olivLaw · US equity research
Palo Alto Networks, Inc. PANW
Computer Peripheral Equipment, NEC · SIC 3577 · Vertical: Computer Peripheral Equipment, NEC (SIC 3577)
Palo Alto Networks is a global AI cybersecurity provider headquartered in Santa Clara, California. Total revenue for fiscal 2026 reached 11.5 billion dollars, up 24%, and fourth-quarter fiscal 2026 revenue grew 34%. Guidance for fiscal 2027 points to revenue growth of 23% to 24%.
At the close of 04 Nov 2026, Palo Alto Networks, Inc. (PANW) stock was 348.04 USD (−0.62% on the day), with market capitalisation 284.7 bn USD, P/E 870.1 on diluted EPS of 0.40 USD over the last 12 months, beta 1.22, 52-week range 141.67–419.91 USD. Latest reported quarter (Q4 2026): revenue of 3.4 bn USD (+34.5% YoY), net income of -282.0 m USD (−211.0% YoY), diluted EPS -0.34 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.2
- weak (30–45)
- Bollinger (20, 2)
- 325.31 – 420.54
- in the lower half of the band · %B 0.24 · band width 25.5%
- SMA 50 / 200
- 372.17 / 272.27
- mixed trend
- MACD (12, 26, 9)
- -5.22 / -1.92
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.4% | −1.1% | −13.3 pp | — |
| 3 months | −4.0% | −0.5% | −3.6 pp | — |
| 6 months | +89.5% | +4.4% | +85.1 pp | — |
| Year to date | +88.9% | +12.3% | +76.6 pp | — |
| 1 year | +62.2% | +13.5% | +48.7 pp | −16.4% |
| 3 years | +185.8% | +76.4% | +109.4 pp | −9.4% |
| 5 years | +322.9% | +63.7% | +259.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.3 bn | 2.3 bn | 2.5 bn | 2.5 bn | 2.6 bn | 3.0 bn | 3.4 bn |
| Cost of revenue | 554.0 m | 599.0 m | 619.0 m | 679.0 m | 638.0 m | 685.0 m | 974.0 m | 1.1 bn |
| Gross profit | 1.6 bn | 1.7 bn | 1.7 bn | 1.9 bn | 1.8 bn | 1.9 bn | 2.0 bn | 2.3 bn |
| Research & development | 481.0 m | 505.0 m | 494.0 m | 504.0 m | 528.0 m | 511.0 m | 734.0 m | 779.0 m |
| Operating income | 286.0 m | 241.0 m | 219.0 m | 497.0 m | 309.0 m | 397.0 m | -183.0 m | 172.0 m |
| Depreciation & amortisation | 84.0 m | 87.0 m ≈ | 88.0 m ≈ | 84.0 m | 89.0 m | 91.0 m ≈ | 334.0 m ≈ | 341.0 m |
| Interest expense | 1.0 m | 1.0 m | 1.0 m | 0 | 0 | 0 | 0 | 0 |
| Pre-tax income | 368.0 m | 325.0 m | 311.0 m | 592.0 m | 412.0 m | 549.0 m | -156.0 m | -269.0 m |
| Income tax | 17.0 m | 58.0 m | 49.0 m | 338.0 m | 78.0 m | 117.0 m | 21.0 m | 13.0 m |
| Net income | 351.0 m | 267.0 m | 262.0 m | 254.0 m | 334.0 m | 432.0 m | -177.0 m | -282.0 m |
| Diluted EPS | 0.49 | 0.38 | 0.37 | 0.36 ≈ | 0.47 | 0.61 | -0.22 | -0.34 ≈ |
| Operating cash flow | 1.5 bn | 557.0 m ≈ | 628.0 m ≈ | 1.0 bn | 1.8 bn | 554.0 m ≈ | 871.0 m ≈ | 1.4 bn |
| Capex | 44.0 m | 48.0 m ≈ | 68.0 m ≈ | 87.0 m | 84.0 m | 170.0 m ≈ | 83.0 m ≈ | 103.0 m |
| Share repurchases | 0 | 0 ≈ | 0 ≈ | 0 | — | — | — | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 93 percentile of its own 15-quarter history (min 41.3, median 107.1, max 1,116.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.9 bn | 3.4 bn | 4.3 bn | 5.5 bn | 6.9 bn | 8.0 bn | 9.2 bn | 11.5 bn |
| Revenue YoY | +27.6% | +17.5% | +24.9% | +29.3% | +25.3% | +16.5% | +14.9% | +24.5% |
| Net income | -81.9 m | -267.0 m | -498.9 m | -267.0 m | 439.7 m | 2.6 bn | 1.1 bn | 307.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | +486.3% | −56.0% | −72.9% |
| Diluted EPS | -0.87 | -2.76 | -1.73 | -0.90 | 0.64 | 3.64 | 1.60 | 0.40 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | +468.8% | −56.0% | −75.0% |
| net % | -2.8% | -7.8% | -11.7% | -4.9% | 6.4% | 32.1% | 12.3% | 2.7% |
| Free cash flow | 924.4 m | 821.3 m | 1.4 bn | 1.8 bn | 2.6 bn | 3.1 bn | 3.5 bn | 4.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jul 2026
- Cash
- 2.5 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 27.5 bn USD
- Total assets
- 48.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.87x
- ROE
- 1.7%
- ROA
- 0.9%
- FCF margin
- 35.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.3 bn | 5.5 bn | 6.9 bn | 8.0 bn | 9.2 bn | 11.5 bn | SEC (XBRL)· 10 Sept 2026verified |
| Cost of revenue | 1.3 bn | 1.7 bn | 1.9 bn | 2.1 bn | 2.5 bn | 3.4 bn | SEC (XBRL)· 10 Sept 2026verified |
| Gross profit | 3.0 bn | 3.8 bn | 5.0 bn | 6.0 bn | 6.8 bn | 8.1 bn | SEC (XBRL)· 10 Sept 2026verified |
| Research & development | 1.1 bn | 1.4 bn | 1.6 bn | 1.8 bn | 2.0 bn | 2.6 bn | SEC (XBRL)· 10 Sept 2026verified |
| Operating income | -304.1 m | -188.8 m | 387.3 m | 684.0 m | 1.2 bn | 695.0 m | SEC (XBRL)· 10 Sept 2026verified |
| Depreciation & amortisation | 260.4 m | 282.6 m | 282.2 m | 284.0 m | 343.0 m | 855.0 m | SEC (XBRL)· 10 Sept 2026verified |
| EBITDA | -43.7 m ≈ | 93.8 m ≈ | 669.5 m ≈ | 968.0 m ≈ | 1.6 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 10 Sept 2026derived |
| Interest expense | 163.3 m | 27.4 m | 27.2 m | 8.3 m | 3.0 m | 0 | SEC (XBRL)· 10 Sept 2026verified |
| Pre-tax income | -465.0 m | -207.2 m | 566.3 m | 988.0 m | 1.6 bn | 536.0 m | SEC (XBRL)· 10 Sept 2026verified |
| Income tax | 33.9 m | 59.8 m | 126.6 m | -1.6 bn | 462.0 m | 229.0 m | SEC (XBRL)· 10 Sept 2026verified |
| Net income | -498.9 m | -267.0 m | 439.7 m | 2.6 bn | 1.1 bn | 307.0 m | SEC (XBRL)· 10 Sept 2026verified |
| Diluted EPS | -1.73 | -0.90 | 0.64 | 3.64 | 1.60 | 0.40 | SEC (XBRL)· 10 Sept 2026verified |
| Weighted average diluted shares | 289.1 m | 295.6 m | 684.5 m | 708.0 m | 709.0 m | 764.0 m | SEC (XBRL)· 10 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.9 bn | 2.1 bn | 1.1 bn | 1.5 bn | 2.3 bn | 2.5 bn | SEC (XBRL)· 10 Sept 2026verified |
| Receivables | 1.2 bn | 2.1 bn | 2.5 bn | 2.6 bn | 3.0 bn | 3.6 bn | SEC (XBRL)· 10 Sept 2026verified |
| Inventories | — | — | — | 115.9 m | 113.0 m | 117.0 m | SEC (XBRL)· 10 Sept 2026verified |
| Current assets | 4.6 bn | 6.4 bn | 6.0 bn | 6.8 bn | 7.5 bn | 8.6 bn | SEC (XBRL)· 10 Sept 2026verified |
| Property, plant & equipment, net | 318.4 m | 357.8 m | 354.5 m | 361.1 m | 387.0 m | 523.0 m | SEC (XBRL)· 10 Sept 2026verified |
| Goodwill | 2.7 bn | 2.7 bn | 2.9 bn | 3.4 bn | 4.6 bn | 22.0 bn | SEC (XBRL)· 10 Sept 2026verified |
| Intangibles (excl. goodwill) | 498.6 m | 384.5 m | 315.4 m | 374.9 m | 763.0 m | 7.0 bn | SEC (XBRL)· 10 Sept 2026verified |
| Total assets | 10.2 bn | 12.3 bn | 14.5 bn | 20.0 bn | 23.6 bn | 48.5 bn | SEC (XBRL)· 10 Sept 2026verified |
| Accounts payable | 56.9 m | 128.0 m | 132.3 m | 116.3 m | 232.0 m | 290.0 m | SEC (XBRL)· 10 Sept 2026verified |
| Long-term debt | 3.2 bn | 3.7 bn | 2.0 bn | — | — | — | SEC (XBRL)· 01 Sept 2023verified |
| Current liabilities | 5.1 bn | 8.3 bn | 7.7 bn | 7.7 bn | 8.0 bn | 9.9 bn | SEC (XBRL)· 10 Sept 2026verified |
| Total liabilities | 9.5 bn | 12.0 bn | 12.8 bn | 14.8 bn | 15.8 bn | 21.0 bn | SEC (XBRL)· 10 Sept 2026verified |
| Equity | 634.5 m | 210.0 m | 1.7 bn | 5.2 bn † | 7.8 bn † | 27.5 bn † | SEC (XBRL)· 10 Sept 2026verified |
| Shares outstanding at year end | — | — | 308.6 m | 325.6 m | 668.9 m | — | SEC (XBRL)· 21 May 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 2.0 bn | 2.8 bn | 3.3 bn | 3.7 bn | 4.6 bn | SEC (XBRL)· 10 Sept 2026verified |
| Capex | 116.0 m | 192.8 m | 146.3 m | 157.0 m | 247.0 m | 440.0 m | SEC (XBRL)· 10 Sept 2026verified |
| Free cash flow | 1.4 bn ≈ | 1.8 bn ≈ | 2.6 bn ≈ | 3.1 bn ≈ | 3.5 bn ≈ | 4.1 bn ≈ | SEC (XBRL)· 10 Sept 2026derived |
| Investing cash flow | -1.5 bn | -933.4 m | -2.0 bn | -1.5 bn | -2.2 bn | -3.1 bn | SEC (XBRL)· 10 Sept 2026verified |
| Financing cash flow | -1.1 bn | -806.6 m | -1.7 bn | -1.3 bn | -779.0 m | -1.2 bn | SEC (XBRL)· 10 Sept 2026verified |
| Share repurchases | 1.2 bn | 892.3 m | 272.7 m | 567.0 m | 0 | 1.0 bn | SEC (XBRL)· 10 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 284.7 bn USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 70.4% | 76 (on a fixed band) | 14% |
| EBIT margin · Quality | 6.1% | 69 (vs peers) | 11% |
| FCF margin · Quality | 35.8% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 18.5% | 74 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 24.5% | 88 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 4 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.4% | 29 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.4% | 39 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial4/100 · 1/2 factors with a value
- Growth79/100 · 2/2 factors with a value
- Quality81/100 · 3/3 factors with a value
- Returns39/100 · 1/1 factors with a value
- Valuation· partial29/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Palo Alto Networks, Inc. (PANW). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 11.5 bn USD in 2026; YoY growth 24.5%; net margin 2.7%; ROE 1.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 70.4%
- FCF margin: 35.8%
- Revenue CAGR 3Y: 18.5%
- Revenue growth (YoY): 24.5%
What contradicts it
- Current ratio: 0.9x
- FCF yield: 1.4%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Computer Peripheral Equipment, NEC (SIC 3577) · same industry (4-digit SIC) · compared with 17 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PANWPalo Alto Networks, Inc. | 284.7 bn | 870.1 | 1.7% | 2.7% | +24.5% | +62% / +186% |
| FTNTFortinet, Inc. | 95.1 bn | 42.1 | 153.1% | 29.0% | +14.2% | +59% / +146% |
| LOGILogitech International S.A. | 14.2 bn | 18.1 | 38.2% | 16.4% | +6.3% | −11% / +14% |
| CRSRCorsair Gaming, Inc. | 1.4 bn | 41.4 | 5.8% | 2.5% | +11.9% | +104% / +3% |
| EVLVEvolv Technologies Holdings, Inc. | 871.2 m | — | -4.9% | -3.0% | +40.5% | −25% / +20% |
| MITKMitek Systems, Inc. | 861.4 m | 40.7 | 9.2% | 11.4% | +4.4% | +115% / +69% |
| SSYSStratasys Ltd. | 587.3 m | — | -12.7% | -18.9% | −3.7% | −22% / −38% |
| IMMRImmersion Corporation | 237.8 m | 21.6 | 3.5% | 0.6% | +11.2% | +1% / +10% |
| RDCMRadcom Ltd. | 168.7 m | 14.3 | 11.4% | 16.8% | +17.2% | −22% / +29% |
| XRXXerox Holdings Corp | 155.0 m | — | -128.0% | -11.9% | +12.9% | −58% / −92% |
| MYNDMynd.ai, Inc. | 126.0 m | — | -995.5% | -32.2% | −37.2% | −56% / −97% |
| INVEInve Technologies, Inc. | 64.0 m | — | -10.9% | -62.9% | −19.3% | −22% / −62% |
| TACTTransact Technologies Inc | 54.4 m | — | -1.3% | -0.8% | +18.7% | +19% / −22% |
| LINKInterlink Electronics, Inc | 52.3 m | — | -10.5% | -7.9% | +1.8% | −8% / −39% |
| WETHWetouch Technology Inc. | 11.6 m | 1.2 | 6.0% | 17.6% | +6.8% | −57% / unavailable |
| AIMDAinos, Inc. | 5.4 m | — | -196.3% | -106,283.3% | +499.0% | −65% / −95% |
| YIBOPlanet Image International Limited | — | — | -14.4% | -5.3% | +3.6% | +5% / unavailable |
| VTIXVirtuix Holdings Inc. | — | — | — | -543.2% | +18.4% | unavailable / unavailable |
1- and 3-year price returns: for PANW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 213.39 Total return -39% · Per year -39% | 375.54 Total return 8% · Per year 8% | 563.30 Total return 62% · Per year 62% |
| 3 years | 253.12 Total return -27% · Per year -10% | 496.65 Total return 43% · Per year 13% | 811.16 Total return 133% · Per year 33% |
| 5 years | 300.24 Total return -14% · Per year -3% | 656.82 Total return 89% · Per year 14% | 1,168.07 Total return 236% · Per year 27% |
- Exit P/E± 124.16
- Net margin± 86.91
- Annual revenue growth± 64.82
- Annual dilution± 7.30
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Palo Alto Networks is a global AI cybersecurity provider headquartered in Santa Clara, California. Total revenue for fiscal 2026 reached 11.5 billion dollars 1, up 24% 1, and fourth-quarter fiscal 2026 revenue grew 34% 2. Guidance for fiscal 2027 points to revenue growth of 23% to 24% 2.
SWOT
Strengths
- The company offers an integrated platform spanning network, cloud, security operations and identity, which fits the trend toward vendor consolidation 1.
- Recurring revenue and growth in Next-Generation Security ARR give a fairly predictable revenue base 2.
- The company serves a broad customer base across many industries, including most of the largest companies in the world 1.
Weaknesses
- Rapid growth, including through acquisitions, places heavy demands on systems, processes and internal controls 1.
- GAAP profit fell well below non-GAAP results in the latest quarter, showing significant gaps between reported and adjusted figures 2.
- The company relies on manufacturing partners and limited sources of supply for its hardware products 1.
Opportunities
- AI adoption and the need to secure AI agents and applications could expand the company's addressable market 1.
- Recent acquisitions could strengthen the Cortex and Idira platforms if integration proceeds as planned 2.
- The adjusted free cash flow margin target for fiscal 2028 could support higher profitability if the goal is met 2.
Risks
- Intense competitionhigh
The company faces rivals with large resources, and market consolidation may favor competitors with broader platforms 1.
- Acquisition integrationhigh
Acquisitions such as CyberArk may bring unforeseen liabilities, divert management attention and fail to deliver expected benefits 1.
- Security incidents and product defectshigh
A product defect or a major security incident could harm reputation, demand and financial results 1.
- Dependence on channel partnersmedium
Sales rely on distributors and resellers, and problems at these partners could limit distribution of products 1.
- Trade, export and regulatory exposuremedium
Export controls, sanctions and data protection rules could raise costs or limit access to certain markets 1.
Investment thesis
What would need to be true (bull case)
- Rapid growth in revenue and in Next-Generation Security ARR, together with fiscal 2027 guidance, could signal sustained demand for the company's platform 12.
- The platformization strategy responds to customer demand for fewer vendors, which could strengthen the company's position over time 1.
- If AI adoption keeps security high on executive agendas, the company could benefit from demand for securing AI agents and applications 2.
What would break the thesis
- Rapid growth, including through acquisitions, can strain systems and controls, and successful integration is not assured 1.
- Competition from cloud and AI providers offering native security could limit growth in some segments 1.
- If economic uncertainty or technology restrictions intensify, sales cycles could lengthen and demand could weaken 1.
What to watch
- Results for the first fiscal quarter 2027 against guidance for ARR and revenueQ1 2027
- Integration of CyberArk and its effect on margins and headcount2027
- Progress toward the 20 billion dollar FY30 NGS ARR target2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Network & AI Security platform includes SASE (Prisma Access and Prisma SD-WAN), ML-Powered next-generation firewalls, cloud-delivered security services and Prisma AIRS for AI agents and applications 1. The Cortex platform covers security operations, cloud security and observability through Chronosphere 1. The Idira platform covers human, machine and AI agent identities 1.
Segments
Network & AI Security
This segment combines SASE, ML-Powered NGFWs and cloud-delivered security services. Hardware and software firewalls run the PAN-OS operating system across product sizes from small branch offices to large data centers 1. Prisma AIRS extends the portfolio to AI application and agent security 1.
Market context
The company competes in cybersecurity, where customers tend to consolidate vendors and providers with broader platforms may be favored 1. The company notes there is still no universally accepted definition of the identity security market 1. Recurring subscription and support revenue grew in fiscal 2026, and Next-Generation Security ARR reached 9.10 billion dollars at the end of the fourth quarter 2.
Demand is also shaped by AI adoption, which the company presents as raising cybersecurity to the top of CIO priorities 2. However, uncertain economic and geopolitical conditions, including technology restrictions, could lengthen sales cycles and shorten contract durations 1.
Trends
- Vendor consolidation in securitytailwind
Customers are reducing the number of point products and choosing integrated platforms, which could favor the company if its portfolio meets their needs 1.
- AI adoption and AI agentsmixed
Growth in AI creates demand for security of agents and AI applications, but it also introduces new risks, such as AI agents as a new class of identity 1.
- Native security from cloud and AI providersheadwind
Cloud infrastructure providers and advanced AI companies increasingly offer native security and observability that compete directly with the company's offerings 1.
- Economic and geopolitical uncertaintyheadwind
Geopolitical tensions, sanctions and export controls could slow sales, lengthen decision cycles and raise component costs 1.
Competitive position
The company states it faces intense competition and that it may lack sufficient financial or other resources to maintain or improve its position 1. The risk is heightened by customer trends toward vendor consolidation that may favor competitors with broader platforms 1.
Competitors include cloud and AI providers offering native security, along with specialists in SIEM, identity, SASE and endpoint protection 1. The company stresses that many of these functions are integrated into its platforms, yet competition remains intense 1.
- Cloud and AI providers with native security capabilities
Direct competition, cited in the company's risk factors 1.
- SIEM and endpoint security vendors
Compete with the Cortex platform in security operations 1.
- SASE and SD-WAN vendors
Compete with Prisma Access and Prisma SD-WAN 1.
- Identity security vendors
Compete with the Idira platform in a market whose definition is still unsettled 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Government Linux Servers Targeted With SysGoRAT and Suspected AI-Generated ScriptsThe Hacker News · 02 Nov 2026 · EN
- The humans burning out on AI's cyber frontlinesAxios · 30 Oct 2026 · EN
- Suspected Chinese attackers built a custom PHP2Shell exploit and rooted 25 serversThe Register · 29 Oct 2026 · EN
- Attackers Exploit PHP2Shell Flaws in Internet-Exposed Palo Alto Networks Management InterfacesThe Hacker News · 29 Oct 2026 · EN
- CISA confirms PHP2Shell under attack as researchers clock successful exploitsThe Register · 27 Oct 2026 · EN
- Уолл-стрит закрылась в минусе в пятницу, Dow Jones потерял 1,2%Interfax Russia (RU) · 26 Oct 2026 · RU
- Hackers Breach Enterprise Firewalls and VPNs, Exposing Over 70,000 CredentialsThe Hacker News · 23 Oct 2026 · EN
- Why AI Compute Comes in Rectangles — Erik Bernhardsson, Modal CEOLatent Space Newsletter · 22 Oct 2026 · EN
- Why AI Compute Comes in Rectangles — Erik Bernhardsson, Modal CEOLatent Space Newsletter · 22 Oct 2026 · EN
- Legal encounters may offer overlooked opportunities for suicide prevention, analysis suggestsPhys.org · 22 Oct 2026 · EN
- PHP2Shell | Panică mondială și ghidul complet de patch - Critic AradSurge — Google News · 22 Oct 2026 · RO
- Palo Alto's firewall OS has been under attack from multiple ransomware groups since JuneThe Register · 20 Oct 2026 · EN
- Qilin and INC Ransomware Groups Exploit Palo Alto Networks Flaw to Bypass MFAThe Hacker News · 20 Oct 2026 · EN
- Уолл-стрит закрылась в минусе в пятницуInterfax Russia (RU) · 19 Oct 2026 · RU
- BeyondTrust Remote Support Zero-Day Continues Trend of Exploited Edge BugsDark Reading · 16 Oct 2026 · EN
- Palo Alto Networks Patches PAN-OS Zero-Day Exploited for Remote Code ExecutionSecurityWeek · 15 Oct 2026 · EN
- Palo Alto Networks Patches PAN-OS Authenticated RCE Flaw Amid Active ExploitationThe Hacker News · 15 Oct 2026 · EN
- Palo Alto Networks warns of PAN-OS RCE flaw exploited in attacksBleepingComputer · 14 Oct 2026 · EN
- 9 Best AI Gateways in 2026: Bifrost, Portkey, LiteLLM, Kong and 5 More RankedMarkTechPost (Asia AI) · 14 Oct 2026 · EN
- All In On Cybersecurity : The Choice Between Palo Alto Networks or Crowdstrike Not DifficultSurge — GDELT DOC · 30 Sept 2026 · RO
SEC filings
- Proxy statement27 Oct 2026
- Annual report10 Sept 2026
- Current report01 Sept 2026Results of operations · Financial statements and exhibits
- Current report21 Aug 2026Departure or appointment of officers · Amendments to articles or bylaws · Financial statements and exhibits
- Quarterly report03 Jun 2026
- Current report02 Jun 2026Results of operations · Financial statements and exhibits
- Current report13 Apr 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report23 Mar 2026Other events
- Current report11 Mar 2026Other events · Financial statements and exhibits
- Quarterly report18 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-07-31 · SEC / Palo Alto Networks, Inc. · 10 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Palo Alto Networks, Inc. · 01 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.