As of the latest data point in Q1'26, the P/S Ratio for NU reached 14.01, representing a significant surge compared to previous periods. This follows a period of relative stability where the ratio remained below 7.0 for several consecutive quarters. From Q2'23 to Q4'25, the P/S Ratio exhibited a volatile but generally downward trend, fluctuating between a high of 6.88 in Q3'24 and a low of 4.47 in Q4'25. However, the sharp inflection point in Q1'26 indicates a dramatic shift in market valuation relative to revenue, breaking the long-term historical range established over the preceding two fiscal years.