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As of the most recent data point on 2026-01-31 (Q2'26), PANW's EV/EBITDA ratio stands at 52.76. This marks a continued decline from the previous quarter, reflecting a significant reduction compared to earlier periods. Over the timeframe from Q3'23 to Q2'26, the EV/EBITDA ratio for PANW has shown a pronounced downward trend, dropping from a high of 101.57 in Q3'23 to 52.76 in Q2'26. While there were brief periods of recovery, such as the uptick to 89.57 in Q1'25, the overall trajectory is one of consistent multiple compression, indicating either improving EBITDA performance, a decrease in enterprise value, or a combination of both. This sustained decline suggests a normalization in valuation multiples over the observed quarters.