PANWPalo Alto Networks Inc
Computer Peripheral Equipment, NEC
- Revenue
- $11.5B
- 24% YoY
- Operating margin
- 6.1%
- 55% YoY
- EBITDA
- $1.6B
- 2.3% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- -0.3×
- −$523M net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear15× net incomeCash flow under 80% of net income
- Dilutive SBCFired15% of revenueOver 10% of revenue
- Payouts exceed cash flowClear22% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyFired45% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5.5B | $6.9B | $8.0B | $9.2B | $11.5B | 24% |
| Operating income | −$189M | $387M | $684M | $1.2B | $695M | 44% |
| Net income | −$267M | $440M | $2.6B | $1.1B | $307M | 73% |
| Operating cash flow | $2.0B | $2.8B | $3.3B | $3.7B | $4.6B | 23% |
| Capex | $193M | $146M | $157M | $247M | $440M | 78% |
| Stock-based comp | $1.0B | $1.1B | $1.1B | $1.3B | $1.8B | 37% |
| Buybacks | $892M | $273M | $567M | $0 | $1.0B |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $20M · 26
- Net
- −$20M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $80M | $814M | 499 | 253 |
| FY2025 | $100M | $267M | 261 | 200 |
| FY2024 | $58M | $105M | 244 | 162 |
| FY2023 | $151M | $266M | 188 | 120 |
| FY2022 | $10M | $209M | 125 | 94 |