As of Q2'26 (2026-01-31), ZS's EV/Sales ratio stands at 39.96, marking the lowest point in the observed period. This represents a significant decrease from the previous quarter's value of 59.25, indicating a sharp contraction in valuation relative to sales. Over the period from Q3'23 to Q2'26, the EV/Sales ratio for ZS has exhibited considerable volatility, with notable peaks and troughs. After reaching a high of 62.27 in Q4'25, the ratio declined sharply, particularly in the last two quarters, dropping by over 19 points from Q1'26 to Q2'26. This trend suggests a recent shift in market sentiment or company fundamentals, following a period of generally elevated valuation multiples.