The latest data point for ASML's P/B Ratio in Q1'26 stands at 21.14, reflecting a moderate decline of approximately 17% from the peak of 25.50 observed in Q4'25, yet remaining above the series low of 12.81 in Q1'25. Over the period from Q2'23 to Q1'26, the P/B Ratio exhibits significant volatility, starting at a high of 23.93 in Q2'23 before dropping sharply to 16.00 in Q3'24 and reaching a nadir of 12.81 in Q1'25, followed by a robust recovery to 25.50 in Q4'25. This pattern suggests periods of market undervaluation and subsequent re-rating, with an overall downward trend in recent quarters despite intermittent rebounds, potentially indicating shifting investor sentiment toward ASML's growth prospects in the semiconductor sector.