As of Q4'25, FTNT's EV/Sales ratio stands at 30.19, reflecting a notable decrease from the previous quarter's 34.68. This latest data point marks the lowest level observed since Q3'23, indicating a recent downward adjustment in the company's valuation relative to its sales. Analyzing the period from Q1'23 to Q4'25, the EV/Sales ratio has exhibited significant volatility, with sharp declines from 40.06 in Q1'23 to a low of 27.60 in Q3'23, followed by a surge to a peak of 49.83 in Q4'24. The ratio then declined again through 2025, suggesting fluctuating market sentiment and valuation pressures. Overall, the trend highlights periods of both expansion and contraction, with the most recent quarters indicating a downward correction.