As of Q4'25, FTNT's P/B Ratio stands at 47.68, reflecting a moderate level compared to previous quarters in the observed period from Q1'23 to Q4'25. The latest data point indicates a slight decline from the previous quarter's 82.74, continuing a general downward trend seen in recent quarters. Over the period from Q1'23 to Q4'25, the P/B Ratio for FTNT has exhibited significant volatility, with an initial spike to 4.55K in Q1'23 followed by a sharp drop to 141.08 in Q2'23 and further fluctuations, including negative values in Q4'23 and Q1'24. After reaching a low of -326.74 in Q1'24, the ratio rebounded but remained well below early 2023 levels, stabilizing in a lower range between 27.67 and 82.74 through 2025. This trend suggests a period of correction and normalization after extreme early volatility.