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The latest data point for VST's EV/EBITDA ratio, as of Q4'25, stands at 14.905, reflecting a moderate decline from the peak of 15.579 in Q3'25 but remaining elevated compared to earlier periods in the year. Over the timeframe from Q1'23 to Q4'25, the EV/EBITDA ratio exhibits a volatile yet upward-trending pattern, starting at a low of 5.046 in Q2'23 before surging to 12.605 in Q1'24 and climbing further to highs around 15 in late 2025. Key inflection points include a sharp recovery from mid-2023 lows to double-digit levels by early 2024, followed by fluctuations that suggest improving operational efficiency or market valuation, with an overall average above 10 indicating sustained growth momentum for financial analysts to monitor.