Everything is explained precisely. You are misrepresenting adjusted EBITDA and calling it EBITDA. That's the problem. I personally could not care less about UNQL enterprise value. It plays zero role in my trading. You can read the last 10Q report to see the EPS is 0.00. That's because there were no earnings. The P/E ratio therefore is a negative number.... It's on page F-12 and 13: https://www.sec.gov/ix?doc=/Archives/edgar/data/1281845/000149315222028241/form10-q.htm