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As of Q4'25, RIVN's EV/EBITDA stands at -7.276, marking the lowest point in the observed period from Q1'23 to Q4'25. This latest figure reflects a continued deterioration in the company's valuation relative to its earnings before interest, taxes, depreciation, and amortization. Throughout the period, the EV/EBITDA ratio has shown a persistent downward trend, moving from -0.898 in Q1'23 to -7.276 in Q4'25. After some fluctuations between -0.898 and -3.489 from Q1'23 to Q2'24, the metric declined more sharply from Q1'25 onward, indicating increasing negative EBITDA or rising enterprise value relative to earnings. This sustained negative trajectory suggests ongoing profitability challenges for RIVN over the analyzed quarters.