Palo Alto Networks (PANW)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $359.0B, Palo Alto Networks's free cash flow of $4.1B (fiscal 2026) would need to grow about 25% a year for the stock to be worth today's price. That is close to what the company has delivered over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Palo Alto Networks's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from PANW's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Palo Alto Networks's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $5.5B | $6.9B | $8.0B | $9.2B | $11.5B |
| Net income | -$267M | $440M | $2.6B | $1.1B | $307M |
| Free cash flow | $1.8B | $2.6B | $3.1B | $3.5B | $4.1B |
| EPS (diluted) | -$0.45 | $0.64 | $3.64 | $1.60 | $0.40 |
| Operating margin | -3.4% | 5.6% | 8.5% | 13.5% | 6.1% |
Where the revenue comes from
Revenue by products, fiscal 2026.
Superinvestors who own PANW
From each investor's latest 13F filing (what a 13F shows). 9 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Hersh Cohen ClearBridge Investments |
Trimmed | $1.4B | 1.2% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $348M | 0.21% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $266M | 0.09% | Q2 2026 |
| Stanley Druckenmiller Duquesne Family Office |
New position | $40M | 0.76% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $29M | 0.07% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $6M | 0.06% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Trimmed | $4M | 0.01% | Q2 2026 |
| Lee Ainslie Maverick Capital |
New position | $1M | 0.01% | Q2 2026 |
| Eric Marshall Hodges Capital Management |
Trimmed | $1M | 0.08% | Q2 2026 |
Insider buying
Open-market purchases by Palo Alto Networks's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 30, 2026 | Ro Khanna |
0 | $154.35 | — |
| Mar 30, 2026 | Ro Khanna |
0 | $154.35 | — |
| Mar 27, 2026 | Nikesh Arora |
68,085 | $146.87 | $10M |
| Mar 23, 2026 | Ro Khanna |
0 | $164.05 | — |
| Mar 23, 2026 | Ro Khanna |
0 | $164.05 | — |
| Mar 13, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $167.01 | — |
| Mar 13, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $167.01 | — |
| Jan 29, 2026 | Ro Khanna |
0 | $176.20 | — |
| Jan 29, 2026 | Ro Khanna |
0 | $176.20 | — |
| Jan 23, 2026 | Ro Khanna |
0 | $180.18 | — |
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In the full deep dive
Questions
What growth does Palo Alto Networks's stock price imply?
At a market value of $359.0B, Palo Alto Networks would need its free cash flow to grow about 25% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 22% a year.
Are Palo Alto Networks insiders buying the stock?
10 open-market insider purchases of PANW in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Palo Alto Networks?
9 of the superinvestors Investingly tracks hold PANW in their latest 13F, including Hersh Cohen, PRIMECAP Management, Cliff Asness.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.