In the hours after Mobility Global reported its first earnings as an independent company, the market delivered a quiet but pointed verdict — not on the quality of the business, but on the price being asked for it. The company's 6.6% revenue growth and 40%-plus EBITDA margins speak to a well-run operation, yet a 28.3x earnings multiple leaves little room for the friction that comes with standing alone. The 5% decline is less a judgment on what Mobility Global is than a question about what it is worth — and whether the story of independence can justify the premium the stock still carries.