Palo Alto Networks (PANW) stock
Information Technology · Systems Software
Palo Alto Networks (PANW) is a Systems Software company in the Information Technology sector, headquartered in Santa Clara, California. As of October 23, 2026, PANW closed at $380.55, a market capitalization of $311.29 billion, the 34th largest company in the S&P 500. Over the last twelve months it generated $11.48 billion in revenue (+34% year over year) and $4.11 billion in free cash flow. The stock trades at 951.4x trailing earnings and 78.0x forward earnings.
- 1-year total return: +77.0% (dividends reinvested)
- 5-year return: +35.3% a year
- 52-week range: $139.57 – $432.33
- Gross margin 70.4%, operating margin 5.4%
- FI Handbook report card: C across 10 metrics
- 11th largest of 75 Information Technology stocks in the S&P 500
PANW price chart
1Y price change: +77.0% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| PANW | -3.2% | +106.6% | +77.0% | +45.7% | +35.3% | +31.3% | +30.2% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2012.
PANW key statistics
- Market cap
- $311.3B
- #34 in S&P 500
- P/E (TTM)
- 951.4x
- Forward P/E
- 78.0x
- EPS (TTM)
- $0.40
- Revenue (TTM)
- $11.5B
- +35%
- Free cash flow
- $4.1B
- Gross margin
- 70.4%
- Operating margin
- 5.4%
- Return on equity
- 1.7%
- Dividend yield
- None
- 52-week range
- $139.57 – $432.33
- Beta
- 0.93
- Price / sales
- 27.1x
- EV / EBITDA
- 199.2x
- Debt / equity
- 0.09x
- Employees
- 21,921
PANW report card
CTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth34.5%A
- Gross margin70.4%A
- Operating margin5.4%D
- FCF margin35.8%A
- Return on equity1.7%F
- Net debt / EBITDA-0.3xA
- Forward P/E78.0xF
- PEG ratio1.9xC
- Shareholder yield0.3%F
- Share count change / yr5.7%F
Palo Alto Networks financials
Revenue went from $1.8B in fiscal 2017 to $11.5B in fiscal 2026, growing 23.2% a year.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $2.3B | $2.9B | $3.4B | $4.3B | $5.5B | $6.9B | $8.0B | $9.2B | $11.5B |
| Gross profit | $1.3B | $1.6B | $2.1B | $2.4B | $3.0B | $3.8B | $5.0B | $6.0B | $6.8B | $8.1B |
| Operating income | -$165.8M | -$104.2M | -$54.1M | -$179.0M | -$304.1M | -$188.8M | $387.3M | $684.0M | $1.2B | $695.0M |
| Net income | -$203.0M | -$122.2M | -$81.9M | -$267.0M | -$498.9M | -$267.0M | $439.7M | $2.6B | $1.1B | $307.0M |
| EPS (diluted) | — | — | $-0.14 | $-0.46 | $-0.86 | $-0.45 | $0.64 | $3.64 | $1.60 | $0.40 |
| Free cash flow | $705.4M | $926.1M | $924.4M | $821.3M | $1.4B | $1.8B | $2.6B | $3.1B | $3.5B | $4.1B |
| Buybacks | $411.0M | $259.1M | $330.0M | $1.2B | $1.2B | $892.3M | $272.7M | $567.0M | $0 | $1.0B |
| Diluted shares | — | — | 567.0M | 581.4M | 578.2M | 591.2M | 684.5M | 708.0M | 709.0M | 764.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into PANW?
A reverse DCF asks what growth the current price requires. With an enterprise value of $310.8B and $4.1B of trailing free cash flow, Palo Alto Networks needs to grow free cash flow about 46.1% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 24.3% a year over the last five years.
P/E ratio history
Current 951.4x vs. median 132.5x (10th–90th percentile 49.8x–264.6x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
PANW earnings
Next report: November 19, 2026. Palo Alto Networks has beaten EPS estimates 8 quarters in a row. Last quarter's revenue was $3.4B (+34% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Sep 1, 2026 | $0.98 | $1.02 | +4.3% |
| Jun 2, 2026 | $0.80 | $0.85 | +6.6% |
| Feb 17, 2026 | $0.94 | $1.03 | +9.9% |
| Nov 19, 2025 | $0.89 | $0.93 | +4.4% |
| Aug 18, 2025 | $0.89 | $0.95 | +7.3% |
| May 20, 2025 | $0.77 | $0.80 | +3.6% |
| Feb 13, 2025 | $0.78 | $0.81 | +3.9% |
| Nov 20, 2024 | $0.74 | $0.78 | +5.8% |
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PANW news
- Palo Alto Networks, Datadog, Zscaler, and SentinelOne shares skyrocket, what you need to know · Oct 24, 2026
- Stock market today: Dow sinks 600 points, S&P 500, Nasdaq drop to cap a volatile week, oil prices rise · Oct 23, 2026
- Palo Alto and Crowdstrike Jumped 6%, and Okta Up 5% as Evercore Survey Flags Stronger Cyber Demand · Oct 23, 2026
- SailPoint Soars 11%, Palo Alto Up 6%, CrowdStrike Up 6% as Cybersecurity Stocks Rally · Oct 23, 2026
- Stock Market Midday, Oct. 23: Energy Surges on Oil Price Spike, Cybersecurity Stocks Gain · Oct 23, 2026
PANW stock FAQ
What is PANW's market cap?
Palo Alto Networks's market capitalization is $311.29 billion as of October 23, 2026, ranking 34th in the S&P 500.
What is PANW's P/E ratio?
PANW trades at a trailing price-to-earnings ratio of 951.4x and a forward P/E of 78.0x. Its median P/E over the period we track is 132.5x.
Does PANW pay a dividend?
No. Palo Alto Networks does not currently pay a regular cash dividend.
How much has PANW stock returned?
Including reinvested dividends, PANW returned +77.0% over one year, +35.3% a year over five years, +31.3% a year over ten years through October 23, 2026.
Is PANW stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Palo Alto Networks must grow free cash flow about 46% a year for the next decade. Its free cash flow grew 24% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does PANW report earnings?
Palo Alto Networks is expected to report earnings on November 19, 2026. It has beaten EPS estimates 8 quarters in a row.
How many employees does Palo Alto Networks have?
Palo Alto Networks has about 21,921 full-time employees, or $523,699 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology