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As of the latest data point on 2025-12-31, NVO’s EV/EBITDA ratio stands at 10.37, marking a notable decrease compared to previous quarters. This value reflects a significant contraction from the peak levels observed in 2023 and early 2024. Over the period from Q1 2023 to Q4 2025, the EV/EBITDA ratio exhibited a pronounced downward trend. After reaching a high of 31.853 in Q3 2023 and maintaining elevated levels through Q1 2024, the ratio began a sharp decline, dropping below 20 by Q4 2024 and falling to a low of 8.799 in Q2 2025. The recent quarters suggest some stabilization, but the overall trend indicates a substantial compression in valuation multiples over the covered timeframe.