PANW vs PLTR: Palo Alto Networks and Palantir Technologies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Palantir Technologies is the larger company, worth $484.0B, about 1.4 times Palo Alto Networks.
- Palantir Technologies grew revenue faster over the last year (+92.8% vs +34.5%).
- Palantir Technologies keeps more of each dollar of revenue as operating profit (42.8% vs 6.0%).
- On earnings, Palantir Technologies is the cheaper stock (226.9x vs 243.9x).
- Palantir Technologies's price assumes faster free cash flow growth: about 38% a year, against 24% for Palo Alto Networks (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | PANW | PLTR |
|---|---|---|
| Market cap | $358.0B | $484.0B |
| Share price | $418.78 | $194.12 |
| Revenue (last fiscal year) | $11.5B | $4.5B |
| Free cash flow (last fiscal year) | $4.1B | $2.1B |
| Revenue growth, last year | +34.5% | +92.8% |
| Revenue growth per year, last 5 fiscal years | +20.2% | +30.5% |
| Operating margin | 6.0% | 42.8% |
| Net margin | 2.7% | 49.0% |
| Return on equity | 1.1% | 30.9% |
| P/E (trailing) | 243.9x | 226.9x |
| Price / free cash flow | 103.2x | 230.4x |
| EV / EBITDA | 235.6x | 153.6x |
| FCF growth the price implies | 24.5% | 38.2% |
| Dividend yield | — | — |
| Debt / equity | 0.76x | 0.18x |
| Fundamental grade | D | B |
| Superinvestors holding it | 9 | 7 |
| Insider purchases, last 12 months | 10 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Palo Alto Networks
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $5.5B | $1.8B | -3.4% |
| 2023 | $6.9B | $2.6B | 5.6% |
| 2024 | $8.0B | $3.1B | 8.5% |
| 2025 | $9.2B | $3.5B | 13.5% |
| 2026 | $11.5B | $4.1B | 6.1% |
Palantir Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.5B | $321M | -26.7% |
| 2022 | $1.9B | $184M | -8.5% |
| 2023 | $2.2B | $697M | 5.4% |
| 2024 | $2.9B | $1.1B | 10.8% |
| 2025 | $4.5B | $2.1B | 31.6% |
Where the revenue comes from
Palo Alto Networks · by products, 2026
Subscription and support$9.2B80%
Product$2.3B20%
Palantir Technologies · by segments, 2025
Government Operating Segment$2.4B54%
Commercial$2.1B46%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open PANW in InvestinglyQuestions
Which is bigger, Palo Alto Networks or Palantir Technologies?
Palantir Technologies (PLTR), at $484.0B against $358.0B.
Is PANW or PLTR cheaper?
By trailing P/E, Palantir Technologies (226.9x) is cheaper than Palo Alto Networks (243.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, PANW or PLTR?
Palantir Technologies: revenue grew +92.8% over the last year, against +34.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.