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The latest data point for PANW's EV/EBITDA ratio, recorded in Q2'26, stands at 52.761, reflecting a continued downward trajectory from the previous quarter's 61.393 in Q1'26. This value indicates a notable compression in the company's valuation multiple relative to its earnings before interest, taxes, depreciation, and amortization. Over the period from Q3'23 to Q2'26, the EV/EBITDA ratio has exhibited a clear declining trend, starting at a high of 101.565 in Q3'23 and progressively falling to 52.761, with an initial sharp drop through Q1'24 (to 66.847) followed by temporary recoveries in Q3'24 (76.001) and Q4'24 (81.75) before resuming its descent. This overall pattern suggests improving affordability for investors or potential pressures on growth expectations, though the area chart highlights periods of volatility, such as the rebound to 89.574 in Q1'25, underscoring the metric's sensitivity to quarterly performance fluctuations.