Why did Palo Alto Networks (PANW) stock move recently?

On 9/18/2026, Palo Alto Networks moved -4.4% — Palo Alto Networks fell after a Bernstein analyst downgraded the stock, arguing that the shares had run ahead of the firm's view of near-term upside even as it acknowledged structural AI-driven demand for cybersecurity. This is MarketChacha's decoded reason from filings and credible news; it is education, not buy/sell advice.

Is Palo Alto Networks (PANW) overvalued or fairly valued?

MarketChacha shows Palo Alto Networks's valuation in context — a trailing P/E of about 282.1, a forward P/E of about 71.5, a price-to-book of about 10.3 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Palo Alto Networks's reported profit turn into cash?

Over 4 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (3.21×) from reported figures — education, not a rating.

What is Palo Alto Networks's revenue?

Palo Alto Networks reported revenue of $11.5B for FY2026, with net profit of $307.0M, per official filings.

What is the share price of Palo Alto Networks (PANW)?

Palo Alto Networks last traded at $346.95 (+1.4% on the day), as of 10/19/2026 — a delayed quote shown for education, not investment advice.

Palo Alto Networks

PANW · NASDAQ · Cybersecurity · United States

Snapshot

TickerPANW

ExchangeNASDAQ

SectorCybersecurity

IndustrySoftware - Infrastructure

CountryUnited States

Employees21,921

HeadquartersSanta Clara, United States

Websitewww.paloaltonetworks.com

Filings tracked22

About Palo Alto Networks

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.

Who owns it

Insiders0.8%
Institutions84.3%
Public & other15.0%

3,896 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.77.77%
Vanguard Capital Management LLC54.54%
State Street Corporation37.96%
Morgan Stanley30.23%
Invesco Ltd.26.33%
Bank of America Corporation23.29%
JPMORGAN CHASE & CO22.29%
FMR, LLC20.59%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

Margin has compressed by about 3.7 points over the period — profitability is trending down.

Cash conversion3.21×

Over 4 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend6.4% → 2.7%

Margin has compressed by about 3.7 points over the period — profitability is trending down.

Return on equity1.1%

Latest ROE of 1.1% is on the low side — the business earns a modest return on shareholder capital.

Growth qualityrev 19% · PAT -11%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $3.4B · EPS 0.43

Est. earnings growth -2.2%

Next fiscal year

Rev $16.2B · EPS 2.21

Est. earnings growth +16.4%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2026)

$11.5B

Net margin

2.7%

ROE

1.1%

Revenue CAGR (3y)

+18.5%

Profit CAGR (3y)

-11.3%

EPS (FY2026)

0.40

Net profit (FY2026)

$307.0M

Ask MarketChacha about PANW

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Why it moved

Sep 18, 2026
Palo Alto Networks fell after a Bernstein analyst downgraded the stock, arguing that the shares had run ahead of the firm's view of near-term upside even as it acknowledged structural AI-driven demand for cybersecurity.
source 1 ↗source 2 ↗· confidence: high
Sep 15, 2026
Palo Alto Networks rallied with the cybersecurity group after AI industry leaders highlighted cyber and biosecurity risks from increasingly capable models. Investors bid up security pure-plays as a perceived beneficiary of heightened AI threat concerns.
source 1 ↗· confidence: high
Sep 14, 2026
Advanced alongside other pure-play security vendors as the day's AI safety debate shifted investor attention to cyber risk and security budgets. The gain came against a lower broad market.
source 1 ↗source 2 ↗· confidence: high
Sep 2, 2026
Palo Alto Networks fell despite quarterly revenue rising about 34% year-on-year to $3.4 billion, adjusted EPS of $1.02 beating estimates and free cash flow of $4.1 billion. Investors focused on the pace of free-cash-flow growth relative to the stock's valuation, and high-multiple software names were also pressured as bond yields rose.
source 1 ↗source 2 ↗· confidence: high
Sep 1, 2026
PANW fell ~5% intraday on pre-earnings profit-taking after a sharp multi-month rally that left the stock at elevated valuations; the drop occurred amid a broader software-sector pullback driven by rising Treasury yields (inflation fears) and higher oil prices from geopolitical tensions, with Q4 results and upbeat guidance released only after the close.
source 1 ↗source 2 ↗source 3 ↗· confidence: high
Aug 25, 2026
PANW fell on profit-taking and portfolio repositioning by institutions ahead of its Sept. 1 earnings, amid elevated valuations (high P/E multiples) after a strong recent run.
source 1 ↗· confidence: medium

Daily moves with the verified reason behind them. Education only — not investment advice.

On MarketChacha

Posts about PANW

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2026	$11.5B	$307.0M	0.40	2.7%	1.1%
FY2025	$9.2B	$1.1B	1.60	12.3%	14.5%
FY2024	$8.0B	$2.6B	3.64	32.1%	49.9%
FY2023	$6.9B	$439.7M	0.64	6.4%	25.2%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$3.0B	$-177.0M	-0.22	-5.9%
2026Q1	$2.6B	$432.0M	0.61	16.7%
2025Q4	$2.5B	$334.0M	0.47	13.5%
2025Q2	$2.3B	$262.0M	0.37	11.4%
2025Q1	$2.3B	$267.0M	0.38	11.8%
2024Q4	$2.1B	$351.0M	0.49	16.4%
2024Q2	$2.0B	$278.8M	0.39	14.0%
2024Q1	$2.0B	$1.7B*	2.44	—
2023Q4	$1.9B	$194.2M	0.56	10.3%
2023Q2	$1.7B	$107.8M	0.31	6.3%
2023Q1	$1.7B	$84.2M	0.25	5.1%

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-K filing
SEC9/10/2026
8-K — Results of operations, Exhibits
SEC9/1/2026material
8-K — Executive/director change, Bylaw/charter change, Exhibits
SEC8/21/2026material
10-Q filing
SEC6/3/2026
8-K — Results of operations, Exhibits
SEC6/2/2026material
8-K — Material agreement, Material financial obligation, Exhibits
SEC4/13/2026material
8-K — Other events
SEC3/23/2026material
8-K — Other events, Exhibits
SEC3/11/2026material
10-Q filing
SEC2/18/2026
8-K — Results of operations, Exhibits
SEC2/17/2026material
8-K — Material agreement, Material financial obligation, Other events, Exhibits
SEC2/11/2026material
8-K — Reg FD disclosure, Exhibits
SEC1/29/2026material

2025

8-K — Executive/director change, Shareholder vote results, Exhibits
SEC12/11/2025material
8-K — Other events
SEC11/21/2025material
10-Q filing
SEC11/20/2025
8-K — Results of operations, Reg FD disclosure, Other events, Exhibits
SEC11/19/2025material
8-K — Executive/director change, Exhibits
SEC11/19/2025material
8-K — Other events
SEC9/25/2025material
10-K filing
SEC8/29/2025
8-K — Results of operations, Executive/director change, Bylaw/charter change, Exhibits
SEC8/18/2025material
8-K — Material agreement, Exhibits
SEC7/31/2025material
8-K — Reg FD disclosure, Other events, Exhibits
SEC7/30/2025material

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.