Financials Palo Alto Networks, Inc.

Equities

PANW

US6974351057

Software

Real-time Estimate Cboe BZX Other stock markets 14:44:25 13/11/2025 GMT			5-day change	1st Jan Change
207.08 ^USD	-1.41%		-1.47%	+15.43%

12:41pm	Morgan Stanley Raises Price Target on Palo Alto Networks to $228 From $216, Keeps Overweight Rating	MT
11:48am	Evercore ISI Adjusts PT on Palo Alto Networks to $250 From $220, Maintains Outperform Rating	MT

Projected Income Statement: Palo Alto Networks, Inc.

Fiscal Period: July	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	4,256	5,502	6,893	8,028	9,222	10,520	11,933	13,413
Change	-	29.26%	25.29%	16.46%	14.87%	14.08%	13.44%	12.4%
EBITDA ¹	1,063	1,325	1,949	2,473	2,995	3,310	3,776	4,329
Change	-	24.72%	47.08%	26.86%	21.12%	10.52%	14.07%	14.64%
EBIT ¹	947.6	1,047	1,667	2,190	2,652	3,104	3,611	4,109
Change	-	10.52%	59.19%	31.34%	21.11%	17.06%	16.32%	13.79%
Interest Paid ¹	-20.4	-20.2	-20.4	-8.3	-3	-1.846	-1.955	-1.433
Earnings before Tax (EBT) ¹	-465	-207.2	566.3	988.3	1,596	1,887	2,378	2,991
Change	-	55.44%	373.31%	74.52%	61.46%	18.26%	26.03%	25.78%
Net income ¹	-498.9	-267	439.7	2,578	1,134	1,370	1,688	2,087
Change	-	46.48%	264.68%	486.22%	-56.01%	20.86%	23.14%	23.66%
Announcement Date	23/08/21	22/08/22	18/08/23	19/08/24	18/08/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: July	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	946	1,017	1,074	1,219	1,247	1,317	1,387	1,550	1,563	1,655	1,721	1,953	1,878	1,975	1,985	2,190	2,139	2,257	2,289	2,536	2,462	2,576	2,610	2,867	2,788	2,925	2,976	3,261
Change	-	7.49%	5.61%	13.54%	2.3%	5.57%	5.3%	11.81%	0.83%	5.87%	3.98%	13.5%	-3.85%	5.16%	0.49%	10.31%	-2.32%	5.55%	1.4%	10.8%	-2.94%	4.64%	1.32%	9.84%	-2.75%	4.89%	1.77%	9.55%
EBITDA ¹	263.4	303.9	255.5	281.6	293	313.7	323.8	395.7	393.1	446.7	480.8	624.8	594.6	633	582.2	664.4	700.1	728	715.2	852	773.6	807.3	797.1	941.9	892.2	930.4	923.8	1,054
Change	-	15.38%	-15.93%	10.22%	4.05%	7.06%	3.22%	22.21%	-0.66%	13.64%	7.63%	29.95%	-4.83%	6.46%	-8.03%	14.12%	5.37%	3.99%	-1.76%	19.13%	-9.21%	4.36%	-1.27%	18.17%	-5.27%	4.28%	-0.72%	14.06%
EBIT ¹	205.4	239	186.8	249.4	224	244	252.4	324	322.4	380.8	408.5	555.5	530.3	564.2	507.9	588.3	616.2	640.4	627.1	768.2	715.8	755.5	753.6	881.5	832.9	885.6	893.6	1,034
Change	-	16.36%	-21.84%	33.51%	-10.18%	8.93%	3.44%	28.37%	-0.49%	18.11%	7.27%	35.99%	-4.54%	6.39%	-9.98%	15.83%	4.74%	3.93%	-2.08%	22.5%	-6.83%	5.55%	-0.25%	16.97%	-5.52%	6.33%	0.91%	15.71%
Charge d'intérêts ¹	-5.1	-5	-3.5	-5	-5.1	-5	-5	-5.1	-5	-5.2	-6	-4.2	-2.9	-2.8	-2.3	-0.3	-1.2	-0.9	-0.7	-0.2	-0.475	-0.5056	-0.485	-0.4278	-0.5375	-0.5625	-0.5875	-0.6125
Earnings before Tax (EBT) ¹	-82.3	-130	-150.4	-102.3	-91.2	-80.8	-52.5	17.3	34.4	84.4	131	316.5	282.6	135.5	251.2	319	368.6	324.8	310.5	591.8	429.6	450	443.9	563.9	560	589.4	570.1	716.4
Change	-	-57.96%	-15.69%	31.98%	10.85%	11.4%	35.02%	132.95%	98.84%	145.35%	55.21%	141.6%	-10.71%	-52.05%	85.39%	26.99%	15.55%	-11.88%	-4.4%	90.6%	-27.41%	4.75%	-1.36%	27.05%	-0.69%	5.25%	-3.29%	25.67%
Net income ¹	-92.2	-142.3	-145.1	-119.3	-103.6	-93.5	-73.2	3.3	20	84.2	107.8	227.7	194.2	1,747	278.8	357.7	350.7	267.3	262.1	253.8	297.8	312.1	301.5	399.9	374.2	396.3	384.3	513.4
Change	-	-54.34%	-1.97%	17.78%	13.16%	9.75%	21.71%	104.51%	506.06%	321%	28.03%	111.22%	-14.71%	799.54%	-84.04%	28.3%	-1.96%	-23.78%	-1.95%	-3.17%	17.33%	4.81%	-3.39%	32.62%	-6.43%	5.91%	-3.02%	33.59%
Announcement Date	16/11/20	22/02/21	20/05/21	23/08/21	18/11/21	22/02/22	19/05/22	22/08/22	17/11/22	21/02/23	23/05/23	18/08/23	15/11/23	20/02/24	20/05/24	19/08/24	20/11/24	13/02/25	20/05/25	18/08/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Palo Alto Networks, Inc.

Fiscal Period: July	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	325	-1,010	-3,446	-5,788	-2,903	-7,565	-10,965	-13,756
Change	-	-410.77%	-241.19%	-67.96%	49.84%	-160.57%	-44.94%	-25.45%
Announcement Date	23/08/21	22/08/22	18/08/23	19/08/24	18/08/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Palo Alto Networks, Inc.

Fiscal Period: July	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	116	192.8	146.3	156.8	246.2	184.8	225.8	290.4
Change	-	66.21%	-24.12%	7.18%	57.02%	-24.95%	22.22%	28.58%
Free Cash Flow (FCF) ¹	1,387	1,792	2,631	3,101	3,470	4,041	4,624	5,432
Change	-	29.19%	46.84%	17.85%	11.9%	16.45%	14.44%	17.46%
Announcement Date	23/08/21	22/08/22	18/08/23	19/08/24	18/08/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Palo Alto Networks, Inc.

Fiscal Period: July	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	24.97%	24.09%	28.28%	30.81%	32.48%	31.47%	31.64%	32.28%
EBIT Margin (%)	22.26%	19.04%	24.19%	27.28%	28.76%	29.51%	30.26%	30.63%
EBT Margin (%)	-10.93%	-3.77%	8.22%	12.31%	17.3%	17.94%	19.93%	22.3%
Net margin (%)	-11.72%	-4.85%	6.38%	32.11%	12.3%	13.03%	14.14%	15.56%
FCF margin (%)	32.59%	32.57%	38.17%	38.63%	37.63%	38.41%	38.75%	40.5%
FCF / Net Income (%)	-278.01%	-671.12%	598.41%	120.3%	306.01%	294.85%	274.03%	260.29%
Profitability
ROA	6.36%	7.32%	10.76%	11.3%	10.76%	8.1%	8.11%	7.97%
ROE	70.69%	190.05%	147.06%	56.32%	36.09%	30.1%	26.74%	23.36%
Financial Health
Leverage (Debt/EBITDA)	0.31x	-	-	-	-	-	-	-
Debt / Free cash flow	0.23x	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.73%	3.5%	2.12%	1.95%	2.67%	1.76%	1.89%	2.16%
CAPEX / EBITDA (%)	10.92%	14.55%	7.5%	6.34%	8.22%	5.58%	5.98%	6.71%
CAPEX / FCF (%)	8.36%	10.76%	5.56%	5.06%	7.1%	4.57%	4.88%	5.35%
Items per share
Cash flow per share ¹	2.599	3.358	4.057	4.601	5.293	5.533	6.312	6.71
Change	-	29.23%	20.81%	13.41%	15.05%	4.53%	14.07%	6.3%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	1.097	0.3553	2.836	7.951	11.71	15.29	19.58	25.33
Change	-	-67.61%	697.99%	180.41%	47.34%	30.48%	28.07%	29.38%
EPS ¹	-0.8633	-0.4517	0.64	3.64	1.6	1.928	2.348	2.734
Change	-	47.68%	241.7%	468.75%	-56.04%	20.53%	21.75%	16.46%
Nbr of stocks (in thousands)	584,345	597,812	611,710	647,600	667,936	676,871	676,871	676,871
Announcement Date	23/08/21	22/08/22	18/08/23	19/08/24	18/08/25	-	-	-