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As of Q4'26 (2026-01-31), Workday's EV/EBITDA ratio stands at -110.56, marking a significant shift into negative territory compared to previous quarters. This negative value suggests a substantial change in the company's earnings or valuation dynamics at the latest data point. Over the period from Q1'24 (2023-04-30) to Q4'26 (2026-01-31), the EV/EBITDA ratio has shown a pronounced downward trend, starting from a high of 190.58 and steadily declining each quarter. Notably, the ratio remained positive but decreased consistently, dropping below 100 by Q4'24 and reaching 43.94 by Q3'26, before plunging sharply into negative territory in Q4'26. This pattern indicates persistent contraction in valuation relative to EBITDA, with the latest negative figure potentially reflecting a negative EBITDA or a major shift in enterprise value.