Palo Alto Networks, Inc. (PANW) Key Metrics
PANW valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $279.76B
- Enterprise value
- $321.15B
- P/E (TTM)
- 855.0 10-yr median 151.6
- Forward P/E
- 94.3
- PEG ratio
- 2.01
- Price / sales
- 24.4 10-yr median 9.0
- Price / book
- 11.7 10-yr median 20.3
- EV / EBITDA
- 230.9 10-yr median 267.1
- Dividend yield
- —
- Beta
- 0.93
PANW key metrics, FY2017–FY2026
Fiscal year ended July 31, 2026 · U.S. dollarsPANW valuation Price multiples at each fiscal year-end price.
PANW returns How much profit the business earns on the capital it uses.
PANW per-share figures Results divided by the shares outstanding at year-end.
PANW financial health Debt, liquidity and how easily interest is covered.
PANW efficiency & capital use Working capital cycle and where the cash goes.
PANW valuation history
PANW returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PANW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PANW cash returned to shareholders
PANW price vs earnings per share
PANW key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $253.52B | $123.13B | $114.95B | $85.56B | $49.16B | $38.47B | $24.80B | $21.41B | $18.18B | $11.94B |
| Enterprise value | $252.95B | $120.57B | $113.79B | $85.44B | $49.48B | $39.11B | $24.47B | $20.03B | $16.70B | $11.09B |
| P/E ratio | 825.8 | 108.6 | 44.6 | 194.6 | — | — | — | — | — | — |
| Price / sales | 22.1 | 13.4 | 14.3 | 12.4 | 8.9 | 9.0 | 7.3 | 7.4 | 8.0 | 6.8 |
| Price / book | 9.2 | 15.7 | 22.2 | 48.9 | 234.1 | 50.4 | 22.5 | 13.5 | 18.4 | 15.7 |
| Price / free cash flow | 61.6 | 35.5 | 37.1 | 32.5 | 27.4 | 27.7 | 30.2 | 23.2 | 19.7 | 16.9 |
| Price / operating cash flow | 55.7 | 33.1 | 35.3 | 30.8 | 24.8 | 25.6 | 23.9 | 20.3 | 17.5 | 13.7 |
| EV / sales | 22.0 | 13.1 | 14.2 | 12.4 | 9.0 | 9.2 | 7.2 | 6.9 | 7.3 | 6.3 |
| EV / EBITDA | 471.9 | 62.1 | 89.1 | 98.3 | 517.6 | — | 411.3 | 122.8 | 806.6 | — |
| EV / free cash flow | 61.5 | 34.7 | 36.7 | 32.5 | 27.6 | 28.2 | 29.8 | 21.7 | 18.1 | 15.7 |
| Earnings yield | 0.1% | 0.9% | 2.2% | 0.5% | −0.5% | −1.3% | −1.1% | −0.4% | −0.8% | −1.8% |
| Free cash flow yield | 1.6% | 2.8% | 2.7% | 3.1% | 3.6% | 3.6% | 3.3% | 4.3% | 5.1% | 5.9% |
| Dividend yield | — | — | — | 0.3% | 0.3% | 0.3% | 9.1% | 0.3% | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 0.4% | 0.1% | 0.5% | 0.6% | 2.1% | 3.3% | 14.0% | 1.9% | 1.4% | 3.4% |
| Share price at fiscal year-end | $331.83 | $173.60 | $162.37 | $124.98 | $83.18 | $66.51 | $42.65 | $37.76 | $33.04 | $21.96 |
| Per share | ||||||||||
| Revenue per share | $15.03 | $13.00 | $11.34 | $10.07 | $9.31 | $7.36 | $5.86 | $5.11 | $4.13 | $3.24 |
| Earnings per share | $0.40 | $1.60 | $3.64 | $0.64 | −$0.45 | −$0.86 | −$0.46 | −$0.14 | −$0.27 | −$0.40 |
| Operating cash flow per share | $5.96 | $5.24 | $4.60 | $4.06 | $3.36 | $2.60 | $1.78 | $1.86 | $1.88 | $1.60 |
| Free cash flow per share | $5.38 | $4.89 | $4.38 | $3.84 | $3.03 | $2.40 | $1.41 | $1.63 | $1.68 | $1.30 |
| Cash per share | $4.02 | $4.09 | $3.64 | $3.49 | $6.15 | $5.02 | $6.45 | $4.94 | $6.19 | $2.53 |
| Book value per share | $35.98 | $11.03 | $7.30 | $2.55 | $0.36 | $1.32 | $1.90 | $2.80 | $1.80 | $1.40 |
| Tangible book value per share | −$2.01 | $3.52 | $2.04 | −$2.18 | −$4.94 | −$4.23 | −$1.84 | −$0.08 | $0.59 | $0.86 |
| Dividends per share | — | — | — | $0.38 | $0.23 | $0.18 | $3.90 | $0.13 | $0.00 | $0.00 |
| Capex per share | $0.58 | $0.35 | $0.22 | $0.21 | $0.33 | $0.20 | $0.37 | $0.23 | $0.20 | $0.30 |
| Debt per share | $3.27 | $0.48 | $1.99 | $3.32 | $6.69 | $6.12 | $5.88 | $2.52 | $3.49 | $0.97 |
| Shares outstanding | 764.0M | 709.3M | 708.0M | 684.6M | 591.0M | 578.4M | 581.4M | 567.0M | 550.2M | 543.6M |
| Change in shares outstanding | +7.7% | +0.2% | +3.4% | +15.8% | +2.2% | −0.5% | +2.5% | +3.1% | +1.2% | +4.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 1.7% | 17.5% | 74.5% | 44.9% | −54.8% | −53.5% | −19.9% | −6.4% | −16.9% | −28.0% |
| Return on invested capital (ROIC) | 2.5% | 19.1% | 24.3% | 27.9% | −15.5% | −22.1% | −28.6% | — | — | — |
| Return on assets (ROA) | 0.9% | 5.2% | 14.9% | 3.3% | −2.4% | −5.2% | −3.4% | −1.3% | −3.2% | −7.0% |
| Return on tangible assets | 1.6% | 6.2% | 15.8% | 3.9% | −2.9% | −7.1% | −3.9% | −1.7% | −2.9% | −6.9% |
| Free cash flow margin | 35.8% | 37.6% | 38.6% | 38.2% | 32.6% | 32.6% | 24.1% | 31.9% | 40.7% | 40.0% |
| Income quality (OCF / net income) | 14.83 | 3.28 | 1.26 | 6.32 | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $2.50B | $338.2M | $1.41B | $2.27B | $3.95B | $3.54B | $3.42B | $1.43B | $1.92B | $524.7M |
| Cash & short-term investments | $3.07B | $2.90B | $2.58B | $2.39B | $3.63B | $2.90B | $3.75B | $2.80B | $3.40B | $1.38B |
| Net debt | −$571.0M | −$2.56B | −$1.17B | −$119.3M | $318.4M | $638.3M | −$327.1M | −$1.37B | −$1.48B | −$850.3M |
| Debt / equity | 0.09 | 0.04 | 0.27 | 1.30 | 18.82 | 4.64 | 3.10 | 0.90 | 1.94 | 0.69 |
| Debt / assets | 0.05 | 0.01 | 0.07 | 0.16 | 0.32 | 0.35 | 0.38 | 0.22 | 0.33 | 0.15 |
| Net debt / EBITDA | −1.07 | −1.32 | −0.92 | −0.14 | 3.33 | — | −5.50 | −8.42 | −71.66 | — |
| Current ratio | 0.87 | 0.89 | 0.89 | 0.78 | 0.77 | 0.91 | 1.91 | 1.78 | 1.93 | 1.65 |
| Quick ratio | 0.87 | 0.89 | 0.89 | 0.74 | 0.77 | 0.91 | 1.91 | 1.78 | 1.93 | 1.65 |
| Interest coverage | — | 414.3 | 82.4 | 14.2 | -6.9 | -1.9 | -2.0 | -0.6 | -3.5 | -6.8 |
| Working capital | −$1.28B | −$884.7M | −$833.0M | −$1.69B | −$1.89B | −$469.4M | $2.44B | $1.61B | $1.99B | $775.0M |
| Invested capital | $26.92B | $5.26B | $4.00B | $1.63B | $528.4M | $1.40B | $774.7M | $213.2M | −$495.0M | −$90.7M |
| Tangible asset value | −$1.53B | $2.50B | $1.44B | −$1.49B | −$2.92B | −$2.45B | −$1.07B | −$46.6M | $324.7M | $467.1M |
| Net current asset value | −$12.32B | −$8.65B | −$7.97B | −$6.70B | −$5.63B | −$4.83B | −$2.83B | −$1.34B | −$702.7M | −$702.4M |
| Graham number | $18.04 | $19.92 | $24.46 | $6.08 | — | — | — | — | — | — |
| Graham net-net per share | −$19.28 | −$14.22 | −$13.75 | −$11.76 | −$11.51 | −$9.76 | −$5.91 | −$3.11 | −$1.96 | −$1.80 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $258.8M | $136.6M | $104.0M | $2.27B | $71.7M | $0 | $0 |
| Share buybacks (net) | $1.00B | $183.8M | $566.7M | $272.7M | $892.3M | $1.18B | $1.20B | $330.0M | $259.1M | $411.0M |
| Dividend payout ratio | — | — | — | 58.9% | — | — | — | — | — | — |
| Dividends + buybacks / free cash flow | 24.3% | 5.3% | 18.3% | 20.2% | 57.4% | 92.4% | 421.8% | 43.5% | 28.0% | 58.3% |
| Capex / revenue | 3.8% | 2.7% | 2.0% | 2.1% | 3.5% | 2.7% | 6.3% | 4.5% | 4.9% | 9.3% |
| Capex / operating cash flow | 9.7% | 6.6% | 4.8% | 5.3% | 9.7% | 7.7% | 20.7% | 12.4% | 10.8% | 18.8% |
| Capex / depreciation | 0.55 | 0.81 | 0.55 | 0.52 | 0.68 | 0.38 | 0.85 | 0.85 | 1.16 | 2.73 |
| Stock-based compensation / revenue | 15.5% | 14.0% | 13.4% | 15.6% | 18.4% | 21.0% | 19.3% | 19.6% | 21.9% | 26.9% |
| R&D / revenue | 22.2% | 21.5% | 22.5% | 23.3% | 25.8% | 26.8% | 22.5% | 18.6% | 17.6% | 19.7% |
| SG&A / revenue | 42.1% | 38.4% | 43.3% | 43.4% | 46.4% | 50.4% | 53.4% | 55.4% | 59.7% | 63.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 125.6 | 139.0 | 140.9 | 132.2 | 112.2 | 97.7 | 86.7 | 66.1 | 72.2 | 80.9 |
| Days of inventory on hand | — | — | 30.1 | 32.4 | 0.0 | — | 0.0 | — | 0.0 | 0.0 |
| Days payables outstanding | 28.0 | 25.9 | 22.0 | 24.9 | 19.6 | 17.2 | 25.0 | 27.7 | 24.0 | 25.2 |
| Cash conversion cycle (days) | 97.6 | 113.1 | 148.9 | 139.8 | 92.6 | 80.4 | 61.7 | 38.4 | 48.2 | 55.7 |
| Receivables turnover | 2.91 | 2.63 | 2.59 | 2.76 | 3.25 | 3.74 | 4.21 | 5.52 | 5.05 | 4.51 |
| Payables turnover | 13.03 | 14.07 | 16.57 | 14.67 | 18.59 | 21.16 | 14.60 | 13.18 | 15.20 | 14.51 |
| Inventory turnover | — | — | 12.14 | 11.26 | 1,718,700,000.00 | — | 499,750,000.00 | — | 645,300,000.00 | 476,600,000.00 |
| Asset turnover | 0.32 | 0.42 | 0.47 | 0.52 | 0.49 | 0.44 | 0.44 | 0.47 | 0.49 | 0.57 |
| Average receivables | $3.95B | $3.51B | $3.10B | $2.50B | $1.69B | $1.14B | $809.8M | $524.9M | $449.7M | $390.4M |
| Average payables | $261.1M | $174.2M | $124.3M | $130.2M | $92.5M | $60.2M | $68.5M | $61.4M | $42.5M | $32.9M |
| Average inventory | — | — | $169.6M | $169.6M | $1 | — | $2 | — | $1 | $1 |
| Intangibles / total assets | 59.9% | 22.6% | 18.6% | 22.4% | 25.6% | 31.3% | 23.9% | 24.8% | 11.4% | 8.5% |
Computed from PANW's annual financial statements (latest annual report filed September 10, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PANW valuation and financial ratios
At the end of fiscal 2026 (July 31, 2026), Palo Alto Networks traded at 825.8 times earnings, against a 10-year median of 151.6. Based on the latest twelve months, the trailing P/E is 855.0 and the forward P/E is 94.3. Palo Alto Networks earned a return on equity of 1.7% and a return on invested capital of 2.5% in fiscal 2026. It ended the year with $2.5 billion of debt and $3.1 billion in cash and short-term investments, a net cash position of $571.0 million. It returned $1.0 billion to shareholders: $0 in dividends and $1.0 billion in share buybacks, 24% of free cash flow. The share count rose 40.5% from 543.6M to 764.0M over 9 years.
See the PANW income statement, the PANW chart for price history, or the PANW stock overview for the latest quote and news.
PANW key metrics FAQ
What is Palo Alto Networks's P/E ratio?
Palo Alto Networks's trailing P/E ratio is 855.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 94.3. At the end of fiscal 2026 it was 825.8, compared with a 10-year median of 151.6.
What is Palo Alto Networks's EV/EBITDA?
Palo Alto Networks's enterprise value was 471.9 times EBITDA at the end of fiscal 2026 (enterprise value $252.9 billion, EBITDA $536.0 million); the current EV/EBITDA is 230.9.
What is Palo Alto Networks's return on equity?
Palo Alto Networks's return on equity (ROE) was 1.7% in fiscal 2026: net income of $307.0 million on average shareholders' equity of $17.7 billion.
What is Palo Alto Networks's ROIC?
Palo Alto Networks's return on invested capital was 2.5% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Palo Alto Networks have?
Palo Alto Networks had total debt of $2.5 billion at the end of fiscal 2026, a debt-to-equity ratio of 0.09 and more cash than debt.
Does Palo Alto Networks buy back its shares?
Yes. Palo Alto Networks spent $1.0 billion on net share repurchases in fiscal 2026 Shares outstanding changed +7.7% over the year, to 764.0M..
What is Palo Alto Networks's free cash flow yield?
Palo Alto Networks generated $4.1 billion of free cash flow in fiscal 2026, a free cash flow yield of 1.6% on its market value at year-end ($253.5 billion).
What is Palo Alto Networks's current ratio?
Palo Alto Networks's current ratio was 0.87 at the end of fiscal 2026: current assets were 0.87 times current liabilities.