback but remaining well above historical levels, suggesting heightened investor optimism or valuation expansion over the last year.