As of Q2'26 (2026-01-31), PANW's P/S Ratio stands at 12.566, reflecting a slight decrease from the previous quarter's value of 13.498. This latest data point suggests a modest contraction in the company's price-to-sales valuation after a period of relative stability. Examining the period from Q3'23 to Q2'26, the P/S Ratio for PANW exhibited a general upward trend, rising from 9.629 to a peak of 15.744 in Q1'25. Following this high, the ratio experienced a gradual decline, with values moderating towards the most recent quarters. The data indicates a phase of strong valuation expansion through 2024, followed by a correction and stabilization in 2025 and early 2026.