Common-Size Balance Sheet: Assets
Quarterly Data
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Palo Alto Networks Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2012
- Price to Earnings (P/E) since 2012
- Price to Sales (P/S) since 2012
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Palo Alto Networks Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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).
- Cash and cash equivalents
- The proportion of cash and cash equivalents relative to total assets showed considerable volatility over the observed periods. It peaked in early 2020 at over 27%, fluctuated downward through 2023, hitting a low point near 7.7% in mid-2024, and exhibited a moderate recovery towards 13% by late 2025. This suggests intermittent changes in liquidity reserves.
- Short-term investments
- Short-term investments as a percentage of total assets generally decreased over time. After an initial value above 23% in late 2019, there was a sharp decline to below 9% in mid-2020, followed by minor fluctuations. The trend continued downward post-2023, reaching lows near 2.7% before a slight increase at the end of the period, indicating a reduction in short-term marketable securities.
- Accounts receivable, net
- Accounts receivable expressed as a fraction of total assets displayed variability with increases during certain quarters. Notably, it rose significantly in mid-2022 and mid-2023, surpassing 16% at times, followed by decreases. This pattern implies fluctuations in credit sales or collection efficiency.
- Short-term financing receivables, net
- This category appears only from mid-2023 onward, maintaining a steady range between 2.4% and 4.0% of total assets, reflecting a relatively stable component of current financing assets.
- Short-term deferred contract costs
- Short-term deferred contract costs remained relatively stable, fluctuating narrowly around 1.7% to 2.7% of total assets across the periods, signifying consistent short-term contract-related expenditures.
- Prepaid expenses and other current assets
- The share of prepaid expenses and other current assets generally trended downward from above 4% in early periods to near 2.2%-2.5% toward the end, indicating a gradual reduction in prepayments and miscellaneous current asset items.
- Current assets
- The proportion of current assets relative to total assets demonstrated a declining trend, starting above 53%, peaking near 56.5% in some quarters, but then decreasing consistently to approximately 31% by late 2025. This suggests a shift in asset composition away from current asset holdings over time.
- Property and equipment, net
- Fixed assets as a percentage of total assets declined steadily from 4.6% in late 2019 down to around 1.6%-1.7% in late 2025, indicating potential disposals, obsolescence, or relatively slower investment in property and equipment.
- Operating lease right-of-use assets
- These assets generally decreased from about 4.1% in late 2019 to roughly 1.5% in late 2025, with minor fluctuations, reflecting a diminishing balance of leased asset rights possibly due to lease expirations or changes in leasing strategy.
- Long-term investments
- Long-term investments grew significantly from below 7% in late 2019 to over 25% by late 2025, displaying an upward shift in long-term asset allocation and suggesting a strategic emphasis on longer-term financial instruments or holdings.
- Long-term financing receivables, net
- Starting mid-2023, this asset category fluctuated between 3.5% and nearly 6% of total assets, revealing a moderate and steady share of financing extended with longer-term maturities.
- Long-term deferred contract costs
- This item generally declined from about 4.8% to just above 2.3% of total assets across the periods, indicating amortization or fewer long-term deferred costs on contracts.
- Goodwill
- Goodwill remained a sizable portion of total assets, close to 20%-28%, albeit with a downward drift starting from a high near 28% in early 2021 to just below 20% by mid-2024 and a mild recovery thereafter. This suggests changes in acquisition valuations or impairment activity.
- Intangible assets, net
- Intangible assets as a percent of total assets reduced from about 5.8% in early periods to around 3% by late 2025, with some fluctuation. This decline may reflect amortization or impairment alongside slower additions.
- Deferred tax assets
- Reported only from late 2023 onward, deferred tax assets consistently accounted for about 10-12.8% of total assets, indicating a stable component in long-term asset tax-related balances.
- Other assets
- Other assets shrank steadily as a proportion of total assets from more than 7% in early periods to below 2% toward the end, highlighting a reduction or reclassification of miscellaneous asset items.
- Long-term assets
- Long-term assets overall expanded as a share of total assets, increasing from approximately 44%-47% in the initial years to a peak near 70% by late 2024, then stabilizing just below that. This reflects an ongoing shift favoring long-term investments and asset bases over current assets.