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In the latest reported period of Q1'26, the EV/Sales ratio for SIRI stands at 8.96. This represents a moderate recovery from the multi-quarter low of 7.83 recorded in Q4'25. The overall trend from Q2'23 to Q1'26 illustrates a significant contraction in valuation multiples, with the ratio declining from a peak of 12.86 in Q4'23 to its current levels. After a sharp drop in early 2024, the metric entered a period of relative stabilization between Q4'24 and Q4'25, fluctuating within a narrow range around 8.0x. The recent uptick in Q1'26 suggests a potential shift in market sentiment or a realignment of enterprise value relative to revenue expectations.