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As of Q4'25, TSM's EV/EBITDA ratio stands at 62.65, marking a dramatic surge compared to previous quarters. This latest data point represents a significant spike from Q3'25, where the ratio was 16.78, indicating a sharp increase in valuation relative to EBITDA. From Q1'23 to Q3'25, the EV/EBITDA ratio for TSM generally trended upward, rising steadily from 7.96 in Q1'23 to a peak of 16.78 in Q3'25, with some fluctuations in late 2024 and early 2025. The most notable change occurs in Q4'25, where the ratio jumps nearly fourfold, suggesting either a rapid increase in enterprise value, a sharp decline in EBITDA, or both—highlighting a significant shift in market dynamics or company fundamentals over the period analyzed.