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Palo Alto Networks Inc

PANW· Nasdaq· Computer Peripheral Equipment, NEC

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
35.8%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+22.0%
We record prices for the companies we cover; PANW is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2026

Market cap
–
Enterprise value
–
Diluted shares
764.0M
Revenue
$11.5B
Free cash flow
$4.1B
Owner earnings
$2.3B

Valuation · FY2026

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2026

Gross
70.4%
Operating
6.1%
Net
2.7%
Free cash flow
35.8%
Owner earnings
20.4%
Stock pay
15.5%

Returns

ROIC, FY2026
1.5%
ROIC, 5 yr avg
–
ROE, FY2026
1.1%
ROE, 5 yr avg
-7.3%

Growth (CAGR)

Revenue, 3 yr
18.5%
Revenue, 5 yr
22.0%
Revenue, 9 yr
23.2%
Diluted EPS, 3 yr
-14.5%
Diluted EPS, 5 yr
–
Diluted EPS, 9 yr
–
Free cash flow, 3 yr
16.1%
Free cash flow, 5 yr
24.3%
Free cash flow, 9 yr
21.6%

Financial health · FY2026

Cash and investments
$3.1B
Total debt
$1.8B
Net cash
$1.3B
Debt/Equity
0.1x
Debt/FCF
0.4x

Shareholder returns · FY2026

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
5.7%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$11.5B

+23.2% a year over 9 years

FY2017: Revenue $1.8BFY2018: Revenue $2.3BFY2019: Revenue $2.9BFY2020: Revenue $3.4BFY2021: Revenue $4.3BFY2022: Revenue $5.5BFY2023: Revenue $6.9BFY2024: Revenue $8.0BFY2025: Revenue $9.2BFY2026: Revenue $11.5B
FY2017FY2026

Margins

Gross70.4%Operating6.1%Net2.7%

FY2026

FY2017: Gross 72.9%, Operating -9.4%, Net -11.6%FY2018: Gross 71.6%, Operating -4.6%, Net -5.4%FY2019: Gross 72.1%, Operating -1.9%, Net -2.8%FY2020: Gross 70.7%, Operating -5.3%, Net -7.8%FY2021: Gross 70.0%, Operating -7.1%, Net -11.7%FY2022: Gross 68.8%, Operating -3.4%, Net -4.9%FY2023: Gross 72.3%, Operating 5.6%, Net 6.4%FY2024: Gross 74.3%, Operating 8.5%, Net 32.1%FY2025: Gross 73.4%, Operating 13.5%, Net 12.3%FY2026: Gross 70.4%, Operating 6.1%, Net 2.7%
FY2017FY2026

Free cash flow and owner earnings

Free cash flow$4.1BOwner earnings$2.3B

Free cash flow +21.6% a year

FY2017: Free cash flow $705.4M, Owner earnings $230.9MFY2018: Free cash flow $926.1M, Owner earnings $429.4MFY2019: Free cash flow $924.4M, Owner earnings $356.7MFY2020: Free cash flow $821.3M, Owner earnings $162.9MFY2021: Free cash flow $1.4B, Owner earnings $492.5MFY2022: Free cash flow $1.8B, Owner earnings $780.8MFY2023: Free cash flow $2.6B, Owner earnings $1.6BFY2024: Free cash flow $3.1B, Owner earnings $2.0BFY2025: Free cash flow $3.5B, Owner earnings $2.2BFY2026: Free cash flow $4.1B, Owner earnings $2.3B
FY2017FY2026

Diluted shares

764.0M

+34.7% over 9 years, net dilution

FY2017: Diluted shares –FY2018: Diluted shares –FY2019: Diluted shares 567.0MFY2020: Diluted shares 581.4MFY2021: Diluted shares 578.2MFY2022: Diluted shares 591.2MFY2023: Diluted shares 684.5MFY2024: Diluted shares 708.0MFY2025: Diluted shares 709.0MFY2026: Diluted shares 764.0M
FY2017FY2026

Return on invested capital

1.5%

FY2026

FY2017: ROIC –FY2018: ROIC –FY2019: ROIC –FY2020: ROIC –FY2021: ROIC –FY2022: ROIC –FY2023: ROIC 22.3%FY2024: ROIC –FY2025: ROIC 18.0%FY2026: ROIC 1.5%
FY2017FY2026

Net cash

$1.3B

$1.3B more cash than debt

FY2017: Net cash $219.6MFY2018: Net cash $1.5BFY2019: Net cash $1.4BFY2020: Net cash $663.7MFY2021: Net cash -$324.9MFY2022: Net cash -$42.3MFY2023: Net cash $398.5MFY2024: Net cash $1.6BFY2025: Net cash $2.9BFY2026: Net cash $1.3B
FY2017FY2026

Every figure, year by year

Fiscal yearFY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
The business
Revenue$1.8B$2.3B$2.9B$3.4B$4.3B$5.5B$6.9B$8.0B$9.2B$11.5B
Revenue growth27.3%29.5%27.5%17.5%24.9%29.3%25.3%16.5%14.9%24.5%
Gross margin72.9%71.6%72.1%70.7%70.0%68.8%72.3%74.3%73.4%70.4%
Operating margin-9.4%-4.6%-1.9%-5.3%-7.1%-3.4%5.6%8.5%13.5%6.1%
Net income-$203.0M-$122.2M-$81.9M-$267.0M-$498.9M-$267.0M$439.7M$2.6B$1.1B$307.0M
Net margin-11.6%-5.4%-2.8%-7.8%-11.7%-4.9%6.4%32.1%12.3%2.7%
Diluted EPS––$-0.15s$-0.46s$-0.87s$-0.45s$0.64$3.64$1.60$0.40
Return on invested capital?––––––22.3%–18.0%1.5%
Cash
Operating cash flow$868.8M$1.0B$1.1B$1.0B$1.5B$2.0B$2.8B$3.3B$3.7B$4.6B
Capital expenditure$163.4M$112.0M$131.2M$214.4M$116.0M$192.8M$146.3M$157.0M$247.0M$440.0M
Free cash flow$705.4M$926.1M$924.4M$821.3M$1.4B$1.8B$2.6B$3.1B$3.5B$4.1B
Stock-based compensation$474.5M$496.7M$567.7M$658.4M$894.5M$1.0B$1.1B$1.1B$1.3B$1.8B
Owner earnings?$230.9M$429.4M$356.7M$162.9M$492.5M$780.8M$1.6B$2.0B$2.2B$2.3B
Free cash flow per share––$1.63$1.41$2.40$3.03$3.84$4.38$4.89$5.38
Capital allocation
Dividends paid––––––––––
Share repurchases$411.0M$259.1M$330.0M$1.2B$1.2B$892.3M$272.7M$567.0M$0$1.0B
Diluted shares––567.0Ms581.4Ms578.2Ms591.2Ms684.5M708.0M709.0M764.0M
Share count change?–––2.5%-0.6%2.2%15.8%3.4%0.1%7.8%
Balance sheet
Cash and equivalents$744.3M$2.5B$961.4M$3.0B$1.9B$2.1B$1.1B$1.5B$2.3B$2.5B
Short-term investments–$896.5M$1.8B$789.8M$1.0B$1.5B$1.3B$1.0B$635.0M$557.0M
Total debt$524.7M$1.9B$1.4B$3.1B$3.2B$3.7B$2.0B$963.9M$0$1.8B
Net debt-$219.6M-$1.5B-$1.4B-$663.7M$324.9M$42.3M-$398.5M-$1.6B-$2.9B-$1.3B
Shareholders' equity$759.6M$1.2B$1.6B$1.1B$634.5M$210.0M$1.7B$5.2B$7.8B$27.5B

Latest filings

All on EDGAR
2026-10-27DEF 14AProxy statement
2026-09-1010-KAnnual report
2026-09-018-KEarnings release
2026-06-0310-QQuarterly report
2026-06-028-KEarnings release
2026-02-1810-QQuarterly report
2026-02-178-KEarnings release
2025-11-2010-QQuarterly report
2025-11-198-KEarnings release
2025-11-07DEF 14AProxy statement

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