The latest P/E ratio for FTNT as of Q1'26 stands at 28.24, reflecting a moderate decline from the previous quarter's value of 30.88 in Q4'25 and marking the lowest point in the observed period. Over the timeframe from Q2'23 to Q1'26, the P/E ratio exhibits volatility with an overall downward trend, starting at 42.77 in Q2'23 and peaking at 48.48 in Q4'24 before steadily decreasing to the current level. Notable fluctuations include a sharp drop from 45.47 in Q4'23 to 37.46 in Q1'24, followed by a recovery to 46.11 in Q3'24, and a consistent decline post-Q4'24 averaging around 35-40 in early 2025 quarters before accelerating lower in late 2025 and Q1'26. This pattern suggests shifting market expectations for FTNT's earnings growth, with the area chart highlighting periods of expansion and contraction in valuation multiples.