Palo Alto Networks, Inc.
PANWNASDAQ
$354.68
Last price · USD
- Market cap
- $271.0B
- P/E
- 806.1x
- EV / EBITDA
- 194.8x
- P/S
- 23.6x
- FCF yield
- 1.5%
- Div. yield
- 0.00%
Multiples use last price and FY2026 annual figures. Market cap estimated from diluted shares.
Palo Alto Networks, Inc. cash flow statement
Annual · USD millions except per-share data · 32 lines
| Fiscal year | 2026 | 2025 | 2024 | 2023 | 2022 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 307 | 1,134 | 2,578 | 440 | (267) | — | |
| Depreciation & amortization | 855 | 343 | 283 | 282 | 283 | +31.9% | |
| Deferred income tax | (19) | (350) | (2,034) | 1,910 | (3) | — | |
| Stock-based compensation | 1,774 | 1,295 | 1,075 | 1,075 | 1,011 | +15.1% | |
| Change in working capital | 579 | 923 | 910 | 551 | 521 | +2.7% | |
| Accounts receivables | (154) | (154) | (1,020) | (1,059) | (902) | — | |
| Accounts payables | 43 | 107 | (15) | 1 | 69 | -11.2% | |
| Other working capital | 690 | 970 | 1,946 | 1,609 | 1,354 | -15.5% | |
| Other non-cash items | 1,057 | 371 | 445 | (1,480) | 440 | +24.5% | |
| Net cash from operating activities | 4,553 | 3,716 | 3,258 | 2,778 | 1,985 | +23.1% | |
| Operating cash flow | 4,553 | 3,716 | 3,258 | 2,778 | 1,985 | +23.1% | |
| Investing activities | |||||||
| Investments in PP&E | (440) | (246) | (157) | (146) | (193) | — | |
| Capital expenditure | (440) | (246) | (157) | (146) | (193) | — | |
| Acquisitions, net | (4,663) | (1,054) | (611) | (204) | (37) | — | |
| Purchases of investments | (3,694) | (3,696) | (3,551) | (5,460) | (2,272) | — | |
| Sales / maturities of investments | 5,693 | 2,792 | 2,809 | 3,777 | 1,568 | +38.0% | |
| Net cash from investing activities | (3,104) | (2,205) | (1,510) | (2,034) | (933) | — | |
| Financing activities | |||||||
| Net debt issuance | (150) | (966) | (1,034) | (1,692) | (1) | — | |
| Long-term net debt issuance | (150) | (966) | (1,034) | (1,692) | (1) | — | |
| Net stock issuance | (735) | 371 | (567) | (273) | (892) | — | |
| Common stock issuance | 265 | 371 | 0 | 0 | 0 | — | |
| Common stock repurchased | (1,000) | 0 | (567) | (273) | (892) | — | |
| Net common stock issuance | (735) | 371 | (567) | (273) | (892) | — | |
| Other financing activities | (317) | (184) | 257 | 238 | 86 | — | |
| Net cash from financing activities | (1,202) | (779) | (1,343) | (1,726) | (807) | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | (3) | 0 | 0 | 0 | 0 | — | |
| Net change in cash | 244 | 732 | 405 | (983) | 245 | -0.1% | |
| Cash at beginning of period | 2,279 | 1,547 | 1,142 | 2,125 | 1,880 | +4.9% | |
| Cash at end of period | 2,523 | 2,279 | 1,547 | 1,142 | 2,125 | +4.4% | |
| Free cash flow | 4,113 | 3,470 | 3,101 | 2,631 | 1,792 | +23.1% | |
| Income taxes paid | 199 | 506 | 342 | 147 | 35 | +54.9% | |
| Interest paid | 0 | 2 | 6 | 20 | 20 | — | |