As of Q2'26 (2026-01-31), ZS's Price-to-Book (P/B) Ratio stands at 14.54, marking the lowest point in the observed period. This latest value reflects a significant contraction compared to previous quarters. From Q3'23 to Q2'26, the P/B Ratio has shown a pronounced downward trend, falling from 35.16 to 14.54. After peaking at 36.35 in Q1'24, the ratio experienced several sharp declines, with only brief periods of modest recovery, such as in Q3'25 and Q4'25. The overall movement indicates a sustained decrease in market valuation relative to book value over the past three years.