For the latest fiscal period Q2'26, Applied Materials (AMAT) recorded a P/S Ratio of 11.691. This represents the highest valuation multiple observed across the entire 12-quarter period analyzed. From Q3'23 to Q2'26, the P/S Ratio exhibited an overall upward trajectory, despite a notable period of compression between Q2'24 and Q3'25 where the ratio retreated from 6.809 to 4.45. A significant inflection point occurred after Q3'25, as the valuation multiple surged by approximately 163% over the subsequent three quarters. This recent acceleration indicates a sharp increase in market premium relative to the company's revenue heading into the first half of FY2026.