As of Q4'25, NU's EV/Sales ratio stands at 15.16, marking a notable decrease from the previous quarter. This latest data point reflects a significant drop compared to the recent high of 23.63 observed in Q3'24. Over the period from Q1'23 to Q4'25, the EV/Sales ratio for NU has exhibited considerable volatility. The metric trended upward from 15.56 in Q1'23, peaking at 23.63 in Q3'24, before experiencing a sharp decline and fluctuating between 15.16 and 20.20 in subsequent quarters. This pattern suggests periods of valuation expansion followed by contraction, highlighting shifts in market sentiment or company fundamentals during this timeframe.