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As of Q4'25, NET's EV/EBITDA stands at -1,458.17, marking a sharp decline from previous quarters. The latest data point reflects a significant negative swing compared to Q3'25, when the ratio was 540.48. Over the period from Q1'23 to Q4'25, the EV/EBITDA ratio for NET has exhibited considerable volatility, with dramatic shifts between negative and positive values. After reaching a peak of 3,879.84 in Q4'23, the ratio declined steadily, stabilizing in the 300–700 range through most of 2024 and 2025, before plunging into negative territory in the final quarter. This pattern suggests periods of both strong valuation expansion and contraction, highlighting significant fluctuations in the company's enterprise value relative to its EBITDA.