PANW Palo Alto Networks, Inc. - Common Stock
NASDAQ · Technology · View on SEC EDGAR ↗ close Oct 6, 2026 10-K/10-Q Sep 10, 2026PANW Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| Dec. 16, 2024 | 2-for-1 | Forward |
| Sept. 14, 2022 | 3-for-1 | Forward |
About Palo Alto Networks, Inc. - Common Stock Company overview from Wikipedia
Palo Alto Networks, Inc. is an American multinational cybersecurity company with headquarters in Santa Clara, California. The core product is a platform that includes advanced firewalls and cloud-based offerings that extend those firewalls to cover other aspects of security. The company serves over 70,000 organizations in over 150 countries, including 85 of the Fortune 100. It is home to the Unit 42 threat research team and hosts the Ignite cybersecurity conference. It is a partner organization of the World Economic Forum.
In June 2018, former Google and SoftBank executive Nikesh Arora joined the company as Chairman and CEO.
History
Palo Alto Networks was founded in 2005 by Nir Zuk, a former engineer from Check Point and NetScreen Technologies. Zuk, an Israeli native, began working with computers during his mandatory military service in the Israel Defense Forces in the early 1990s and served as head of software development in Unit 8200, a branch of the Israeli Intelligence Corps.
The company debuted on the NYSE on July 20, 2012, raising $260 million with its initial public offering, which was the 4th-largest tech IPO of 2012. It remained on the NYSE until October 2021 when the company transferred its listing to Nasdaq.
In 2014, Palo Alto Networks founded the Cyber Threat Alliance with Fortinet, McAfee, and Symantec (now NortonLifeLock), a not-for-profit organization with the goal of improving cybersecurity "for the greater good" by encouraging cybersecurity organizations to collaborate by sharing cyber threat intelligence among members. By 2018, the organization had 20 members including Cisco, Check Point, Juniper Networks, and Sophos.
In 2018, the company began opening cybersecurity training facilities around the world as part of the Global Cyber Range Initiative.
In May 2018, the company announced Application Framework, an open cloud-delivered ecosystem where developers can publish security services as SaaS applications that can be instantly delivered to customers.
In 2019, the company announced the K2-Series, a 5G-ready next-generation firewall developed for service providers with 5G and IoT requirements. In February 2019, the company announced Cortex, an AI-based continuous security platform.
In May 2026, it was reported that Palo Alto hit a market capitalization of $200 billion USD for the first time.
In August 2026, China launched a security review into Palo Alto's products within the Chinese market.
Acquisitions
January 2014: Morta Security
April 2014: Cyvera for approximately $200 million
May 2015: CirroSecure
March 2017: LightCyber for approximately $100 million
March 2018: Cloud Security company Evident.io for $300 million. This acquisition created the Prisma Cloud division.
April 2018: Secdo
October 2018: RedLock for $173 million
February 2019: Demisto for $560 million
May 2019: Twistlock for $410 million
June 2019: PureSec for $47 million
September 2019: Zingbox for $75 million
November 2019: Aporeto, Inc. for $150 million
April 2020: CloudGenix, Inc. for $420 million
August 2020: Crypsis Group for $265 million
December 2020: Expanse for $1.25 billion.
February 2021: Bridgecrew for $156 million
November 2022: Cider Security for $300 million.
October 2023: Announced its intent to acquire Dig Security for $400 million
November 2023: Talon Cyber Security for $625 million
December 2023: Dig Security for $400 million
July 2025: Protect AI for $500 million
July 2025: Announced agreement to acquire CyberArk for $25 billion; completed February 2026
November 2025: Announced acquisition of Chronosphere for $3.35 billion; completed January 2026
February 2026: Koi Security for an estimated $400 million
April 2026: Announced agreement to acquire Portkey.
September 2026: Announced agreement to acquire Console for an estimated $500 million.
Threat research
Unit 42 is the Palo Alto Networks threat intelligence and security consulting team. They are a group of cybersecurity researchers and industry experts who use data collected by the company's security platform to discover new cyber threats, such as new forms of malware and malicious actors operating across the world. The group runs a popular blog where they post technical reports analyzing active threats and adversaries. Multiple Unit 42 researchers have been named in the MSRC Top 100, Microsoft's annual ranking of top 100 security researchers. In April 2020, the business unit consisting of Crypsis Group which provided digital forensics, incident response, risk assessment, and other consulting services merged with the Unit 42 threat intelligence team.
According to the FBI, Palo Alto Networks Unit 42 has helped solve multiple cybercrime cases, such as the Mirai Botnet and Clickfraud Botnet cases, the LuminosityLink RAT case, and assisted with "Operation Wire-Wire".
In 2018, Unit 42 discovered Gorgon, a hacking group believed to be operating out of Pakistan and targeting government organizations in the United Kingdom, Spain, Russia, and the United States. The group was detected sending spear-phishing emails attached to infected Microsoft Word documents using an exploit commonly used by cybercriminals and cyber-espionage campaigns.
In September 2018, Unit 42 discovered Xbash, a ransomware that also performs cryptomining, believed to be tied to the Chinese threat actor "Iron". Xbash is able to propagate like a worm and deletes databases stored on victim hosts. In October, Unit 42 warned of a new crypto mining malware, XMRig, that comes bundled with infected Adobe Flash updates. The malware uses the victim's computer's resources to mine Monero cryptocurrency.
In November 2018, Palo Alto Networks announced the discovery of "Cannon", a trojan being used to target United States and European government entities. The hackers behind the malware are believed to be Fancy Bear, the Russian hacking group believed to be responsible for hacking the Democratic National Committee in 2016. The malware communicates with its command and control server with email and uses encryption to evade detection.
In November 2024, Unit 42 released documentation reported to be interview scripts used by North Korean threat actors to gain employment as remote software developers with the goal of planting malware and funneling money back to the government.
In April 2026, Palo Alto researchers discovered how AI agents created in Google Cloud's Vertex AI could be used to perform malicious activities due to excessive access.
Products
In 2026, Palo Alto Networks announced a product called Unit 42 Continuous Frontier AI Defense, which uses AI to find threats on corporate networks.
== Financial indicators ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | PANW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 1049.85Y avg ≈217.1 | ≈217.1 | 54.3 | Overvalued | |
| P/S (TTM) | 29.85Y avg ≈10.0 | ≈10.0 | 9.0 | Overvalued | |
| P/B (MRQ) | 12.45Y avg ≈19.3 | ≈19.3 | 9.5 | Overvalued | |
| Price / FCF (TTM) | 83.25Y avg ≈17.4 | ≈17.4 | · | · | |
| Price / Cash Flow (TTM) | 75.25Y avg ≈25.0 | ≈25.0 | 22.8 | Overvalued | |
| Price / Tangible Book (MRQ) | 16.7 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | PANW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 70.4%5Y avg ≈71.8% | ≈71.8% | 76.8% | Weak | |
| Operating Margin (TTM) | 6.1%5Y avg ≈6.0% | ≈6.0% | 5.1% | Top tier | |
| EBITDA Margin (TTM) | 13.5%5Y avg ≈10.8% | ≈10.8% | 8.8% | Top tier | |
| Pretax Margin (TTM) | 4.7%5Y avg ≈7.7% | ≈7.7% | 4.7% | In line | |
| Net Profit Margin (TTM) | 2.7%5Y avg ≈9.7% | ≈9.7% | 5.1% | Below avg | |
| ROA (TTM) | 0.85%5Y avg ≈4.4% | ≈4.4% | 3.5% | Below avg | |
| ROE (TTM) | 1.7%5Y avg ≈10.6% | ≈10.6% | 24.3% | Weak | |
| ROIC | 1.5%5Y avg ≈-10.3% | ≈-10.3% | 10.9% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | PANW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 0.95Y avg ≈0.9 | ≈0.9 | 1.3 | Low liquidity | |
| Quick Ratio (MRQ) | 0.75Y avg ≈0.7 | ≈0.7 | 0.8 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | PANW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 24.5%5Y avg ≈22.1% | ≈22.1% | · | · | |
| Revenue CAGR 3Y | 18.5%5Y avg ≈21.8% | ≈21.8% | · | · | |
| Revenue CAGR 5Y | 21.9% | · | · | · | |
| EPS YoY | -75.0%5Y avg ≈112.6% | ≈112.6% | · | · | |
| Net Income YoY | -72.9%5Y avg ≈119.1% | ≈119.1% | · | · | |
| EPS CAGR 3Y | -14.5% | · | · | · | |
| Net Income CAGR 3Y | -11.3% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | PANW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.35Y avg ≈0.4 | ≈0.4 | 0.5 | Weak | |
| Inventory Turnover | 29.6 | · | 41.4 | Weak | |
| Receivables Turnover | 3.55Y avg ≈3.2 | ≈3.2 | 4.7 | Weak | |
| Revenue / Employee | ≈$523.7K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| Dec. 31, 2026 | Sep 1, 2026 | $1.02 | $1.00 | 2.4% |
| Sept. 30, 2026 | Jun 2, 2026 | $1.02 | $1.00 | 2.4% |
| June 30, 2026 | $0.85 | $0.81 | 4.8% | |
| March 31, 2026 | $1.03 | $0.96 | 7.2% | |
| Dec. 31, 2025 | $0.93 | $0.91 | 2.4% | |
| Sept. 30, 2025 | $0.95 | $0.90 | 5.3% | |
| June 30, 2025 | $0.80 | $0.79 | 1.8% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.48B | $9.22B | $8.03B | $6.89B | $5.50B | $4.26B | $3.41B | $2.90B | $2.27B | $1.76B | $1.38B | $928M | |
| Cost of Revenue | $3.40B | $2.45B | $2.06B | $1.91B | $1.72B | $1.27B | $1000M | $808M | $645M | $476M | $370M | $252M | |
| Gross Profit | $8.08B | $6.77B | $5.97B | $4.98B | $3.78B | $2.98B | $2.41B | $2.09B | $1.63B | $1.28B | $1.01B | $677M | |
| R&D Expense | $2.55B | $1.98B | $1.81B | $1.60B | $1.42B | $1.14B | $768M | $540M | $401M | $347M | $284M | $186M | |
| SG&A Expense | $899M | $443M | $680M | $448M | $405M | $391M | $300M | $262M | $258M | $198M | $138M | $102M | |
| Operating Expenses | $7.38B | $5.53B | $5.28B | $4.60B | $3.97B | $3.29B | $2.59B | $2.15B | $1.73B | $1.44B | $1.17B | $776M | |
| Operating Income | $695M | $1.24B | $684M | $387M | $-189M | $-304M | $-179M | $-54M | $-104M | $-166M | $-157M | $-100M | |
| Interest Expense | · | · | $8M | $27M | $27M | $163M | $89M | $84M | $30M | $24M | $23M | $22M | |
| Other Non-op | $64M | $25M | $-6M | $-10M | $-8M | $-700.0K | $1M | $-3M | $28M | $10M | $8M | $200.0K | |
| Pretax Income | $536M | $1.60B | $988M | $566M | $-207M | $-465M | $-232M | $-75M | $-105M | $-180M | $-172M | $-122M | |
| Income Tax | $229M | $462M | $-1.59B | $127M | $60M | $34M | $35M | $7M | $17M | $23M | $20M | $9M | |
| Net Income | $307M | $1.13B | $2.58B | $440M | $-267M | $-499M | $-267M | $-82M | $-122M | $-203M | $-193M | $-131M | |
| EPS (Basic) | $0.41 | $1.71 | $4.04 | $0.73 | $-0.90 | $-1.73 | $-2.76 | $-0.87 | · | · | · | · | |
| EPS (Diluted) | $0.40 | $1.60 | $3.64 | $0.64 | $-0.90 | $-1.73 | $-2.76 | $-0.87 | · | · | · | · | |
| Shares (Basic) | 749,000,000 | 663,000,000 | 638,000,000 | 606,400,000 | 295,600,000 | 289,100,000 | 96,900,000 | 94,500,000 | · | · | · | · | |
| Shares (Diluted) | 764,000,000 | 709,000,000 | 708,000,000 | 684,500,000 | 295,600,000 | 289,100,000 | 96,900,000 | 94,500,000 | · | · | · | · | |
| EBITDA | $1.55B | $1.59B | $967M | $670M | $94M | $-44M | $27M | $100M | $-33M | $-120M | $-147M | $-105M |
Balance Sheet
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.51B | $2.27B | $1.53B | $1.14B | $2.12B | $1.87B | $2.96B | $961M | $2.51B | $744M | $734M | $376M | |
| Short-term Investments | $557M | $635M | $1.04B | $1.25B | $1.52B | $1.03B | $790M | $1.84B | $896M | $631M | $551M | $413M | |
| Receivables | $3.63B | $2.96B | $2.62B | $2.46B | $2.14B | $1.24B | $1.04B | $582M | $467M | $432M | $349M | $212M | |
| Inventory | $117M | $113M | $116M | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $807M | $520M | $557M | $467M | $209M | $229M | $138M | $279M | $268M | $169M | $140M | $73M | |
| Current Assets | $8.64B | $7.52B | $6.85B | $6.05B | $6.41B | $4.65B | $5.13B | $3.66B | $4.14B | $1.98B | $1.77B | $1.07B | |
| PP&E (Net) | $523M | $387M | $361M | $354M | $358M | $318M | $348M | $296M | $273M | $211M | $117M | $63M | |
| PP&E (Gross) | $1.27B | $1.03B | $920M | $883M | $828M | $717M | $669M | $540M | $435M | $313M | $195M | $111M | |
| Accum. Depreciation | $747M | $639M | $559M | $528M | $470M | $399M | $321M | $244M | $162M | $102M | $78M | $48M | |
| Goodwill | $22.01B | $4.57B | $3.35B | $2.93B | $2.75B | $2.71B | $1.81B | $1.35B | $523M | $239M | $164M | $164M | |
| Intangibles | $7.02B | $763M | $375M | $315M | $384M | $499M | $358M | $281M | $141M | $54M | $44M | $53M | |
| Other Non-current Assets | $678M | $422M | $353M | $322M | $313M | $421M | $182M | $423M | $326M | $169M | $107M | $73M | |
| Total Assets | $48.46B | $23.58B | $19.99B | $14.50B | $12.25B | $10.24B | $9.07B | $6.59B | $5.95B | $3.44B | $2.86B | $1.97B | |
| Accounts Payable | $290M | $232M | $116M | $132M | $128M | $57M | $64M | $73M | $49M | $36M | $30M | $13M | |
| Accrued Liabilities | $838M | $846M | $507M | $391M | $399M | $329M | $257M | $162M | $125M | $80M | $39M | $28M | |
| Current Liabilities | $9.92B | $7.99B | $7.68B | $7.74B | $8.31B | $5.12B | $2.69B | $2.05B | $2.10B | $1.20B | $847M | $1.03B | |
| Capital Leases | $726M | $338M | $380M | $279M | $276M | $313M | $337M | $0 | · | · | · | · | |
| Deferred Tax | $251M | $89M | $388M | $28M | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $1.28B | $887M | $431M | $86M | $108M | $98M | $90M | $216M | $230M | $148M | $79M | $67M | |
| Total Liabilities | $20.97B | $15.75B | $14.82B | $12.75B | $12.04B | $9.48B | · | · | · | · | · | · | |
| Long-term Debt | · | · | · | $1.99B | $3.68B | $3.23B | $3.08B | $1.43B | $1.92B | $525M | $500M | $487M | |
| Common Stock | · | · | · | · | · | · | · | · | · | · | · | $8.0K | |
| Retained Earnings | $2.79B | $2.48B | $1.35B | $-1.23B | $-1.67B | $-1.67B | $-1.17B | $-901M | $-791M | $-837M | $-622M | $-501M | |
| AOCI | $-71M | $48M | $-2M | $-43M | $-56M | $-10M | $10M | $-4M | $-16M | $-3M | $1M | $-100.0K | |
| Stockholders' Equity | $27.49B | $7.82B | $5.17B | $1.75B | $210M | $634M | $1.10B | $1.59B | $1.16B | $760M | $895M | $488M | |
| Liabilities + Equity | $48.46B | $23.58B | $19.99B | $14.50B | $12.25B | $10.24B | $9.07B | $6.59B | $5.95B | $3.44B | $2.86B | $1.97B | |
| Shares Outstanding | 815,000,000 | 668,000,000 | 650,000,000 | 617,000,000 | 597,700,000 | 291,900,000 | 288,800,000 | 96,800,000 | 93,600,000 | 91,500,000 | 90,500,000 | 84,800,000 |
Cash Flow
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $855M | $343M | $284M | $282M | $283M | $260M | $206M | $154M | $96M | $60M | $43M | $29M | |
| Stock-based Comp | $1.77B | $1.29B | $1.08B | $1.07B | $1.01B | $894M | $658M | $568M | $497M | $474M | $393M | $221M | |
| Deferred Tax | · | $219M | $-1.70B | · | · | · | · | · | · | · | · | · | |
| Amort. of Intangibles | $640M | $166M | $121M | $105M | $127M | $118M | $77M | $54M | $16M | $10M | $9M | $8M | |
| Other Non-cash | $1.62B | $725M | $1.02B | $981M | $958M | $847M | $438M | $416M | $592M | $551M | $448M | $265M | |
| Operating Cash Flow | $4.55B | $3.72B | $3.26B | $2.78B | $1.98B | $1.50B | $1.04B | $1.06B | $1.04B | $869M | $659M | $353M | |
| CapEx | $440M | $247M | $157M | $146M | $193M | $116M | $214M | $131M | $112M | $163M | $72M | $34M | |
| Investing Cash Flow | $-3.10B | $-2.21B | $-1.51B | $-2.03B | $-933M | $-1.48B | $288M | $-1.83B | $-520M | $-473M | $-339M | $-679M | |
| Stock Repurchased | $1.00B | $0 | $567M | $273M | $892M | $1.18B | $1.20B | $330M | $259M | $411M | $0 | $0 | |
| Net Stock Activity | $-1.00B | $0 | $-567M | $-273M | $-892M | $-1.18B | $-1.20B | $-330M | $-259M | $-411M | · | $0 | |
| Financing Cash Flow | $-1.20B | $-779M | $-1.34B | $-1.73B | $-807M | $-1.10B | $673M | $-774M | $1.25B | $-386M | $39M | $48M | |
| Net Change in Cash | $244M | $732M | $405M | $-983M | $245M | $-1.08B | $2.00B | $-1.54B | $1.76B | $10M | $359M | $-278M | |
| Taxes Paid | $199M | $505M | $342M | $147M | $35M | $25M | $17M | $22M | $11M | $9M | $7M | $18M | |
| Free Cash Flow | $4.11B | $3.47B | $3.10B | $2.63B | $1.79B | $1.39B | $821M | $924M | $925M | $705M | $586M | $316M | |
| Levered FCF | · | · | $3.08B | $2.61B | $1.76B | $1.21B | $719M | $832M | $891M | $678M | $560M | $293M |
Profitability
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.4% | 73.4% | 74.4% | 72.3% | 68.8% | 70.0% | 70.7% | 72.1% | 71.6% | 73.0% | 73.2% | 72.9% | |
| Operating Margin | 6.0% | 13.5% | 8.5% | 5.6% | -3.4% | -7.1% | -5.2% | -1.9% | -5.7% | -10.2% | -13.8% | -14.4% | |
| Net Margin | 2.7% | 12.3% | 32.1% | 6.4% | -4.9% | -11.7% | -7.8% | -2.8% | -6.5% | -12.3% | -16.4% | -17.8% | |
| Pretax Margin | 4.7% | 17.3% | 12.3% | 8.2% | -3.8% | -10.9% | -6.8% | -2.6% | -5.7% | -11.0% | -14.9% | -16.8% | |
| EBITDA Margin | 13.5% | 17.2% | 12.0% | 9.7% | 1.7% | -1.0% | 0.80% | 3.4% | -1.4% | -6.8% | -10.7% | -11.3% | |
| ROA | 0.85% | 5.2% | 14.9% | 3.3% | -2.4% | -5.2% | -3.4% | -1.3% | -3.2% | -6.9% | -9.6% | -9.6% | |
| ROE | 1.7% | 16.0% | 53.5% | 44.9% | -63.2% | -57.5% | -19.9% | -6.0% | -17.1% | -26.2% | -35.4% | -34.5% | |
| ROIC | 1.5% | 11.3% | 34.5% | 17.2% | -115.9% | -51.4% | -18.7% | -3.7% | -15.2% | -26.4% | -26.5% | -29.0% |
Liquidity & Solvency
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 0.9 | 0.9 | 0.8 | 0.8 | 0.9 | 1.9 | 1.8 | 1.9 | 1.6 | 2.0 | 1.0 | |
| Quick Ratio | 0.7 | 0.7 | 0.7 | 0.6 | 0.7 | 0.8 | 1.8 | 1.6 | 1.8 | 1.5 | 1.9 | 1.0 | |
| Interest Coverage | · | · | 82.4 | 14.2 | -6.9 | -1.9 | -2.0 | -0.6 | -4.4 | -7.3 | -8.1 | -6.0 |
Efficiency
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.4 | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | 0.5 | 0.5 | 0.6 | 0.6 | 0.5 | |
| Inventory Turnover | 29.6 | 21.4 | · | · | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 3.5 | 3.3 | 3.2 | 3.0 | 3.3 | 3.7 | 4.2 | 5.5 | 5.1 | 4.5 | 4.9 | 5.3 |
Per Share
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $33.73 | $11.71 | $15.90 | $5.67 | $2.11 | $6.52 | $11.44 | $16.39 | $10.32 | $8.30 | $8.73 | $5.75 | |
| Revenue / Share | $15.03 | $13.00 | $22.68 | $20.14 | $55.85 | $44.15 | · | · | · | · | · | · | |
| Cash Flow / Share | $5.96 | $5.24 | $9.20 | $8.11 | $20.15 | $15.59 | · | · | · | · | · | · | |
| Cash / Share | $3.08 | $3.40 | $4.72 | $3.68 | $21.27 | $19.26 | $30.72 | $9.93 | $26.78 | $8.13 | $8.11 | $4.43 | |
| EPS (TTM) | $0.40 | $1.60 | $3.64 | $0.64 | $-0.90 | $-1.73 | $-2.76 | $-0.87 | $-1.35 | $-0.41 | $-0.41 | $-0.41 |
Growth Rates
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 24.5% | 14.9% | 16.5% | 25.3% | 29.3% | 24.9% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 18.5% | 18.8% | 23.5% | 26.5% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 21.9% | 22.0% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -75.0% | -56.0% | 468.8% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -14.5% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -72.9% | -56.0% | 486.3% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -11.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $11.48B | $9.22B | $8.03B | $6.89B | $5.50B | $4.26B | $3.41B | $2.90B | $2.27B | $1.76B | $1.38B | $928M | |
| Net Income TTM | $307M | $1.13B | $2.58B | $440M | $-267M | $-499M | $-267M | $-82M | $-122M | $-203M | $-193M | $-131M | |
| Market Cap | $270.44B | $115.95B | $52.78B | $38.53B | $8.29B | $6.47B | $4.11B | $3.65B | $3.09B | $2.01B | $1.97B | $2.63B | |
| P/E | 829.6 | 108.5 | 44.6 | 195.3 | -92.4 | -38.4 | -15.5 | -43.4 | -24.5 | -53.6 | -53.2 | -75.5 | |
| P/S | 23.6 | 12.6 | 6.6 | 5.6 | 1.5 | 1.5 | 1.2 | 1.3 | 1.4 | 1.1 | 1.4 | 2.8 | |
| P/B | 9.8 | 14.8 | 10.2 | 22.0 | 39.5 | 10.2 | 3.7 | 2.3 | 3.2 | 2.6 | 2.5 | 5.4 | |
| P / Tangible Book | · | 46.5 | 36.6 | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 59.4 | 31.2 | 16.2 | 13.9 | 4.2 | 4.3 | 4.0 | 3.5 | 3.0 | 2.3 | 3.0 | 7.5 | |
| P / FCF | · | 33.4 | 17.0 | 14.6 | 4.6 | 4.7 | 5.0 | 4.0 | 3.3 | 2.9 | 3.4 | 8.3 | |
| Earnings Yield | 0.12% | 0.92% | 2.2% | 0.51% | -1.1% | -2.6% | -6.5% | -2.3% | -4.1% | -1.9% | -1.9% | -1.3% |
Income Statement
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.41B | $3.00B | $2.59B | $2.47B | $2.54B | $2.29B | $2.26B | $2.14B | $2.19B | $1.98B | $1.98B | $1.88B | $1.95B | $1.72B | $1.66B | $1.56B | |
| Cost of Revenue | $1.11B | $974M | $685M | $638M | $679M | $619M | $599M | $554M | $574M | $514M | $499M | $473M | $507M | $475M | $466M | $462M | |
| Gross Profit | $2.30B | $2.03B | $1.91B | $1.84B | $1.86B | $1.67B | $1.66B | $1.58B | $1.62B | $1.47B | $1.48B | $1.41B | $1.45B | $1.25B | $1.19B | $1.10B | |
| R&D Expense | $779M | $734M | $511M | $528M | $504M | $494M | $505M | $481M | $495M | $457M | $448M | $410M | $414M | $414M | $404M | $372M | |
| SG&A Expense | $226M | $316M | $178M | $179M | $27M | $164M | $154M | $98M | $140M | $119M | $302M | $120M | $115M | $114M | $119M | $100M | |
| Operating Expenses | $2.13B | $2.21B | $1.51B | $1.53B | $1.36B | $1.45B | $1.42B | $1.30B | $1.38B | $1.29B | $1.42B | $1.19B | $1.19B | $1.17B | $1.15B | $1.09B | |
| Operating Income | $172M | $-183M | $397M | $309M | $497M | $219M | $241M | $286M | $238M | $177M | $54M | $215M | $254M | $79M | $40M | $15M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $2M | $3M | $3M | · | $8M | $7M | $7M | |
| Other Non-op | $-12M | $8M | $59M | $9M | $16M | $8M | $-4M | $5M | $-100.0K | $-6M | $6M | $-6M | $-1M | $-4M | $2M | $-8M | |
| Pretax Income | $-269M | $-156M | $549M | $412M | $592M | $311M | $325M | $368M | $319M | $251M | $136M | $283M | $316M | $131M | $84M | $34M | |
| Income Tax | $13M | $21M | $117M | $78M | $338M | $49M | $58M | $17M | $-39M | $-28M | $-1.61B | $88M | $89M | $23M | $200.0K | $14M | |
| Net Income | $-282M | $-177M | $432M | $334M | $254M | $262M | $267M | $351M | $358M | $279M | $1.75B | $194M | $228M | $108M | $84M | $20M | |
| EPS (Basic) | $-0.47 | $-0.22 | $0.61 | $0.49 | $0.37 | $0.39 | $0.41 | $0.54 | $0.25 | $0.43 | $2.73 | $0.63 | $0.03 | $0.35 | $0.28 | $0.07 | |
| EPS (Diluted) | $-0.46 | $-0.22 | $0.61 | $0.47 | $0.36 | $0.37 | $0.38 | $0.49 | $0.25 | $0.39 | $2.44 | $0.56 | $0.02 | $0.31 | $0.25 | $0.06 | |
| Shares (Basic) | · | 801,000,000 | 704,000,000 | 679,000,000 | · | 665,000,000 | 659,000,000 | 654,000,000 | · | 645,800,000 | 639,300,000 | 310,100,000 | · | 303,900,000 | 302,300,000 | 299,800,000 | |
| Shares (Diluted) | · | 801,000,000 | 711,000,000 | 709,000,000 | · | 707,000,000 | 709,000,000 | 709,000,000 | · | 709,300,000 | 715,000,000 | 349,800,000 | · | 344,700,000 | 331,600,000 | 338,400,000 | |
| EBITDA | · | $-183M | $397M | $398M | · | $219M | $240M | $370M | · | $177M | $54M | $280M | · | $79M | $40M | $86M |
Balance Sheet
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.51B | $2.36B | $4.16B | $3.07B | $2.27B | $2.38B | $2.23B | $2.28B | $1.53B | $1.37B | $1.78B | $2.49B | $1.14B | $1.99B | $1.35B | $2.07B | |
| Short-term Investments | $557M | $747M | $378M | $1.14B | $635M | $917M | $1.01B | $1.11B | $1.04B | $1.52B | $1.59B | $1.40B | · | $1.97B | $2.00B | $1.74B | |
| Receivables | $3.63B | $2.85B | $2.12B | $1.34B | $2.96B | $1.95B | $1.50B | $1.13B | $2.62B | $1.72B | $1.90B | $1.41B | · | $1.44B | $1.28B | $1.24B | |
| Inventory | $117M | · | · | · | $113M | · | · | · | $116M | · | · | · | · | · | · | · | |
| Prepaid Expense | $807M | $705M | $621M | $605M | $520M | $524M | $480M | $546M | $557M | $404M | $406M | $396M | · | $694M | $467M | $381M | |
| Current Assets | $8.64B | $7.71B | $8.37B | $7.31B | $7.52B | $6.90B | $6.34B | $6.24B | $6.85B | $5.92B | $6.45B | $6.48B | · | $6.41B | $5.41B | $5.73B | |
| PP&E (Net) | $523M | $506M | $485M | $394M | $387M | $367M | $358M | $361M | $361M | $350M | $352M | $353M | · | $342M | $345M | $354M | |
| PP&E (Gross) | $1.27B | · | · | · | $1.03B | · | · | · | $920M | · | · | · | · | · | · | · | |
| Accum. Depreciation | $747M | · | · | · | $639M | · | · | · | $559M | · | · | · | · | · | · | · | |
| Goodwill | $22.01B | $21.90B | $6.93B | $4.57B | $4.57B | $4.05B | $4.05B | $4.05B | $3.35B | $3.37B | $3.37B | $2.93B | · | $2.93B | $2.91B | $2.75B | |
| Intangibles | $7.02B | $7.28B | $1.25B | $723M | $763M | $730M | $771M | $810M | $375M | $408M | $440M | $290M | · | $341M | $362M | $355M | |
| Other Non-current Assets | $678M | $593M | $427M | $390M | $422M | $397M | $365M | $380M | $353M | $321M | $326M | $343M | · | $686M | $556M | $478M | |
| Total Assets | $48.46B | $46.27B | $24.98B | $23.54B | $23.58B | $22.00B | $20.95B | $20.37B | $19.99B | $17.93B | $18.29B | $14.81B | · | $14.17B | $13.16B | $12.54B | |
| Accounts Payable | $290M | $293M | $262M | $223M | $232M | $235M | $149M | $212M | $116M | $109M | $179M | $132M | · | $92M | $128M | $126M | |
| Accrued Liabilities | $838M | $760M | $937M | $665M | $846M | $825M | $778M | $683M | $507M | $413M | $394M | $372M | · | $376M | $329M | $380M | |
| Current Liabilities | $9.92B | $9.01B | $8.01B | $7.42B | $7.99B | $7.71B | $7.55B | $7.40B | $7.68B | $7.08B | $7.77B | $7.51B | · | $8.64B | $8.48B | $8.20B | |
| Capital Leases | $726M | $719M | $372M | $346M | $338M | $346M | $363M | $380M | $380M | $370M | $363M | $276M | · | $264M | $274M | $283M | |
| Deferred Tax | $251M | $259M | $75M | $96M | $89M | $26M | $116M | $251M | $388M | $503M | $588M | · | · | · | · | · | |
| Other Non-current Liabilities | $1.28B | $930M | $949M | $913M | $887M | $878M | $883M | $844M | $431M | $353M | $318M | $138M | · | $90M | $74M | $119M | |
| Total Liabilities | $20.97B | $18.60B | $15.59B | $14.87B | $15.75B | $14.77B | $14.58B | $14.46B | $14.82B | $13.46B | $13.93B | $12.64B | · | $12.94B | $12.43B | $12.04B | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $3.68B | $3.68B | $3.68B | |
| Retained Earnings | $2.79B | $3.07B | $3.25B | $2.82B | $2.48B | $2.23B | $1.97B | $1.70B | $1.35B | $992M | $714M | $-1.03B | · | $-1.46B | $-1.56B | $-1.65B | |
| AOCI | $-71M | $-13M | $46M | $67M | $48M | $48M | $-14M | $-4M | $-2M | $-55M | $-6M | $-93M | · | $-21M | $-11M | $-111M | |
| Stockholders' Equity | $27.49B | $27.67B | $9.39B | $8.66B | $7.82B | $7.23B | $6.38B | $5.91B | $5.17B | $4.47B | $4.36B | $2.17B | $1.75B | $1.23B | $729M | $508M | |
| Liabilities + Equity | $48.46B | $46.27B | $24.98B | $23.54B | $23.58B | $22.00B | $20.95B | $20.37B | $19.99B | $17.93B | $18.29B | $14.81B | · | $14.17B | $13.16B | $12.54B | |
| Shares Outstanding | 815,000,000 | 813,000,000 | 703,000,000 | 692,000,000 | 668,000,000 | 665,900,000 | 660,400,000 | 327,700,000 | 650,000,000 | 323,400,000 | 322,700,000 | 313,700,000 | 616,700,000 | 305,600,000 | 302,400,000 | 302,300,000 |
Cash Flow
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $341M | $334M | $91M | $89M | $84M | $88M | $87M | $84M | $77M | $74M | $69M | $64M | $69M | $72M | $70M | $71M | |
| Stock-based Comp | $460M | $643M | $301M | $370M | $354M | $326M | $321M | $295M | $270M | $264M | $272M | $271M | $254M | $271M | $283M | $266M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | $7M | $1.70B | · | · | · | · | · | |
| Amort. of Intangibles | $281M | $280M | $39M | $40M | $37M | $43M | $45M | $41M | $34M | $33M | $28M | $25M | $25M | $26M | $25M | $29M | |
| Other Non-cash | · | · | · | $978M | · | · | · | $781M | · | · | · | $996M | · | · | · | $880M | |
| Operating Cash Flow | $1.36B | $871M | $554M | $1.77B | $1.02B | $629M | $557M | $1.51B | $513M | $529M | $690M | $1.53B | $414M | $432M | $695M | $1.24B | |
| CapEx | $103M | $83M | $170M | $84M | $87M | $68M | $48M | $44M | $48M | $37M | $35M | $37M | $37M | $31M | $38M | $40M | |
| Investing Cash Flow | $-1.01B | $-1.77B | $651M | $-983M | $-763M | $-518M | $-381M | $-544M | $-169M | $113M | $-1.33B | $-129M | $363M | $88M | $-1.16B | $-1.32B | |
| Stock Repurchased | $0 | · | · | · | $0 | $0 | $0 | $0 | $300.0K | $500M | $0 | $67M | $0 | $0 | $250M | $23M | |
| Net Stock Activity | · | · | · | · | · | · | · | $0 | · | · | $0 | $-67M | · | · | · | $-23M | |
| Financing Cash Flow | $-197M | $-899M | $-114M | $8M | $-374M | $47M | $-232M | $-220M | $-179M | $-1.05B | $-73M | $-42M | $-1.63B | $128M | $-251M | $31M | |
| Net Change in Cash | $149M | $-1.79B | $1.09B | $796M | $-116M | $158M | $-56M | $746M | $165M | $-407M | $-708M | $1.36B | $-858M | $648M | $-721M | $-52M | |
| Free Cash Flow | · | · | · | $1.69B | · | · | · | $1.47B | · | · | · | $1.49B | · | · | · | $1.20B | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | $1.49B | · | · | · | $1.19B |
Profitability
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | 67.5% | 73.6% | 74.2% | · | 72.9% | 73.5% | 74.1% | · | 74.1% | 74.7% | 74.8% | · | 72.4% | 71.8% | 70.5% | |
| Operating Margin | · | -6.1% | 15.3% | 12.5% | · | 9.6% | 10.7% | 13.4% | · | 8.9% | 2.7% | 11.5% | · | 4.6% | 2.4% | 0.97% | |
| Net Margin | · | -5.9% | 16.7% | 13.5% | · | 11.5% | 11.8% | 16.4% | · | 14.1% | 88.4% | 10.3% | · | 6.3% | 5.1% | 1.3% | |
| Pretax Margin | · | -5.2% | 21.2% | 16.7% | · | 13.6% | 14.4% | 17.2% | · | 12.7% | 6.9% | 15.0% | · | 7.6% | 5.1% | 2.2% | |
| EBITDA Margin | · | -6.1% | 15.3% | 16.1% | · | 9.6% | 10.7% | 17.3% | · | 8.9% | 2.7% | 14.9% | · | 4.6% | 2.4% | 5.5% | |
| ROA | · | -0.52% | 1.9% | 1.5% | · | 1.3% | 1.4% | 2.0% | · | 1.7% | 11.1% | 1.4% | · | 0.85% | 0.71% | 0.17% | |
| ROE | · | -1.0% | 5.5% | 4.6% | · | 4.5% | 5.0% | 8.7% | · | 9.8% | 68.7% | 14.5% | · | 13.7% | 19.9% | 3.9% | |
| ROIC | · | -0.75% | 3.3% | 2.9% | · | 2.5% | 3.1% | 4.6% | · | 4.4% | 15.9% | 6.8% | · | 5.2% | 5.5% | 1.7% |
Liquidity & Solvency
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 0.9 | 1.0 | 1.0 | · | 0.9 | 0.8 | 0.8 | · | 0.8 | 0.8 | 0.9 | · | 0.7 | 0.6 | 0.7 | |
| Quick Ratio | · | 0.7 | 0.8 | 0.7 | · | 0.7 | 0.6 | 0.6 | · | 0.7 | 0.7 | 0.7 | · | 0.6 | 0.5 | 0.6 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 76.8 | 19.1 | 74.2 | · | 10.1 | 5.8 | 2.2 |
Efficiency
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | |
| Receivables Turnover | · | 1.3 | 1.4 | 2.0 | · | 1.2 | 1.3 | 1.7 | · | 1.3 | 1.2 | 1.4 | · | 1.3 | 1.5 | 1.5 |
Per Share
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | $34.03 | $13.36 | $12.52 | · | $10.86 | $9.65 | $18.04 | · | $13.82 | $13.50 | $6.92 | · | $4.03 | $2.41 | $1.68 | |
| Revenue / Share | · | $3.75 | $3.65 | $3.49 | · | $3.24 | $3.18 | $6.03 | · | $5.60 | $5.52 | $5.37 | · | $4.99 | $4.99 | $4.62 | |
| Cash Flow / Share | · | · | · | $2.50 | · | · | · | $4.26 | · | · | · | $4.36 | · | · | · | $3.65 | |
| Cash / Share | · | $2.91 | $5.91 | $4.43 | · | $3.58 | $3.37 | $6.97 | · | $4.25 | $5.52 | $7.94 | · | $6.52 | $4.45 | $6.84 | |
| EPS (TTM) | · | $1.22 | $1.81 | $1.58 | · | $1.49 | $1.51 | $3.57 | · | $3.41 | $3.33 | $1.14 | · | $0.64 | $0.08 | $-0.49 |
Valuation (TTM)
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $10.61B | $9.89B | $9.56B | · | $8.87B | $8.57B | $8.29B | · | $7.79B | $7.53B | $7.21B | · | $6.49B | $6.16B | $5.82B | |
| Net Income TTM | · | $843M | $1.28B | $1.12B | · | $1.24B | $1.25B | $2.73B | · | $2.45B | $2.28B | $614M | · | $215M | $34M | $-143M | |
| Market Cap | · | $145.79B | $124.63B | $152.41B | · | $124.48B | $121.79B | $59.04B | · | $47.04B | $54.62B | $38.12B | · | $27.88B | $23.99B | $25.94B | |
| P/E | · | 147.0 | 97.9 | 139.4 | · | 125.5 | 122.1 | 50.5 | · | 42.7 | 50.8 | 106.6 | · | 142.5 | 991.5 | -175.1 | |
| P/S | · | 13.7 | 12.6 | 15.9 | · | 14.0 | 14.2 | 7.1 | · | 6.0 | 7.3 | 5.3 | · | 4.3 | 3.9 | 4.5 | |
| P/B | · | 5.3 | 13.3 | 17.6 | · | 17.2 | 19.1 | 10.0 | · | 10.5 | 12.5 | 17.6 | · | 22.6 | 32.9 | 51.1 | |
| P / Tangible Book | · | · | 102.7 | 45.2 | · | 50.8 | 78.4 | 56.2 | · | 68.4 | 100.3 | · | · | · | · | · | |
| P / Cash Flow | · | · | · | 86.1 | · | · | · | 39.1 | · | · | · | 25.0 | · | · | · | 21.0 | |
| Earnings Yield | · | 0.68% | 1.0% | 0.72% | · | 0.80% | 0.82% | 2.0% | · | 2.3% | 2.0% | 0.94% | · | 0.70% | 0.10% | -0.57% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2026-07-31 | 2025-07-31 | 2024-07-31 | 2023-07-31 | 2022-07-31 |
|---|---|---|---|---|---|
| Revenue | $11.48B | $9.22B | $8.03B | $6.89B | $5.50B |
| Gross Margin % | 70.4% | 73.4% | 74.4% | 72.3% | 68.8% |
| Operating Margin % | 6.0% | 13.5% | 8.5% | 5.6% | -3.4% |
| Net Income | $307M | $1.13B | $2.58B | $440M | $-267M |
| Diluted EPS | $0.40 | $1.60 | $3.64 | $0.64 | $-0.90 |
| Metric | 2026-07-31 | 2025-07-31 | 2024-07-31 | 2023-07-31 | 2022-07-31 |
|---|---|---|---|---|---|
| Current Ratio | 0.9 | 0.9 | 0.9 | 0.8 | 0.8 |
| Quick Ratio | 0.7 | 0.7 | 0.7 | 0.6 | 0.7 |
| Metric | 2026-07-31 | 2025-07-31 | 2024-07-31 | 2023-07-31 | 2022-07-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $4.11B | $3.47B | $3.10B | $2.63B | $1.79B |
Institutional owners (13F) 3,181 filers · $253.4B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 581 (+272 vs prior Q) | 113 (-152 vs prior Q) | 982 (-298 vs prior Q) | 1,156 (+377 vs prior Q) | +40.5M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $25,833,461,719 | 75,753,509 | 10.19% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $18,118,095,231 | 53,129,128 | 7.15% | Shares |
| STATE STREET CORP | $12,610,748,067 | 36,979,497 | 4.98% | Shares |
| VANGUARD GROUP INC | $12,512,533,405 | 67,929,063 | 4.94% | Shares |
| MORGAN STANLEY | $10,043,078,128 | 29,450,112 | 3.96% | Shares |
| Invesco Ltd. | $8,746,462,633 | 25,647,946 | 3.45% | Shares |
| BANK OF AMERICA CORP /DE/ | $7,734,973,398 | 22,681,876 | 3.05% | Shares |
| JPMORGAN CHASE & CO | $7,209,572,228 | 21,715,578 | 2.84% | Shares |
| FMR LLC | $6,838,972,438 | 20,054,462 | 2.70% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $6,667,205,495 | 19,615,573 | 2.63% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $6,597,935,262 | 19,347,649 | 2.60% | Shares |
| NORGES BANK | $3,325,174,847 | 9,750,674 | 1.31% | Shares |
| Nuveen, LLC | $3,073,737,999 | 9,013,366 | 1.21% | Shares |
| NORTHERN TRUST CORP | $2,986,583,932 | 8,757,797 | 1.18% | Shares |
| PeakShares LLC | $2,745,552,000 | 8,051 | 1.08% | Shares |
| GOLDMAN SACHS GROUP INC | $2,705,505,139 | 7,933,568 | 1.07% | Shares |
| JANE STREET GROUP, LLC | $2,542,556,455 | 7,455,740 | 1.00% | Put option |
| ROYAL BANK OF CANADA | $2,373,306,000 | 6,959,433 | 0.94% | Shares |
| UBS Group AG | $2,304,645,896 | 6,758,096 | 0.91% | Shares |
| JANE STREET GROUP, LLC | $2,295,657,975 | 6,731,740 | 0.91% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,266,896,348 | 6,647,400 | 0.89% | Put option |
| AMERIPRISE FINANCIAL INC | $2,246,610,641 | 6,563,374 | 0.89% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,185,324,364 | 6,408,200 | 0.86% | Call option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $2,176,680,530 | 6,382,853 | 0.86% | Shares |
| WELLS FARGO & COMPANY/MN | $2,035,539,922 | 5,968,975 | 0.80% | Shares |
| Legal & General Group Plc | $1,968,304,348 | 5,771,815 | 0.78% | Shares |
| Fisher Asset Management, LLC | $1,962,907,564 | 5,755,989 | 0.77% | Shares |
| Amundi | $1,847,450,438 | 5,417,426 | 0.73% | Shares |
| FIRST TRUST ADVISORS LP | $1,792,233,701 | 5,255,509 | 0.71% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,590,279,589 | 4,663,303 | 0.63% | Shares |
| Bank of New York Mellon Corp | $1,569,755,398 | 4,603,119 | 0.62% | Shares |
| DEUTSCHE BANK AG\ | $1,481,236,058 | 4,343,546 | 0.58% | Shares |
| Clearbridge Investments, LLC | $1,416,968,256 | 4,155,088 | 0.56% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $1,294,256,947 | 8,072,960 | 0.51% | Shares |
| CITADEL ADVISORS LLC | $1,228,313,118 | 3,601,880 | 0.48% | Call option |
| CITADEL ADVISORS LLC | $1,144,128,920 | 3,355,020 | 0.45% | Put option |
| BARCLAYS PLC | $1,068,320,172 | 3,132,720 | 0.42% | Shares |
| BANK OF MONTREAL /CAN/ | $1,013,249,877 | 2,971,233 | 0.40% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $996,573,850 | 2,923,047 | 0.39% | Shares |
| UBS Group AG | $953,202,394 | 2,795,151 | 0.38% | Call option |
| WELLINGTON MANAGEMENT GROUP LLP | $946,066,209 | 2,774,225 | 0.37% | Shares |
| FRANKLIN RESOURCES INC | $904,108,039 | 2,651,188 | 0.36% | Shares |
| Swedbank AB | $827,361,239 | 2,426,137 | 0.33% | Shares |
| CITIGROUP INC | $800,186,552 | 2,346,450 | 0.32% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $780,564,770 | 2,288,912 | 0.31% | Shares |
| Swiss National Bank | $780,020,161 | 2,287,315 | 0.31% | Shares |
| Pictet Asset Management Holding SA | $771,822,584 | 2,264,528 | 0.30% | Shares |
| RAYMOND JAMES FINANCIAL INC | $752,469,508 | 2,206,527 | 0.30% | Shares |
| JANE STREET GROUP, LLC | $750,411,782 | 2,200,492 | 0.30% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $735,042,351 | 2,155,423 | 0.29% | Shares |
Company insiders 37 insiders · 15 officers · 24 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Nikesh Arora | Chief Executive Officer | June 30, 2026 I | 343,394 | 2 | 0 | $9,999,705 |
| Dipak Golechha | EVP, Chief Financial Officer | Sept. 24, 2026 S | 117,750 | 0 | 18 | $-13,959,974 |
| Jean Compeau | Deputy CFO & CAO | Aug. 20, 2021 A | 24,119 | 0 | 0 | $0 |
| Luis Felipe Visoso | EVP, Chief Financial Officer | Dec. 5, 2020 A | 51,475 | 0 | 0 | $0 |
| Kathleen Bonanno | EVP, Chief Financial Officer | April 30, 2020 F | 39,362 | 0 | 0 | $0 |
| Steffan Tomlinson | Chief Financial Officer | Nov. 20, 2017 F | 102,285 | 0 | 0 | $0 |
| William D Jenkins Jr | President | June 4, 2026 I | 148,217 | 0 | 3 | $-1,336,493 |
| Amit K. Singh | President | Aug. 2, 2021 F | 114,630 | 0 | 0 | $0 |
| Mark Anderson | President | Oct. 20, 2018 F | 99,738 | 0 | 0 | $0 |
| Josh D. Paul | Chief Accounting Officer | Oct. 1, 2026 S | 77,987 | 0 | 11 | $-2,395,223 |
| Lee Klarich | EVP Chief Product & Tech Ofcr | Sept. 30, 2026 G | 615,070 | 0 | 35 | $-114,434,939 |
| Nir Zuk | EVP, Chief Technology Officer | Aug. 1, 2025 S | 3,143,516 | 0 | 0 | $0 |
| Rene Bonvanie | EVP, Chief Marketing Officer | July 19, 2019 F | 29,691 | 0 | 0 | $0 |
| Haoying (Wilson) Xu | SVP, Engineering | Aug. 15, 2014 S | 67,052 | 0 | 0 | $0 |
| Rajiv Batra | VP, Engineering | March 3, 2014 S | 125,500 | 0 | 0 | $0 |
| Aparna Bawa | Director | Sept. 24, 2026 S | 4,677 | 0 | 10 | $-1,466,763 |
| James J Goetz | Director | Sept. 17, 2026 S | 0 | 0 | 23 | $-21,741,208 |
| John P. Key | Director | Sept. 14, 2026 S | 10,000 | 0 | 3 | $-3,306,834 |
| Helle Thorning-Schmidt | Director | Sept. 1, 2026 F | 5,687 | 0 | 1 | $-242,795 |
| Mark A. Goodburn | Director | Dec. 10, 2025 A | 5,728 | 0 | 0 | $0 |
| Mary Pat Mccarthy | Director | Dec. 9, 2025 A | 55,023 | 0 | 0 | $0 |
| Lorraine Twohill | Director | Dec. 9, 2025 A | 44,481 | 0 | 0 | $0 |
| Carl M. Eschenbach | Director | Dec. 9, 2025 A | 22,123 | 0 | 0 | $0 |
| John Donovan | Director | Dec. 9, 2025 A | 14,188 | 0 | 0 | $0 |
| Ralph Hamers | Director | March 11, 2025 A | 5,171 | 0 | 0 | $0 |
| Helene D Gayle | Director | Dec. 10, 2024 A | 13,050 | 0 | 0 | $0 |
| Mark D Mclaughlin | Director | Oct. 25, 2022 S | 127,179 | 0 | 0 | $0 |
| Asheem Chandna | Director | Dec. 14, 2021 A | 11,510 | 0 | 0 | $0 |
| Daniel J Warmenhoven | Director | Dec. 9, 2019 A | 4,681 | 0 | 0 | $0 |
| Sridhar Ramaswamy | Director | Dec. 7, 2018 A | 9,093 | 0 | 0 | $0 |
| Frank Calderoni | Director | Dec. 7, 2018 A | 13,290 | 0 | 0 | $0 |
| Stanley J Meresman | Director | Dec. 4, 2018 S | 0 | 0 | 0 | $0 |
| Charles J Robel | Director | June 10, 2014 M | 9,836 | 0 | 0 | $0 |
| Venky Ganesan | Director | Oct. 23, 2012 S | 0 | 0 | 0 | $0 |
| William A Lanfri | Director | Oct. 23, 2012 S | 720,186 | 0 | 0 | $0 |
| Shlomo Kramer | Director | July 25, 2012 C | 865,524 | 0 | 0 | $0 |
| Greylock XI GP Limited Partnership | 10% owner | June 13, 2013 J | 4,356,061 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 173 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PALU · Direxion Shares ETF Trust | 15.04% | 11,853 NS | July 31, 2026 | N-PORT |
| IGV · iShares Trust | 9.36% | 3,681,605 SH | Sept. 11, 2026 | Daily |
| AIFD · TCW ETF Trust | 6.24% | 23,577 NS | July 31, 2026 | N-PORT |
| IHAK · iShares Trust | 4.62% | 143,219 SH | Sept. 11, 2026 | Daily |
| TECB · iShares Trust | 4.39% | 63,985 SH | Sept. 11, 2026 | Daily |
| RILA · Spinnaker ETF Series | 4.29% | 5,449 NS | July 31, 2026 | N-PORT |
| AMOM · Exchange Listed Funds Trust | 3.99% | 2,876 NS | July 31, 2026 | N-PORT |
| IVES · Wedbush Series Trust | 3.47% | 103,106 NS | July 31, 2026 | N-PORT |
| TRFK · Pacer Funds Trust | 3.42% | 98,258 NS | July 31, 2026 | N-PORT |
| FMTM · EA Series Trust | 3.37% | 25,633 NS | July 31, 2026 | N-PORT |
| PTF · Invesco Exchange-Traded Fund Trust | 3.32% | 52,204 SH | Oct. 5, 2026 | Daily |
| DECO · SSGA Active Trust | 3.30% | 2,036 NS | July 31, 2026 | N-PORT |
| HECO · SSGA Active Trust | 3.29% | 8,114 NS | July 31, 2026 | N-PORT |
| KNCT · Invesco Exchange-Traded Fund Trust | 3.26% | 13,601 SH | Oct. 5, 2026 | Daily |
| XT · iShares Trust | 2.74% | 314,117 SH | Sept. 11, 2026 | Daily |
| THNQ · EXCHANGE TRADED CONCEPTS TRUST | 2.60% | 32,608 NS | July 31, 2026 | N-PORT |
| LCOW · Pacer Funds Trust | 2.60% | 2,023 NS | July 31, 2026 | N-PORT |
| ABOT · Abacus FCF ETF Trust | 2.54% | 309 NS | July 31, 2026 | N-PORT |
| NULG · Nushares ETF Trust | 2.46% | 197,746 NS | July 31, 2026 | N-PORT |
| MTUM · iShares Trust | 2.40% | 1,727,317 SH | Sept. 11, 2026 | Daily |
| VEGN · ETF Series Solutions | 2.36% | 12,625 NS | July 31, 2026 | N-PORT |
| ABFL · Abacus FCF ETF Trust | 2.24% | 35,572 NS | July 31, 2026 | N-PORT |
| QQQG · Pacer Funds Trust | 2.14% | 1,317 NS | July 31, 2026 | N-PORT |
| ESLG · Strategy Shares | 2.08% | 1,459 NS | July 31, 2026 | N-PORT |
| COWG · Pacer Funds Trust | 2.03% | 135,107 NS | July 31, 2026 | N-PORT |
| AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU… | 1.95% | 6,643 NS | July 31, 2026 | N-PORT |
| NUGO · Nushares ETF Trust | 1.79% | 131,827 NS | July 31, 2026 | N-PORT |
| SPMO · Invesco Exchange-Traded Fund Trust … | 1.74% | 1,010,410 SH | Oct. 5, 2026 | Daily |
| TEC · Harbor ETF Trust | 1.66% | 317 NS | July 31, 2026 | N-PORT |
| QTOP · iShares Trust | 1.64% | 13,688 SH | Sept. 11, 2026 | Daily |
| TEKX · SSGA Active Trust | 1.63% | 782 NS | July 31, 2026 | N-PORT |
| XOEF · iShares Trust | 1.55% | 1,018 SH | Sept. 11, 2026 | Daily |
| RSPT · Invesco Exchange-Traded Fund Trust | 1.53% | 237,489 SH | Oct. 5, 2026 | Daily |
| HEQQ · J.P. Morgan Exchange-Traded Fund Tr… | 1.52% | 1,370 NS | July 31, 2026 | N-PORT |
| HGRO · ETF Opportunities Trust | 1.46% | 5,564 NS | July 31, 2026 | N-PORT |
| NULC · Nushares ETF Trust | 1.46% | 3,102 NS | July 31, 2026 | N-PORT |
| QQQM · Invesco Exchange-Traded Fund Trust … | 1.36% | 3,760,866 SH | Oct. 5, 2026 | Daily |
| QQQ · Invesco QQQ Trust, Series 1 | 1.36% | 17,012,039 SH | Oct. 5, 2026 | Daily |
| IYW · iShares Trust | 1.35% | 999,374 SH | Sept. 11, 2026 | Daily |
| GRZZ · Tidal Trust II | 1.34% | 1,345 NS | July 31, 2026 | N-PORT |
| ESMV · iShares Trust | 1.29% | 296 SH | Sept. 11, 2026 | Daily |
| TECL · Direxion Shares ETF Trust | 1.29% | 198,124 NS | July 31, 2026 | N-PORT |
| FXL · First Trust Exchange-Traded AlphaDE… | 1.29% | 99,752 NS | July 31, 2026 | N-PORT |
| QYLD · Global X Funds | 1.26% | 307,711 NS | July 31, 2026 | N-PORT |
| QRMI · Global X Funds | 1.25% | 540 NS | July 31, 2026 | N-PORT |
| QYLG · Global X Funds | 1.25% | 5,969 NS | July 31, 2026 | N-PORT |
| PTNQ · Pacer Funds Trust | 1.24% | 44,629 NS | July 31, 2026 | N-PORT |
| QQWZ · Pacer Funds Trust | 1.23% | 1,885 NS | July 31, 2026 | N-PORT |
| IGM · iShares Trust | 1.22% | 382,726 SH | Sept. 11, 2026 | Daily |
| UPSD · ETF Series Solutions | 1.22% | 4,312 NS | July 31, 2026 | N-PORT |
| EQWL · Invesco Exchange-Traded Fund Trust | 1.22% | 84,130 SH | Oct. 5, 2026 | Daily |
| QQQE · Direxion Shares ETF Trust | 1.20% | 48,253 NS | July 31, 2026 | N-PORT |
| QTR · Global X Funds | 1.20% | 275 NS | July 31, 2026 | N-PORT |
| QCLR · Global X Funds | 1.17% | 117 NS | July 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 1.17% | 698,223 NS | July 31, 2026 | N-PORT |
| FOWF · Pacer Funds Trust | 1.14% | 543 NS | July 31, 2026 | N-PORT |
| QSIX · Pacer Funds Trust | 1.14% | 630 NS | July 31, 2026 | N-PORT |
| VGT · VANGUARD WORLD FUND | 1.12% | 5,589,100 SH | Aug. 19, 2026 | Daily |
| USXF · iShares Trust | 1.11% | 48,419 SH | Sept. 11, 2026 | Daily |
| EGUS · iShares Trust | 1.10% | 899 SH | Sept. 11, 2026 | Daily |
| MGK · VANGUARD WORLD FUND | 1.10% | 1,075,072 SH | Aug. 19, 2026 | Daily |
| QLV · FlexShares Trust | 1.00% | 4,956 NS | July 31, 2026 | N-PORT |
| IXN · iShares Trust | 1.00% | 276,757 SH | Sept. 11, 2026 | Daily |
| ESUM · Strategy Shares | 0.99% | 5,439 NS | July 31, 2026 | N-PORT |
| QIDX · Spinnaker ETF Series | 0.99% | 1,158 NS | July 31, 2026 | N-PORT |
| PEVC · Pacer Funds Trust | 0.98% | 71 NS | July 31, 2026 | N-PORT |
| IWY · iShares Trust | 0.96% | 443,033 SH | Sept. 11, 2026 | Daily |
| PDP · Invesco Exchange-Traded Fund Trust | 0.93% | 34,407 SH | Oct. 5, 2026 | Daily |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.93% | 229,148 NS | July 31, 2026 | N-PORT |
| TYLG · Global X Funds | 0.88% | 378 NS | July 31, 2026 | N-PORT |
| WINN · Harbor ETF Trust | 0.86% | 29,281 NS | July 31, 2026 | N-PORT |
| ILCG · iShares Trust | 0.86% | 78,900 SH | Sept. 11, 2026 | Daily |
| EGLE · Global X Funds | 0.83% | 55 NS | July 31, 2026 | N-PORT |
| IWF · iShares Trust | 0.83% | 3,030,877 SH | Sept. 11, 2026 | Daily |
| LSEQ · Harbor ETF Trust | 0.83% | 382 NS | July 31, 2026 | N-PORT |
| JOET · Virtus ETF Trust II | 0.82% | 6,019 NS | July 31, 2026 | N-PORT |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.81% | 1,277,152 SH | Aug. 19, 2026 | Daily |
| SUSL · iShares Trust | 0.81% | 28,764 SH | Sept. 11, 2026 | Daily |
| IQSU · New York Life Investments ETF Trust | 0.78% | 7,736 NS | July 31, 2026 | N-PORT |
| DSI · iShares Trust | 0.78% | 124,646 SH | Sept. 11, 2026 | Daily |
| VUG · VANGUARD INDEX FUNDS | 0.78% | 8,713,137 SH | Aug. 19, 2026 | Daily |
| FFLG · FIDELITY COVINGTON TRUST | 0.73% | 13,055 NS | July 31, 2026 | N-PORT |
| SUSA · iShares Trust | 0.72% | 85,995 SH | Sept. 11, 2026 | Daily |
| SPTE · SP Funds Trust | 0.72% | 4,610 NS | July 31, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.72% | 5,364 NS | July 31, 2026 | N-PORT |
| ACVF · ETF Opportunities Trust | 0.68% | 3,133 NS | July 31, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.68% | 51,165 NS | July 31, 2026 | N-PORT |
| GLBL · Pacer Funds Trust | 0.66% | 22 NS | July 31, 2026 | N-PORT |
| USMV · iShares Trust | 0.65% | 452,484 SH | Sept. 11, 2026 | Daily |
| RECS · Columbia ETF Trust I | 0.63% | 111,660 NS | July 31, 2026 | N-PORT |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.63% | 26,568 SH | Oct. 5, 2026 | Daily |
| GARP · iShares Trust | 0.60% | 53,790 SH | Sept. 11, 2026 | Daily |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.55% | 22,017 NS | July 31, 2026 | N-PORT |
| FBCG · FIDELITY COVINGTON TRUST | 0.54% | 112,626 NS | July 31, 2026 | N-PORT |
| MGC · VANGUARD WORLD FUND | 0.52% | 163,088 SH | Aug. 19, 2026 | Daily |
| USCL · iShares Trust | 0.52% | 43,135 SH | Sept. 11, 2026 | Daily |
| ESGG · FlexShares Trust | 0.51% | 1,710 NS | July 31, 2026 | N-PORT |
| TOPC · iShares Trust | 0.51% | 492 SH | Sept. 11, 2026 | Daily |
| ESGU · iShares Trust | 0.51% | 266,865 SH | Sept. 11, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.50% | 4,844 SH | Oct. 5, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.49% | 131,020 SH | Oct. 5, 2026 | Daily |
| IWL · iShares Trust | 0.48% | 31,317 SH | Sept. 11, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.47% | 182,355 SH | Aug. 19, 2026 | Daily |
| XVV · iShares Trust | 0.47% | 9,326 SH | Sept. 11, 2026 | Daily |
| ESLV · Strategy Shares | 0.45% | 194 NS | July 31, 2026 | N-PORT |
| ACIO · ETF Series Solutions | 0.44% | 31,431 NS | July 31, 2026 | N-PORT |
| CATH · Global X Funds | 0.44% | 17,280 NS | July 31, 2026 | N-PORT |
| VV · VANGUARD INDEX FUNDS | 0.44% | 953,008 SH | Aug. 19, 2026 | Daily |
| VOOG · VANGUARD ADMIRAL FUNDS | 0.44% | 337,467 SH | Aug. 19, 2026 | Daily |
| ADME · ETF Series Solutions | 0.43% | 3,838 NS | July 31, 2026 | N-PORT |
| WRND · New York Life Investments ETF Trust | 0.43% | 136 NS | July 31, 2026 | N-PORT |
| IVW · iShares Trust | 0.43% | 969,926 SH | Sept. 11, 2026 | Daily |
| VOO · VANGUARD INDEX FUNDS | 0.43% | 21,067,384 SH | Aug. 19, 2026 | Daily |
| XYLD · Global X Funds | 0.42% | 41,267 NS | July 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.42% | 61 NS | July 31, 2026 | N-PORT |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.42% | 82,162 SH | Aug. 19, 2026 | Daily |
| XRMI · Global X Funds | 0.42% | 632 NS | July 31, 2026 | N-PORT |
| TOV · EA Series Trust | 0.42% | 3,330 NS | July 31, 2026 | N-PORT |
| IVV · iShares Trust | 0.42% | 10,222,448 SH | Sept. 11, 2026 | Daily |
| PTLC · Pacer Funds Trust | 0.42% | 41,038 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.42% | 111,654 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.42% | 68,652 NS | July 31, 2026 | N-PORT |
| XYLG · Global X Funds | 0.42% | 803 NS | July 31, 2026 | N-PORT |
| CHRI · Global X Funds | 0.42% | 100 NS | July 31, 2026 | N-PORT |
| PHDG · Invesco Actively Managed Exchange-T… | 0.42% | 642 SH | Oct. 5, 2026 | Daily |
| VOTE · TCW ETF Trust | 0.41% | 13,698 NS | July 31, 2026 | N-PORT |
| ILCB · iShares Trust | 0.41% | 15,735 SH | Sept. 11, 2026 | Daily |
| IUSG · iShares Trust | 0.41% | 399,669 SH | Sept. 11, 2026 | Daily |
| XCLR · Global X Funds | 0.41% | 44 NS | July 31, 2026 | N-PORT |
| IVE · iShares Trust | 0.41% | 592,847 SH | Sept. 11, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.40% | 133,362 SH | Aug. 19, 2026 | Daily |
| IYY · iShares Trust | 0.39% | 34,798 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.39% | 558,192 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.39% | 244,624 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.38% | 3,060 NS | July 31, 2026 | N-PORT |
| IUSV · iShares Trust | 0.38% | 312,236 SH | Sept. 11, 2026 | Daily |
| PABU · iShares Trust | 0.38% | 28,201 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.38% | 25,909,717 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.38% | 67,897 SH | Aug. 19, 2026 | Daily |
| QDPL · Pacer Funds Trust | 0.38% | 19,525 NS | July 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.38% | 66 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.37% | 1,055,868 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.37% | 222,119 SH | Sept. 11, 2026 | Daily |
| ACWV · iShares, Inc. | 0.37% | 36,783 SH | Sept. 11, 2026 | Daily |
| IETC · iShares U.S. ETF Trust | 0.33% | 6,767 SH | Sept. 11, 2026 | Daily |
| HCMT · Direxion Shares ETF Trust | 0.33% | 5,643 NS | July 31, 2026 | N-PORT |
| HDUS · Lattice Strategies Trust | 0.33% | 2,020 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.32% | 2,263 SH | Sept. 11, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.31% | 63,406 NS | July 31, 2026 | N-PORT |
| URTH · iShares, Inc. | 0.30% | 72,927 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.28% | 18,140 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.28% | 4,785 NS | July 31, 2026 | N-PORT |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.27% | 31,420 SH | Oct. 5, 2026 | Daily |
| ACWI · iShares Trust | 0.27% | 259,980 SH | Sept. 11, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.26% | 12,396 NS | July 31, 2026 | N-PORT |
| CRBN · iShares Trust | 0.25% | 8,684 SH | Sept. 11, 2026 | Daily |
| SIZE · iShares Trust | 0.25% | 3,154 SH | Sept. 11, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.25% | 580,964 SH | Oct. 5, 2026 | Daily |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.24% | 33,413 NS | July 31, 2026 | N-PORT |
| PWS · Pacer Funds Trust | 0.23% | 168 NS | July 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.23% | 673,868 SH | Aug. 19, 2026 | Daily |
| DYNF · BlackRock ETF Trust | 0.22% | 272,134 SH | Sept. 11, 2026 | Daily |
| EUSA · iShares, Inc. | 0.19% | 10,844 SH | Sept. 11, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.17% | 11,548 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.15% | 54,744 NS | July 31, 2026 | N-PORT |
| LRGF · iShares Trust | 0.15% | 15,759 SH | Sept. 11, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.13% | 3,060 SH | Oct. 5, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.11% | 11,451 NS | July 31, 2026 | N-PORT |
| HQGO · Lattice Strategies Trust | 0.10% | 155 NS | July 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.08% | 20,593 SH | Oct. 5, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 1,494 SH | Oct. 5, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.07% | 17,159 SH | Oct. 5, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.04% | 54,745 NS | July 31, 2026 | N-PORT |
PANW Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
50 analysts · 2026-10-07Mean target $396.92 -5.5%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PANW | $270.44B | 829.6 | 24.5% | 2.7% | 1.7% | 70.4% |
| MSFT | $2.77T | 20.8 | 17.8% | 40.3% | 34.0% | 67.9% |
| ORCL | $650.25B | 38.7 | 17.3% | 25.4% | 54.3% | · |
| CRWD | · | -685.9 | 21.7% | -3.4% | -4.2% | 74.7% |
| NOW | $160.43B | 91.7 | 20.9% | 13.2% | 14.6% | 77.5% |
| FTNT | $59.00B | 32.8 | 14.2% | 27.3% | 135.7% | 80.5% |
| RBRK | $11.32B | -31.4 | 48.5% | -26.5% | 64.4% | 80.1% |
| ZS | $24.65B | -387.7 | 25.4% | -1.9% | -2.6% | 76.8% |
| GEN | $11.30B | 12.0 | 27.1% | 19.5% | 38.4% | 78.5% |
| FROG | $7.47B | -100.7 | 24.1% | -13.5% | -8.4% | 76.8% |
| S | · | -10.2 | 21.9% | -45.0% | -30.6% | 74.1% |
Latest News Recent headlines mentioning this company
PANW AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects
Palo Alto Networks remains a battleground stock as investors weigh its AI-driven growth potential against a steep valuation. Claude and Gemini expressed skepticism, arguing that a 115x P/E ratio is unsustainable without immediate margin expansion. Conversely, Grok and ChatGPT maintained that the company's zero-debt balance sheet and Anthropic partnership provide a durable moat. The panel ultimately split on whether the stock's premium is justified by future AI bookings or threatened by macro ...
Round 1 — Opening Takes
I see PANW building an unassailable moat in cybersecurity through platformization and AI partnerships, turning rising threats into durable revenue growth. Gross margins stay rock-solid at 73.47%, which means their integrated software stack commands premium pricing with minimal cost creep. Debt-to-equity is zero, freeing up cash for R&D and buybacks without leverage risk. As Anthropic's April 12 launch partner for Claude Mythos, they're positioned as the go-to defender against AI vulnerabilities—if threats escalate, this stock flies.
My biggest worry is PANW's frothy valuation crumbling if growth moderates amid competition and macro caution. P/E TTM hits 114.9, far above peers like FTNT at 31.5, so it prices in flawless execution with no room for slip-ups. ROE dipped to 14.85%, signaling returns aren't justifying the multiple as scale challenges emerge. Shares tanked to 187.39 on July 11 after peaking near 206, echoing April 14 selloff post-Anthropic hype—if sentiment sours further, downside accelerates.
Palo Alto Networks sits at the center of a structural shift in cybersecurity — AI-driven threat detection is becoming table stakes, and PANW is positioned as a launch partner for Anthropic's Claude Mythos, the most capable vulnerability-finding model in production. The company's 73.5% gross margin shows pricing power that persists even as the market scales. At $1.58 in trailing EPS, the stock is expensive on a P/E of 115, but that multiple compresses sharply if revenue growth accelerates from AI adoption. The zero debt and fortress balance sheet give management room to invest or return capital without financial stress.
Palo Alto is priced for perfection at a 115x P/E while delivering only 11.7% net margins and 14.8% ROE — returns that lag peers like Oracle (57% ROE) and Fortinet (120% ROE) by a wide margin. That valuation gap signals the market has already baked in years of flawless execution. The current ratio of 0.98 sits just below the 1.0 comfort line, meaning working capital is tightening even as the stock has climbed 13% in six weeks. News around Claude Mythos triggered a sharp sell-off in mid-April, suggesting the AI catalyst may already be priced in or overstated. The risk-reward is inverted here.
Palo Alto Networks is successfully positioning itself as the indispensable backbone for AI-driven security, which justifies its premium status in the cybersecurity sector. The company maintains a massive 73.47% gross margin. This shows that their software-centric platform model commands significant pricing power even as they scale. Furthermore, their debt-to-equity ratio sits at 0.0. This pristine balance sheet provides the company with immense flexibility to acquire emerging AI startups or weather any market volatility without the burden of interest payments, keeping them well-ahead of competitors like CrowdStrike who are still struggling to reach consistent profitability.
The valuation is currently untethered from reality, making the stock extremely vulnerable to any earnings disappointment or shift in sentiment. Investors are paying 114.92 times trailing earnings for this stock. This multiple implies the market expects perfection for years, leaving zero room for execution errors. Additionally, the return on equity has slipped to 14.85%. This indicates that the company is becoming less efficient at generating profit from the capital shareholders have invested. When you combine a triple-digit P/E with declining efficiency, the stock is clearly priced for a future that may never arrive.
I think PANW has a durable profitability moat that could power 2026 growth if AI security demand stays elevated. Gross margin TTM: 73.47%. That high margin means PANW keeps a large share of revenue as profit, supporting durable profitability as AI security demand grows. Debt/Equity: 0.0. That zero debt gives PANW financial flexibility and lowers risk if funding needs rise. ROE TTM: 14.85%. That shows decent efficiency in turning equity into profit, aiding growth without heavier leverage.
I think the stock faces valuation and liquidity risks that could cap upside into 2026Q2. P/E TTM: 114.92%. That indicates the stock is trading at a premium to earnings; any growth slowdown or margin pressure could trigger multiple compression. Current ratio: 0.9854. That suggests near-term liquidity strain; if revenue slows, working capital could tighten and weigh on the stock. P/S TTM: 13.4343. That high sales multiple implies a big growth bet; a slowdown in top-line growth would pressure valuations.
Round 2 — Responses & Rebuttals
Round 2 — Responses & Rebuttals
Claude, I disagree that the current ratio of 0.98 signals tightening working capital—it's actually improved from 0.94 in 2025Q3 to 0.9854 now, which means PANW's short-term liquidity has firmed up to better cover obligations. This fortress balance sheet, paired with zero debt, gives them real firepower for AI platform bets amid Anthropic hype, making your risk-reward inversion too pessimistic.
I'm pushing back on Gemini's claim that CrowdStrike is 'still struggling to reach consistent profitability.' That's not the read I have — CrowdStrike turned profitable in 2024 and is generating real earnings now, which is why their P/E sits in the low 30s while PANW trades at 115. The point isn't that CRWD has a worse balance sheet; it's that PANW's zero debt doesn't excuse a valuation multiple that's three times higher than a peer with comparable or better profitability metrics. Fortress balance sheets are table stakes in enterprise software, not a reason to pay 115x earnings.
Grok, I think you are right to highlight the disconnect between the valuation and the return on equity, but I disagree that the Anthropic partnership is a pure catalyst. You noted the P/E is 114.9, which is extreme. This multiple means investors are paying over a century of earnings for a company that isn't yet delivering the growth to justify it. While you see the Claude Mythos integration as a clear tailwind, the market's recent volatility suggests that investors are increasingly skeptical that these AI partnerships will translate into immediate, bottom-line margin expansion.
Claude, I think PANW is priced for perfection, but the Claude Mythos optionality and a debt-free balance sheet still matter. Trailing P/E sits around 115x. That means the market is betting on years of outsized growth and margin resilience for PANW. Recent price action shows a pullback to about $187 from a high near $206 in recent weeks, offering a backstop if the AI catalyst remains intact.
Round 3 — Final Rebuttals
Round 3 — Final Rebuttals
Claude, your assertion that CrowdStrike turned profitable in 2024 with a low-30s P/E doesn't hold up to the peer data we have—their ROE sits at -8.66%, confirming they're still in loss territory. PANW's 14.85% ROE actually outperforms that, highlighting a real profitability moat versus direct rivals in next-gen security. This gap supports holding through volatility, as PANW converts threats into profits where CRWD falters. The April Anthropic partnership amplifies this edge without needing to overstate peer weakness.
I want to push back on Grok's reading of that current ratio move. Grok, you're right that 0.98 is up from 0.94 in Q3, but that's a marginal 4-basis-point improvement in an already-tight position—we're still below the 1.0 comfort line where most enterprise software peers sit. The real signal isn't the direction; it's that PANW is burning working capital even as the stock climbed 13% in six weeks. That's the opposite of what you'd expect if the AI thesis were truly resonating with customers. If Claude Mythos adoption were driving near-term revenue pulls, we'd see current ratio expand, not limp along at 0.98. That tightness, paired with a 115x P/E, tells me the market is pricing in growth that hasn't yet shown up in cash conversion.
I want to widen the frame to the macro regime, specifically how the current interest rate cycle is punishing high-multiple stocks like Palo Alto Networks. While Grok and Claude debate liquidity ratios, they are ignoring that the cost of capital is finally biting. When the risk-free rate is elevated, a P/E of 114.92 becomes mathematically unsustainable for a company growing at its current pace. That multiple represents the price investors pay for every dollar of earnings. As long as rates remain restrictive, the market will continue to rotate out of 'growth at any price' names like PANW and into value-oriented tech.
Claude, your claim that CrowdStrike's profitability negates PANW's high multiple misses the core risk we're trading today. PANW trades at about 114.9x trailing earnings. That level signals the market is pricing years of flawless growth into what is essentially a software-security platform with AI leverage, so any slowdown in AI adoption, competitive pressure, or execution hiccups could trigger a meaningful re-rating.
Price Forecasts
| Model | 3M Target | 6M Target | Reasoning |
|---|---|---|---|
| Grok | $192.00 | $210.00 | I think PANW's AI security moat via Anthropic's Claude Mythos partnership supports holding with modest upside as growth inflects. The concrete catalyst is PANW's Q2 FY2026 earnings in late August 2026, where platformization ARR guidance could exceed 20% YoY and validate the hype. The key risk is Fed's September 2026 rate decision hiking to 5.5%, compressing high multiples like PANW's 115 P/E. My 6-month $210 target implies a 75x forward P/E on $2.80 EPS—reasonable for 73% gross margins funding AI R&D without debt drag. |
| Claude | $165.00 | $172.00 | PANW's valuation is mathematically unsustainable at 115x trailing earnings unless revenue growth accelerates sharply—and the current ratio stuck at 0.98 suggests that AI adoption hasn't yet driven the cash conversion the market is pricing in. My thesis: the stock re-rates lower over three months as earnings season forces a reckoning between hype and execution, then stabilizes as the Claude Mythos partnership matures into real bookings. The catalyst is 2026Q2 earnings in late August—if guidance doesn't show material AI-driven ARR acceleration, multiple compression is inevitable. The risk is that Claude Mythos actually does drive immediate enterprise adoption, validating the 115x multiple. At 165, PANW trades at roughly 105x forward earnings, still premium but closer to peers like NOW at 58x. I'm revising down from hold to a tactical short into earnings. |
| Gemini | $185.00 | $195.00 | I believe Palo Alto Networks will trade sideways to slightly higher as the market reconciles its premium AI narrative with the reality of its stagnant earnings growth. My six-month target depends on the 2026Q3 earnings print; if they demonstrate that Claude Mythos integration is driving measurable enterprise billings, the stock could break out of its current range. Conversely, a failure to expand net margins above 11.69% would likely trigger a valuation reset. That margin figure represents the thin slice of revenue the company actually keeps as profit, which is dangerously low for a company trading at a 114.92 P/E. That multiple means investors are paying over a century of earnings for current performance. |
| Chatgpt | $190.00 | $210.00 | I think PANW can grind higher over the next few months if AI-driven demand remains robust and the market's growth expectations don't suddenly reset. Catalyst: PANW's upcoming earnings print showing accelerating AI-related bookings would validate the AI thesis. Risk: A meaningful earnings miss or a sharper rate rally that crushes growth stocks could trigger a quick re-rating. The stock trades at roughly 115x trailing earnings. What that means for PANW: the market is betting years of flawless growth into a security platform, so any delay in AI adoption or margin pressure could lead to multiple compression. |
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