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As of Q4'25, VST's EV/EBITDA ratio stands at 0.66, marking a significant decrease from the previous quarter's value of 15.58. This sharp drop represents a notable shift in valuation multiples at the end of the observed period. From Q1'23 to Q4'25, the EV/EBITDA ratio for VST has exhibited considerable volatility. After an initial decline from 9.54 in Q1'23 to a low of 5.05 in Q2'23, the ratio rebounded and peaked at 15.58 in Q3'25. However, the most striking movement is the abrupt fall to 0.66 in Q4'25, signaling either a major change in enterprise value, EBITDA, or both, and suggesting a significant event or shift in market perception during the last quarter of the period.