Financials Palo Alto Networks, Inc. Toronto S.E.

Stocks

PANW

CA6974331002

Software

Market Closed - Toronto S.E. Other stock markets 15:59:34 2026-07-16 EDT			5-day change	1st Jan Change
41.59 ^CAD	-0.02%		+4.81%	+89.39%

07-16	Capital One Upgrades Palo Alto Networks to Overweight From Equalweight, Adjusts PT to $421 From $307	MT
07-15	Tigress Financial Adjusts Palo Alto Networks Price Target to $430 From $265	MT

Projected Income Statement: Palo Alto Networks, Inc.

Fiscal Period: July	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	4,256	5,502	6,893	8,028	9,222	11,423	13,810	15,697
Change	-	29.26%	25.29%	16.46%	14.87%	23.87%	20.9%	13.66%
EBITDA ¹	1,063	1,325	1,949	2,473	2,995	3,743	4,659	5,307
Change	-	24.72%	47.08%	26.86%	21.12%	24.96%	24.49%	13.9%
EBIT ¹	947.6	1,047	1,667	2,190	2,652	3,325	4,107	4,862
Change	-	10.52%	59.19%	31.34%	21.11%	25.4%	23.51%	18.37%
Interest Paid ¹	-20.4	-20.2	-20.4	-8.3	-3	-38	-4.1	-5.1
Earnings before Tax (EBT) ¹	-465	-207.2	566.3	988.3	1,596	1,089	1,700	2,446
Change	-	55.44%	373.31%	74.52%	61.46%	-31.77%	56.14%	43.89%
Net income ¹	-498.9	-267	439.7	2,578	1,134	910.4	1,531	1,655
Change	-	46.48%	264.68%	486.22%	-56.01%	-19.71%	68.12%	8.16%
Announcement Date	8/23/21	8/22/22	8/18/23	8/19/24	8/18/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: July	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2	2028 Q3
Net sales ¹	1,219	1,247	1,317	1,387	1,550	1,563	1,655	1,721	1,953	1,878	1,975	1,985	2,190	2,139	2,257	2,289	2,536	2,474	2,594	3,002	3,352	3,221	3,350	3,456	3,773	3,673	3,816	3,896
Change	-	2.3%	5.57%	5.3%	11.81%	0.83%	5.87%	3.98%	13.5%	-3.85%	5.16%	0.49%	10.31%	-2.32%	5.55%	1.4%	10.8%	-2.46%	4.85%	15.73%	11.65%	-3.9%	4.01%	3.15%	9.17%	-2.64%	3.9%	2.1%
EBITDA ¹	281.6	293	313.7	323.8	395.7	393.1	446.7	480.8	624.8	594.6	633	582.2	664.4	700.1	728	715.2	852	796	838	868	1,230	1,216	1,249	1,229	1,417	1,410	1,493	1,545
Change	-	4.05%	7.06%	3.22%	22.21%	-0.66%	13.64%	7.63%	29.95%	-4.83%	6.46%	-8.03%	14.12%	5.37%	3.99%	-1.76%	19.13%	-6.57%	5.28%	3.58%	41.75%	-1.15%	2.7%	-1.64%	15.35%	-0.51%	5.89%	3.48%
EBIT ¹	249.4	224	244	252.4	324	322.4	380.8	408.5	555.5	530.3	564.2	507.9	588.3	616.2	640.4	627.1	768.2	746	785	814	982.2	936.3	993.8	999	1,152	1,139	1,201	1,190
Change	-	-10.18%	8.93%	3.44%	28.37%	-0.49%	18.11%	7.27%	35.99%	-4.54%	6.39%	-9.98%	15.83%	4.74%	3.93%	-2.08%	22.5%	-2.89%	5.23%	3.69%	20.66%	-4.67%	6.14%	0.52%	15.31%	-1.17%	5.48%	-0.95%
Charge d'intérêts	-5	-5.1	-5	-5	-5.1	-5	-5.2	-6	-4.2	-2.9	-2.8	-2.3	-0.3	-1.2	-0.9	-0.7	-0.2	-	-	-	-	-0.4	-0.5	-0.6	-0.7	-0.9	-1	-1.1
Earnings before Tax (EBT) ¹	-102.3	-91.2	-80.8	-52.5	17.3	34.4	84.4	131	316.5	282.6	135.5	251.2	319	368.6	324.8	310.5	591.8	412	549	-156	334.9	352.5	402.2	396.6	545.6	444.7	500	409.1
Change	-	10.85%	11.4%	35.02%	132.95%	98.84%	145.35%	55.21%	141.6%	-10.71%	-52.05%	85.39%	26.99%	15.55%	-11.88%	-4.4%	90.6%	-30.38%	33.25%	-128.42%	314.71%	5.23%	14.12%	-1.4%	37.57%	-18.49%	12.44%	-18.18%
Net income ¹	-119.3	-103.6	-93.5	-73.2	3.3	20	84.2	107.8	227.7	194.2	1,747	278.8	357.7	350.7	267.3	262.1	253.8	334	432	-177	221	326.9	373.5	337.1	440.2	304.9	348.5	428
Change	-	13.16%	9.75%	21.71%	104.51%	506.06%	321%	28.03%	111.22%	-14.71%	799.54%	-84.04%	28.3%	-1.96%	-23.78%	-1.95%	-3.17%	31.6%	29.34%	-140.97%	224.88%	47.87%	14.27%	-9.74%	30.56%	-30.74%	14.33%	22.79%
Announcement Date	8/23/21	11/18/21	2/22/22	5/19/22	8/22/22	11/17/22	2/21/23	5/23/23	8/18/23	11/15/23	2/20/24	5/20/24	8/19/24	11/20/24	2/13/25	5/20/25	8/18/25	11/19/25	2/17/26	6/2/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Palo Alto Networks, Inc.

Fiscal Period: July	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	325	-1,010	-3,446	-5,788	-2,903	-3,583	-7,798	-13,491
Change	-	-410.77%	-241.19%	-67.96%	49.84%	-23.42%	-117.64%	-73.01%
Announcement Date	8/23/21	8/22/22	8/18/23	8/19/24	8/18/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Palo Alto Networks, Inc.

Fiscal Period: July	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	116	192.8	146.3	156.8	246.2	380.8	296.4	316.1
Change	-	66.21%	-24.12%	7.18%	57.02%	54.68%	-22.17%	6.65%
Free Cash Flow (FCF) ¹	1,387	1,792	2,631	3,101	3,470	4,191	5,251	6,374
Change	-	29.19%	46.84%	17.85%	11.9%	20.78%	25.28%	21.39%
Announcement Date	8/23/21	8/22/22	8/18/23	8/19/24	8/18/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Palo Alto Networks, Inc.

Fiscal Period: July	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	24.97%	24.09%	28.28%	30.81%	32.48%	32.77%	33.74%	33.81%
EBIT Margin (%)	22.26%	19.04%	24.19%	27.28%	28.76%	29.11%	29.74%	30.97%
EBT Margin (%)	-10.93%	-3.77%	8.22%	12.31%	17.3%	9.53%	12.31%	15.58%
Net margin (%)	-11.72%	-4.85%	6.38%	32.11%	12.3%	7.97%	11.08%	10.55%
FCF margin (%)	32.59%	32.57%	38.17%	38.63%	37.63%	36.69%	38.02%	40.61%
FCF / Net Income (%)	-278.01%	-671.12%	598.41%	120.3%	306.01%	460.32%	343.04%	385.02%
Profitability
ROA	6.36%	7.32%	10.76%	11.3%	10.76%	5.99%	5.74%	6.32%
ROE	70.69%	190.05%	147.06%	56.32%	36.09%	15.99%	11.55%	12.09%
Financial Health
Leverage (Debt/EBITDA)	0.31x	-	-	-	-	-	-	-
Debt / Free cash flow	0.23x	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.73%	3.5%	2.12%	1.95%	2.67%	3.33%	2.15%	2.01%
CAPEX / EBITDA (%)	10.92%	14.55%	7.5%	6.34%	8.22%	10.17%	6.36%	5.96%
CAPEX / FCF (%)	8.36%	10.76%	5.56%	5.06%	7.1%	9.09%	5.64%	4.96%
Items per share
Cash flow per share ¹	2.599	3.358	4.057	4.601	5.293	5.749	6.232	6.772
Change	-	29.23%	20.81%	13.41%	15.05%	8.61%	8.41%	8.65%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	1.097	0.3553	2.836	7.951	11.71	36.99	40.11	44.83
Change	-	-67.61%	697.99%	180.41%	47.34%	215.79%	8.42%	11.76%
EPS ¹	-0.8633	-0.4517	0.64	3.64	1.6	1.36	1.951	2.286
Change	-	47.68%	241.7%	468.75%	-56.04%	-15.01%	43.48%	17.18%
Nbr of stocks (in thousands)	584,345	597,812	611,710	647,600	667,936	815,000	815,000	815,000
Announcement Date	8/23/21	8/22/22	8/18/23	8/19/24	8/18/25	-	-	-