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The latest data point for SHOP's EV/EBITDA ratio in Q1'26 stands at 400.35, marking a substantial increase from the previous quarter's 99.65 and indicating a sharp valuation expansion relative to earnings. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibits high volatility, starting with negative values of -39.78 in Q2'23 and plunging to -828.11 in Q1'24, before turning positive and stabilizing around 70-100 from Q2'24 to Q4'25, with the recent Q1'26 surge suggesting improved profitability or market optimism. This trend reflects operational challenges in earlier quarters followed by a recovery phase, though the extreme fluctuations underscore sensitivity to earnings variability in the e-commerce sector.