Palo Alto Networks, Inc.

PANWNASDAQ

$354.68

Last price · USD

Market cap: $271.0B
P/E: 806.1x
EV / EBITDA: 194.8x
P/S: 23.6x
FCF yield: 1.5%
Div. yield: 0.00%

Multiples use last price and FY2026 annual figures. Market cap estimated from diluted shares.

Palo Alto Networks, Inc. balance sheet

Annual · USD millions except per-share data · 42 lines

Fiscal year	2026latest	2025	2024	2023	2022	CAGR
Current assets
Cash & cash equivalents	2,514	2,269	1,535	1,135	2,119	+4.4%
Short-term investments	557	635	1,044	1,255	1,516	-22.1%
Cash & short-term investments	3,071	2,903	2,579	2,390	3,635	-4.1%
Net receivables	4,221	3,680	3,345	2,852	2,254	+17.0%
Accounts receivable	3,629	2,965	2,619	2,463	2,143	+14.1%
Other receivables	592	715	726	389	111	+51.9%
Prepaids	0	0	542	467	209	—
Other current assets	1,348	521	385	339	318	+43.5%
Total current assets	8,643	7,103	6,850	6,048	6,415	+7.7%
Non-current assets
Property, plant & equipment (net)	1,223	734	747	618	600	+19.5%
Goodwill	22,010	4,567	3,350	2,927	2,748	+68.2%
Intangible assets	7,017	763	375	315	385	+106.7%
Goodwill & intangible assets	29,027	5,329	3,725	3,242	3,132	+74.5%
Long-term investments	4,835	6,558	4,173	3,048	1,052	+46.4%
Tax assets	2,443	2,424	2,399	1,200	0	—
Other non-current assets	2,289	1,427	2,097	345	1,055	+21.4%
Total non-current assets	39,817	16,473	13,141	8,453	5,839	+61.6%
Total assets	48,460	23,576	19,991	14,501	12,254	+41.0%
Current liabilities
Accounts payable	290	232	116	132	128	+22.7%
Total payables	290	232	116	132	128	+22.7%
Short-term debt	0	0	964	1,992	3,677	—
Deferred revenue	7,747	6,302	5,541	4,675	3,641	+20.8%
Other current liabilities	0	846	555	548	461	—
Total current liabilities	9,923	7,988	7,683	7,738	8,306	+4.5%
Non-current liabilities
Long-term debt	1,774	0	0	0	0	—
Capital lease obligations (non-current)	726	338	381	279	276	+27.3%
Deferred revenue (non-current)	7,009	6,450	5,939	4,622	3,353	+20.2%
Deferred tax liabilities (non-current)	251	89	388	28	0	—
Other non-current liabilities	1,285	887	431	86	108	+85.6%
Total non-current liabilities	11,045	7,764	7,139	5,015	3,737	+31.1%
Capital lease obligations	726	338	381	279	276	+27.3%
Total debt	2,500	338	1,344	2,271	3,953	-10.8%
Total liabilities	20,968	15,752	14,821	12,753	12,044	+14.9%
Stockholders' equity
Common stock	24,772	5,292	3,821	3,019	1,933	+89.2%
Retained earnings	2,791	2,484	1,350	(1,227)	(1,667)	—
Accumulated other comprehensive income (loss)	(71)	48	(2)	(43)	(56)	—
Total stockholders' equity	27,492	7,824	5,170	1,748	210	+238.3%
Total equity	27,492	7,824	5,170	1,748	210	+238.3%
Total liabilities & equity	48,460	23,576	19,991	14,501	12,254	+41.0%
Additional fields
Accrued Expenses	1,886	608	507	391	399	+47.4%
Net Debt	(14)	(1,930)	(191)	1,135	1,834	—
Total Investments	5,392	7,193	5,217	4,303	2,568	+20.4%

Palo Alto Networks, Inc.

PANWNASDAQ

$354.68

Last price · USD

Market cap: $271.0B
P/E: 806.1x
EV / EBITDA: 194.8x
P/S: 23.6x
FCF yield: 1.5%
Div. yield: 0.00%

Multiples use last price and FY2026 annual figures. Market cap estimated from diluted shares.

Palo Alto Networks, Inc. balance sheet

Annual · USD millions except per-share data · 42 lines

Fiscal year	2026latest	2025	2024	2023	2022	CAGR
Current assets
Cash & cash equivalents	2,514	2,269	1,535	1,135	2,119	+4.4%
Short-term investments	557	635	1,044	1,255	1,516	-22.1%
Cash & short-term investments	3,071	2,903	2,579	2,390	3,635	-4.1%
Net receivables	4,221	3,680	3,345	2,852	2,254	+17.0%
Accounts receivable	3,629	2,965	2,619	2,463	2,143	+14.1%
Other receivables	592	715	726	389	111	+51.9%
Prepaids	0	0	542	467	209	—
Other current assets	1,348	521	385	339	318	+43.5%
Total current assets	8,643	7,103	6,850	6,048	6,415	+7.7%
Non-current assets
Property, plant & equipment (net)	1,223	734	747	618	600	+19.5%
Goodwill	22,010	4,567	3,350	2,927	2,748	+68.2%
Intangible assets	7,017	763	375	315	385	+106.7%
Goodwill & intangible assets	29,027	5,329	3,725	3,242	3,132	+74.5%
Long-term investments	4,835	6,558	4,173	3,048	1,052	+46.4%
Tax assets	2,443	2,424	2,399	1,200	0	—
Other non-current assets	2,289	1,427	2,097	345	1,055	+21.4%
Total non-current assets	39,817	16,473	13,141	8,453	5,839	+61.6%
Total assets	48,460	23,576	19,991	14,501	12,254	+41.0%
Current liabilities
Accounts payable	290	232	116	132	128	+22.7%
Total payables	290	232	116	132	128	+22.7%
Short-term debt	0	0	964	1,992	3,677	—
Deferred revenue	7,747	6,302	5,541	4,675	3,641	+20.8%
Other current liabilities	0	846	555	548	461	—
Total current liabilities	9,923	7,988	7,683	7,738	8,306	+4.5%
Non-current liabilities
Long-term debt	1,774	0	0	0	0	—
Capital lease obligations (non-current)	726	338	381	279	276	+27.3%
Deferred revenue (non-current)	7,009	6,450	5,939	4,622	3,353	+20.2%
Deferred tax liabilities (non-current)	251	89	388	28	0	—
Other non-current liabilities	1,285	887	431	86	108	+85.6%
Total non-current liabilities	11,045	7,764	7,139	5,015	3,737	+31.1%
Capital lease obligations	726	338	381	279	276	+27.3%
Total debt	2,500	338	1,344	2,271	3,953	-10.8%
Total liabilities	20,968	15,752	14,821	12,753	12,044	+14.9%
Stockholders' equity
Common stock	24,772	5,292	3,821	3,019	1,933	+89.2%
Retained earnings	2,791	2,484	1,350	(1,227)	(1,667)	—
Accumulated other comprehensive income (loss)	(71)	48	(2)	(43)	(56)	—
Total stockholders' equity	27,492	7,824	5,170	1,748	210	+238.3%
Total equity	27,492	7,824	5,170	1,748	210	+238.3%
Total liabilities & equity	48,460	23,576	19,991	14,501	12,254	+41.0%
Additional fields
Accrued Expenses	1,886	608	507	391	399	+47.4%
Net Debt	(14)	(1,930)	(191)	1,135	1,834	—
Total Investments	5,392	7,193	5,217	4,303	2,568	+20.4%