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The latest data point for FTNT's EV/EBITDA ratio in Q1'26 stands at 101.12, marking a substantial increase from the previous quarter's 22.61 in Q4'25 and indicating a potential shift in valuation multiples driven by market expectations or operational changes. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibited volatility with an overall upward trend in recent quarters, starting at 34.52 in Q2'23, dipping to a low of 22.39 in Q2'25, and then surging to the current peak; notable fluctuations include a decline from 38.09 in Q4'24 to 22.61 in Q4'25, followed by this sharp recovery, suggesting periods of undervaluation interspersed with rapid re-rating in the cybersecurity sector.