The latest data point for NOW's P/B Ratio in Q1'26 stands at 7.97, reflecting a continued downward trajectory from the previous quarter's value of 9.42 in Q4'25 and marking the lowest level in the observed period. Over the timeframe from Q2'23 to Q1'26, the P/B Ratio exhibited volatility with an initial decline from 16.49 in Q2'23 to 15.73 in Q3'23, followed by a sharp rise to a peak of 21.71 in Q4'24, before entering a sustained bearish trend that accelerated post-Q3'25, dropping over 62% from the high to the current 7.97; this pattern suggests shifting market valuations, potentially driven by growth concerns or broader sector dynamics in the software industry.