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The latest data point for SMCI's EV/EBITDA ratio in Q3'26 stands at 46.21, reflecting a significant rebound from the previous quarter's value of 17.88 in Q2'26 and indicating renewed valuation pressure relative to earnings. Over the period from Q4'23 to Q3'26, the EV/EBITDA ratio exhibited high volatility, starting at 16.77 and climbing sharply to a peak of 153.31 in Q4'24 before declining to a low of 14.44 in Q3'25. This pattern suggests periods of rapid growth in enterprise value outpacing EBITDA, followed by corrections, with recent upticks in Q4'25 through Q3'26 pointing to potential renewed expansion or market optimism, warranting close monitoring for sustained trends.