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As of Q4'25, UPST's EV/EBITDA ratio stands at 58.869, marking a significant recovery from the deeply negative values observed in previous quarters. This latest data point reflects a substantial improvement in the company's valuation relative to its EBITDA. From Q1'23 to Q1'25, the EV/EBITDA ratio for UPST exhibited a persistent downward trend, plunging from -8.731 to a low of -122.654 in Q1'25, indicating worsening operational performance or valuation pressure. However, starting in Q2'25, there is a dramatic reversal, with the ratio surging to 450.013 before normalizing to 100.962 in Q3'25 and settling at 58.869 by Q4'25. This sharp turnaround suggests a significant shift in either earnings or enterprise value, highlighting a period of extreme volatility followed by stabilization in the most recent quarters. The chart covers the period from Q1'23 to Q4'25.