Price to Earnings (P/E)
since 2012
Calculation
Palo Alto Networks Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sep 10, 2026 | 901.90 | = | 338.49 | ÷ | 0.38 | 0.38 | = | 307 | ÷ | 818,000,000 | |
| Aug 29, 2025 | 112.39 | = | 190.52 | ÷ | 1.70 | 1.70 | = | 1,134 | ÷ | 668,900,000 | |
| Sep 6, 2024 | 42.42 | = | 167.91 | ÷ | 3.96 | 3.96 | = | 2,578 | ÷ | 651,200,000 | |
| Sep 1, 2023 | 170.35 | = | 121.36 | ÷ | 0.71 | 0.71 | = | 440 | ÷ | 617,189,208 | |
| Sep 6, 2022 | — | = | 88.43 | ÷ | -0.45 | -0.45 | = | -267 | ÷ | 598,427,616 | |
| Sep 3, 2021 | — | = | 78.04 | ÷ | -0.85 | -0.85 | = | -499 | ÷ | 584,436,678 | |
| Sep 4, 2020 | — | = | 39.28 | ÷ | -0.46 | -0.46 | = | -267 | ÷ | 578,239,764 | |
| Sep 9, 2019 | — | = | 35.20 | ÷ | -0.14 | -0.14 | = | -82 | ÷ | 581,942,880 | |
| Sep 13, 2018 | — | = | 39.35 | ÷ | -0.26 | -0.26 | = | -148 | ÷ | 562,937,910 | |
| Sep 7, 2017 | — | = | 23.95 | ÷ | -0.39 | -0.39 | = | -217 | ÷ | 551,054,184 | |
| Sep 8, 2016 | — | = | 24.50 | ÷ | -0.41 | -0.41 | = | -226 | ÷ | 545,102,742 | |
| Sep 17, 2015 | — | = | 30.72 | ÷ | -0.32 | -0.32 | = | -165 | ÷ | 510,053,352 | |
| Sep 18, 2014 | — | = | 16.49 | ÷ | -0.47 | -0.47 | = | -226 | ÷ | 477,770,826 | |
| Sep 25, 2013 | — | = | 7.72 | ÷ | -0.07 | -0.07 | = | -29 | ÷ | 430,002,978 | |
| Oct 4, 2012 | 6,057.94 | = | 10.96 | ÷ | 0.00 | 0.00 | = | 1 | ÷ | 407,363,634 |
Based on: 10-K (reporting date: 2026-07-31), 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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Palo Alto Networks Inc. Annual Report.
The financial trajectory is characterized by a sustained increase in share price contrasted with significant volatility in earnings per share (EPS) and corresponding fluctuations in the price-to-earnings (P/E) ratio.
- Earnings Evolution
- A prolonged period of negative earnings is observed from 2013 through 2022, during which the company consistently reported losses. Profitability was first established in 2023 with an EPS of 0.71, which peaked at 3.96 in 2024. However, a subsequent downward trend in earnings is evident in the final two years, with EPS declining to 1.70 in 2025 and further to 0.38 by 2026.
- Share Price Trends
- The share price exhibits a strong long-term bullish trend, ascending from 10.96 in 2012 to 338.49 in 2026. The most rapid acceleration occurs between 2023 and 2026, where the price more than doubles from 167.91 to 338.49.
- Price-to-Earnings (P/E) Dynamics
- The P/E ratio demonstrates extreme volatility and sensitivity to the relationship between market valuation and net income. Because EPS was negative for most of the decade between 2013 and 2022, the P/E ratio was largely inapplicable. Upon the return to profitability in 2023, the ratio stood at 170.35 and compressed to 42.42 in 2024 as earnings growth outpaced price appreciation. In the subsequent period, a severe divergence emerged; while the share price continued to climb, the decline in EPS led to a sharp expansion of the P/E ratio, reaching 112.39 in 2025 and peaking at 901.90 in 2026.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Comparison to Competitors
Palo Alto Networks Inc., P/E, long-term trends, comparison to competitors
| Palo Alto Networks Inc. | Accenture PLC | Adobe Inc. | AppLovin Corp. | Cadence Design Systems Inc. | Datadog Inc. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sep 10, 2026 | 901.90 | — | — | — | — | — | — | 18.37 | 21.68 | 29.69 | — | 23.88 | — | — | 56.01 |
| Aug 29, 2025 | 112.39 | 19.47 | 17.51 | 41.68 | 72.92 | 398.52 | 20.31 | 48.19 | 37.46 | 47.60 | 195.77 | 45.28 | 69.85 | 69.11 | 122.85 |
| Sep 6, 2024 | 42.42 | 31.07 | 31.98 | 68.97 | 67.09 | 235.49 | 39.68 | 58.94 | 35.67 | 37.63 | 632.38 | 71.24 | 146.40 | 33.69 | 50.53 |
| Sep 1, 2023 | 170.35 | 27.81 | 49.64 | 56.56 | 78.64 | 884.97 | 22.50 | 64.61 | 33.96 | 38.96 | 246.77 | 879.57 | 90.80 | 70.08 | — |
| Sep 6, 2022 | — | 22.93 | 33.15 | — | 59.70 | — | 71.56 | 57.31 | 28.34 | 26.85 | — | 135.68 | 284.29 | 51.76 | 1,957.29 |
| Sep 3, 2021 | — | 36.58 | 48.90 | 472.35 | 53.88 | — | 19.40 | 75.17 | 35.14 | 15.84 | — | 48.20 | 487.70 | 73.37 | — |
| Sep 4, 2020 | — | 28.32 | 41.69 | — | 62.89 | — | 19.30 | 49.52 | 35.04 | 16.69 | — | 1,204.70 | 978.49 | 55.92 | — |
| Sep 9, 2019 | — | 24.58 | 57.17 | — | 20.22 | — | 13.35 | 48.17 | 26.86 | 16.89 | — | 107.70 | 106.89 | 39.55 | — |
| Sep 13, 2018 | — | 24.10 | 46.11 | — | 46.59 | — | 14.25 | 46.88 | 50.00 | 45.90 | — | 731.11 | — | 29.60 | — |
| Sep 7, 2017 | — | 26.18 | 57.41 | — | 55.67 | — | 25.07 | 37.26 | 26.25 | 22.49 | — | 324.94 | — | 95.81 | — |
| Sep 8, 2016 | — | 18.07 | 46.80 | — | 40.53 | — | 14.29 | 29.60 | 26.08 | 18.53 | — | — | — | 33.71 | — |
| Sep 17, 2015 | — | 22.75 | 70.59 | — | 25.14 | — | 9.65 | 63.89 | 30.63 | 17.92 | — | — | — | 30.45 | — |
| Sep 18, 2014 | — | 17.46 | 132.73 | — | 34.03 | — | 13.55 | 26.44 | 16.11 | 16.33 | — | — | — | 25.00 | — |
| Sep 25, 2013 | — | 15.20 | 104.21 | — | 26.30 | — | 11.58 | 21.73 | 12.14 | 12.78 | — | — | — | 24.68 | — |
| Oct 4, 2012 | 6,057.94 | 17.95 | 22.73 | — | 9.11 | — | 13.37 | 22.37 | 14.40 | 13.61 | — | — | — | 26.53 | — |
Based on: 10-K (reporting date: 2026-07-31), 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., P/E, long-term trends, comparison to sector (software & services)
| Palo Alto Networks Inc. | Software & Services | |
|---|---|---|
| Sep 10, 2026 | 901.90 | — |
| Aug 29, 2025 | 112.39 | 39.53 |
| Sep 6, 2024 | 42.42 | 41.55 |
| Sep 1, 2023 | 170.35 | 40.00 |
| Sep 6, 2022 | — | 34.25 |
| Sep 3, 2021 | — | 37.62 |
| Sep 4, 2020 | — | 38.46 |
| Sep 9, 2019 | — | 28.30 |
| Sep 13, 2018 | — | 43.31 |
| Sep 7, 2017 | — | 30.27 |
| Sep 8, 2016 | — | 23.96 |
| Sep 17, 2015 | — | 23.38 |
| Sep 18, 2014 | — | 18.36 |
| Sep 25, 2013 | — | 14.09 |
| Oct 4, 2012 | 6,057.94 | 14.97 |
Based on: 10-K (reporting date: 2026-07-31), 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., P/E, long-term trends, comparison to industry (information technology)
| Palo Alto Networks Inc. | Information Technology | |
|---|---|---|
| Sep 10, 2026 | 901.90 | — |
| Aug 29, 2025 | 112.39 | 40.70 |
| Sep 6, 2024 | 42.42 | 45.43 |
| Sep 1, 2023 | 170.35 | 36.13 |
| Sep 6, 2022 | — | 26.99 |
| Sep 3, 2021 | — | 29.75 |
| Sep 4, 2020 | — | 30.97 |
| Sep 9, 2019 | — | 23.40 |
| Sep 13, 2018 | — | 23.17 |
| Sep 7, 2017 | — | 23.55 |
| Sep 8, 2016 | — | 19.69 |
| Sep 17, 2015 | — | 16.54 |
| Sep 18, 2014 | — | 17.14 |
| Sep 25, 2013 | — | 14.15 |
| Oct 4, 2012 | 6,057.94 | 14.37 |
Based on: 10-K (reporting date: 2026-07-31), 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).