Debt to Equity
since 2012
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Palo Alto Networks Inc. pages available for free this week:
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2012
- Current Ratio since 2012
- Price to Earnings (P/E) since 2012
- Price to Operating Profit (P/OP) since 2012
- Analysis of Debt
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Calculation
Palo Alto Networks Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Convertible senior notes, net1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Jul 31, 2025 | = | ÷ | |||
| Jul 31, 2024 | = | ÷ | |||
| Jul 31, 2023 | = | ÷ | |||
| Jul 31, 2022 | = | ÷ | |||
| Jul 31, 2021 | = | ÷ | |||
| Jul 31, 2020 | = | ÷ | |||
| Jul 31, 2019 | = | ÷ | |||
| Jul 31, 2018 | = | ÷ | |||
| Jul 31, 2017 | = | ÷ | |||
| Jul 31, 2016 | = | ÷ | |||
| Jul 31, 2015 | = | ÷ | |||
| Jul 31, 2014 | = | ÷ | |||
| Jul 31, 2013 | = | ÷ | |||
| Jul 31, 2012 | = | ÷ |
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), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31), 10-K (reporting date: 2017-07-31), 10-K (reporting date: 2016-07-31), 10-K (reporting date: 2015-07-31), 10-K (reporting date: 2014-07-31), 10-K (reporting date: 2013-07-31), 10-K (reporting date: 2012-07-31).
1 US$ in thousands
The financial data reveals several noteworthy trends regarding the company’s capital structure over the analyzed periods.
- Convertible Senior Notes, Net
- This liability category first appears in the data in 2015 with a balance of approximately $467 million. It shows a general upward trend until 2021, peaking at around $3.23 billion, indicating increased long-term debt financing. However, from 2022 to 2024, the notes decreased significantly to about $963.9 million, reflecting potential debt repayment or refinancing activities. The figure for 2025 is not reported.
- Stockholders’ Equity
- Stockholders’ equity has grown substantially over the entire period. Starting at approximately $229 million in 2012, it more than tripled by 2016 to close to $790 million. Following a slight dip from 2017 to 2021, where it decreased to $210 million in 2022, equity then rebounded strongly to reach roughly $5.17 billion in 2023 and continued increasing to about $7.82 billion by 2025. This indicates a significant strengthening of the company’s net asset base in recent years.
- Debt to Equity Ratio
- The debt to equity ratio exhibits considerable volatility. Early data is incomplete, but from 2015 onward it fluctuates markedly. The ratio was close to 1.0 around 2015-2016, suggesting balanced use of debt and equity financing. It then declined to around 0.64-0.69, indicating a conservative leverage approach. This was followed by a sharp increase peaking at 17.51 in 2022, highlighting a period of very high leverage relative to equity. Subsequently, the ratio fell substantially to 1.14 in 2024 and further to 0.19 in 2025, reflecting a return to conservative leverage levels.
Overall, the company has demonstrated fluctuating debt levels with a notable increase in convertible senior notes through 2021, followed by significant repayment or restructuring. Concurrently, the equity base has markedly expanded, particularly after 2021. The debt to equity ratio’s volatility reflects changing capital management strategies, with a peak in leverage in 2022 and a subsequent strong deleveraging phase by 2025.
Comparison to Competitors
Palo Alto Networks Inc., debt to equity, long-term trends, comparison to competitors
| Palo Alto Networks Inc. | Accenture PLC | Adobe Inc. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Datadog Inc. | Fair Isaac Corp. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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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), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31), 10-K (reporting date: 2017-07-31), 10-K (reporting date: 2016-07-31), 10-K (reporting date: 2015-07-31), 10-K (reporting date: 2014-07-31), 10-K (reporting date: 2013-07-31), 10-K (reporting date: 2012-07-31).
Comparison to Sector (Software & Services)
Palo Alto Networks Inc., debt to equity, long-term trends, comparison to sector (software & services)
| Palo Alto Networks Inc. | Software & Services | |
|---|---|---|
| Jul 31, 2025 | ||
| Jul 31, 2024 | ||
| Jul 31, 2023 | ||
| Jul 31, 2022 | ||
| Jul 31, 2021 | ||
| Jul 31, 2020 | ||
| Jul 31, 2019 | ||
| Jul 31, 2018 | ||
| Jul 31, 2017 | ||
| Jul 31, 2016 | ||
| Jul 31, 2015 | ||
| Jul 31, 2014 | ||
| Jul 31, 2013 | ||
| Jul 31, 2012 |
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), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31), 10-K (reporting date: 2017-07-31), 10-K (reporting date: 2016-07-31), 10-K (reporting date: 2015-07-31), 10-K (reporting date: 2014-07-31), 10-K (reporting date: 2013-07-31), 10-K (reporting date: 2012-07-31).
Comparison to Industry (Information Technology)
Palo Alto Networks Inc., debt to equity, long-term trends, comparison to industry (information technology)
| Palo Alto Networks Inc. | Information Technology | |
|---|---|---|
| Jul 31, 2025 | ||
| Jul 31, 2024 | ||
| Jul 31, 2023 | ||
| Jul 31, 2022 | ||
| Jul 31, 2021 | ||
| Jul 31, 2020 | ||
| Jul 31, 2019 | ||
| Jul 31, 2018 | ||
| Jul 31, 2017 | ||
| Jul 31, 2016 | ||
| Jul 31, 2015 | ||
| Jul 31, 2014 | ||
| Jul 31, 2013 | ||
| Jul 31, 2012 |
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), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31), 10-K (reporting date: 2017-07-31), 10-K (reporting date: 2016-07-31), 10-K (reporting date: 2015-07-31), 10-K (reporting date: 2014-07-31), 10-K (reporting date: 2013-07-31), 10-K (reporting date: 2012-07-31).