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As of Q3'25, TSLA's EV/EBITDA ratio reached 112.723, marking the highest value within the covered period from Q1'23 to Q3'25. This latest data point represents a significant increase from the previous quarter's 71.179, indicating a sharp upward movement. Throughout the observed timeframe, the EV/EBITDA ratio for TSLA has shown considerable volatility, with notable peaks and troughs. After a period of relative stability around 40 from Q3'23 to Q1'24, the ratio began a pronounced upward trend starting in Q2'24, accelerating especially after Q4'24. The jump from 87.367 in Q4'24 to 112.723 in Q3'25 suggests heightened investor expectations or changes in underlying earnings, highlighting a period of rapid valuation expansion.