Stock Analysis on Net
Stock Analysis on Net

Palo Alto Networks Inc. (NASDAQ:PANW)

Common-Size Balance Sheet: Assets
Quarterly Data

Palo Alto Networks Inc., common-size consolidated balance sheet: assets (quarterly data)

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Apr 30, 2026 Jan 31, 2026 Oct 31, 2025 Jul 31, 2025 Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019
Cash and cash equivalents 5.11 16.65 13.03 9.62 10.83 10.63 11.20 7.68 7.66 9.74 16.82 7.83 14.06 10.23 16.48 17.29 21.80 18.49 21.80 18.30 19.72 22.27 24.55 32.63 22.84 27.84 18.52
Short-term investments 1.61 1.51 4.86 2.69 4.17 4.80 5.44 5.22 8.46 8.68 9.47 8.65 13.87 15.20 13.84 12.37 13.11 13.63 11.40 10.03 11.08 11.15 12.33 8.71 8.52 15.78 23.41
Accounts receivable, net of allowance for credit losses 6.16 8.47 5.71 12.58 8.86 7.14 5.56 13.10 9.57 10.37 9.54 16.99 10.19 9.71 9.87 17.48 11.18 9.16 7.79 12.11 8.02 7.05 7.74 11.44 10.29 7.52 7.31
Short-term financing receivables, net 1.28 2.69 3.13 3.03 3.35 3.60 3.95 3.63 3.19 2.44 3.01 2.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Short-term deferred contract costs 0.98 1.70 1.76 1.78 1.76 1.80 1.80 1.85 1.88 1.79 2.22 2.34 2.24 2.38 2.48 2.59 2.58 2.67 2.62 2.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Prepaid expenses and other current assets 1.52 2.49 2.57 2.21 2.38 2.29 2.68 2.79 2.25 2.22 2.68 3.22 4.90 3.55 3.04 2.61 2.66 2.87 2.81 2.24 4.48 4.59 4.67 3.80 4.71 4.23 4.24
Current assets 16.67% 33.50% 31.06% 31.91% 31.36% 30.26% 30.64% 34.26% 33.01% 35.24% 43.74% 41.71% 45.26% 41.07% 45.71% 52.35% 51.33% 46.81% 46.41% 45.38% 43.31% 45.06% 49.29% 56.58% 46.36% 55.38% 53.48%
Property and equipment, net 1.09 1.94 1.67 1.64 1.67 1.71 1.77 1.81 1.95 1.93 2.38 2.44 2.41 2.62 2.82 2.92 3.20 3.49 3.11 3.11 3.37 3.49 3.87 3.84 5.49 4.33 4.64
Operating lease right-of-use assets 1.47 1.47 1.50 1.47 1.62 1.78 1.91 1.93 2.06 1.95 1.85 1.82 1.75 1.91 2.08 1.97 2.16 2.30 2.42 2.57 2.71 2.66 2.88 2.85 4.06 3.76 4.14
Long-term investments 8.39 13.46 25.42 23.56 23.42 21.76 20.22 20.88 19.54 19.79 20.18 21.02 19.12 21.43 16.70 8.58 6.44 8.18 8.62 8.67 9.26 9.03 10.01 6.12 2.33 4.43 6.85
Long-term financing receivables, net 1.68 3.48 3.63 4.25 4.86 5.55 5.36 5.91 4.92 3.50 4.32 4.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-term deferred contract costs 1.19 2.11 2.32 2.49 2.40 2.50 2.61 2.81 2.85 2.76 3.48 3.77 3.55 3.88 4.15 4.49 4.33 4.54 4.57 4.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill 47.34 27.75 19.40 19.37 18.41 19.33 19.88 16.76 18.81 18.44 19.76 20.18 20.65 22.12 21.90 22.42 24.61 26.26 26.21 26.46 28.37 27.23 22.56 20.00 27.88 21.04 20.52
Intangible assets, net 15.74 5.00 3.07 3.24 3.32 3.68 3.97 1.88 2.27 2.41 1.96 2.18 2.40 2.75 2.83 3.14 3.71 4.27 4.52 4.87 5.55 5.70 4.46 3.95 5.85 4.04 4.16
Deferred tax assets 5.14 9.58 10.27 10.28 11.14 11.68 11.77 12.00 12.78 12.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other assets 1.28 1.71 1.66 1.79 1.80 1.74 1.87 1.77 1.79 1.78 2.31 2.38 4.84 4.22 3.81 4.12 4.22 4.15 4.15 4.11 7.44 6.83 6.94 6.66 8.03 7.03 6.21
Long-term assets 83.33% 66.50% 68.94% 68.09% 68.64% 69.74% 69.36% 65.74% 66.99% 64.76% 56.26% 58.29% 54.74% 58.93% 54.29% 47.65% 48.67% 53.19% 53.59% 54.62% 56.69% 54.94% 50.71% 43.42% 53.64% 44.62% 46.52%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-04-30), 10-Q (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-K (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31).

A comprehensive shift in the asset structure is observed over the analyzed period, characterized by a transition from a highly liquid position to a balance sheet dominated by non-current assets. Total current assets, which initially represented over 50% of the total asset base in 2019, experienced a sustained decline, falling to 16.67% by April 2026.

Liquidity and Short-Term Asset Trends
A marked reduction in liquidity is evident. Cash and cash equivalents peaked at 32.63% in July 2020 but trended downward to 5.11% by April 2026. Short-term investments followed a similar trajectory, declining from 23.41% in October 2019 to 1.61% by April 2026. This suggests a strategic shift away from holding liquid reserves toward long-term investments or acquisitions.
Non-Current Asset Expansion
Long-term assets grew from 46.52% in October 2019 to a peak of 83.33% by April 2026. This growth is most pronounced in the areas of goodwill and intangible assets. Goodwill, which fluctuated between 20% and 28% for several years, spiked significantly to 47.34% by the end of the period. Concurrently, intangible assets rose from 4.16% in 2019 to 15.74% in April 2026, indicating an aggressive acquisition strategy and the capitalization of acquired intellectual property.
Strategic Shifts in Financing and Operations
The introduction of short-term and long-term financing receivables starting in July 2023 marks a change in the operational asset mix. Long-term financing receivables peaked at 5.91% in April 2022 (relative to the period's growth) and remained a consistent component of the balance sheet until April 2026. Additionally, deferred tax assets became a prominent feature of the asset base starting in early 2024, peaking at 12.78% before moderating to 5.14%.
Fixed Asset and Lease Trends
Property and equipment, net, and operating lease right-of-use assets showed a consistent long-term decline as a percentage of total assets. Property and equipment decreased from 4.64% to 1.09%, while lease assets fell from 4.14% to 1.47%, reflecting a diminishing relative reliance on physical infrastructure compared to the growth of intangible and financial assets.

The overall trajectory indicates a transformation from a cash-rich entity to one with a high concentration of intangible value and long-term strategic investments. The dramatic increase in goodwill and intangible assets toward the end of the period suggests that growth is being driven increasingly through inorganic means.

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