PANW
NASDAQ · USDPalo Alto Networks, Inc.
Technology · Software - Infrastructure
CEO Nikesh Arora
Employees 21,921
R&D / revenue 22.2%
Last price
$342.00−7.63%last session
Market cap
$279.8B
P/E (TTM)
743.5x
From 52w high
−20.9%
From 52w low
+145.0%
1-year return
+66.4%
RSI 14 · vs SMA200
37.0 · +31.2%
IS score
58.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)
One year, rebased to 100
PANW SPY XLK (sector ETF) · weekly closesScore DNA
Each bar is a 0-100 score within the scored universe25Profitability
40Growth
24Value
70Momentum
100Risk (safety)
62Quality
72Balance sheet
51Earnings quality
Flags
Strengths
✓ Net cash✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 3 / 9Altman Z 7.6Beta 0.913 of 4 smart-money sources active
Smart-money strip
Each disclosure source on its own window. Filings coinciding is not coordination.INSForm 4 · 180 days
Insider open-market buys
0
63 open-market sales, $48.0M
Form 144 notices (12m): 32, $368.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
6
Last disclosed purchase 2026-07-16
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+452
606 new holders, 123 closed
2,932 filers hold 90.1% · 953 added, 1,136 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+364
1,974 funds adding shares
1,610 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
41.0%
20-day avg 45.5%, 50-day avg 48.8%
Latest 4.5 pp under its 20-day average · a flow, not short interest
Key financials · FY2026
USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.Income statement
Revenue$11.5B
Revenue growth YoY+24.5%
Gross margin70.4%
Operating income$695.0M
Operating margin6.1%
Net income$307.0M
Net margin2.7%
EPS (diluted)$0.44
Cash flow
Operating cash flow$4.6B
Capital expenditure$440.0M
Free cash flow$4.1B
FCF conversion (FCF / OCF)90.3%
Stock-based compensation$1.8B
FCF less SBC$2.3B
Buybacks$1.0B
Dividends$0
Balance sheet & returns
Cash & short-term investments$3.1B
Total debt$1.8B
Net cash$1.3B
Shareholders' equity$27.5B
Goodwill & intangibles$29.0B
Debt / equity0.09
ROE (TTM)1.7%
ROIC (TTM)1.0%
Operating margin by fiscal year
Revenue $5.5B (FY2022) to $11.5B (FY2026), a 20.2% CAGR.
Valuation
P/E (TTM)743.5x
EV / EBITDA181.7x
Price / sales24.37x
Price / FCF68.0x
FCF yield1.47%
Buyback yield0.36%
SBC / revenue12.2%
Price / book9.32x
Forward P/E FY202781.7x
Forward P/E FY202870.4x
Forward multiples divide today's price by Street EPS estimates. Street mean target $408.97 across 36 analysts last quarter is theirs, not ours.
PANW vs industry median
296 companies in Software - Infrastructure
PANW (TTM)Industry median
Asset turnover 0.24 vs industry 0.50 · financial leverage 1.76
Earnings delivery
Next report 2026-11-18 · consensus EPS $0.9767%
beat rate, 8 of 12 quarters
+4.1%
median EPS surprise
7
longest beat streak
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-15 to 2026-09-01. Bars cap at ±60%.
Peers
Market-cap band, not the industry cohort above| Company | Mkt cap | P/E | ROE | Net margin | Rev growth | 12m return |
|---|---|---|---|---|---|---|
| PANW Palo Alto Networks, Inc. | $279.8B | 743.5x | 1.7% | 2.7% | +24.5% | +66.4% |
| CRWD CrowdStrike Holdings, Inc. | $232.8B | 6,459.9x | 1.3% | 0.4% | +24.3% | +88.6% |
| ORCL Oracle Corporation | $387.7B | 19.8x | 41.6% | 24.6% | +21.6% | −58.5% |
| PLTR Palantir Technologies Inc. | $428.0B | 147.6x | 38.4% | 54.9% | +78.9% | +4.4% |
| FTNT Fortinet, Inc. | $124.1B | 59.1x | 117.4% | 29.6% | +18.8% | +103.4% |
| NET Cloudflare, Inc. | $105.4B | n/m | -14.4% | -24.4% | +33.5% | — |
| SNPS Synopsys, Inc. | $87.1B | 78.9x | 3.7% | 22.0% | +46.4% | — |
| SQ Block, Inc. | $51.7B | n/m | -4.3% | 1.3% | +5.1% | — |
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.
Recent 8-K filings
2026-09-01Earnings Release; Exhibits
2026-08-21Officer/Director Change; Bylaws Amendment; Exhibits
2026-06-02Earnings Release; Exhibits
2026-04-13Material Agreement; Financial Obligation; Exhibits
2026-03-23Other Events
2026-03-11Other Events; Financial Statements and Exhibits
Context
Shares outstanding817,999,992
Free float99.0%
Institutional ownership90.1%
Beta0.91
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$373.62 / $259.90
Mega-cap Technology median P/E33.1x
Full factsheet
The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).
Read it in the browser Download (PDF)All fundamentals · 140 measures in 13 categories
Percentile = where PANW sits among 82 scored companies in Software - Infrastructure (0 = lowest value, 100 = highest). It is a position, not a grade.ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)
Valuation
| Measure | PANW | Industry percentile |
|---|---|---|
| P/E (TTM) | 911.3x | 100th |
| PEG (P/E ÷ 3-yr EPS CAGR) | — | |
| Price / sales | 24.4x | 95th |
| Price / book | 10.2x | 78th |
| Price / tangible book | — | |
| Price / free cash flow | 68.0x | 89th |
| Price / operating cash flow | 61.4x | 92nd |
| Enterprise value | $279.2B | 96th |
| EV / sales | 24.3x | 95th |
| EV / EBITDA | 181.3x | 97th |
| EV / EBIT | 520.9x | 100th |
| EV / free cash flow | 67.9x | 89th |
| Earnings yield | 0.1% | 22nd |
| FCF yield | 1.5% | 21st |
| Operating cash flow yield | 1.6% | 11th |
| Graham number (per share) | $18.04 | 63rd |
Profitability (TTM)
| Measure | PANW | Industry percentile |
|---|---|---|
| Gross margin | 70.4% | 51st |
| EBITDA margin | 13.4% | 47th |
| Operating margin | 6.1% | 40th |
| EBIT margin | 4.7% | 32nd |
| Net margin | 2.7% | 33rd |
| NOPAT margin | 3.5% | 36th |
| FCF margin | 35.8% | 91st |
| Operating cash flow margin | 39.7% | 84th |
| R&D / revenue | 22.2% | 73rd |
| SG&A / revenue | 42.1% | 65th |
| Stock comp / revenue | 12.2% | 77th |
| Effective tax rate | 42.7% | 95th |
Returns on capital
| Measure | PANW | Industry percentile |
|---|---|---|
| ROE (on average equity) | 1.7% | 23rd |
| ROA | 0.9% | 28th |
| ROIC | 1.5% | 31st |
| ROCE | 1.4% | 25th |
| Return on tangible assets | 1.5% | 23rd |
| Cash ROIC (OCF / invested capital) | 16.9% | 31st |
| Gross profitability (GP / assets) | 16.7% | 21st |
| ROIC, 3-yr average | 13.5% | 75th |
| ROIC, 5-yr average | 10.0% | 52nd |
| ROE, 5-yr average | -7.3% | 30th |
| Incremental ROIC | -1.2% | 33rd |
Growth
| Measure | PANW | Industry percentile |
|---|---|---|
| Revenue growth (TTM YoY) | 24.5% | 75th |
| Revenue growth (QoQ) | 13.6% | 80th |
| Revenue CAGR, 3 yr | 18.5% | 71st |
| Revenue CAGR, 5 yr | 22.0% | 70th |
| Gross profit CAGR, 3 yr | 17.5% | 65th |
| Operating income CAGR, 3 yr | 21.5% | 62nd |
| Net income growth (TTM YoY) | -72.9% | 4th |
| Net income CAGR, 3 yr | -11.3% | 10th |
| EPS growth (TTM YoY) | -74.9% | 4th |
| EPS CAGR, 3 yr | -13.5% | 13th |
| EPS CAGR, 5 yr | — | |
| FCF growth (TTM YoY) | 10.7% | 38th |
| FCF CAGR, 3 yr | 16.1% | 33rd |
| Operating cash flow CAGR, 3 yr | 17.9% | 38th |
| Book value CAGR, 3 yr | 144.4% | 97th |
| Dividend CAGR, 3 yr | — | |
| Sustainable growth rate | 1.7% | 9th |
Margin history & stability
| Measure | PANW | Industry percentile |
|---|---|---|
| Gross margin, 3-yr average | 72.7% | 55th |
| Operating margin, 3-yr average | 9.3% | 57th |
| Net margin, 3-yr average | 15.7% | 74th |
| FCF margin, 3-yr average | 38.3% | 92nd |
| Revenue stability (0-1) | 0.98 | 64th |
| Earnings stability (0-1) | 0.25 | 31st |
| Margin stability (0-1) | 0.97 | 70th |
Liquidity (latest quarter)
| Measure | PANW | Industry percentile |
|---|---|---|
| Cash & short-term investments | $3.1B | 83rd |
| Net cash (− = net debt) | $571.0M | 70th |
| Working capital | −$1.3B | 4th |
| Current ratio | 0.87 | 12th |
| Quick ratio | 0.87 | 12th |
| Cash ratio (cash + ST investments / current liabilities) | 0.31 | 15th |
| Defensive interval (days) | 361 days | 35th |
Leverage & solvency (latest quarter)
| Measure | PANW | Industry percentile |
|---|---|---|
| Total debt | $2.5B | 75th |
| Debt / equity | 0.09 | 30th |
| Net debt / equity | −0.02 | 64th |
| Debt / assets | 5.2% | 31st |
| Debt / capital | 8.3% | 30th |
| Debt / EBITDA | 1.62 | 41st |
| Net debt / EBITDA | −0.37 | 52nd |
| Interest coverage (EBIT / interest) | — | |
| Cash interest coverage | — | |
| Debt payback (years of OCF) | 0.5 yrs | 35th |
| Liabilities / assets | 43.3% | 27th |
| IS credit model rating | AA | |
| Implied credit spread (bps) | 80 | 23rd |
Efficiency
| Measure | PANW | Industry percentile |
|---|---|---|
| Asset turnover | 0.32 | 17th |
| Fixed asset turnover | 9.39 | 44th |
| Inventory turnover | — | |
| Receivables turnover | 3.5 | 9th |
| Days sales outstanding | 105 days | 91st |
| Days inventory outstanding | — | |
| Days payables outstanding | 28 days | 44th |
| Cash conversion cycle (days) | 77 days | 88th |
| Capex / revenue | 3.8% | 72nd |
| Capex / depreciation | 0.44 | 46th |
| Operating expense ratio | 62.5% | 57th |
Cash flow & earnings quality
| Measure | PANW | Industry percentile |
|---|---|---|
| Operating cash flow / net income | 14.83 | 92nd |
| FCF / net income | 13.40 | 94th |
| FCF / operating cash flow | 90.3% | 48th |
| Capex / operating cash flow | 9.7% | 52nd |
| Accruals ratio | -11.8% | 31st |
| Sloan accruals ratio | -3.9% | 43rd |
| Earnings quality score (0-1) | 0.75 | 11th |
Scores & forensic checks
| Measure | PANW | Industry percentile |
|---|---|---|
| IS score | 59 | 52nd |
| IS profitability | 25 | 30th |
| IS growth | 40 | 14th |
| IS value | 24 | 17th |
| IS momentum | 70 | 32nd |
| IS risk (safety) | 100 | 67th |
| IS quality | 62 | 40th |
| IS balance sheet | 72 | 56th |
| IS earnings quality | 51 | 31st |
| IS cash flow | 92 | 89th |
| Piotroski F-score (0-9) | 3 | 1st |
| Altman Z-score | 7.6 | 85th |
| Beneish M-score | −2.46 | 64th |
| Ohlson O-score | −8.71 | 26th |
| IS credit score | 89 | 73rd |
Size (TTM)
| Measure | PANW | Industry percentile |
|---|---|---|
| Market cap | $279.8B | 96th |
| Revenue | $11.5B | 96th |
| EBITDA | $1.5B | 89th |
| Net income | $307.0M | 72nd |
| Free cash flow | $4.1B | 99th |
| Total assets | $48.5B | 96th |
| Shareholders' equity | $27.5B | 96th |
| Employees | 21,921 | 95th |
Insider transactions, last 6 months
Form 4 · most recent 12| Date | Insider | Type | Shares | Price | Value | Owned after |
|---|---|---|---|---|---|---|
| 2026-10-12 | Arora Nikesh Director, Chief Executive Officer |
Other | 500,000 | — | — | 2,093,369 |
| 2026-10-09 | Bawa Aparna Director |
Open-market sale | 170 | $410.00 | $69,700 | 4,507 |
| 2026-10-09 | Bawa Aparna Director |
Open-market sale | 80 | $417.12 | $33,370 | 4,427 |
| 2026-10-08 | Klarich Lee Director, EVP Chief Product & Tech Ofcr |
Gift | 60,000 | — | — | 555,070 |
| 2026-10-01 | Paul Josh D. Chief Accounting Officer |
Tax withholding | 1,308 | $397.31 | $519,681 | 78,387 |
| 2026-10-01 | Paul Josh D. Chief Accounting Officer |
Open-market sale | 400 | $395.70 | $158,280 | 77,987 |
| 2026-09-30 | Klarich Lee Director, EVP Chief Product & Tech Ofcr |
Gift | 25,000 | — | — | 615,070 |
| 2026-09-24 | Golechha Dipak EVP, Chief Financial Officer |
Open-market sale | 900 | $388.69 | $349,819 | 144,350 |
| 2026-09-24 | Golechha Dipak EVP, Chief Financial Officer |
Open-market sale | 2,160 | $389.85 | $842,074 | 142,190 |
| 2026-09-24 | Golechha Dipak EVP, Chief Financial Officer |
Open-market sale | 9,539 | $390.65 | $3.7M | 132,651 |
| 2026-09-24 | Golechha Dipak EVP, Chief Financial Officer |
Open-market sale | 5,301 | $391.71 | $2.1M | 127,350 |
| 2026-09-24 | Golechha Dipak EVP, Chief Financial Officer |
Open-market sale | 6,400 | $392.71 | $2.5M | 120,950 |
Shares acquired vs disposed, by month
acquired disposed · all Form 4 typesBy transaction type, 6 months
| Type | Direction | Filings | Shares | Value |
|---|---|---|---|---|
| Award / grant | Acquired | 1 | 7,211 | — |
| Discretionary | Disposed | 2 | 934,589 | — |
| Gift | Disposed | 2 | 85,000 | — |
| Open-market sale | Disposed | 63 | 155,449 | $48.0M |
| Other | Disposed | 1 | 500,000 | — |
| Tax withholding | Disposed | 6 | 8,212 | $2.8M |
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.
Form 144 notices
12 months: 32 notices · 1,194,907 shares · $368.7M| Filed | Filer | Shares proposed | Est. proceeds |
|---|---|---|---|
| 2026-10-13 | Nikesh Arora | 500,000 | $201.4M |
| 2026-10-09 | Aparna Bawa | 250 | $99,625 |
| 2026-10-08 | Lee Klarich | 60,000 | $23.9M |
| 2026-09-24 | Aparna Bawa | 750 | $294,975 |
A Form 144 is notice of a proposed sale, not a confirmed one.
Congress trades
12 months: House 38 trades (26 purchases) · Senate 0 (0 purchases)| Traded | Member | Chamber | Type | Amount | Disclosed |
|---|---|---|---|---|---|
| 2026-07-31 | John McGuire | House | Sale | $1,001 - $15,000 | 2026-08-11 |
| 2026-07-31 | John J. McGuire | House | Sale (Partial) | $1,001 - $15,000 | 2026-08-11 |
| 2026-07-30 | John J. McGuire | House | Sale (Partial) | $1,001 - $15,000 | 2026-08-11 |
| 2026-07-16 | Josh Gottheimer | House | Purchase | $1,001 - $15,000 | 2026-08-11 |
| 2025-09-02 | John W. Hickenlooper | Senate | Purchase | $100,001 - $250,000 | 2025-10-06 |
| 2025-09-02 | John W. Hickenlooper | Senate | Purchase | $100,001 - $250,000 | 2025-10-06 |
| 2025-09-02 | John Wright Hickenlooper | Senate | Purchase | $100,001 - $250,000 | 2025-10-06 |
| 2025-09-02 | John W. Hickenlooper | Senate | Purchase | $100,001 - $250,000 | 2025-10-05 |
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.
Largest 13F holders
Quarter to 2026-06-30, the latest most managers have filed| Manager | Shares | Value | % of shares out |
|---|---|---|---|
| BlackRock, Inc. | 75,753,509 | $25.8B | 9.26% |
| VANGUARD CAPITAL MANAGEMENT LLC | 53,129,128 | $18.1B | 6.50% |
| STATE STREET CORP | 36,979,497 | $12.6B | 4.52% |
| Invesco Ltd. | 25,647,946 | $8.7B | 3.14% |
| BANK OF AMERICA CORP /DE/ | 22,681,876 | $7.7B | 2.77% |
| FMR LLC | 20,054,462 | $6.8B | 2.45% |
| GEODE CAPITAL MANAGEMENT, LLC | 19,615,573 | $6.7B | 2.40% |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 19,347,649 | $6.6B | 2.37% |
| JPMORGAN CHASE & CO | 18,762,470 | $6.2B | 2.29% |
| NORGES BANK | 9,750,674 | $3.3B | 1.19% |
| MORGAN STANLEY | 9,424,842 | $3.2B | 1.15% |
| Nuveen, LLC | 8,702,289 | $3.0B | 1.06% |
| GOLDMAN SACHS GROUP INC | 7,933,568 | $2.7B | 0.97% |
| ROYAL BANK OF CANADA | 6,765,470 | $2.3B | 0.83% |
| AMERIPRISE FINANCIAL INC | 6,563,374 | $2.2B | 0.80% |
Institutional ownership by quarter
% of shares held by 13F filers
Number of 13F filers holding
Holder changes by quarter
| Quarter | Holders | Ownership | New | Increased | Reduced | Closed |
|---|---|---|---|---|---|---|
| 2026-06-30 | 2,932 | 90.1% | 606 | 953 | 1,136 | 123 |
| 2026-03-31 | 2,480 | 85.2% | 262 | 1,279 | 746 | 277 |
| 2025-12-31 | 2,540 | 76.5% | 326 | 1,121 | 816 | 161 |
| 2025-09-30 | 2,435 | 73.6% | 239 | 1,248 | 652 | 138 |
| 2025-06-30 | 2,383 | 70.1% | 256 | 1,071 | 773 | 104 |
| 2025-03-31 | 2,266 | 68.9% | 181 | 1,065 | 756 | 173 |
| 2024-12-31 | 2,300 | 68.3% | 360 | 1,880 | 52 | 89 |
| 2024-09-30 | 2,069 | 67.5% | 187 | 895 | 691 | 107 |
| 2024-06-30 | 2,014 | 66.3% | 272 | 906 | 599 | 138 |
| 2024-03-31 | 1,905 | 66.1% | 254 | 864 | 602 | 168 |
| 2023-12-31 | 1,849 | 69.2% | 332 | 718 | 590 | 90 |
| 2023-09-30 | 1,640 | 70.6% | 171 | 695 | 554 | 109 |
Schedule 13D / 13G filers
| Filed | Form | Filer | % of class | Shares |
|---|---|---|---|---|
| 2026-04-30 | SCHEDULE 13G | Vanguard Capital Management | 7.4% | 60,785,782 |
| 2025-10-30 | SCHEDULE 13G/A | The Vanguard Group | 9.8% | 65,268,469 |
Required above 5% of a class; 13G is the passive form.
ETFs with the largest holding
| ETF | Weight in fund | Holding value |
|---|---|---|
| VITSX | 0.44% | $10.3B |
| VSMPX | 0.44% | $10.3B |
| VTSAX | 0.44% | $10.3B |
| VTI | 0.44% | $10.3B |
| VFFSX | 0.49% | $8.5B |
| VFINX | 0.49% | $8.5B |
Share structure
Shares outstanding817,999,992
Float810,211,822
Free float99.0%
Income statement
Fiscal years, USD| FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|
| Revenue | $5.5B | $6.9B | $8.0B | $9.2B | $11.5B |
| Cost of revenue | $1.7B | $1.9B | $2.1B | $2.5B | $3.4B |
| Gross profit | $3.8B | $5.0B | $6.0B | $6.8B | $8.1B |
| R&D | $1.4B | $1.6B | $1.8B | $2.0B | $2.6B |
| SG&A | $2.6B | $3.0B | $3.5B | $3.5B | $4.8B |
| Operating income | −$188.8M | $387.3M | $683.9M | $1.2B | $695.0M |
| EBITDA | $95.6M | $869.0M | $1.3B | $1.9B | $1.4B |
| Pretax income | −$207.2M | $566.3M | $988.3M | $1.6B | $536.0M |
| Income tax | $59.8M | $126.6M | −$1.6B | $461.8M | $229.0M |
| Net income | −$267.0M | $439.7M | $2.6B | $1.1B | $307.0M |
| EPS, diluted | $-0.45 | $0.64 | $3.64 | $1.60 | $0.44 |
| Diluted shares | 591.0M | 684.6M | 708.0M | 709.3M | 764.0M |
Balance sheet
| FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|
| Cash & short-term investments | $3.6B | $2.4B | $2.6B | $2.9B | $3.1B |
| Receivables | $2.3B | $2.9B | $3.3B | $3.7B | $4.2B |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $6.4B | $6.0B | $6.8B | $7.1B | $8.6B |
| PP&E, net | $599.8M | $617.8M | $747.0M | $734.3M | $1.2B |
| Goodwill & intangibles | $3.1B | $3.2B | $3.7B | $5.3B | $29.0B |
| Total assets | $12.3B | $14.5B | $20.0B | $23.6B | $48.5B |
| Accounts payable | $128.0M | $132.3M | $116.3M | $232.2M | $290.0M |
| Total current liabilities | $8.3B | $7.7B | $7.7B | $8.0B | $9.9B |
| Long-term debt | $0 | $0 | $0 | $0 | $1.8B |
| Total liabilities | $12.0B | $12.8B | $14.8B | $15.8B | $21.0B |
| Shareholders' equity | $210.0M | $1.7B | $5.2B | $7.8B | $27.5B |
Cash flow statement
Outflows are negative| FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|
| Net income | −$267.0M | $439.7M | $2.6B | $1.1B | $307.0M |
| Depreciation & amortization | $282.6M | $282.2M | $283.3M | $302.3M | $855.0M |
| Stock-based compensation | $1.0B | $1.1B | $1.1B | $1.3B | $1.8B |
| Change in working capital | $520.8M | $550.8M | $910.3M | $922.8M | $579.0M |
| Operating cash flow | $2.0B | $2.8B | $3.3B | $3.7B | $4.6B |
| Capital expenditure | −$192.8M | −$146.3M | −$156.8M | −$246.2M | −$440.0M |
| Free cash flow | $1.8B | $2.6B | $3.1B | $3.5B | $4.1B |
| Investing cash flow | −$933.4M | −$2.0B | −$1.5B | −$2.2B | −$3.1B |
| Net debt issued / repaid | −$600,000 | −$1.7B | −$1.0B | −$965.6M | −$150.0M |
| Buybacks | −$892.3M | −$272.7M | −$566.7M | $0 | −$1.0B |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
Ratio history
Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end| FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|
| Gross margin | 68.8% | 72.3% | 74.3% | 73.4% | 70.4% |
| Operating margin | -3.4% | 5.6% | 8.5% | 13.5% | 6.1% |
| Net margin | -4.9% | 6.4% | 32.1% | 12.3% | 2.7% |
| FCF margin | 32.6% | 38.2% | 38.6% | 40.3% | 35.8% |
| ROE | -54.8% | 44.9% | 74.5% | 17.5% | 1.7% |
| ROIC | -28.2% | 18.5% | 45.3% | 16.8% | 1.5% |
| ROA | -2.4% | 3.3% | 14.9% | 5.2% | 0.9% |
| Debt / equity | 18.82 | 1.30 | 0.26 | 0.04 | 0.09 |
| Interest coverage | n/m | 21.4x | 119.3x | 532.4x | — |
| Current ratio | 0.77 | 0.78 | 0.89 | 0.89 | 0.87 |
| Revenue growth | +29.3% | +25.3% | +16.5% | +14.9% | +24.5% |
| EPS growth | +53.6% | +256.2% | +487.2% | −56.1% | −74.9% |
| P/E at year end | n/m | 201.5x | 44.6x | 108.5x | 825.8x |
| EV / EBITDA at year end | 939.3x | 102.2x | 89.3x | 62.1x | 164.3x |
| FCF yield at year end | 3.20% | 2.97% | 2.70% | 3.02% | 1.62% |
| Dividend payout | — | 0.0% | 0.0% | 0.0% | 0.0% |
Revenue by segment
| FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|
| Subscription | $2.5B | $3.3B | $4.2B | $5.0B | $6.2B |
| Support | $1.6B | $2.0B | $2.2B | $2.4B | $3.0B |
| Product | $1.4B | $1.6B | $1.6B | $1.8B | $2.3B |
Revenue by region · FY2026
Americas$7.7B · 67%
EMEA$2.4B · 21%
Asia Pacific$1.4B · 12%
Street estimates by fiscal year
Next report 2026-11-18 · consensus EPS $0.97 · these are analysts' numbers, not ours| Fiscal year | Revenue (mean) | Revenue range | EPS (mean) | EPS range | Analysts | P/E on mean EPS |
|---|---|---|---|---|---|---|
| 2026 | $11.4B | $11.1B – $11.4B | $3.78 | $3.76 – $3.81 | 29 | 90.5x |
| 2027 | $14.2B | $14.1B – $14.3B | $4.19 | $4.16 – $4.25 | 30 | 81.7x |
| 2028 | $16.2B | $15.5B – $16.9B | $4.86 | $4.64 – $5.51 | 17 | 70.4x |
Reported vs expected, every quarter on file
| Reported | EPS expected | EPS actual | EPS surprise | Revenue expected | Revenue actual | Revenue surprise |
|---|---|---|---|---|---|---|
| 2026-09-01 | $0.98 | $1.02 | +4.3% | $3.4B | $3.4B | +1.7% |
| 2026-06-02 | $0.79 | $0.85 | +7.2% | $2.9B | $3.0B | +2.0% |
| 2026-02-17 | $0.94 | $1.03 | +9.7% | $2.6B | $2.6B | +0.4% |
| 2025-11-19 | $0.89 | $0.93 | +4.4% | $2.5B | $2.5B | +0.5% |
| 2025-08-18 | $0.89 | $0.95 | +7.3% | $2.5B | $2.5B | +1.4% |
| 2025-05-20 | $0.77 | $0.80 | +3.6% | $2.3B | $2.3B | +0.4% |
| 2025-02-13 | $0.78 | $0.81 | +4.0% | $2.2B | $2.3B | +0.7% |
| 2024-11-20 | $1.48 | $0.78 | −47.3% | $2.1B | $2.1B | +0.9% |
| 2024-08-19 | $1.41 | $0.75 | −46.8% | $2.2B | $2.2B | +1.3% |
| 2024-05-20 | $1.27 | $0.66 | −48.0% | $2.0B | $2.0B | +0.6% |
| 2024-02-20 | $1.30 | $0.73 | −43.8% | $2.0B | $2.0B | +0.2% |
| 2023-11-15 | $0.58 | $0.69 | +19.0% | $1.8B | $1.9B | +1.9% |
| 2023-08-18 | $0.64 | $0.72 | +12.5% | $2.0B | $2.0B | −0.2% |
| 2023-05-23 | $0.46 | $0.55 | +19.6% | $1.7B | $1.7B | +0.4% |
| 2023-02-21 | $0.39 | $0.52 | +33.3% | $1.6B | $1.7B | +0.4% |
| 2022-11-17 | $0.34 | $0.41 | +20.6% | $1.6B | $1.6B | +0.8% |
| 2022-08-22 | $0.38 | $0.40 | +5.3% | $1.5B | $1.6B | +0.5% |
| 2022-05-19 | $0.28 | $0.30 | +7.1% | $1.4B | $1.4B | +2.1% |
| 2022-02-22 | $0.28 | $0.29 | +3.6% | $1.3B | $1.3B | +2.9% |
| 2021-11-18 | $0.26 | $0.27 | +3.8% | $1.3B | $1.2B | −2.5% |
| 2021-08-23 | $0.24 | $0.27 | +12.5% | $1.2B | $1.2B | +1.3% |
| 2021-05-20 | $0.21 | $0.23 | +9.5% | $1.1B | $1.1B | +1.6% |
| 2021-02-22 | $0.24 | $0.26 | +8.3% | $931.6M | $1.0B | +9.2% |
| 2020-11-16 | $0.22 | $0.27 | +22.7% | $739.7M | $946.0M | +27.9% |
Off-exchange (dark pool) volume, weekly
FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)| Week of | Notional | Shares | Trades |
|---|---|---|---|
| 2026-08-31 | $3.3B | 9,472,549 | 211,490 |
| 2026-08-24 | $2.4B | 6,750,773 | 162,724 |
| 2026-08-17 | $2.3B | 6,266,682 | 157,776 |
| 2026-08-10 | $2.6B | 6,796,047 | 148,497 |
| 2026-08-03 | $2.9B | 8,098,534 | 171,405 |
| 2026-07-27 | $3.0B | 9,454,089 | 166,920 |
Short-sale share of off-exchange volume
daily 20-day average| Date | Short share | Short volume | Total volume |
|---|---|---|---|
| 2026-10-15 | 41.0% | 934,161 | 2,275,891 |
| 2026-10-14 | 38.1% | 957,100 | 2,511,447 |
| 2026-10-13 | 38.0% | 515,422 | 1,357,438 |
| 2026-10-12 | 44.8% | 976,845 | 2,180,459 |
| 2026-10-09 | 48.5% | 941,082 | 1,939,013 |
| 2026-10-08 | 44.1% | 845,728 | 1,918,533 |
| 2026-10-07 | 45.9% | 726,585 | 1,581,376 |
| 2026-10-06 | 54.5% | 1,328,904 | 2,438,091 |
| 2026-10-05 | 45.0% | 644,884 | 1,432,731 |
| 2026-10-02 | 44.3% | 853,325 | 1,927,459 |
A daily flow measure from FINRA, not short interest.
Seasonality
Average return by calendar month| Month | Avg return | Up years | Years |
|---|---|---|---|
| Jan | +5.2% | 64% | 14 |
| Feb | +4.4% | 64% | 14 |
| Mar | −0.3% | 50% | 14 |
| Apr | +1.4% | 54% | 13 |
| May | +3.1% | 69% | 13 |
| Jun | +2.6% | 54% | 13 |
| Jul | +2.7% | 50% | 14 |
| Aug | +4.7% | 64% | 14 |
| Sep | +0.2% | 43% | 14 |
| Oct | −0.5% | 57% | 14 |
| Nov | +5.6% | 57% | 14 |
| Dec | +1.1% | 57% | 14 |
History, not a forecast.
Indicators
as of 2026-10-16RSI 1437.0
MFI42.0
ADX18.2
Stochastic %K / %D8.9 / 23.4
Williams %R-97.4
CCI-177
TSI / signal3.2 / 13.5
Chaikin money flow0.05
ATR$19.01
Bollinger width18.5%
Volume vs 20-day avg1.62x
SupertrendDown
Moving averages and bands
level (price vs level)SMA 20$390.96 (−12.5%)
SMA 50$373.27 (−8.4%)
SMA 200$260.68 (+31.2%)
EMA 21$384.12 (−11.0%)
EMA 50$369.82 (−7.5%)
EMA 200$291.59 (+17.3%)
Bollinger upper$427.15 (−19.9%)
Bollinger lower$354.78 (−3.6%)
Parabolic SAR$423.21 (−19.2%)
Open the live chart, 110+ indicatorsAbout Palo Alto Networks, Inc.
Palo Alto Networks, Inc. is a global leader in providing advanced cybersecurity solutions. The company's core product line includes both hardware and software-based firewalls. It also offers Panorama, a sophisticated security management platform designed for centralized control of these firewall deployments, whether they are physical appliances, virtual instances, or situated in public or private cloud environments. Additionally, the firm provides virtual system upgrades to enhance the capacity of its physical firewall units. Complementing its core products, Palo Alto Networks delivers an extensive range of subscription services. These encompass robust threat prevention, protection against malware and advanced persistent threats, URL filtering, and security for both laptop and mobile devices. Further specialized subscriptions include DNS security, Internet of Things (IoT) security, SaaS security (via API and inline methods), threat intelligence, and data loss prevention. Beyond its product and subscription offerings, the company extends various expert services, such as cloud security, secure access solutions, security analytics and automation tools, and specialized cybersecurity consulting, often integrated with threat intelligence. Its professional services cover critical areas like architectural design and planning, system implementation, configuration, and seamless firewall migration. Educational resources, including certifications and both online and in-classroom training, are also available, alongside comprehensive support services. Palo Alto Networks distributes its security solutions both directly and through an extensive network of channel partners. Its diverse clientele primarily comprises medium to large-scale enterprises, service providers, and governmental organizations across a wide array of industries. These sectors include education, energy, financial services, healthcare, internet and media, manufacturing, the broader public sector, and telecommunications. Established in 2005, Palo Alto Networks maintains its corporate headquarters in Santa Clara, California.
https://www.paloaltonetworks.com
Key executives
| Name | Title | Pay | Born |
|---|---|---|---|
| Nikesh Arora | Chairman & Chief Executive Officer | $4.9M | 1968 |
| William D. Jenkins Jr. | President | $1.7M | 1966 |
| Dipak Golechha | Executive Vice President & Chief Financial Officer | $1.3M | 1974 |
| Lee Klarich | Executive Vice President, Chief Product Officer, Chief Technology Officer & Director | $1.3M | 1975 |
| Nir Zuk | Founder Emeritus & Advisor | $854,884 | 1972 |
| Hamza Fodderwala | Senior VP of Investor Relations & Strategic Finance | — | — |
| Josh D. Paul | Senior Vice President & Chief Accounting Officer | — | 1976 |
| Nicole Hockin | Vice President of Global Communications | — | — |
Executive pay, latest proxy
| Executive | Year | Salary | Stock awards | Incentive | Total |
|---|---|---|---|---|---|
| Nikesh Arora Chief Executive Officer | 2025 | $1.0M | $94.9M | $1.2M | $99.7M |
| William “BJ” Jenkins President | 2025 | $750,000 | $25.3M | $900,000 | $27.0M |
| Lee Klarich Chief Product and Technology Officer | 2025 | $550,000 | $24.7M | $660,000 | $26.0M |
| Dipak Golechha Chief Financial Officer | 2025 | $600,000 | $24.2M | $720,000 | $25.5M |
| Nir Zuk Founder Emeritus and Former Chief Technology Officer | 2025 | $408,026 | $14.9M | $203,014 | $15.7M |
Employees
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| None on file. | ||
Moat model
Weak · Efficient Scale · 2026-07-31Cost advantage51
Intangibles18
Switching costs18
Network effect60
Efficient scale85
Our component scores (0-100) and overall 41.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17