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As of the latest data point for Q4'25, TEM's EV/EBITDA ratio stands at 50.61, marking a significant positive shift compared to previous quarters, where the ratio was consistently negative. This recent value indicates a notable turnaround in the company's valuation relative to its earnings before interest, taxes, depreciation, and amortization. Analyzing the period from Q1'23 to Q4'25, the EV/EBITDA ratio exhibited high volatility, with deep negative values reaching as low as -232.27 in Q4'23 and fluctuating sharply across subsequent quarters. The most dramatic change occurred between Q3'25 (-180.56) and Q4'25 (50.61), suggesting a substantial improvement in either enterprise value or EBITDA. Overall, the chart reflects a volatile trend with a pronounced positive inflection at the end of the observed timeframe.