Palo Alto Networks, Inc.

PANWUS

Palo Alto Networks, Inc. is a global leader in providing advanced cybersecurity solutions. The company's core product line includes both hardware and software-based firewalls. It also offers Panorama, a sophisticated security management platform designed for centralized control of these firewall deployments, whether they are physical appliances, virtual instances, or situated in public or private cloud environments. Additionally, the firm provides virtual system upgrades to enhance the capacity of its physical firewall units. Complementing its core products, Palo Alto Networks delivers an extensive range of subscription services. These encompass robust threat prevention, protection against malware and advanced persistent threats, URL filtering, and security for both laptop and mobile devices. Further specialized subscriptions include DNS security, Internet of Things (IoT) security, SaaS security (via API and inline methods), threat intelligence, and data loss prevention. Beyond its product and subscription offerings, the company extends various expert services, such as cloud security, secure access solutions, security analytics and automation tools, and specialized cybersecurity consulting, often integrated with threat intelligence. Its professional services cover critical areas like architectural design and planning, system implementation, configuration, and seamless firewall migration. Educational resources, including certifications and both online and in-classroom training, are also available, alongside comprehensive support services. Palo Alto Networks distributes its security solutions both directly and through an extensive network of channel partners. Its diverse clientele primarily comprises medium to large-scale enterprises, service providers, and governmental organizations across a wide array of industries. These sectors include education, energy, financial services, healthcare, internet and media, manufacturing, the broader public sector, and telecommunications. Established in 2005, Palo Alto Networks maintains its corporate headquarters in Santa Clara, California.

Founded2005IPO year2012As of2026-08-04
Market Cap
$293.73B
Enterprise Value
$292.69B
EV / LTM Revenue
31.7x
EV / NTM Revenue
21.1x
Trading multiples

Enterprise value over trailing (LTM) vs. forward (NTM) fundamentals. Click an LTM cell to chart it.

LTM
trailing
NTM
forward
Revenue
21.1x
Gross Profit
29.4x
EBITDA
49.2x
Classification
Sector
Cybersecurity
Sub-sector
Security (General)
Listing
PANW
Country
US
Historical valuation & fundamentals

EV / LTM Revenue

Annual financials & analyst forecasts

$MCY2021CY2022CY2023CY2024CY2025CY2026ECY2027E
Revenue YoY27%22%14%15%26%18%
Revenue$4.86B$6.16B$7.53B$8.57B$9.89B$12.43B$14.64B
Gross Profit$3.38B$4.29B$5.57B$6.33B$7.27B
Gross Profit Margin69.6%69.8%74.0%73.9%73.5%
EBITDA($34M)$353M$1.15B$1.58B$2.35B$5.34B$6.29B
EBITDA Margin-0.7%5.7%15.3%18.5%23.8%43.0%43.0%
EBIT($327M)$23M$601M$942M$1.43B$5.13B$6.05B
Net Income($462M)$34M$2.28B$1.25B$1.28B$2.79B$3.47B
Free Cash Flow$1.51B$2.69B$2.92B$2.93B$4.07B
FCF Margin31.0%43.7%38.8%34.2%41.1%
Short-Term Debt$3.67B$3.68B$1.82B$534M$0M
Long-Term Debt$0M$0M$0M$0M$0M
Cash & Cash Equivalents$1.92B$1.35B$1.78B$2.23B$4.16B
Net Debt$1.75B$2.33B$39M($1.69B)($4.16B)
Net Debt / EBITDA6.6x0.0x-1.1x-1.8x
Rule of 4070.4%61.1%48.1%56.5%
Figures in $M. True calendar years (Jan–Dec) built from quarterly data — income & cash-flow lines summed across the four quarters, balance sheet as of year-end. E columns are calendarized analyst consensus — gross profit, cash flow and balance-sheet lines are not estimated. Net debt = short-term debt + long-term debt − cash & cash equivalents; Rule of 40 = YoY revenue growth + FCF margin.