As of Q4'25, NET's P/B Ratio stands at 47.44, reflecting a notable decrease from the previous quarter's peak of 57.86. This latest data point suggests some cooling after a period of elevated valuation. Analyzing the period from Q1'23 to Q4'25, the P/B Ratio has exhibited significant volatility, with sharp rises in Q4'23 (42.08), Q4'24 (51.58), and especially Q2'25 (58.38). Despite intermittent declines, the overall trend is upward, indicating increasing market valuation relative to book value, but with pronounced fluctuations rather than steady growth.