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US cybersecurity company selling network security, cloud security and security operations (SOC) software platforms.
US cybersecurity company selling network security, cloud security and security operations (SOC) software platforms.
Sells appliances and software upfront, then layers recurring security subscriptions and support on top, and now pushes customers to buy many tools as one platform. Cloud and security-operations software are the faster-growing lines. It agreed to buy CyberArk, an identity-security company, in 2025.
Moat: wide (switching costs, scale, brand). Platform consolidation strategy locks enterprises into an integrated security stack across many product lines.
Headquarters: Santa Clara, California, US · Founded: 2005 · Employees: 21,921
Size Palo Alto Networks (PANW) is a United States Information Technology company (Packaged Software) with a market value of $257B, the 40th largest of 3,117 United States companies the cockpit tracks. Shares closed at $313.84 on 6 Nov 2026.
Performance Over six months the shares gained 51.0%, against -4.2% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 15 in its peer set.
Growth Revenue grew 24.5% over the last twelve months (peer median +23.1%); the operating margin is 5.4% (peer median 25.2%).
Valuation It trades at 75.0× forward earnings against a peer median of 24.0× (3rd most expensive of 15).
Capital Return on invested capital runs 7.8 points below its cost of capital (9.6% WACC).
Backlog Backlog (remaining performance obligations) was $21.2B at 31 Jul 2026, up 34% on a year earlier — 1.8 years of trailing revenue. Backlog detail →
Short interest Short interest is 2.6% of the free float (15 Oct 2026).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $11.5B | $11.5B | $9.22B | $8.03B | $6.89B |
| Revenue growth | — | +24% | +15% | +16% | — |
| Gross profit | $7.52B | $7.49B | $6.29B | $5.52B | $4.57B |
| EBITDA | $2.29B | $2.07B | $1.97B | $1.65B | $1.13B |
| Net income | $307M | $307M | $1.13B | $2.58B | $440M |
| Free cash flow | $4.11B | $4.11B | $3.47B | $3.10B | $2.63B |
| Capital expenditure | $440M | $440M | $246M | $157M | $146M |
| Total debt | $2.57B | $2.57B | $417M | $1.41B | $2.33B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Palo Alto Networks PANW | $257B | +51% | +24% | 5% | 75.0× | n/a |
| CrowdStrike CRWD | $222B | +64% | +24% | -1% | 153.6× | 52.4% |
| Fortinet FTNT | $87.3B | +4% | +20% | 33% | 31.6× | 22.4% |
| Zscaler ZS | $32.2B | +30% | +25% | -4% | 40.5× | 20.7% |
| Cisco CSCO | $369B | -3% | +12% | 25% | 18.4× | 15.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PANW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.2% | -8.9% | 3rd lowest of 15 |
| 6-month return | +51.0% | -4.2% | 3rd highest of 15 |
| Distance from 52-week high | -27.4% | -31.1% | 7th highest of 15 |
| Revenue growth (TTM) | +24.5% | +23.1% | 7th highest of 15 |
| Operating margin | 5.4% | 25.2% | 5th lowest of 15 |
| Forward P/E | 75.0× | 24.0× | 3rd most expensive of 15 |
| ROIC minus cost of capital | -7.8 pp | -0.5 pp | 4th lowest of 14 |
| Net debt / EBITDA | -0.2× | 0.2× | 4th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Palo Alto Networks PANW | United States | $257B | +51% | +24% | 5% | 75.0× | n/a | n/a |
| Sap SAP.DE | Germany | $276B | +49% | +8% | 29% | 29.8× | 14.9% | +6.1% |
| CrowdStrike CRWD | United States | $222B | +64% | +24% | -1% | 153.6× | 52.4% | +40.6% |
| Oracle ORCL | United States | $351B | -41% | +22% | 34% | 13.6× | n/a | n/a |
| Salesforce CRM | United States | $176B | +18% | +11% | 22% | 14.6× | 13.7% | +14.3% |
| Palantir Technologies PLTR | United States | $386B | +16% | +87% | 46% | 69.8× | 56.6% | +32.6% |
| AppLovin APP | United States | $131B | -16% | +29% | 78% | 20.0× | 28.2% | +30.4% |
| ServiceNow NOW | United States | $106B | +12% | +22% | 13% | 22.4× | 29.5% | +24.1% |
| SNOW SNOW | United States | $97.3B | +81% | +32% | -22% | 108.4× | 41.3% | +51.2% |
| Adobe ADBE | United States | $93.1B | -5% | +12% | 36% | 8.9× | 0.9% | +13.1% |
| Intuit INTU | United States | $91.3B | -14% | +14% | 29% | 14.8× | 3.1% | +17.4% |
| Cadence Design Systems CDNS | United States | $87.8B | -12% | +18% | 30% | 34.0× | 29.9% | +14.6% |
| Synopsys SNPS | United States | $86.3B | -13% | +46% | 12% | 25.6× | 39.2% | +13.9% |
| Prosus PRX.AS | Netherlands | $83.9B | -3% | +45% | 3% | 10.1× | 55.8% | +13.8% |
| Datadog DDOG | United States | $64.3B | -11% | +33% | 2% | 61.0× | n/a | n/a |
Palo Alto Networks reported $21.2B of remaining performance obligations at 31 Jul 2026, up 34% from a year earlier and up 15% from the previous quarter. That is 1.8 years of trailing revenue already under contract. Book-to-bill last quarter: 1.82.