PANWNasdaqComputer Peripheral Equipment, NECFiscal year ends July 31
Palo Alto Networks Inc
Financials through Q4 FY2026, quarter ended Jul 31, 2026Last filing: 10-K on Sep 10, 2026
$346.95+4.95 (+1.45%)
Close on Oct 19, 2026
- Market cap
- $285.89B
- P/E (TTM)
- 867.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
70.4%+0.3 pts over 5 years
Operating margin
6.1%+13.2 pts over 5 years
Net margin
2.7%+14.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +24.5% | +18.5% | +22.0% | +23.6% | |
| Gross profit | +19.3% | +17.5% | +22.1% | +23.1% | |
| Operating income | -44.1% | +21.5% | – | – | |
| Net income | -72.9% | -11.3% | – | – | |
| EPS, diluted | -75.0% | -14.5% | – | – | |
| Free cash flow | +18.6% | +16.1% | +24.3% | +21.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | -24.5% | -57.5% | 1.7% | |
| Return on assets | -6.4% | -5.2% | 0.9% | |
| Current ratio | 1.65 | 0.91 | 0.87 | |
| Interest coverage | -6.8× | -1.9× | – | |
| Inventory turnover | – | – | 29.6× | |
| Capex to revenue | 9.3% | 2.7% | 3.8% | |
| Diluted shares | 544M | 578M | 764M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Palo Alto Networks generated $16.29B from operations and spent $3.92B on capital expenditure, dividends and share buybacks. 30% of that went back into the business.
Generated
$16.29B
Used
$3.92B
Capital expenditure$1.18B30%Dividends$00%Share buybacks$2.73B70%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.7%
×Asset turnover0.32×
×Equity multiplier2.04×
=Return on equity, FY20261.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 2.7% | 0.32× | 2.04× | 1.7% |
| FY2025 | 12.3% | 0.42× | 3.35× | 17.5% |
| FY2024 | 32.1% | 0.47× | 4.99× | 74.5% |
| FY2023 | 6.4% | 0.52× | 13.66× | 44.9% |
| FY2022 | -4.9% | 0.49× | 26.64× | -63.2% |
| FY2021 | -11.7% | 0.44× | 11.12× | -57.5% |
| FY2020 | -7.8% | 0.44× | 5.82× | -19.9% |
| FY2019 | -2.8% | 0.46× | 4.57× | -6.0% |
| FY2018 | -5.4% | 0.48× | 4.89× | -12.7% |
| FY2017 | -11.6% | 0.56× | 3.81× | -24.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
4of 8 tests passed in fiscal 2026. Some tests lack the figures they need.
- ProfitableNet income above zero$307.00M
- Cash generatingOperating cash flow above zero$4.55B
- Return on assets improvedROA up on the prior year5.7% → 1.3%
- Earnings backed by cashOperating cash flow above net income$4.55B vs $307.00M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.94 → 0.87
- No dilutionShare count did not rise709M → 764M
- Gross margin improvedGross margin up on the prior year73.42% → 70.36%
- More efficientAsset turnover rose0.46 → 0.49