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As of Q4'25, ServiceNow's EV/EBITDA ratio has surged to 210.68, marking a significant increase from the previous quarter's value of 67.79. This sharp rise in the latest data point stands out compared to the more moderate fluctuations observed in earlier quarters. Over the period from Q1'23 to Q4'25, the EV/EBITDA ratio for ServiceNow has exhibited considerable volatility, with values generally ranging between 67.79 and 100.36 before the dramatic spike in Q4'25. Notably, after a period of relative stability and slight decline throughout 2024 and most of 2025, the ratio experienced an unprecedented jump in the final quarter, indicating a substantial shift in valuation or earnings expectations. This inflection point suggests a significant change in market sentiment or company fundamentals at the end of the observed timeframe.