The latest data point for NU in Q1'26 shows a P/B Ratio of 5.54, marking the lowest valuation level within the observed period. This represents a continued decline from the previous quarter's ratio of 6.24. The chart illustrates a volatile trend in the P/B Ratio from Q2'23 to Q1'26, characterized by a significant expansion that peaked at 9.83 in Q3'24. Following this peak, the valuation underwent a notable correction and has since fluctuated with a downward bias, alternating between short-term recoveries and deeper pullbacks. Overall, the ratio has compressed significantly from its mid-2024 highs, suggesting a shift in market sentiment or changes in book value relative to the stock price.