PANW

Palo Alto Networks, Inc.

$346.95

+1.45% 2026-10-19

Information TechnologyS&P 500

1M 3M 6M 1Y 2Y

PANWSPY

-14.1%

-4.6%

-0.5%

+104.6%

YTD

+88.4%

+66.9%

Grades vs sector

Momentum

76th pct in sector

B+

12-1 return: +80.4%
Percentile within its GICS sector across the S&P 1500.

Growth

79th pct in sector

B+

Revenue growth (YoY): +34.5%
Percentile within its GICS sector across the S&P 1500.

Value

3rd pct in sector

Forward E/P: 1.4% · EBITDA/EV: 0.6%
Percentile within its GICS sector across the S&P 1500.

Profitability

18th pct in sector

Profit margin: +2.7% · Return on equity: +1.7%
Percentile within its GICS sector across the S&P 1500.

Revisions

no data

–

EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Not held by any of our 3 live models right now.

Momentum Top 15

rank 28 of 499 · 12-1 momentum % 87.7

Quality Growth

not ranked (outside this model's universe or screens)

Momentum Blend

not in the current book

Key stats

Market cap$283.8B

P/E (trailing)867.4

P/E (forward)71.1

52-week range139.57 – 432.33

Revenue growth (YoY, latest qtr)+34.5%

Dividend yield0.00%

Analyst consensusBuy (50)

Mean price target$398.52 (+15%)

Valuation & fundamentals

Bottom line

Leans expensive

Model read-out from the numbers below, not advice. Score -1 (DCF counts double).

•DCF (base case)below the price by 5%

▼Forward P/E vs sector71.1x vs median 16.9x

•Piotroski F-score4/9

▲Altman Z8.5 (safe)

▲Net debt / EBITDA-0.7x

•Analyst target+15% (50 analysts)

Discounted cash flow

Bear

$154

-56%

growth 16% · disc. 9.9% · term. 2.0%

Base

$331

-5%

growth 27% · disc. 8.9% · term. 2.5%

Bull

$616

+77%

growth 33% · disc. 7.9% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal

Today's price assumes free cash flow grows about 21% a year for 10 years.

Implied

+21%/yr

FCF, last 3 yrs

+18%/yr

FCF, last 5 yrs

+25%/yr

Revenue, last 3 yrs

+19%/yr

Revenue, last 5 yrs

+22%/yr

Same inputs as the DCF above: trailing free cash flow 4.6B, 8.9% discount rate, 2.5% growth after year 10, net cash and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2026; "n/a" means too little history or a negative starting year.

Edit assumptions · recalculates instantly

Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (FY to 2026-07-31). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 0.93 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Information Technology

P/E (trailing)

sector median 35.9× · 99th pct

867.4×
pricier

Forward P/E

sector median 16.9× · 98th pct

71.1×
pricier

EV / EBITDA

sector median 20.8× · 98th pct

182.4×
pricier

Price / sales

sector median 4.6× · 94th pct

24.7×
pricier

Price / book

sector median 5.1× · 75th pct

10.3×
pricier

FCF yield

sector median 3.5% · 24th pct

1.6%
pricier

Forward EPS $4.88 vs trailing $0.40 (+1120% expected growth). Forward P/E uses analysts' next-12-month estimate.

Backlog (remaining performance obligations)

RPO

$21.2B

as of 2026-07-31

vs a year ago

+34%

YoY

× TTM revenue

1.85×

coverage

24-10

25-01

25-04

25-07

25-10

26-01

26-04

26-07

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin

70.4%

Operating margin

6.1%

FCF margin

39.7%

Net margin

2.7%

Return on equity

1.1%

Return on invested capital

1.7%

Net debt / EBITDA

-0.7×

Current ratio

0.9×

Interest cover

–

Cash conversion (OCF/NI)

14.8×

Piotroski F-score 4/9 · last two fiscal years

✓ Positive net income✓ Positive operating cash flow✗ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✗ Current ratio improved✗ No share dilution✗ Gross margin improved✗ Asset turnover improved

Altman Z-score 8.5 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target

$399

+15%

Analysts

Buy

Range

$190–$525

low – high

● price · ◆ mean target

Annual history

FY	Revenue	Net income	Free cash flow
2026	$11.5B	$307.0M	$4.6B
2025	$9.2B	$1.1B	$3.7B
2024	$8.0B	$2.6B	$3.3B
2023	$6.9B	$439.7M	$2.8B
2022	$5.5B	$-267.0M	$2.0B
2021	$4.3B	$-498.9M	$1.5B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +18.5%.

Earnings

Next report: 2026-11-19 · during market · EPS est 0.97

EstimateActual (beat)Actual (miss)

Report	EPS est	Actual	Surprise
2026-09-01	0.98	1.02	+4.3%
2026-06-02	0.80	0.85	+6.6%
2026-02-17	0.94	1.03	+9.9%
2025-11-19	0.89	0.93	+4.4%
2025-08-18	0.89	0.95	+7.3%
2025-05-20	0.77	0.80	+3.6%
2025-02-13	0.78	0.81	+3.9%
2024-11-20	0.74	0.78	+5.8%

Quarterly revenue

Quarter	Revenue	YoY
2026-07-31	$3.4B	+34.4%
2026-04-30	$3.0B	–
2026-01-31	$2.6B	–
2025-10-31	$2.5B	–
2025-07-31	$2.5B	–

Analyst actions

Citigroup

2026-10-15 · main

Buy → Buy
PT $440

Wells Fargo

2026-10-13 · main

Overweight → Overweight
PT $525

Amerx

2026-10-08 · init

→ Hold

TD Cowen

2026-10-02 · main

Buy → Buy
PT $440

BTIG

2026-09-28 · main

Buy → Buy
PT $425

Morgan Stanley

2026-09-21 · main

Overweight → Overweight
PT $410

Insider trades

Bawa Aparna

Director · 2026-10-09

SELL
$69.7K

Bawa Aparna

Director · 2026-10-09

SELL
$33.4K

Paul Josh D.

Chief Accounting Officer · 2026-10-01

SELL
$158.3K

Golechha Dipak