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As of Q4'25, SPOT's EV/Sales ratio stands at 20.74, reflecting a notable decrease from the previous quarter's 29.48. This latest data point marks a significant pullback after a period of elevated valuation multiples. From Q1'23 to Q4'25, the EV/Sales ratio for SPOT exhibited a strong upward trend, rising from 8.20 in Q1'23 to a peak of 29.65 in Q2'25. The ratio accelerated particularly from Q4'23 onward, with sharp increases through 2024, before peaking and then declining in Q4'25. This pattern suggests a period of heightened market optimism followed by a recent correction in valuation expectations.