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The latest data point for TSM's EV/EBITDA ratio in Q1'26 stands at 64.91, marking a substantial increase from the previous quarter's 21.32 in Q4'25 and reflecting heightened market valuation relative to earnings. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibited an overall upward trend, starting at 9.40 and climbing steadily to a peak of 64.91, with notable acceleration in the later quarters; early values hovered around 9-16 through Q3'24 before a temporary dip to 11.75 in Q4'24, followed by consistent growth that underscores improving investor confidence in TSM's operational performance and future prospects. This area chart highlights the volatility in mid-2024 but confirms a bullish trajectory, with the ratio more than quadrupling from its initial low.