As of Q4'25, NVO's EV/Sales ratio stands at 3.97, marking a continued decline from its peak of 8.60 in Q1'24. This latest value reflects a significant contraction in the company's valuation relative to its sales over the past year. Examining the period from Q1'23 to Q4'25, the EV/Sales ratio initially trended upward, reaching its highest point in Q1'24 before entering a pronounced downward trajectory. The ratio dropped sharply from 8.60 in Q1'24 to 2.80 in Q2'25, indicating a substantial re-rating of the company's valuation. While there is a slight rebound in the last two quarters, the overall trend is one of marked decline, suggesting changing market sentiment or shifts in sales performance during this timeframe.