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The latest data point for PYPL's EV/EBITDA ratio in Q1'26 stands at 29.39, marking a significant surge from the previous quarter's low of 5.56 in Q4'25 and reflecting heightened market expectations for future earnings growth. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibited a volatile downward trend initially, declining from 12.06 in Q2'23 to a low of 9.37 in Q4'23, followed by fluctuations between 10.06 and 12.61 through Q3'24. A notable rebound occurred in Q3'24 and Q4'24, but the ratio dipped sharply to 5.56 in Q4'25 before the dramatic 29.39 increase in Q1'26, suggesting potential shifts in valuation multiples driven by operational improvements or market sentiment. This area chart highlights overall instability, with no sustained growth pattern until the recent spike.