Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Palo Alto Networks Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2012
- Price to Earnings (P/E) since 2012
- Price to Book Value (P/BV) since 2012
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Palo Alto Networks Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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).
- Accounts Payable
- The proportion of accounts payable relative to total liabilities, temporary equity, and stockholders’ equity showed moderate fluctuations over the periods. It started at 1.09%, dropped to around 0.47% by early 2021, then showed intermittent increases and decreases, ending near 0.98% in mid-2025. The trend indicates variable short-term payables but no dramatic shifts.
- Accrued Compensation
- This metric experienced notable volatility. Initially at 1.84%, it peaked multiple times, reaching highs near 4.2% in mid-2021 and 3.78% in mid-2023. The values generally fluctuated between approximately 1.7% and 4.2%, indicating varying levels of accrued employee-related liabilities, possibly reflecting shifts in payroll timing or incentives.
- Accrued and Other Liabilities
- Accrued and other liabilities remained relatively stable, varying between about 2.5% and 3.9% throughout the periods. Despite some moderate increases and decreases, the overall contribution to total liabilities and equity shows consistency in this category.
- Deferred Revenue
- Deferred revenue maintained a consistently significant share, ranging from approximately 22.6% to 32.24%. There is a clear upward trend from late 2019 through mid-2023, peaking around 32%, followed by slight declines but remaining above 26% through mid-2025. This suggests sustained or growing amounts of services or products paid for but not yet delivered, a positive sign for future revenue recognition.
- Current Portion of Convertible Senior Notes, Net
- This liability first appeared in mid-2021, peaking exceptionally at 35.22% by early 2022, and then steadily decreased to approximately 1.74% by mid-2025. This indicates a significant repayment or refinancing of short-term convertible debt obligations over time.
- Current Liabilities
- Current liabilities showed an unusual spike in the 2020-2022 period, climbing from around 30% to peaks exceeding 71%. After this elevated period, the proportion steadily declined, dropping below 34% by mid-2025. The early increase aligns with rising current portions of convertible notes, while subsequent decreases suggest improvements in short-term liability management or reclassification.
- Convertible Senior Notes, Net (Excluding Current Portion)
- Convertible senior notes excluding current portions exhibited irregular behavior, with high values in some quarters (above 30%) and abrupt disappearances from the dataset post early 2021. This discontinuity reflects either extinguishment, refinancing, or reclassification of long-term convertible debt obligations.
- Long-Term Deferred Revenue
- Long-term deferred revenue remained substantial, fluctuating mostly in the 20% to 32% range. The upward trend continued into mid-2023 with a peak near 32%, followed by a slight decline but still maintaining more than a quarter of total obligations by mid-2025. This reinforces the company's recurring revenue base and service delivery commitments extending beyond one year.
- Deferred Tax Liabilities
- Deferred tax liabilities are absent in early data but emerge around early 2023, initially above 3%, and steadily diminishing to less than 0.4% by mid-2025, indicating a decreasing deferred tax burden or possibly tax planning impacts reducing deferred tax provisions.
- Long-Term Operating Lease Liabilities
- This category showed a gradual but steady decline from about 5.44% in late 2019 to roughly 1.43% by mid-2025, indicating either termination of leases, renegotiations, or classification changes consistent with evolving lease accounting policies.
- Other Long-Term Liabilities
- Other long-term liabilities generally hovered below 1% until early 2023, after which they progressively increased, reaching around 4.2% by early 2025 and slightly decreasing thereafter. This rise may reflect growing provisions or contingencies recognized as long-term obligations.
- Long-Term Liabilities (Total)
- Total long-term liabilities fluctuated extensively. Starting near 48% in late 2019, they spiked as high as approximately 61% in late 2020 but significantly declined to around 26.5% in late 2021. Post-2021, this measure stabilized moderately between 26% and 36%. The sharp initial changes likely correspond with convertible note reclassifications and debt restructuring.
- Total Liabilities
- The total liabilities portion saw an increase from about 78% in late 2019 to nearly 99% by early 2022, marking a period of heavier reliance on liabilities relative to equity. Subsequently, a clear downward trend is visible, dropping to around 67% by mid-2025, signaling improved capitalization or growing equity base.
- Stockholders' Equity
- Stockholders’ equity showed inverse movement compared to total liabilities. Starting at approximately 22% in late 2019, equity sharply decreased to near 1% by early 2022, then broadly recovered to surpass 33% by mid-2025. This recovery indicates positive equity growth or liabilities reduction over time.
- Common Stock and Additional Paid-In Capital
- The common stock and additional paid-in capital ratio decreased initially from about 36% to a low near 15%, before gradually increasing again to approximately 22.5% by mid-2025. This pattern might relate to stock issuance, buybacks, or changes in capital structure impacting paid-in capital levels.
- Retained Earnings / Accumulated Deficit
- Retained earnings improved markedly over the timeline, starting with a negative value of about -14% and worsening temporarily to nearly -17%. However, from late 2022 onward, there was a strong positive shift, ultimately becoming positive by early 2024 and increasing to over 10% by mid-2025. This significant improvement reflects growing cumulative profitability or loss absorption.
- Accumulated Other Comprehensive Income (Loss)
- This component remained near zero in magnitude, fluctuating between slight negative and positive values. The small variations demonstrate minimal impact on the overall equity structure from other comprehensive income items.