As of Q1'26, AMAT's latest P/B Ratio stands at 11.67, marking a significant increase from the previous quarter's 10.07. This recent surge represents the highest P/B Ratio observed in the covered period from Q2'23 to Q1'26. Over the analyzed timeframe, the P/B Ratio for AMAT exhibited notable volatility. After a moderate upward trend from 8.09 in Q2'23 to a peak of 9.92 in Q2'24, the ratio declined steadily to a low of 6.53 in Q3'25. However, this was followed by a sharp rebound, with the P/B Ratio climbing rapidly to its current high, indicating renewed investor optimism or valuation expansion in the most recent quarters.