Palo Alto Networks Inc. (PANW) intrinsic value & 10-year financials
Palo Alto Networks Inc. (PANW) has a Graham intrinsic value of $53.15 per share. At $342.00 on Oct 17, 2026, the stock trades 543% above that value. Over the last 10 fiscal years revenue grew 23.5% a year to $9.2B, with an average return on invested capital of -8.3%.
- Graham intrinsic value
- $53.15
- Share price (Oct 17, 2026)
- $342.00
- Price vs Graham value
- 543% above
- Market cap
- $242.6B
- Revenue (FY2025)
- $9.2B
- Revenue growth (10-yr CAGR)
- 23.5%
- ROIC (10-yr avg)
- -8.3%
- Free cash flow (FY2025)
- $3.5B
PANW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $9.2B | $1.1B | $1.60 | $3.5B | 13.5% | 17.8% |
| FY2024 | $8.0B | $2.6B | $7.28 | $3.1B | 8.5% | 19.8% |
| FY2023 | $6.9B | $439.7M | $1.28 | $2.6B | 5.6% | 12.2% |
| FY2022 | $5.5B | -$267.0M | -$0.90 | $1.8B | -3.4% | -8.7% |
| FY2021 | $4.3B | -$498.9M | -$1.73 | $1.4B | -7.1% | -15.7% |
| FY2020 | $3.4B | -$267.0M | -$0.92 | $821.3M | -5.3% | -9.9% |
| FY2019 | $2.9B | -$81.9M | -$0.29 | $924.4M | -1.9% | -4.4% |
| FY2018 | $2.3B | -$147.9M | — | $925.0M | -5.7% | -28.1% |
| FY2017 | $1.8B | -$216.6M | — | $705.1M | -10.2% | -32.6% |
| FY2016 | $1.4B | -$225.9M | — | $585.6M | -13.8% | -33.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Palo Alto Networks is a consistent compounder, expanding top-line revenue at 23.5% annually over the past decade.
Palo Alto Networks has historically struggled to out-earn its cost of capital, averaging just -8.3% ROIC.
Palo Alto Networks has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Palo Alto Networks is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $53.15 per share.