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As of Q4'25, PYPL's EV/EBITDA ratio stands at 37.25, representing a significant spike compared to the previous quarter's value of 10.01. This sharp increase marks a notable deviation from the relatively stable range observed in the preceding quarters. From Q1'23 to Q3'25, the EV/EBITDA ratio generally trended downward from 15.17 to around 10, with minor fluctuations and a brief uptick in late 2024. The abrupt surge in Q4'25 is an outlier, breaking the prior pattern of stability and suggesting a substantial change in either enterprise value or EBITDA during this period. This trend covers the period from Q1'23 to Q4'25 and highlights the importance of investigating the underlying drivers behind the Q4'25 anomaly.