Information Technology · Systems Software · US stock · price as of 16 Oct 2026
Key indicators
Price
$342.00
52-week range
$139.57 – $432.33
Market cap
$261.3B
P/E (trailing)
831.3×
EV / EBITDA
166.6×
Free-cash-flow yield
1.6%
Dividend yield
–
Revenue (last 12 months)
$11.5B
Revenue growth (3y a year)
18.5%
Operating margin
6.1%
Return on invested capital
1.9%
Net debt / EBITDA
–
Fair value
Blended fair value$16.28 range $15 – $17
Versus priceData under review+0% to fair value
Peer multiples
$13.87
Fundamentals-adjusted multiple
$10.50
10-year DCF (market-scaled)
$24.48
Earnings power value (floor, not blended)
$9.12
Model uncertainty
High
X-Ray Score
28/ 100 · High confidence · ahead of 4% of sector peers
Valuation7
Growth60
Profitability25
Financial health27
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Palo Alto Networks is a cybersecurity company known for its network firewalls. Its platforms cover network security, cloud security and security operations, using tools that detect and respond to threats across a customer's systems. Customers include large enterprises, service providers, government bodies and smaller organisations. The company supplies both hardware firewalls and software and cloud services that customers can combine.
Subscriptions and support for its security platforms account for most of the revenue, with a smaller share from hardware products. Revenue was $11.5 billion over the last twelve months and has grown at 18.5% a year across the last three years. The operating margin is 6.1%, and the business earns 2% on the capital invested in it. No dividend is paid. A net debt measure is not available on the site for this company.
StocksXray gives Palo Alto Networks Inc an X-Ray Score of 28 out of 100 (high confidence), ahead of 4% of the S&P 500 stocks in its sector. Its strongest lens is growth (60) and its weakest is valuation (7).
Our fair value blend is $16.28 (range $15.26 to $17.38). At $342.00 the stock trades 2,001% above that blend, so the label is "Data under review" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Palo Alto Networks Inc (PANW)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$83.18
$124.98
$162.37
$173.60
$331.83
$342.00
Market cap
$24.6B
$85.5B
$115.0B
$123.1B
$253.5B
$261.3B
P/E
–
195.3×
44.6×
108.5×
829.6×
831.3×
EV / revenue
4.5×
12.4×
14.0×
13.0×
21.8×
22.5×
EV / EBITDA
262.6×
127.2×
116.1×
75.8×
161.6×
166.6×
Price / free cash flow
13.7×
32.5×
37.1×
35.5×
61.6×
63.5×
Free-cash-flow yield
7.3%
3.1%
2.7%
2.8%
1.6%
1.6%
Price / book
117.1×
48.9×
22.2×
15.7×
9.2×
9.5×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 4 Good · ● 1 Average · ● 10 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−8.8%Good
Free-cash-flow yield1.6%Bad
Risk models
Altman Z score1.5×Bad
Piotroski F-Score3 of 9Bad
Growth
EPS growth (3y)−14.5%Bad
Free-cash-flow growth (3y)16.1%Average
Revenue growth (3y)18.5%Good
Growth consistency100%Good
Balance sheet
Current ratio0.9×Bad
Interest coverno interest costGood
Valuation
Fair value vs price0.0×Bad
EBIT / EV yield0.3%Bad
Profitability
Return on invested capital1.9%Bad
Operating margin6.1%Bad
Gross profitability16.7%Bad
Red flags
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Palo Alto Networks Inc (PANW)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
5,502
6,893
8,027
9,221
11,480
11,480
Gross profit
3,783
4,983
5,968
6,770
8,077
8,077
Operating income
-189
387
684
1,243
695
695
Net income
-267
440
2,578
1,134
307
307
Diluted EPS ($)
-0.90
0.64
3.64
1.60
0.40
0.41
Free cash flow
1,792
2,631
3,101
3,469
4,113
4,113
Gross margin
68.8%
72.3%
74.3%
73.4%
70.4%
70.4%
Operating margin
−3.4%
5.6%
8.5%
13.5%
6.1%
6.1%
Net margin
−4.9%
6.4%
32.1%
12.3%
2.7%
2.7%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
12,254
14,501
19,991
23,576
48,460
48,460
Cash
2,119
1,135
1,535
2,269
2,514
2,514
Total debt
3,677
1,992
–
–
–
–
Equity
210
1,748
5,169
7,824
27,492
27,492
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.