Palo Alto Networks Inc
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+ FollowMarket Cap$260.68B
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Earnings Call Q4 2026
September 1, 2026 - AI Summary
Q4 + full-year outperformance & key scale metrics (good / surprising):
- Q4 exceeded guidance across every financial metric and showed bookings momentum accelerating for the 2nd straight quarter (pro forma).
- RPO (remaining performance obligations): exceeded $20B for the first time, ending FY26 at $21.2B (+34% YoY); current RPO $9.3B (+34%).
- Next-Gen Security ARR (NGS ARR): Q4 reached $9.1B (+63% YoY) with nearly $1B of net-new NGS ARR in Q4 (rare milestone).
- GSARR: $9.1B (+63%), and platformization momentum supports retention/expansion (see next bullet).
Platformization is the growth engine (good):
- Record platformization adoption in Q4: ~22 net new platformizations, above prior record and >2x vs the start of the metric ~2 years ago.
- Retention/expansion signal: NRR >120% for the platformized cohort in Q4.
- Target: remains on track for >4,000 platformizations by FY2030, supporting the long-term $20B NGS ARR objective.
- Examples of big wins (customer validation): ~$126M telecom network security + Prisma Access SASE displacement; ~$72M IT services provider across multiple modules; ~$53M payments platform with additional Prism AIRS investment.
Product momentum across platforms (good):
- Network + AI security revenue: FY26 $8.35B (+17%); continued strength in SASE, software firewall, and latest Gen 5 hardware.
- Prisma AIRS: surpassed $100M ARR within 4 quarters of GA (fastest scaling in company history); now 800+ customers, and larger deals increasingly include multi-module adoption.
- XSIAM (Cortex platform driver): Q4 70% ARR growth and $700M+ ARR, 700M+ described; XSIAM is positioned as the “central nervous system” enabling faster response.
- SASE displacement: reported nearly 100 accounts displaced legacy incumbents (over $400M total contract value).
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$270.26
22.3% downside
Current Fair Value
22.3% downsideOvervalued by 22.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $260.68 Billion |
|---|---|
| Enterprise Value | $268.41 Billion |
| Earnings per Share | $0.46 |
| Beta | 0.93 |
| Outstanding Shares | 749,000,000 |
Return
| Return on Equity | 1.12% |
|---|---|
| Return on Assets | 0.63% |
| Return on Invested Capital | 1.00% |
Valuation & Multiples
| P/E Ratio | 795.37 |
|---|---|
| PEG | -376.75 |
| Price to Sales | 23.2 |
| Price to Book Ratio | 9.67 |
| Enterprise Value to Revenue | 23.38 |
| Enterprise Value to EBIT | 693.58 |
| Enterprise Value to Net Income | 874 |
| Total Debt to Enterprise | 0.04 |
| Debt to Equity | 0.37 |
Revenue Sources
No data
Last Earnings Call
Report Date
September 1, 2026
EPS Estimate
$0.98
Consensus analyst estimateRevenue Estimate
$3.35 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 18, 2026
EPS Estimate
$0.97
Consensus analyst estimateRevenue Estimate
$3.31 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.15, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.1467▲ 19.37% |
|---|---|
| Total Calls | 37,500▼ 99.86% |
| Total Puts | 43,000▼ 99.83% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.96%▼ 87.64% |
|---|---|
| Total Invested | $14.61B▼ 93.63% |
| Investors Holding | 1,363▼ 1695.00% |
About Palo Alto Networks Inc
21,921 employees
CEO: Nikesh Arora
Operating globally, Palo Alto Networks, Inc. specializes in delivering advanced cybersecurity solutions. Its core offerings encompass both hardware and software-defined firewalls. To manage these diverse deployments—spanning customer net...