# Palo Alto Networks, Inc. (PANW)

> Source: Nexqual · https://nexqual.com/PANW · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Palo Alto Networks, Inc. (PANW), nexqual.com/PANW" · informational, not investment advice.

**Price:** USD 354.92 (+2.21% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 347.25 · day 352.24–366.23 · 52w 139.57–432.33 · market cap $290B · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $11.5B, net income $307M (2.7% margin), free cash flow $4.11B (SEC filings).
- Valuation: P/E 945.7x (avg 326.3x at the last 3 fiscal year-ends), EV/EBITDA 186.5x, net cash $1.30B.
- 2 of 80 tracked superinvestors hold PANW (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Total return with dividends: 1Y +65.1% vs S&P 500 +14.9%; 5Y +322.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-19, EPS estimate USD 0.97, revenue estimate $3.31B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.50B | $6.89B | $8.03B | $9.22B | $11.5B | $11.5B |
| Gross profit | $3.78B | $4.98B | $5.97B | $6.77B | $8.08B | — |
| Operating income | -$189M | $387M | $684M | $1.24B | $695M | $695M |
| Net income | -$267M | $440M | $2.58B | $1.13B | $307M | $307M |
| EPS (diluted) | -$0.45 | $0.64 | $3.64 | $1.60 | $0.40 | — |
| Free cash flow | $1.79B | $2.63B | $3.10B | $3.47B | $4.11B | $4.11B |
| Gross margin | 68.8% | 72.3% | 74.3% | 73.4% | 70.4% | — |
| Operating margin | -3.4% | 5.6% | 8.5% | 13.5% | 6.1% | 6.1% |
| Net margin | -4.9% | 6.4% | 32.1% | 12.3% | 2.7% | 2.7% |
| Revenue growth | +29.3% | +25.3% | +16.5% | +14.9% | +24.5% | — |
| Cash + short-term investments | $3.63B | $2.39B | $2.58B | $2.90B | $3.07B | — |
| Total debt | $3.68B | $1.99B | — | $0K | $1.77B | — |
Fiscal years end Jul. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 945.7x · P/S 25.3x · EV/EBITDA 186.5x · EV/Sales 25.2x · P/FCF 70.6x · P/B 10.6x · FCF yield 1.42% · Earnings yield 0.11% · Net cash $1.30B · EV $289B
P/E at fiscal year-ends: Jul 2026 825.8x, Jul 2025 108.5x, Jul 2024 44.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold PANW. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 1.88% | $205M | Added +12.6% |
| Lee Ainslie | Maverick Capital | 0.01% | $1.2M | New position |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Citigroup | Target raised | Buy | $410 → $440 |
| 2026-10-13 | Wells Fargo | Target raised | Overweight | $475 → $525 |
| 2026-10-08 | Amerx | Initiated | Hold |  |
| 2026-10-02 | TD Cowen | Target raised | Buy | $400 → $440 |
| 2026-09-28 | BTIG | Target raised | Buy | $404 → $425 |
| 2026-09-21 | Morgan Stanley | Target raised | Overweight | $394 → $410 |
| 2026-09-17 | Bernstein | Downgrade | Outperform → Market Perform | $253 → $351 |
| 2026-09-03 | Argus Research | Reiterated | Buy | $425 |
| 2026-09-02 | Citigroup | Target raised | Buy | $400 → $410 |
| 2026-09-02 | Roth Capital | Target raised | Neutral | $210 → $300 |
| 2026-09-02 | Oppenheimer | Target raised | Outperform | $400 → $450 |
| 2026-09-02 | Piper Sandler | Target raised | Overweight | $345 → $410 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +65.1% | +322.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +65.3% | +33.3% |
| Volatility (annualized) | 48.9% | 42.7% |
| Max drawdown | -36.0% (Oct 2025→Feb 2026) | -35.5% (Apr 2022→Jan 2023) |

## Peers (Software - Infrastructure)
CRWD (CrowdStrike Holdings, Inc.) USD 237.94 -0.58% · ORCL (Oracle Corporation) USD 125.54 -2.78% · PLTR (Palantir Technologies Inc.) USD 196.19 -2.74% · FTNT (Fortinet, Inc.) USD 172.98 -0.61% · NET (Cloudflare, Inc.) USD 303.61 -1.18% · SNPS (Synopsys, Inc.) USD 422.48 -6.36%

## More
Full page: https://nexqual.com/PANW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name PANW in their own reports (relationship from PANW's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Nutanix, Inc. (NTNX) | 10-K 2026-09-18 | "We have also developed and announced strategic technology partnerships that bring together best-in-class solutions across the ecosystem into integrated offerings and demonstrated interoperability and …" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.97 | $0.94 | +3.6% | $3.31B | 45 |
| Next quarter (ends 2027-01-31) | $0.43 | $0.47 | -8.7% | $3.42B | 16 |
| Current fiscal year (ends 2027-07-31) | $4.19 | $4.13 | +1.5% | $14.17B | 54 |
| Next fiscal year (ends 2028-07-31) | $2.21 | $2.29 | -3.3% | $16.23B | 18 |