Palo Alto Networks Inc PANW
Palo Alto Networks, Inc. is a global cybersecurity provider and our vision is a world where each day is safer and more secure than the one before. We were incorporated in 2005 and are headquartered in Santa Clara, California.
Our mission is to be the cybersecurity partner of choice for enterprises, organizations, service providers, and government entities to protect our digital way of life. Our cybersecurity platforms and services help secure enterprise users, networks, clouds, and endpoints by delivering comprehensive cybersecurity backed by artificial intelligence ("AI") and automation. A key element of our strategy is to help our customers simplify their security architectures through consolidating disparate point products. We execute on this strategy by developing our capabilities and packaging our offerings into platforms which are able to cover many of our customers' needs in the markets in which we operate. Our platformization strategy combines various products and services into a tightly integrated architecture for more secure, faster, and cost-effective outcomes.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.22B | $8.03B | $6.89B | $5.50B | $4.26B | $3.41B | $2.90B | $2.27B | $1.76B | $1.38B |
| Cost of revenue | $2.45B | $2.06B | $1.91B | $1.72B | $1.27B | $999.5M | $808.4M | $645.1M | $476.4M | $370.0M |
| Gross profit | $6.77B | $5.97B | $4.98B | $3.78B | $2.98B | $2.41B | $2.09B | $1.63B | $1.28B | $1.01B |
| R&D | $1.98B | $1.81B | $1.60B | $1.42B | $1.14B | $768.1M | $539.5M | $400.7M | $347.4M | $284.2M |
| SG&A | $442.7M | $680.5M | $447.7M | $405.0M | $391.1M | $299.6M | $261.8M | $257.8M | $198.3M | $138.4M |
| Total operating expenses | $5.53B | $5.28B | $4.60B | $3.97B | $3.29B | $2.59B | $2.15B | $1.73B | $1.44B | $1.17B |
| Operating income | $1.24B | $683.9M | $387.3M | -$188.8M | -$304.1M | -$179.0M | -$54.1M | -$104.2M | -$165.8M | -$157.3M |
| Interest expense | $3.0M | $8.3M | $27.2M | $27.4M | $163.3M | $88.7M | $83.9M | $29.6M | $24.5M | $23.4M |
| Pre-tax income | $1.60B | $988.3M | $566.3M | -$207.2M | -$465.0M | -$231.8M | -$74.6M | -$105.3M | -$180.1M | -$172.3M |
| Income tax | $461.8M | $1.59B | $126.6M | $59.8M | $33.9M | $35.2M | $7.3M | $16.9M | $22.9M | $20.4M |
| Net income | $1.13B | $2.58B | $439.7M | -$267.0M | -$498.9M | -$267.0M | -$81.9M | -$122.2M | -$203.0M | -$192.7M |
| EPS, basic | 1.71 | 4.04 | 0.73 | -0.90 | -1.73 | -2.76 | -0.87 | — | — | — |
| EPS, diluted | 1.60 | 3.64 | 0.64 | -0.90 | -1.73 | -2.76 | -0.87 | -1.33 | -2.24 | -2.21 |
| Shares, diluted (wtd. avg.) | $709.3M | $707.9M | $684.5M | $295.6M | $289.1M | $96.9M | $94.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.27B | $1.54B | $1.14B | $2.12B | $1.88B | $2.96B | $965.0M | $2.51B | $745.5M | $735.3M |
| Short-term investments | $634.6M | $1.04B | $1.25B | $1.52B | $1.03B | $789.8M | $1.84B | $896.5M | — | — |
| Receivables | $2.96B | $2.62B | $2.46B | $2.14B | $1.24B | $1.04B | $582.4M | $467.0M | $432.1M | $348.7M |
| Inventory | $113.4M | $115.9M | — | — | — | — | — | — | — | — |
| Total current assets | $7.52B | $6.85B | $6.05B | $6.41B | $4.65B | $5.13B | $3.66B | $4.14B | $1.98B | $1.77B |
| Property, plant and equipment | $387.3M | $361.1M | $354.5M | $357.8M | $318.4M | $348.1M | $296.0M | $273.1M | $211.1M | $117.2M |
| Goodwill | $4.57B | $3.35B | $2.93B | $2.75B | $2.71B | $1.81B | $1.35B | $522.8M | $238.8M | $163.5M |
| Other intangibles | $762.7M | $374.9M | $315.4M | $384.5M | $498.6M | $358.2M | $280.6M | $140.8M | $53.7M | $44.0M |
| Total assets | $23.58B | $19.99B | $14.50B | $12.25B | $10.24B | $9.07B | $6.59B | $5.95B | $3.44B | $2.86B |
| Accounts payable | $232.2M | $116.3M | $132.3M | $128.0M | $56.9M | $63.6M | $73.3M | $49.4M | $35.5M | $30.2M |
| Total current liabilities | $7.99B | $7.68B | $7.74B | $8.31B | $5.12B | $2.69B | $2.05B | $2.10B | $1.20B | $846.8M |
| Long-term debt | — | — | $1.99B | $3.68B | $3.23B | $3.08B | $1.43B | $1.92B | $524.7M | $500.2M |
| Total liabilities | $15.75B | $14.82B | $12.75B | $12.04B | $9.48B | — | — | — | — | — |
| Retained earnings | $2.48B | $1.35B | -$1.23B | -$1.67B | -$1.67B | -$1.17B | -$900.9M | -$790.7M | -$836.7M | -$621.6M |
| Total equity | $7.82B | $5.17B | $1.75B | $210.0M | $634.5M | $1.10B | $1.59B | $1.16B | $927.8M | $1.05B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.72B | $3.26B | $2.78B | $1.98B | $1.50B | $1.04B | $1.06B | $1.04B | $868.8M | $658.6M |
| Depreciation and amortisation | $343.4M | $283.3M | $282.2M | $282.6M | $260.4M | $206.1M | $153.8M | $96.4M | $59.8M | $42.8M |
| Stock-based compensation | $1.30B | $1.08B | $1.07B | $1.01B | $894.5M | $658.4M | $567.7M | $496.7M | $474.5M | $392.8M |
| Capital expenditure | $246.2M | $156.8M | $146.3M | $192.8M | $116.0M | $214.4M | $131.2M | $112.0M | $163.4M | $72.5M |
| Investing cash flow | -$2.20B | -$1.51B | -$2.03B | -$933.4M | -$1.48B | $288.0M | -$1.83B | -$520.0M | -$472.6M | -$338.9M |
| Financing cash flow | -$778.9M | -$1.34B | -$1.73B | -$806.6M | -$1.10B | $673.0M | -$773.9M | $1.25B | -$386.0M | $38.9M |
| Buybacks | $0 | $566.7M | $272.7M | $892.3M | $1.18B | $1.20B | $330.0M | $259.1M | $411.0M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001327567-25-000027.
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