Palo Alto Networks, Inc.
PANW 7Price and target zones价格与目标区间
What the company does公司做什么
Palo Alto Networks sells firewalls — the equipment and software that filters a company's network traffic to block attacks — plus a broad security platform that also covers cloud and security operations. Its revenue is mostly recurring subscriptions.Palo Alto Networks 出售防火墙——过滤一家公司的网络流量、拦截攻击的设备和软件——外加一个覆盖云和安全运营的宽广安全平台。它的收入大多是可重复的订阅费。
Earns from营收来源 subscription and support fees, now most of the revenue, plus one-time product sales.订阅和支持费用(现在已占收入的大头),外加一次性的产品销售。
Read the full description查看完整介绍
Palo Alto Networks, Inc. provides cybersecurity solutions in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan. It offers Prisma Access, a secure access service edge solution; Strata Cloud Manager, a network security management solution; and Prisma AIRS to protect customers' entire AI ecosystem. It provides a comprehensive cloud native application protection platform; and Code to Cloud platform, as well as offers VM-Series and CN-Series virtual firewalls for inline network security on multi- and hybrid-cloud environments. It provides security operation solutions through the Cortex platform that includes Cortex XSIAM, an AI-driven security operations platform; Cortex XDR to prevent, detect, and respond to cybersecurity attacks; and Cortex XSOAR for security orchestration, automation, and response; and Cortex Xpanse for attack surface management, as well as offers threat intelligence and advisory services under the Unit 42 name. It provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection, DNS security, Internet of Things security, SaaS security API, and SaaS security inline; and threat intelligence, data loss prevention, services to resolve network disruptions, and sensitive data protection. It offers professional services, including architecture design and planning, implementation, configuration, and firewall migration; education services, such as certifications, as well as online and in-classroom training; and support services. It sells its products and services through its channel partners, as well as directly to enterprises, service providers, and government entities operating in various industries, including education, energy, financial services, government entities, healthcare, Internet and media, manufacturing, public sector, and telecommunications. The company was incorporated in 2005 and is headquartered in Santa Clara, California.
Revenue breakdown营收构成 share of revenue营收占比
Recurring fees for Palo Alto's security software and cloud services, covering network firewalls, cloud workload protection, and AI-driven threat detection on laptops and servers. Customers pay on an ongoing basis rather than buying once, so revenue is steady and predictable. This recurring base is now the company's main growth engine, funded by its shift from selling boxes to selling a security platform.面向Palo Alto安全软件和云服务的持续性收费,涵盖网络防火墙、云端工作负载保护,以及笔记本电脑和服务器上的AI驱动威胁检测。客户持续付费而非一次性购买,因此收入稳定、可预测。这项持续性收入基础目前是公司的主要增长引擎,得益于其从销售硬件设备转向销售安全平台的战略转型。
- Strata — Firewalls that inspect and filter network traffic to block threats.检查和过滤网络流量以阻挡威胁的防火墙。
- Prisma Cloud — Secures software running in the cloud, from code to live use.保护在云中运行的软件,从代码到实际使用全程覆盖。
- Cortex — AI-driven detection on laptops and servers, and automation for the security team.在笔记本电脑和服务器上进行 AI 驱动的威胁检测,并为安全团队提供自动化。
One-time sales of firewall hardware and the software licenses bundled with it. Customers buy this equipment upfront when they build or refresh their network security, then usually add a subscription on top for ongoing protection and updates. Because it is a single purchase rather than a recurring fee, this line moves with hardware refresh cycles and new customer wins rather than growing steadily.防火墙硬件及其配套软件许可的一次性销售。客户在搭建或更新网络安全系统时预先购买这些设备,之后通常会另外订阅持续性保护和更新服务。由于是单次购买而非持续性收费,该业务线的波动取决于硬件更新周期和新客户获取情况,而非稳定增长。
Company facts公司资料
- Founded成立时间
- 2005
- Headquarters总部
- Santa Clara, California
- Employees员工人数
- 21,921
- Industry行业
- Software - Infrastructure
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 Re-analyzed 9/16 — WATCH, +0.5.
What's working
- Q4/FY26 print (Sep 1) beat clean; FY27 guide $14.10-14.20B (+23-24%) ~2.5% above street; NGS ARR $9.10B (+63%) with ~$1B Q4 net-new; FCF $4.11B (36% margin, guide 38% FY27 → 40% FY28). The dilution overhang reversed: FY26 FCF/share $5.38, up from FY25 $4.89 — buyback restart ($3.14B program completed, $1B FY26) offset CyberArk
Watch
- Q4 GAAP loss ($282M) persisted a second quarter — the baseline's cut trigger fired mildly
- $2.74B ESOP shelf keeps dilution optionality live. FV $292-355 (70-85x FY27 non-GAAP $4.175). Entry $275-320. Trim 100x fwd (~$418)
9/16 复盘——WATCH,评分 [7.0],较 8/27 上调 +0.5。 ✅ Q4/FY26(9/1)全线超预期;FY27 指引营收 $14.10-14.20B(+23-24%),高出街上共识约 2.5%;NGS ARR $9.10B(+63%),Q4 单季净增约 $1B;FCF $4.11B(36% 利润率,FY27 指引 38% → FY28 40%)。 稀释担忧反转:FY26 每股 FCF $5.38,高于 FY25 的 $4.89——已完成的 $3.14B 回购计划(FY26 内动用 $1B)抵消了 CyberArk 稀释。 ⚠️ Q4 GAAP 亏损 $2.82 亿,连续第二个季度亏损——基线的减仓触发轻度触发。 ⚠️ $2.74B ESOP 架构文件保留了继续稀释的选择权。 FV $292-355(70-85x FY27 非 GAAP $4.175)。 入场 $275-320,减持 100x fwd(约 $418)。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 2%
- Revenue growth营收增长
- +34%
Competitors竞争对手
Why customers stay客户为什么留下
Platform consolidation. When a customer standardises its network, cloud, and security-operations tools on one vendor, the cost to leave rises across the whole stack.平台整合。当一个客户把自己的网络、云和安全运营工具都统一到同一家供应商上时,离开的代价会在整套系统上层层叠加。
Related companies相关公司 🟠 Cybersecurity
Platform bundling by Microsoft/PANW/CRWD, plus sector-wide multiple de-ratings that hit good and bad alike (QLYS −20% in 9 days on no company news).
4 held = deep. New entries are swaps, not adds.