Palo Alto Networks
PANW Nasdaq· Systems Software
Last close · Oct 26, 2026
$390.46
KIRA · Stoqly’s AI analyst, in plain words
- Palo Alto Networks had $11.5B of revenue in fiscal 2026, up 24.5% on the year before. Over five years, revenue changed +22.0% a year on average.
- Its operating margin was 6.1%, down 7.4 pts: of every 100 in sales, about 6 is left after running the business.
- Palo Alto Networks made $307M of net profit in fiscal 2026.
- Free cash flow was $4.1B in fiscal 2026, 35.8% of revenue.
- Palo Alto Networks returned $1.0B to shareholders in fiscal 2026, 24% of free cash flow. The diluted share count rose 7.8%.
- Palo Alto Networks has $1.3B more cash than debt.
Market cap
$298.3B
P/E
—
Revenue
$11.5B
Net income
$307M
Free cash flow
$4.1B
Operating margin
6.1%
Palo Alto Networks in 30 seconds · fiscal 2026
Are sales growing?
+24.5%
Yes. Sales grew 24.5% last year.
Does it make a profit?
2.7%
A little. It keeps 2.7% of every sale as profit.
Does profit turn into cash?
35.8%
Yes. 35.8% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
What Palo Alto Networks does
Palo Alto Networks sells cybersecurity products and services to businesses and governments. It was incorporated in 2005 and is based in Santa Clara, California. Its strategy is to combine many security tools into a few platforms so customers can use fewer separate products. Its offerings fall into three platforms. Network & AI Security includes firewalls, a cloud-delivered secure access service, add-on security subscriptions and a product that protects AI applications and agents. Cortex covers security operations, cloud security and an observability platform, called Chronosphere, that monitors cloud systems and applications. Idira is a platform for identity security, which controls who and what, including software and AI agents, can reach systems. It also sells threat intelligence and advisory services under the Unit 42 name. Revenue comes largely from subscription and support offerings, which it recognizes over the length of the service period, plus products.
Biggest risks, in its own words
- Its heavy reliance on channel partners, mainly two distributors, to sell and deliver its products.
- Prices of its products and subscriptions may fall, and customers may choose broader platforms from rivals.
- Cloud and AI companies increasingly offering their own security and observability tools that compete with its offerings.
- Acquisitions such as CyberArk may bring added risks, costs and integration problems.
- Fiscal year ends
- July 31, 2026
- Latest annual report
- 10-K · Sep 10, 2026
- Legal name
- Palo Alto Networks, Inc
- CIK
- 0001327567
Palo Alto Networks · PANW
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $5.5B | $6.9B | $8.0B | $9.2B | $11.5B |
| Revenue growth | 29.3% | 25.3% | 16.5% | 14.9% | 24.5% |
| Gross margin | 68.8% | 72.3% | 74.4% | 73.4% | 70.4% |
| Operating margin | −3.4% | 5.6% | 8.5% | 13.5% | 6.1% |
| Net income | −$267M | $440M | $2.6B | $1.1B | $307M |
| Net margin | −4.9% | 6.4% | 32.1% | 12.3% | 2.7% |
| Diluted EPS | −$0.45 | $0.64 | $3.64 | $1.60 | $0.40 |
| Cash | |||||
| Cash from operations | $2.0B | $2.8B | $3.3B | $3.7B | $4.6B |
| Capital expenditure | $193M | $146M | $157M | $247M | $440M |
| Free cash flow | $1.8B | $2.6B | $3.1B | $3.5B | $4.1B |
| FCF margin | 32.6% | 38.2% | 38.6% | 37.6% | 35.8% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $892M | $273M | $567M | $0.0M | $1.0B |
| Share count change | 2.3% | 15.8% | 3.4% | 0.1% | 7.8% |
| Debt and strength | |||||
| Cash and short-term investments | $3.6B | $2.4B | $2.6B | $2.9B | $3.1B |
| Debt incl. finance leases | $3.7B | $2.0B | $964M | $0.0M | $1.8B |
| Shareholders' equity | $210M | $1.7B | $5.2B | $7.8B | $27.5B |
| Net debt / EBITDA | 0.5x | −0.6x | −1.7x | −1.8x | −0.8x |
| Current ratio | 0.8x | 0.8x | 0.9x | 0.9x | 0.9x |
| Interest coverage | −6.9x | 14.2x | 82.4x | 414.3x | — |
| Returns and quality | |||||
| Return on capital | — | — | 27.9% | 20.8% | 2.6% |
| Return on equity | — | 44.9% | 74.5% | 17.5% | 1.7% |
| Piotroski F-score | 5 | 8 | 7 | 5 | 4 |
| Altman Z'' | −1.5 | −0.7 | 0.5 | 1.1 | 1.5 |
Insiders bought, 12 months
$10.0M
1 insider
Insiders sold, 12 months
$133M
8 insiders
Of sales under plans
80%
$107M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Palo Alto Networks · PANW
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Palo Alto Networks PANW | $298.3B | 24.5% | 6.1% | 35.8% | 2.6% | — | 4 |
| ServiceNow NOW | $163.6B | 20.9% | 13.7% | 34.5% | 20.9% | 98.9x | 6 |
| Fortinet FTNT | $135.6B | 14.2% | 30.7% | 32.7% | — | 64.8x | 5 |
| Twilio TWLO | $42.1B | 13.7% | 3.1% | 19.7% | 1.5% | 36.7x | 6 |
| Gen Digital GEN | $14.7B | 27.1% | 42.4% | 30.5% | 13.7% | 14.3x | 7 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $390.46 a share, the company is worth $298.3B.
Palo Alto Networks grew sales faster than 3 of its 4 similar companies.
Source: SEC EDGAR XBRL filings (CIK 0001327567). Data updated October 10, 2026. For information only — not investment advice. Check the original filings before relying on any figure.