As of Q4'25, NU's Price-to-Sales (P/S) Ratio stands at 5.125, showing a slight decrease from the previous quarter's value of 5.366. The latest data point suggests a continued downward adjustment in valuation relative to sales. From Q1'23 to Q4'25, the P/S Ratio for NU has exhibited moderate volatility, peaking at 6.876 in Q3'24 before trending downward through the end of 2025. The ratio generally increased throughout 2023 and into 2024, reaching its highest point in Q3'24, followed by a notable decline over the subsequent quarters. This pattern indicates shifting market sentiment, with the most recent quarters reflecting a contraction in valuation multiples despite earlier growth.