Palo Alto Networks, Inc. Financial Ratios — PANW.NE Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	-27.89	-24.5	-12.6	-5.92	-19.92	-57.49	-58.68	42.75	74.04	17.52
Return on Assets (%)	-19.38	0.3	-5.89	-21.95	-7.63	-7.99	-6.45	-2.6	-1.31	-3.41	-5.17	-2.37	3.29	14.95	5.21
Return on Capital (%)	- -	-0.93	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11	- -	15.52
Return on Invested Capital (%)	- -	1.29	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.37	- -	12.05
Gross Margin (%)	72.79	72.35	72.29	73.32	72.9	73.16	72.86	71.63	72.12	70.68	70.05	68.76	72.29	74.35	73.41
EBITDA Margin (%)	-6.93	3.93	-2.2	-9.14	-7.64	-8.31	-6.04	-0.34	3.44	0.8	-1.03	1.7	9.71	12.05	17.2
Operating Margin (%)	-8.77	1.53	-4.7	-12.39	-10.75	-11.41	-9.45	-4.58	-1.87	-5.25	-7.15	-3.43	5.62	8.52	13.48
Incremental Operating Margin (%)	- -	10.47	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	41.41	26.14	46.82
Pretax Margin (%)	-10.16	1.1	-4.71	-37.14	-13.13	-12.5	-10.26	-4.63	-2.57	-6.8	-10.93	-3.77	8.22	12.31	17.3
Profit Margin (%)	-10.56	0.29	-7.38	-37.86	-14.15	-13.98	-11.57	-5.37	-2.82	-7.83	-11.72	-4.85	6.38	32.11	12.3
Net Income to Common Margin (%)	-10.56	0.29	-7.38	-37.86	-14.15	-13.98	-11.57	-5.37	-2.82	-7.83	-11.72	-4.85	6.38	32.11	12.3
Effective Tax Rate (%)	- -	73.67	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	22.36	- -	28.94
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	-27.89	-24.5	-12.6	-5.92	-19.92	-57.49	-58.68	42.75	74.04	17.52

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	467	487	500	525	1,920	1,430	3,421	3,539	3,953	2,271	1,344	338
ST Debt	- -	- -	- -	- -	487	- -	- -	550	- -	- -	1,558	3,677	1,992	964	- -
LT Debt	- -	- -	- -	467	- -	500	525	1,370	1,430	3,421	1,982	276	279	380	338
Total Debt/EBITDA	- -	- -	- -	-8.54	-6.87	-4.37	-4.95	-246.17	14.34	126.23	-80.99	42.14	3.39	1.39	0.21
Net Debt/EBITDA	4.93	-32.18	35.58	3.42	-1.57	2.05	2.07	75.23	4.7	4.65	-30.93	16.61	1.28	-0.59	-1.43
Total Debt/EBIT	- -	- -	- -	-6.3	-4.88	-3.18	-3.16	-18.43	-26.43	-19.11	-11.64	-20.94	5.86	1.97	0.27
Net Debt/EBIT	3.89	-82.92	16.68	2.52	-1.12	1.49	1.32	5.63	-8.66	-0.7	-4.45	-8.25	2.21	-0.84	-1.83
EBITDA to Interest Expense	- -	278.47	-117.96	-28.79	-3.18	-4.89	-4.33	-0.26	1.19	0.32	-0.28	4.64	32.66	201.5	834.89
EBITDA-CapEx/Interest Expense	- -	-126.11	-421.23	-47.79	-4.7	-7.99	-11	-4.05	-0.38	-2.2	-1.01	-4.9	25.52	168.83	705.32
EBIT to Interest Expense	- -	108.08	-251.64	-39	-4.48	-6.72	-6.77	-3.52	-0.64	-2.1	-1.92	-9.35	18.89	142.48	654.16
Interest Expense	- -	- -	- -	2	22	23	24	30	84	85	158	20	20	5	2
Common Equity/Total Assets	-88.58	-19.62	-18.66	-22.71	24.83	31.27	22.19	19.78	24.12	12.04	6.29	2.17	12.35	25.87	32.98
Long-Term Debt/Equity (%)	- -	- -	- -	99.64	- -	55.89	69.08	115.86	90.15	310.46	259.49	131.48	15.97	7.36	4.32
Long-Term Debt/Capital (%)	- -	- -	- -	355.97	- -	35.88	40.75	44.23	47.35	75.81	47.36	6.54	6.87	5.84	4.17
Long-Term Debt/Total Assets (%)	- -	- -	- -	31.58	- -	17.5	15.26	23.02	21.69	37.73	19.35	2.25	1.93	1.9	1.43
Total Debt/Equity (%)	- -	- -	- -	99.64	84.6	55.89	69.08	162.42	90.15	310.46	463.51	1,882.33	129.87	26.01	4.32
Total Debt/Capital (%)	- -	- -	- -	355.97	49.95	35.88	40.75	62	47.35	75.81	84.6	93.7	55.9	20.63	4.17
Total Debt/Total Assets (%)	- -	- -	- -	31.58	24.79	17.5	15.26	32.28	21.69	37.73	34.56	32.26	15.66	6.73	1.43
Net Debt to Equity	56.7	-140.85	-114.02	-39.89	19.33	-26.17	-28.91	-49.64	29.54	11.44	177.03	742.05	48.97	-11.05	-28.99
Net Debt/Capital (%)	33.41	80.13	73.98	35.77	18.57	-35.5	-40.41	-99.47	22.76	8.11	58.53	74.2	29.25	-11.47	-38.81
EBITDA	-8	10	-9	-55	-71	-114	-106	-8	100	27	-44	94	670	967	1,586
EBITDA-CapEx	-21	-5	-31	-91	-105	-187	-269	-120	-32	-187	-160	-99	523	810	1,340
Operating Income (Loss)	-10	4	-19	-74	-100	-157	-166	-104	-54	-179	-304	-189	387	684	1,243

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.6	2.64	2.04	2.22	0.76	1.52	1.14	1.62	1.37	1.39	0.57	0.44	0.31	0.34	0.36
Current Ratio	1.15	3.13	2.57	2.75	1.04	2.09	1.65	1.97	1.78	1.91	0.91	0.77	0.78	0.89	0.94
Quick Ratio	1.05	3.02	2.46	2.61	0.97	1.93	1.5	1.84	1.65	1.78	0.81	0.71	0.68	0.77	0.82
CFO/Avg Current Liab	0.67	0.82	0.7	0.32	0.51	0.7	0.85	0.63	0.51	0.44	0.38	0.3	0.35	0.42	0.47
Common Equity/Total Assets	-88.58	-19.62	-18.66	-22.71	24.83	31.27	22.19	19.78	24.12	12.04	6.29	2.17	12.35	25.87	32.98
Long-Term Debt/Equity (%)	- -	- -	- -	99.64	- -	55.89	69.08	115.86	90.15	310.46	259.49	131.48	15.97	7.36	4.32
Long-Term Debt/Capital (%)	- -	- -	- -	355.97	- -	35.88	40.75	44.23	47.35	75.81	47.36	6.54	6.87	5.84	4.17
Long-Term Debt/Total Assets (%)	- -	- -	- -	31.58	- -	17.5	15.26	23.02	21.69	37.73	19.35	2.25	1.93	1.9	1.43
Total Debt/Equity (%)	- -	- -	- -	99.64	84.6	55.89	69.08	162.42	90.15	310.46	463.51	1,882.33	129.87	26.01	4.32
Total Debt/Capital (%)	- -	- -	- -	355.97	49.95	35.88	40.75	62	47.35	75.81	84.6	93.7	55.9	20.63	4.17
Total Debt/Total Assets (%)	- -	- -	- -	31.58	24.79	17.5	15.26	32.28	21.69	37.73	34.56	32.26	15.66	6.73	1.43
CFO/Total Liabilities	19.74	43.29	36.57	8.75	25.39	33.55	32.43	21.78	21.09	13.01	15.86	16.48	21.78	21.98	23.59
CFO/CapEx	2.47	5.31	5.1	2.45	10.44	9.08	5.32	9.27	8.05	4.83	12.96	10.29	18.98	20.78	15.09
Altman's Z-Score	-0.19	1.15	0.98	0.48	-0.03	0.42	0.31	0.62	0.68	0.6	0.05	0.03	0.39	4.98	5.26

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	5.4	6.77	5.95	5.37	5.34	4.91	4.5	5.06	5.53	4.21	3.74	3.25	2.99	3.16	3.3
Days Sales Outstanding	67.58	53.88	61.33	68.03	68.41	74.28	81.19	72.17	66.05	86.71	97.66	112.22	121.95	115.53	110.5
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	7.93	9.63	8.87	10.62	18.14	17.05	14.5	15.2	13.18	14.6	21.16	18.59	14.67	16.57	14.07
Accounts Payable Turnover Days	46.01	37.89	41.17	34.38	20.12	21.41	25.17	24.02	27.7	25	17.25	19.63	24.88	22.03	25.94
Cash Conversion Cycle	21.57	15.98	20.16	33.64	48.29	52.88	56.02	48.15	38.35	61.72	80.41	92.59	97.07	93.5	84.56
Inventory to Cash Days	67.58	53.88	61.33	68.03	68.41	74.28	81.19	72.17	66.05	86.71	97.66	112.22	121.95	115.53	110.5
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	105,970	114,824
- Cash & Cash Equivalents	41	323	311	654	376	734	744	2,507	961	2,958	1,874	2,118	1,135	1,535	2,269
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	467	487	500	525	1,920	1,430	3,421	3,539	3,953	2,271	1,344	338
Enterprise Value	-41	-323	-420	-306	-302	-785	-850	-1,483	-1,373	-327	638	318	-119	104,736	112,259
Total Capital	-81	-80	-109	131	975	1,394	1,288	3,097	3,020	4,512	4,184	4,218	4,062	6,516	8,114
Total Debt/Capital (%)	- -	- -	- -	355.97	49.95	35.88	40.75	62	47.35	75.81	84.6	93.7	55.9	20.63	4.17
Total Debt / EV	- -	- -	- -	-1.53	-1.61	-0.64	-0.62	-1.29	-1.04	-10.46	5.55	12.41	-19.03	0.01	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.15	0.06	- -	13.05	12.17
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.39	- -	108.29	70.77
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	153.14	90.32
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.38	0.16	- -	32.03	30.2
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.36	0.14	- -	30.56	28.32
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	117,523	122,935
Diluted Enterprise Value	-41	-323	-311	-187	111	-234	-220	-587	469	463	1,665	1,834	1,135	117,333	121,005
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.1	0.05	- -	14.28	14.75
TTM Sales	119	255	396	598	928	1,378	1,755	2,274	2,900	3,408	4,256	5,502	6,893	8,028	9,222
TTM EBITDA	-8	10	-9	-55	-71	-114	-106	-8	100	27	-44	94	670	967	1,586
TTM Operating Income	-10	4	-19	-74	-100	-157	-166	-104	-54	-179	-304	-189	387	684	1,243
TTM Cash Flow to Firm	32	77	115	90	377	685	896	1,072	1,148	1,134	1,673	2,011	2,793	3,270	3,717
TTM Free Cash Flow to Firm	45	92	137	126	411	757	1,060	1,184	1,279	1,348	1,789	2,204	2,940	3,427	3,964

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	34.42	31.03
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	153.14	90.32
Enterprise Value	-41	-323	-420	-306	-302	-785	-850	-1,483	-1,373	-327	638	318	-119	104,736	112,259
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.95	12.29
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.15	0.06	- -	13.05	12.17
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.39	- -	108.29	70.77
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	41.11	101.26
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	39.39	108.26
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	48.38	122.64
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	34.01	82.47
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	20.49	14.77
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	19.63	15.79
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24.11	17.88
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	16.95	12.03
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	73.35	46.02
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	70.27	49.2
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	86.32	55.73
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	60.68	37.48
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13.2	12.45
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	12.65	13.31
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	15.53	15.08
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10.92	10.14
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	32.53	30.9
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	31.16	33.03
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	38.28	37.42
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	26.91	25.17
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	32.98	33.17
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	40.51	37.58
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	28.47	25.27
EV/Sales Average	- -	- -	- -	- -	0.12	- -	- -	- -	0.16	0.14	0.39	0.33	0.16	12.62	13.1
EV/Sales High	- -	- -	- -	- -	0.12	- -	- -	- -	0.16	0.14	0.39	0.33	0.16	15.51	14.87
EV/Sales Low	- -	- -	- -	- -	0.12	- -	- -	- -	0.16	0.14	0.39	0.33	0.16	10.9	9.93
EV/EBITDA Average	4.93	-32.18	35.58	3.42	-1.57	2.05	2.07	75.23	4.7	17.07	-38.11	19.56	1.7	104.77	76.17
EV/EBITDA High	4.93	-32.18	35.58	3.42	-1.57	2.05	2.07	75.23	4.7	17.07	-38.11	19.56	1.7	128.74	86.44
EV/EBITDA Low	4.93	-32.18	35.58	3.42	-1.57	2.05	2.07	75.23	4.7	17.07	-38.11	19.56	1.7	90.43	57.73
EV/EBIT Average	3.89	-82.92	16.68	2.52	-1.12	1.49	1.32	5.63	-8.66	-2.58	-5.48	-9.72	2.93	148.17	97.21
EV/EBIT High	3.89	-82.92	16.68	2.52	-1.12	1.49	1.32	5.63	-8.66	-2.58	-5.48	-9.72	2.93	182.07	110.33
EV/EBIT Low	3.89	-82.92	16.68	2.52	-1.12	1.49	1.32	5.63	-8.66	-2.58	-5.48	-9.72	2.93	127.9	73.69
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.45	15.08
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	17	18.27
Enterprise Value Average	-41	-323	-311	-187	111	-234	-220	-587	469	463	1,665	1,834	1,135	101,331	120,826
Enterprise Value High	-41	-323	-311	-187	111	-234	-220	-587	469	463	1,665	1,834	1,135	124,515	137,126
Enterprise Value Low	-41	-323	-311	-187	111	-234	-220	-587	469	463	1,665	1,834	1,135	87,469	91,583

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	400	407	430	477	509	543	549	562	581	578	584	598	617	650	668
Diluted Weighted Avg Shares	4,435	1,349	4,735	5,121	5,627	6,004	6,246	6,322	6,515	6,680	6,646	6,790	7,866	8,135	8,150
Basic Weighted Avg Shares	4,027	1,349	4,735	5,121	5,627	6,004	6,246	6,322	6,515	6,680	6,646	6,790	6,967	7,335	7,612
Revenue per Share	0.03	0.19	0.08	0.12	0.16	0.23	0.28	0.36	0.45	0.51	0.64	0.81	0.99	1.09	1.21
EBITDA per Share	- -	0.01	- -	-0.01	-0.01	-0.02	-0.02	- -	0.02	- -	-0.01	0.01	0.1	0.13	0.21
Operating Income per Share	- -	- -	- -	-0.01	-0.02	-0.03	-0.03	-0.02	-0.01	-0.03	-0.05	-0.03	0.06	0.09	0.16
Basic EPS, GAAP	- -	- -	-0.01	-0.04	-0.02	-0.03	-0.03	-0.02	-0.01	-0.04	-0.08	-0.04	0.06	0.35	0.15
Basic EPS from Cont Ops	- -	- -	-0.01	-0.04	-0.02	-0.03	-0.03	-0.02	-0.01	-0.04	-0.08	-0.04	0.06	0.35	0.15
Diluted EPS, GAAP	- -	- -	-0.01	-0.04	-0.02	-0.03	-0.03	-0.02	-0.01	-0.04	-0.08	-0.04	0.06	0.32	0.14
Diluted EPS from Cont Ops	- -	- -	-0.01	-0.04	-0.02	-0.03	-0.03	-0.02	-0.01	-0.04	-0.08	-0.04	0.06	0.32	0.14
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.01	0.06	0.02	0.02	0.06	0.11	0.14	0.16	0.16	0.16	0.23	0.29	0.4	0.44	0.49
Free Cash Flow per Basic Share	- -	0.05	0.02	0.01	0.06	0.1	0.11	0.15	0.14	0.12	0.21	0.26	0.38	0.42	0.46
Cash & Equivalents per Share	0.01	0.24	0.09	0.15	0.14	0.21	0.22	0.54	0.43	0.56	0.44	0.54	0.34	0.35	0.38
Book Value per Share	-0.02	-0.06	-0.02	-0.07	0.09	0.15	0.12	0.19	0.24	0.16	0.1	0.04	0.26	0.71	1.02
Tangible Book Value per Share	-0.02	0.17	0.06	0.05	0.06	0.11	0.07	0.08	-0.01	-0.16	-0.37	-0.43	-0.21	0.2	0.33

Palo Alto Networks, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)