Palo Alto Networks vs Twilio
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The short version
- Palo Alto Networks is the larger business, with $11.5B of revenue in fiscal 2026 against $5.1B for Twilio, about 2.3 times as much.
- Palo Alto Networks grew revenue faster (24.5%, against 13.7%).
- Palo Alto Networks kept more of each dollar of sales as operating profit (6.1% operating margin, against 3.1%).
- Palo Alto Networks turned more of its sales into free cash flow (35.8% FCF margin, against 19.7%).
- Palo Alto Networks earned a higher return on the capital invested in it (2.6%, against 1.5%).
| Latest fiscal year | PANW Β· FY26 | TWLO Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $290.7B | $41.8B |
| Revenue | $11.5B | $5.1B |
| Free cash flow | $4.1B | $997M |
| Net income | $307M | $33.8M |
| Growth | ||
| Revenue growth | 24.5% | 13.7% |
| 5-year growth | 22.0% | 23.5% |
| Share count change | 7.8% | β3.7% |
| Profitability | ||
| Gross margin | 70.4% | 48.9% |
| Operating margin | 6.1% | 3.1% |
| Net margin | 2.7% | 0.7% |
| FCF margin | 35.8% | 19.7% |
| Return on capital | 2.6% | 1.5% |
| Return on equity | 1.7% | 0.4% |
| Balance sheet | ||
| Net debt | β$1.3B | β$1.5B |
| Net debt / EBITDA | β0.8x | β4.2x |
| Dividends and buybacks | $1.0B | $869M |
| Valuation & quality | ||
| P/E | β | 36.4x |
| Piotroski F-score | 4 | 6 |
Revenue
FY17
PANW $1.8B
TWLO $399M
FY18
PANW $2.3B
TWLO $650M
FY19
PANW $2.9B
TWLO $1.1B
FY20
PANW $3.4B
TWLO $1.8B
FY21
PANW $4.3B
TWLO $2.8B
FY22
PANW $5.5B
TWLO $3.8B
FY23
PANW $6.9B
TWLO $4.2B
FY24
PANW $8.0B
TWLO $4.5B
FY25
PANW $9.2B
TWLO $5.1B
FY26
PANW $11.5B
TWLO β
PANW
TWLO
Operating margin
FY17
PANW β9.4%
TWLO β16.6%
FY18
PANW β4.6%
TWLO β17.7%
FY19
PANW β1.9%
TWLO β32.6%
FY20
PANW β5.3%
TWLO β28.0%
FY21
PANW β7.2%
TWLO β32.2%
FY22
PANW β3.4%
TWLO β31.5%
FY23
PANW 5.6%
TWLO β21.1%
FY24
PANW 8.5%
TWLO β1.2%
FY25
PANW 13.5%
TWLO 3.1%
FY26
PANW 6.1%
TWLO β
PANW
TWLO
Free cash flow
FY17
PANW $705M
TWLO β$12.5M
FY18
PANW $926M
TWLO $2.9M
FY19
PANW $924M
TWLO β$31.3M
FY20
PANW $821M
TWLO $6.9M
FY21
PANW $1.4B
TWLO β$104M
FY22
PANW $1.8B
TWLO β$289M
FY23
PANW $2.6B
TWLO $403M
FY24
PANW $3.1B
TWLO $709M
FY25
PANW $3.5B
TWLO $997M
FY26
PANW $4.1B
TWLO β
PANW
TWLO
Return on capital
FY17
PANW β17.2%
TWLO β112.6%
FY18
PANW β
TWLO β94.2%
FY19
PANW β
TWLO β19.3%
FY20
PANW β
TWLO β9.0%
FY21
PANW β
TWLO β11.6%
FY22
PANW β
TWLO β13.5%
FY23
PANW β
TWLO β9.8%
FY24
PANW 27.9%
TWLO β0.6%
FY25
PANW 20.8%
TWLO 1.5%
FY26
PANW 2.6%
TWLO β
PANW
TWLO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.