As of Q2'26 (2026-01-31), PANW's EV/Sales ratio stands at 46.47, reflecting a decrease from the previous quarter's value of 51.04. This latest data point suggests a recent downward adjustment in the company's valuation relative to its sales. Over the period from Q3'23 to Q2'26, the EV/Sales ratio for PANW has exhibited significant volatility. The metric climbed steadily from 37.45 in Q3'23 to a peak of 60.42 in Q1'25, before experiencing a series of declines and partial recoveries. Notably, after reaching its high, the ratio trended downward, indicating a moderation in valuation multiples despite earlier rapid expansion. This pattern highlights both strong investor optimism during the earlier quarters and subsequent recalibration in the later periods.