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As of Q4'25, RBLX's EV/EBITDA ratio stands at -127.58, marking a significant deterioration compared to previous quarters. This negative value indicates that the company's enterprise value is high relative to its negative EBITDA, reflecting ongoing operational losses. From Q1'23 to Q4'25, the EV/EBITDA ratio has shown a volatile and worsening trend, moving from -32.09 in Q1'23 to a low of -172.51 in Q2'25 before slightly improving to -127.58 by Q4'25. The sharp decline, especially from Q2'24 onward, highlights increasing operational challenges and negative earnings, with no sustained recovery visible in the observed period.