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As of Q4'25, Shopify's EV/EBITDA ratio stands at -2.15, marking a significant decrease from the previous quarter's value of 100.59. This latest data point reflects a sharp reversal after several quarters of positive EV/EBITDA values. Examining the period from Q1'23 to Q4'25, the EV/EBITDA ratio has shown extreme volatility, with notable swings from deeply negative values (such as -828.11 in Q1'24) to substantial positive peaks (354.16 in Q4'23). After the dramatic negative spike in Q1'24, the ratio rebounded and remained positive through most of 2024 and 2025, peaking at 100.59 in Q3'25 before dropping back into negative territory in Q4'25. This pattern highlights significant fluctuations in Shopify's valuation relative to its EBITDA over the observed period.