As of the latest data point for Q4'25, SMR's EV/EBITDA ratio stands at -10.34. This represents a notable improvement from the previous quarter (Q3'25), where the ratio was -24.65, indicating a significant reduction in negative valuation. Over the period from Q1'23 to Q4'25, the EV/EBITDA ratio for SMR has exhibited considerable volatility, with values fluctuating sharply between -4.57 and -103.27. The ratio reached its lowest point in Q2'25 at -103.27, followed by a rapid recovery in the subsequent quarters. Despite persistent negative values throughout the timeframe, the recent trend suggests a move towards less negative ratios, which may indicate improving operational performance or changes in enterprise value relative to EBITDA.