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In the latest reported period of Q1'27, Workday's (WDAY) EV/EBITDA ratio stood at 95.66. This represents a significant sharp increase from the 27.95 recorded in the preceding quarter, Q4'26. Analysis of the data from Q2'24 to Q1'27 reveals a long-term downward trend in valuation multiples, which declined from a high of 149.16 to a low of 27.95 over eleven quarters. Despite this overall contraction, the recent surge in Q1'27 interrupted the steady decline observed since Q2'25, returning the metric to levels last seen in Q4'24. This volatility suggests a notable shift in the relationship between the company's enterprise value and its operational earnings at the start of the new fiscal year.