Stock Analysis on Net
Stock Analysis on Net

Palo Alto Networks Inc. (NASDAQ:PANW)

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Common-Size Balance Sheet: Assets

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Palo Alto Networks Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Jul 31, 2025 Jul 31, 2024 Jul 31, 2023 Jul 31, 2022 Jul 31, 2021 Jul 31, 2020
Cash and cash equivalents
Short-term investments
Accounts receivable, net of allowance for credit losses
Short-term financing receivables, net
Short-term deferred contract costs
Prepaid expenses and other current assets
Current assets
Property and equipment, net
Operating lease right-of-use assets
Long-term investments
Long-term financing receivables, net
Long-term deferred contract costs
Goodwill
Intangible assets, net
Deferred tax assets
Other assets
Long-term assets
Total assets

Based on: 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31).

Cash and cash equivalents
There is a clear downward trend from 32.63% in 2020 to a low of 7.68% in 2024, followed by a slight increase to 9.62% in 2025. This suggests a reduced reliance on cash holdings as a proportion of total assets over the years, with a modest rebound in the latest period.
Short-term investments
This category initially increased from 8.71% in 2020 to peak at 12.37% in 2022, then declined steadily to 2.69% by 2025, indicating a diminishing allocation to short-term investments in the more recent years.
Accounts receivable, net of allowance for credit losses
The proportion increased substantially from 11.44% in 2020 to a peak of 17.48% in 2022, followed by a decline to around 12.58% in 2025. This pattern reflects a rising and then decreasing credit sales or outstanding receivables relative to total assets.
Short-term financing receivables, net
Beginning with no data in 2020, this item rose from 0.77% in 2021 to 3.63% in 2024, then slightly decreased to 3.03% in 2025, indicating growing involvement in short-term financing activities.
Short-term deferred contract costs
A slight rise from 2.27% in 2020 to 2.7% in 2021 was followed by a gradual decline to 1.78% in 2025, implying that deferred contract costs as a percentage of total assets have somewhat decreased over time.
Prepaid expenses and other current assets
This category remained relatively stable with minor fluctuations, increasing from 1.53% in 2020 to a peak of 3.22% in 2023, then dropping to 2.21% in 2025, showing modest variability but a general stability in this component.
Current assets
There is a significant decline from 56.58% in 2020 to 31.91% in 2025, showing a reduction in the share of current assets in total assets, suggestive of a strategic shift or asset structure evolution toward longer-term holdings.
Property and equipment, net
This asset class shows a consistent downward trend from 3.84% in 2020 to 1.64% in 2025, indicating a reduced investment in physical fixed assets over the period.
Operating lease right-of-use assets
A moderate decline from 2.85% in 2020 to 1.47% in 2025 is observed, pointing to a decrease in leased asset commitments relative to total assets.
Long-term investments
Long-term investments show a notable rise, particularly jumping from 8.58% in 2022 to 21.02% in 2023, and continuing to increase to 23.56% in 2025, which suggests an aggressive growth or reallocation towards long-term financial assets.
Long-term financing receivables, net
Starting with no data in 2020, this item increased from 1.9% in 2021 to a peak of 5.91% in 2024, then decreased slightly to 4.25% in 2025, indicating an increasing engagement in longer-term financing activities over time.
Long-term deferred contract costs
A gradual decline is observed from 4.66% in 2020 to 2.49% in 2025, demonstrating a reduction in the proportion of deferred costs related to long-term contracts.
Goodwill
Goodwill rose from 20% in 2020 to a peak of 26.46% in 2021, then declined to 16.76% in 2024, with a slight recovery to 19.37% in 2025. This fluctuation may reflect changes in acquisition activity or asset impairments affecting goodwill valuation.
Intangible assets, net
After increasing from 3.95% in 2020 to 4.87% in 2021, intangible assets decreased to 1.88% in 2024 before recovering somewhat to 3.24% in 2025, suggesting variability in intangible asset composition or amortization effects.
Deferred tax assets
Deferred tax assets data are only available from 2023, where they were 0.16%, sharply increasing to 12% in 2024 and slightly reducing to 10.28% in 2025, indicating the recognition or revaluation of deferred tax assets in recent years.
Other assets
This category remains relatively stable, fluctuating mildly between 1.77% and 2.55% over the period, suggesting no material changes.
Long-term assets
The proportion of long-term assets steadily increased from 43.42% in 2020 to 68.09% in 2025. This reflects a strategic shift towards a heavier investment in long-term asset categories as a share of total assets.
Total assets
By definition, total assets remain constant at 100% across all periods, serving as the base for the other percentage allocations.