According to Compounding Quality, Valuation Metric 4 spotlights Enterprise Value to EBITDA (EV/EBITDA) as a core tool for comparing operating valuation across companies. Source: Compounding Quality (@QCompounding) on X, Jan 5, 2026. EV/EBITDA divides enterprise value by EBITDA to neutralize capital structure and non-cash charges, improving peer comparability for traders screening for relative value. Source: CFA Institute, Financial Reporting and Analysis curriculum. Traders typically benchmark a stock’s EV/EBITDA versus sector medians and its historical range to identify potential value opportunities or de-rating risk around earnings and guidance. Source: CFA Institute, Valuation Multiples guidance. For crypto-exposed equities such as listed Bitcoin miners and exchanges, EBITDA is commonly disclosed in earnings materials, enabling EV/EBITDA screens despite heavy depreciation from mining hardware and data centers. Source: Company investor relations and earnings releases from publicly listed miners and exchanges (e.g., Marathon Digital Holdings, Riot Platforms, Coinbase). Because the multiple rises when EBITDA falls (holding enterprise value constant), volatility in operating earnings can cause rapid shifts in EV/EBITDA, so traders often pair it with forward estimates and peer medians to avoid distortion. Source: Aswath Damodaran, Valuation and Multiples; CFA Institute, Equity Valuation.