The latest data point for ZS's P/B Ratio, recorded at Q2'26, stands at 12.254, reflecting a significant decline from the previous quarter's value of 23.308 in Q1'26 and marking the lowest level in the observed period. Over the timeframe from Q3'23 to Q2'26, the P/B Ratio exhibited an overall downward trend, starting at a high of 35.163 in Q3'23 and peaking again at 36.354 in Q1'24 before steadily declining to the current low. Notable fluctuations included a brief recovery to 25.22 in Q4'25, but the ratio has since trended lower, indicating potential undervaluation or market pressures on the stock relative to its book value, with an average quarterly drop of approximately 1.8 points in the latter half of the period.