Palo Alto Networks, Inc. PANW

Information TechnologySoftware & IT ServicesUnited States of America

Last close 351.72 USD on Nov 2, 2026, +90.9% year to date

Quant rating

Quant rating C Rank 180 of 389 in Information Technology

Growth B 118 of 389
Valuation D 354 of 389
Quality C 214 of 389
Revisions C 170 of 389
Momentum A 32 of 389

Wall Street consensus Buy (2.02)Average target 400.15 USD +13.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 287.9B
Enterprise value: 286.6B
52-week range: 139.60 – 432.08
3-year range: 118.50 – 432.08
Dividend yield: –
Beta (5 years): 0.97
Shares outstanding: 818M
Next earnings: Nov 17, 2026

About the company

Palo Alto Networks, Inc. is a global artificial intelligence (AI) cybersecurity company, with a comprehensive portfolio of cybersecurity solutions and platforms across network, cloud, security operations, AI and Identity. Its network security platform includes Secure Access Service Edge (SASE), Next-Generation Firewalls, Cloud Delivered Security Services (CDSS), Prisma AIRS, and Strata Cloud Manager (SCM). It delivers security operations capabilities that unifies standalone Security Information and Event Management (SIEM) tools, endpoint security, security automation, cloud detection and response (CDR), as well as attack surface management (ASM) capabilities on its Cortex platform. It delivers comprehensive security across the cloud application development lifecycle through Cortex Cloud. Its Unit 42 brings together expertise across threat research, incident response, and security consulting to deliver intelligence-driven, response-ready outcomes that help customers reduce cyber risk.

Growth and profitability fiscal year ends July 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	11,480	9,222	8,028	6,893	5,502	–
Revenue growth	24.5%	14.9%	16.5%	25.3%	29.3%	22.0%
EPS (basic, normalized)	3.84	3.34	2.83	2.22	1.26	–
EPS growth	15.0%	17.8%	27.7%	76.2%	–	–
Gross margin	70.4%	73.4%	74.3%	72.3%	68.8%	71.8%
Net margin	2.7%	12.3%	32.1%	6.4%	−4.9%	9.7%
ROE	1.7%	17.5%	74.5%	44.9%	−63.2%	15.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,071
Current ratio	0.87x
Long-term debt (mil)	1,774
Net debt (mil)	−1,297
Total equity (mil)	27,492
Net debt / equity	−0.05x
Net debt / EBITDA	−0.31x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	11,480	+24.5%	25.0x	4,211	+47.4%	68.1x	3.84	+15.0%	91.6x
2027	14,155	+23.3%	20.2x	4,970	+18.0%	57.7x	4.18	+8.9%	84.1x
2028	16,158	+14.2%	17.7x	5,766	+16.0%	49.7x	4.88	+16.6%	72.1x
2029	18,471	+14.3%	15.5x	6,446	+11.8%	44.5x	5.75	+17.8%	61.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	14,155	0.0%	+2.4%	+4.5%	4.18	0.0%	+1.4%	+5.5%
2028	16,158	0.0%	+2.8%	+5.1%	4.88	0.0%	+1.1%	+5.0%
2029	18,471	0.0%	−1.5%	+7.5%	5.75	0.0%	−5.2%	+7.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	1,985	2,190	2,139	2,257	2,289	2,536	2,474	2,594	3,002	3,410
Sales mean (mil)	1,967	2,162	2,120	2,239	2,277	2,502	2,461	2,582	2,944	3,352
Surprise	+0.9%	+1.3%	+0.9%	+0.8%	+0.5%	+1.4%	+0.5%	+0.5%	+2.0%	+1.7%
EPS reported	0.66	0.76	0.78	0.81	0.80	0.95	0.93	1.03	0.85	1.02
EPS mean	0.62	0.70	0.74	0.78	0.77	0.88	0.89	0.94	0.80	0.98
Surprise	+5.6%	+7.1%	+5.3%	+4.2%	+3.9%	+7.4%	+4.5%	+9.4%	+6.9%	+4.5%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PANW Palo Alto Networks, Inc.	287.9B	−0.31x	2.7%	10.43x	84.1x	72.1x	57.7x	49.7x
GOOGL Alphabet Inc.	3.42T	−0.67x	32.8%	5.06x	14.2x	18.7x	14.3x	10.8x
MSFT Microsoft Corporation	3.77T	0.22x	40.3%	8.00x	25.4x	21.2x	15.6x	12.5x
META Meta Platforms, Inc.	1.58T	0.01x	37.1%	5.69x	21.0x	18.0x	11.3x	8.8x
PLTR Palantir Technologies Inc.	428.6B	−4.08x	36.3%	43.84x	111.1x	76.4x	84.3x	54.9x
ORCL Oracle Corporation	361.4B	2.81x	26.6%	5.40x	14.6x	10.8x	8.8x	6.1x
Mean		−0.34x	29.3%	13.07x	45.1x	36.2x	32.0x	23.8x
Median		−0.15x	34.6%	6.85x	23.2x	19.9x	15.0x	11.7x

Technical analysis

1M−12.8%
3M+6.0%
1Y+59.7%
3Y+181.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Palo Alto Networks, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	11,480	9,222	8,028	6,893	5,502	4,256
Cost of revenue	3,401	2,452	2,059	1,910	1,719	1,275
Gross profit	8,079	6,770	5,968	4,983	3,783	2,981
Selling, general & administrative expenses	4,845	3,678	3,271	2,992	2,554	1,847
Research & development	2,551	1,984	1,809	1,604	1,418	1,140
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	105	–	204	–	–	–
Other operating expenses	−117	−135	0	0	0	298
Operating income	695	1,243	684	387	−189	−304
Net interest income (expense)	339	328	310	189	−10.0	−160
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−498	25.1	−5.4	−10.3	−8.4	−0.7
Net income before taxes	536	1,596	988	566	−207	−465
Provision for taxes	229	462	−1,589	127	59.8	33.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	307	1,134	2,578	440	−267	−499
Extraordinary items	–	–	–	–	–	–
Net income	307	1,134	2,578	440	−267	−499
EBIT, normalized	800	1,243	888	387	−189	−304
EBITDA, normalized	1,655	1,586	1,172	670	93.8	−43.7
Basic EPS, normalized	3.84	3.34	2.83	2.22	1.26	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Palo Alto Networks, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	3,071	2,903	2,579	2,390	3,634	2,901
Receivables	4,221	3,680	3,344	2,852	2,142	1,240
Total inventory	–	–	–	–	–	–
Prepaid expenses	802	510	546	460	314	224
Other current assets	549	430	381	346	324	282
Total current assets	8,643	7,523	6,850	6,048	6,415	4,647
Property, plant & equipment	1,223	734	747	618	600	581
Goodwill	22,010	4,567	3,350	2,927	2,748	2,710
Intangibles	7,017	763	375	315	384	499
Long-term investments	4,835	5,556	4,173	3,048	1,052	888
Note receivable	944	1,002	1,182	653	–	–
Other long-term assets	3,788	3,432	3,314	892	1,055	916
Total assets	48,460	23,576	19,991	14,501	12,254	10,242
Liabilities
Accounts payable	290	232	116	132	128	56.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,886	1,454	1,061	939	860	760
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	0	964	1,992	3,677	1,558
Other current liabilities	7,747	6,302	5,541	4,675	3,641	2,742
Total current liabilities	9,923	7,988	7,683	7,738	8,306	5,117
Long-term debt	1,774	0	0	0	0	1,668
Minority interest	–	–	–	–	–	–
Other liabilities	9,271	7,764	7,139	5,015	3,737	2,822
Total liabilities	20,968	15,752	14,821	12,753	12,044	9,607
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0	0	0	0
Additional paid-in capital	24,772	5,292	3,821	3,019	1,933	2,311
Retained earnings (accumulated deficit)	2,791	2,484	1,350	−1,227	−1,667	−1,667
Treasury stock	–	–	–	–	–	–
Other equity	−71.0	48.4	−1.6	−43.2	−55.6	−9.9
Total equity	27,492	7,824	5,170	1,748	210	634
Total liabilities & shareholders' equity	48,460	23,576	19,991	14,501	12,254	10,242

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Palo Alto Networks, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	307	1,134	2,578	440	−267	−499
Depreciation, depletion & amortization	855	343	283	282	283	260
Deferred taxes	−19.0	−350	−2,034	–	–	–
Non-cash items	2,831	1,666	1,520	1,492	1,448	1,393
Changes in working capital	579	923	910	563	521	349
Cash from operations	4,553	3,716	3,258	2,778	1,985	1,503
Investing activities
Capital expenditures	−440	−246	−157	−146	−193	−116
Other investing cash flows	−2,664	−1,958	−1,353	−1,888	−741	−1,365
Cash from investing	−3,104	−2,205	−1,510	−2,034	−933	−1,481
Financing activities
Financing cash flow items	−317	−184	−26.6	−20.4	−50.3	−29.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−885	−595	−1,316	−1,706	−756	−1,075
Cash from financing	−1,202	−779	−1,343	−1,726	−807	−1,104
Foreign exchange effects	−3.0	–	–	–	–	–
Net change in cash	244	732	405	−983	245	−1,082
Free cash flow	4,113	3,470	3,101	2,631	1,792	1,387

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.