The latest data point for O’s EV/EBITDA ratio, as of Q4'25, is -0.45, marking a significant drop from the previous quarter’s value of 17.10. This sharp decline in the most recent quarter is a notable deviation from the historical range observed over the reported period. From Q1'23 to Q3'25, the EV/EBITDA ratio for O generally fluctuated between 16.5 and 19.7, indicating a relatively stable valuation multiple with minor ups and downs. However, the sudden plunge into negative territory in Q4'25 represents a dramatic inflection point, suggesting a potential one-off event or a major change in underlying financials. This trend shift warrants further investigation, as it breaks the previously consistent pattern observed throughout the nearly three-year period.