Financials Palo Alto Networks, Inc.

Equities

PANW

US6974351057

Software

Market Closed - Nasdaq Other stock markets 21:00:00 15/05/2026 BST			5-day change	1st Jan Change
242.83 ^USD	+1.94%		+16.81%	+31.83%

05-15	Palo Alto Networks Seen Advancing Identity Security Platform Strategy, Oppenheimer Says	MT
05-15	Oppenheimer Adjusts Palo Alto Networks Price Target to $275 From $245, 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	11,293	13,554	15,368
Change	-	29.26%	25.29%	16.46%	14.87%	22.46%	20.02%	13.39%
EBITDA ¹	1,063	1,325	1,949	2,473	2,995	3,496	4,229	5,040
Change	-	24.72%	47.08%	26.86%	21.12%	16.7%	20.99%	19.17%
EBIT ¹	947.6	1,047	1,667	2,190	2,652	3,244	3,988	4,711
Change	-	10.52%	59.19%	31.34%	21.11%	22.33%	22.94%	18.13%
Interest Paid ¹	-20.4	-20.2	-20.4	-8.3	-3	-0.3	-2.2	-4.2
Earnings before Tax (EBT) ¹	-465	-207.2	566.3	988.3	1,596	1,899	2,479	3,132
Change	-	55.44%	373.31%	74.52%	61.46%	19%	30.54%	26.36%
Net income ¹	-498.9	-267	439.7	2,578	1,134	1,537	1,980	2,540
Change	-	46.48%	264.68%	486.22%	-56.01%	35.53%	28.82%	28.28%
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 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	2028 Q1	2028 Q2
Net sales ¹	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	2,474	2,594	2,944	3,284	3,174	3,296	3,365	3,695	3,595	3,730
Change	-	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%	-2.46%	4.85%	13.5%	11.53%	-3.35%	3.86%	2.09%	9.79%	-2.69%	3.75%
EBITDA ¹	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	796	838	841	1,035	998.4	1,003	992.2	1,191	-	-
Change	-	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%	-6.57%	5.28%	0.36%	23.03%	-3.5%	0.42%	-1.04%	20.03%	-	-
EBIT ¹	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	746	785	765	954.5	908.1	967.7	960.3	1,119	1,094	1,147
Change	-	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%	-2.89%	5.23%	-2.55%	24.77%	-4.86%	6.55%	-0.76%	16.55%	-2.28%	4.88%
Charge d'intérêts ¹	-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	-	-	-0.1	-0.2	-0.4	-0.5	-0.6	-0.7	-0.9	-1
Earnings before Tax (EBT) ¹	-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	412	549	426.1	565.6	550.5	606.9	569.8	724.3	742.5	786.1
Change	-	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%	-30.38%	33.25%	-22.38%	32.74%	-2.67%	10.24%	-6.12%	27.12%	2.5%	5.89%
Net income ¹	-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	334	432	326.9	447.4	421	479.8	446.4	567.1	584.4	618.2
Change	-	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%	31.6%	29.34%	-24.32%	36.86%	-5.9%	13.95%	-6.94%	27.03%	3.05%	5.77%
Announcement Date	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	19/11/25	17/02/26	-	-	-	-	-	-	-	-

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	-4,247	-8,564	-11,847
Change	-	-410.77%	-241.19%	-67.96%	49.84%	-46.29%	-101.65%	-38.33%
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	330.2	258	275.9
Change	-	66.21%	-24.12%	7.18%	57.02%	34.12%	-21.86%	6.93%
Free Cash Flow (FCF) ¹	1,387	1,792	2,631	3,101	3,470	4,129	5,054	5,983
Change	-	29.19%	46.84%	17.85%	11.9%	19.01%	22.39%	18.38%
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%	30.95%	31.2%	32.79%
EBIT Margin (%)	22.26%	19.04%	24.19%	27.28%	28.76%	28.73%	29.43%	30.66%
EBT Margin (%)	-10.93%	-3.77%	8.22%	12.31%	17.3%	16.82%	18.29%	20.38%
Net margin (%)	-11.72%	-4.85%	6.38%	32.11%	12.3%	13.61%	14.61%	16.53%
FCF margin (%)	32.59%	32.57%	38.17%	38.63%	37.63%	36.57%	37.29%	38.93%
FCF / Net Income (%)	-278.01%	-671.12%	598.41%	120.3%	306.01%	268.71%	255.29%	235.57%
Profitability
ROA	6.36%	7.32%	10.76%	11.3%	10.76%	7.83%	8.1%	8.41%
ROE	70.69%	190.05%	147.06%	56.32%	36.09%	33.04%	31.04%	26.93%
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%	2.92%	1.9%	1.8%
CAPEX / EBITDA (%)	10.92%	14.55%	7.5%	6.34%	8.22%	9.45%	6.1%	5.47%
CAPEX / FCF (%)	8.36%	10.76%	5.56%	5.06%	7.1%	8%	5.11%	4.61%
Items per share
Cash flow per share ¹	2.599	3.358	4.057	4.601	5.293	5.838	6.301	7.316
Change	-	29.23%	20.81%	13.41%	15.05%	10.3%	7.93%	16.1%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	1.097	0.3553	2.836	7.951	11.71	14.95	18.45	23.45
Change	-	-67.61%	697.99%	180.41%	47.34%	27.57%	23.43%	27.11%
EPS ¹	-0.8633	-0.4517	0.64	3.64	1.6	1.974	2.298	2.897
Change	-	47.68%	241.7%	468.75%	-56.04%	23.39%	16.39%	26.08%
Nbr of stocks (in thousands)	584,345	597,812	611,710	647,600	667,936	811,000	811,000	811,000
Announcement Date	23/08/21	22/08/22	18/08/23	19/08/24	18/08/25	-	-	-