Palo Alto Networks Inc. (PANW)

NASDAQ: PANW · USD

$394

-7.91 (-2.0%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-09-26

Our latest published analysis: PANW rated Sell

Palo Alto Networks Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$56.9 / share

Potential value

$77.6 / share

Upside to FV

-84.8%

from $394

Moat

9/10

Wide

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$319.0B
Revenue (ttm)	11.5B
Net income (ttm)	307M
EPS (ttm)	$0.40
Shares out	818.8M
P/E (trailing)	984.5x
P/E (forward)	94.3x
Volume	2,686,386
Beta	0.93

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 11.5B
Net income (ttm): 307M
EPS (ttm): $0.40
P/E (trailing): 984.5x
P/E (forward): 94.3x
Market cap: $319.0B

Item	P1	P2	P3	P4	P5	Trend
Period	2022-07-31	2023-07-31	2024-07-31	2025-07-31	2026-07-31	Trend
Revenue	$5.50B	$6.89B	$8.03B	$9.22B	$11.48B	+20.2%
Gross profit	$3.78B	$4.98B	$5.97B	$6.77B	$8.08B	+20.9%
Operating income	$-188.8M	$387.3M	$684.0M	$1.24B	$695.0M	—
Net income	$-267.0M	$439.7M	$2.58B	$1.13B	$307.0M	—
EPS (diluted)	$-0.90	$0.64	$3.64	$1.60	$0.40	—
EBITDA	$95.6M	$869.0M	$1.28B	$1.94B	$536.0M	+53.9%
R&D	$1.42B	$1.60B	$1.81B	$1.98B	$2.55B	+15.8%
SG&A	$405.0M	$447.7M	$680.5M	$442.7M	$899.0M	+22.1%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	매도
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	매도
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	적극 매수
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	보유
ADI	Analog Devices, Inc.	207.6B	50.9x	14.8x	11.0%	+16.4%	+76.9%	매도
AI	C3.ai, Inc.	2B	—	8.4x	-35.6%	+3.6%	-33.6%	매도

Base and Bull scenarios

Base60%

Price target

$56.88

-84.8% from spot

Under the modal base path, Palo Alto Networks compounds recurring software billings through continued enterprise platformization, with the base scenario indicating a present valuation of $56.88 against $374.74. Enterprise customer adoption proceeds along guided trajectories, expanding subscription mix and operating margins toward steady-state targets by FY2031, while disciplined cost management gradually absorbs cloud hosting inflation. With an assigned probability of 60.0%, this path generates an implied return of -84.8%. Disconfirmation would emerge if subscription contract velocity decelerates over consecutive fiscal quarters or if customer IT bandwidth bottlenecks prolong sales execution beyond standard annual cycles.

Revenue growth adheres to consensus estimates in FY2027 and FY2028 before decelerating gradually toward mature software steady-state rates by FY2031
Operating margins expand progressively toward long-term targets as high-margin subscription software reaches a dominant majority of total revenue mix
Capital intensity remains disciplined with maintenance infrastructure expenditures funded entirely through operating cash flows
Terminal valuation multiple reflects durable software compounding discounted at the moderate cost of equity

Bull20%

Price target

$77.61

-79.3% from spot

The optimistic outcome projects accelerated vendor consolidation across large enterprise accounts, expanding valuation toward $77.61 and Potential value of $77.61 with an assigned probability of 20.0% and an implied return of -79.3%. Multi-product cross-selling into the installed base drives rapid Next-Generation Security expansion, while automated security operations and AI infrastructure protections generate premium contract values. This operating leverage accelerates profitability well ahead of baseline forecasts. The catalyst would be validated by consecutive quarters of above-consensus large-deal bookings and accelerating annual contract value additions across core enterprise geographies.

Accelerated enterprise platformization contracts drive double-digit top-line compounding well above base projections through the multi-year forecast horizon

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($56.88). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.5%	3.0%	3.5%	4.0%
8.4%	$59.2	$59.2	$59.2	$59.2	$59.2
8.9%	$58.0	$58.0	$58.0	$58.0	$58.0
9.4%	$56.9	$56.9	$56.9	$56.9	$56.9
9.9%	$55.7	$55.7	$55.7	$55.7	$55.7
10.4%	$54.6	$54.6	$54.6	$54.6	$54.6

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E94.3

P25 n/aP50 n/aP75 n/a

Trailing P/E999.8

P25 n/aP50 n/aP75 n/a

ROE1.7

P25 n/aP50 n/aP75 n/a

ROIC1.7

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All PANW indicators

Market & fundamental data

Available fields

262

Groups with data

Currency

USD

Showing 262 of 262 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001327567
Company name	Palo Alto Networks, Inc.
Country	United States
Country code	US
CUSIP number	697435105
Earnings date	2026-11-18
Earnings time	amc
Employees	21,921
Employees change	5,853
Employees growth	36.43%
Enterprise value	$321.9B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-07-31
First seen	2026-05-09
Fiscal year end	July
Founded	2005
In index	SP500, NASDAQ100
Industry	Software - Infrastructure
IPO date	2012-07-20
Is primary listing	Yes
Is SPAC	No
ISIN number	US6974351057
Last 10-K release date	2026-09-10
Last earnings date	2026-09-01
Last refreshed	2026-10-28
Last stock split date	2024-12-16
Last stock split type	Forward
Market cap	$322.4B
Market cap category	Mega-Cap
Next earnings date	2026-11-18
Options	Yes
Price	$393.79
Price currency	USD
Sector	Technology
SIC code	3577
Stock price date	2026-10-28
Symbol	PANW
Tags	artificial-intelligence
U.S. state	California
Website	https://www.paloaltonetworks.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	102.82x
Average P/E ratio (3Y)	156.17x
Average P/E ratio (5Y)	246.85x
Earnings yield	0.1%
EV/Earnings	1,049.27x
EV/EBIT	398.18x
EV/EBITDA	206.49x
EV/FCF	78.32x
EV/Sales	28.06x
FCF / EV yield	1.28%
FCF yield	1.27%
Forward EV/Sales	22.73x
Forward P/E	94.08x
Forward P/S	22.76x
Graham number	17.42391
Graham upside	-95.58%
Industry forward P/E	29.48x
Industry P/E	39.18x
Lynch fair value	$2.00
Lynch upside	-99.49%
P/(FCF - SBC) ratio	137.93x
P/(OCF - SBC) ratio	116.1x
P/B ratio	11.91x
P/E ratio	984.48x
P/FCF ratio	78.44x
P/OCF ratio	70.86x
P/S ratio	28.1x
PEG ratio	5.11x
Price/EBITDA ratio	206.81x
Sector forward P/E	18.55x
Sector P/E	32.64x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	7.05%
EBITDA margin	13.59%
Effective tax rate	42.72%
FCF margin	35.83%
Gross margin	70.38%
Operating margin	7.05%
Pretax margin	4.67%
Profit margin	2.67%
Profit per employee	$14,005
Profitable years	4
Revenue per employee	$523,699
ROA	1.4%
ROA (5Y)	1.54%
ROCE	2.1%
ROE	1.74%
ROE (5Y)	15.08%
ROIC	1.73%
ROIC (5Y)	10.18%
SBC / revenue	15.45%
Tax / revenue	1.99%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	-75%
EPS growth 3Y	-14.5%
EPS growth years	0
FCF growth	18.56%
FCF growth (Q)	34.26%
FCF growth (QoQ)	59.14%
FCF growth 3Y	16.06%
FCF growth 5Y	24.28%
Gross profit growth	19.35%
Gross profit growth (Q)	24.07%
Gross profit growth 3Y	17.48%
Gross profit growth 5Y	22.07%
Net income growth	-72.93%
Net income growth 3Y	-11.29%
Net income growth years	0
OCF growth	22.52%
OCF growth (Q)	32.91%
OCF growth (QoQ)	55.8%
OCF growth 10Y	21.33%
OCF growth 3Y	17.91%
OCF growth 5Y	24.82%
Operating income growth	-24.32%
Operating income growth (Q)	-46.36%
Operating income growth 3Y	27.83%
Revenue growth	24.5%
Revenue growth (Q)	34.46%
Revenue growth (QoQ)	13.59%
Revenue growth 10Y	23.61%
Revenue growth 3Y	18.54%
Revenue growth 5Y	21.95%
Revenue growth quarters	57
Revenue growth years	17

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-440M
Depreciation and amortization	$751M
EBIT	$809M
EBITDA	$1.6B
EPS	$0.40
FCF per share	$5.02
Financing cash flow	$-1.2B
Free cash flow	$4.1B
Free cash flow minus SBC	$2.3B
Gross profit	$8.1B
Income taxes	$229M
Investing cash flow	$-3.1B
Net borrowing	$-150M
Net cash flow	$244M
Net income	$307M
Operating cash flow minus SBC	$2.8B
Operating income	$809M
Revenue	$11.5B
Stock-based compensation	$1.8B

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	4.84
Book value per share	$33.73
Debt / EBITDA	1.5
Debt / equity	0.09
Debt / FCF	0.62
Goodwill	$22B
Long-term assets	$39.8B
Long-term liabilities	$11B
Net cash (debt)	$504M
Net cash / market cap	0.16%
Net cash growth	-80.36%
Net debt / EBITDA	-0.32
Net debt / equity	-0.02
Net debt / FCF	-0.12
Piotroski F-Score	4
Property, plant and equipment	$1.2B
Shareholders' equity	$27.5B
Tangible book value	$-1.8B
Tangible book value per share	$-2.21
Total assets	$48.5B
Total cash	$3.1B
Total debt	$2.6B
Total liabilities	$21B
WACC	9.31%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.32
Current assets	$8.6B
Current liabilities	$9.9B
Current ratio	0.87
Net working capital	$-4.3B
Quick ratio	0.73
Working capital	$-1.3B
Working capital turnover	-13.16

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-7.76%
Dividend yield	0%
Shareholder yield	-7.76%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	1,479.34%
10Y return CAGR	31.79%
10Y total return	1,479.37%
150-day SMA	$301.85
1D price change	-1.97%
1M price change	5.12%
1M total return	5.12%
1W price change	15.76%
1W total return	15.76%
1Y price change	78.82%
1Y return CAGR	78.89%
1Y total return	78.82%
20-day SMA	$384.66
200-day SMA	$267.99
3M price change	24.14%
3M total return	24.14%
3Y price change	229.93%
3Y return CAGR	48.86%
3Y total return	229.93%
50-day SMA	$371.39
50-day SMA vs 200-day SMA	50over200
52-week high	$432.33
52-week high date	2026-10-06
52-week low	$139.57
52-week low date	2026-02-24
5Y price change	379.55%
5Y return CAGR	36.83%
5Y total return	379.55%
6M price change	115.38%
6M total return	115.38%
All-time high	$432.33
All-time high date	2026-10-06
All-time low	$6.51
All-time low date	2013-06-24
Average true range (ATR)	$18.12
Average volume	5.1M
Beta (1Y)	1.73
Beta (2Y)	1.47
Beta (5Y)	0.93
Change from 52-week high	-8.91%
Change from 52-week low	182.14%
Change from all-time high	-8.88%
Change from all-time low	5,948.21%
Change from open	-1.94%
Day's gap	-0.02%
Dollar volume	$1.1B
High price	$405.85
Low price	$393.70
Monthly RSI	77.04
Open price	$401.60
Position in 52-week range	0.74%
Premarket change	-0.72%
Premarket close	$401.70
Premarket price	$398.81
Premarket volume	57.4K
Previous close	$401.70
Price vs 150-day SMA	30.5%
Price vs 20-day SMA	2.41%
Price vs 200-day SMA	46.99%
Price vs 50-day SMA	6.07%
Relative volume	0.53
RSI	55.5
Sharpe ratio	1.34
Sharpe ratio (3Y)	1.03
Sharpe ratio (5Y)	0.83
Sortino ratio	2.26
Sortino ratio (3Y)	1.58
Sortino ratio (5Y)	1.35
Volume	2.7M
Weekly RSI	61.55
YTD price change	113.86%
YTD total return	113.86%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	811.4M
Float percentage	99.1%
Shares change (QoQ)	2%
Shares change (YoY)	7.76%
Shares held by insiders	0.7%
Shares held by institutions	83.09%
Shares outstanding	818.8M
Short % of float	2.66%
Short % of shares	2.64%
Short ratio	3.1 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	412

Deeper analysis on PANW

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this PANW report

What is the latest published PANW stock rating?

Palo Alto Networks Inc. is shown with Sell in the latest published report, analyzed 2026-09-26. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full PANW analysis?

The full latest published report, analyzed 2026-09-26, lives at /stocks/PANW/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for PANW?

The latest published report analyzed 2026-09-26 gives PANW a fair value of USD 57 and a potential value of USD 78. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the PANW page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-09-26). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellPANW · Fair value $56.9-84.8%

Read full analysis →

Palo Alto Networks Inc. (PANW)

Our latest published analysis: PANW rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · PANW

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All PANW indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on PANW

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	1.5
Management	8.5
Balance Sheet	5.0
Profitability	3.5
Revenue Growth	9.0
Risk Assessment	6.0
Competitive Moat	9.0
Earnings Quality	9.0
Capital Efficiency	2.5