Stock Analysis on Net

Palo Alto Networks Inc. (NASDAQ:PANW)

Analysis of Long-term (Investment) Activity Ratios 
Quarterly Data

Microsoft Excel

Long-term Activity Ratios (Summary)

Palo Alto Networks Inc., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018
Net fixed asset turnover 24.18 23.93 22.96 22.23 22.24 21.37 20.44 19.44 18.99 17.86 16.45 15.38 14.54 13.39 14.05 13.37 12.36 11.44 10.60 9.79 9.14 10.02 9.53 9.80
Net fixed asset turnover (including operating lease, right-of-use asset) 12.25 11.72 11.05 10.75 10.82 10.63 11.50 11.16 11.00 10.33 9.47 9.17 8.68 8.08 7.91 7.32 6.86 6.49 6.08 5.62 5.26 5.37 5.03 9.80
Total asset turnover 0.40 0.41 0.41 0.40 0.43 0.41 0.49 0.48 0.46 0.47 0.46 0.45 0.47 0.47 0.44 0.42 0.42 0.40 0.41 0.38 0.50 0.43 0.44 0.44
Equity turnover 1.23 1.34 1.40 1.55 1.74 1.73 3.32 3.94 5.27 8.44 11.45 26.20 15.31 41.24 8.78 6.71 4.00 3.65 4.80 3.09 4.38 1.94 1.99 1.83

Based on: 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), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).


The net fixed asset turnover ratio shows a clear upward trend from the earliest available data point in October 2019 onward. Starting at 9.8, the ratio exhibits steady growth over the quarters, reaching 24.18 by April 2025. This pattern indicates increasing efficiency in utilizing net fixed assets to generate revenue over the analyzed period.

When including operating leases and right-of-use assets, the net fixed asset turnover begins lower, at 9.8 in October 2019 but drops significantly to 5.03 in January 2020, before gradually increasing again. By April 2025, this adjusted ratio climbs to 12.25. Although the adjusted ratio remains lower than the net fixed asset turnover alone, the persistent increase after the initial drop suggests improved resource utilization, considering the impact of lease accounting changes.

The total asset turnover ratio demonstrates relative stability with minor fluctuations between 0.38 and 0.50. Its values oscillate around the 0.40 to 0.47 range over the entire period without any consistent upward or downward trend. This stability suggests that the overall asset base turnover rate remained fairly steady over time.

Equity turnover displays substantial volatility. Initially showing values around 1.83 to 1.99, it abruptly elevates to 4.38 in July 2019, followed by fluctuations with some peaks such as 41.24 in April 2022 and 26.20 in July 2022. After these spikes, the ratio decreases progressively, ending near 1.23 in April 2025. The large spikes may imply episodic increases in revenue relative to average shareholders' equity, possibly due to changes in equity, earnings variability, or other extraordinary factors. The later decline indicates normalization or stabilization in equity utilization efficiency.


Net Fixed Asset Turnover

Palo Alto Networks Inc., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018
Selected Financial Data (US$ in thousands)
Revenue 2,289,000 2,257,400 2,138,800 2,189,500 1,984,800 1,975,100 1,878,100 1,953,300 1,720,900 1,655,100 1,563,400 1,550,500 1,386,700 1,316,900 1,247,400 1,219,300 1,073,900 1,016,900 946,000 950,400 869,400 816,700 771,900 805,800 726,600 711,200 656,000
Property and equipment, net 367,000 358,200 361,000 361,100 350,300 352,300 352,600 354,500 341,700 344,700 353,700 357,800 355,600 362,700 324,300 318,400 322,700 330,700 337,900 348,100 357,200 311,400 316,400 296,000 275,000 273,200 276,500
Long-term Activity Ratio
Net fixed asset turnover1 24.18 23.93 22.96 22.23 22.24 21.37 20.44 19.44 18.99 17.86 16.45 15.38 14.54 13.39 14.05 13.37 12.36 11.44 10.60 9.79 9.14 10.02 9.53 9.80
Benchmarks
Net Fixed Asset Turnover, Competitors2
Accenture PLC 42.51 44.49 44.02 42.66 44.42 44.26 44.00 41.90 41.40 40.46 38.17 37.12 35.78 34.22 32.49 30.83 31.16 30.44 29.69 28.68 30.82 31.33 31.71 31.06
Adobe Inc. 11.96 11.64 11.11 10.64 10.38 10.03 9.56 9.28 9.07 9.15 9.23 9.25 9.33 9.48 9.44 9.27 9.15 8.94 8.48 8.48 8.68 8.70 8.64
Cadence Design Systems Inc. 10.45 10.13 9.70 9.26 9.42 10.14 10.33 10.27 9.87 9.59 9.86 10.37 10.15 9.77 9.81 9.57 9.18 8.62
CrowdStrike Holdings Inc. 5.01 5.42 5.23 4.93 4.90 4.71 4.67 4.55 4.73 4.79 5.17 5.57 5.31 5.27 5.22 5.24 4.69 4.27 4.05 3.54
Fair Isaac Corp. 36.41 41.27 44.65 48.45 58.93 149.02 138.02 124.80 104.13 93.47 78.34 66.66 59.06 53.93 47.17 42.97 38.17 33.54 27.89 20.31 20.61 21.30 21.88
International Business Machines Corp. 10.94 10.95 11.15 11.14 11.10 11.25 11.39 11.12 11.34 11.35 11.75 11.31 10.50 10.07 6.68 6.93 7.33 7.33
Intuit Inc. 18.65 17.31 16.46 16.14 15.32 14.39 14.56 14.83 15.00 14.70 14.38 14.33 15.00 13.74 13.08 12.35 11.24 9.74 10.55 10.46 9.20 9.40 8.97 8.70
Microsoft Corp. 1.47 1.57 1.66 1.81 1.95 2.03 2.13 2.22 2.36 2.47 2.64 2.66 2.74 2.75 2.76 2.81 2.91 2.96 3.07 3.24 3.36 3.31 3.38 3.45
Oracle Corp. 1.74 2.08 2.33 2.46 2.75 2.87 2.89 2.93 2.93 3.21 3.60 4.37 4.86 5.16 5.37 5.74 5.82 5.95 6.13 6.26
Palantir Technologies Inc. 78.53 72.29 65.59 57.01 49.76 46.59 42.39 37.80 31.45 27.55 31.65 36.61 39.34 49.26
Salesforce Inc. 10.89 10.19 10.19 9.45 8.92 8.53 8.71 8.47 8.62 8.69 9.74 9.41 9.03 8.68 8.98 8.64 7.91 7.67 7.24 7.20
ServiceNow Inc. 6.08 6.23 6.09 6.20 6.54 6.61 7.07 6.98 6.82 6.88 7.57 7.54 7.84 7.70 7.47 7.06 6.97 6.85
Synopsys Inc. 10.88 11.11 10.88 10.66 10.68 10.57 10.48 10.31 9.68 10.01 10.51 10.17 9.68 9.43 8.90 8.67 8.32 7.85 7.62 7.25 7.23 7.38 7.82
Workday Inc. 6.46 6.25 6.11 5.88 5.79 5.50 5.31 5.17 4.88 4.60 4.55 4.58 4.37 4.12 3.87 4.44 4.26 4.17 4.08 3.87

Based on: 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), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).

1 Q3 2025 Calculation
Net fixed asset turnover = (RevenueQ3 2025 + RevenueQ2 2025 + RevenueQ1 2025 + RevenueQ4 2024) ÷ Property and equipment, net
= (2,289,000 + 2,257,400 + 2,138,800 + 2,189,500) ÷ 367,000 = 24.18

2 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals several notable trends in revenue, property and equipment, net values, and net fixed asset turnover ratios over the examined periods.

Revenue Trends
Revenue shows a consistent upward trajectory from October 2018 to April 2025. Starting at approximately $656 million in late 2018, revenue rises steadily with minor fluctuations, reaching around $2.29 billion by the final reported quarter in April 2025. Notable growth periods include the intervals from early 2021 to late 2023, where revenue increments appear more pronounced. This sustained increase indicates robust sales performance and expanding business operations over the years.
Property and Equipment, Net
The net value of property and equipment remains relatively stable throughout the period analyzed, fluctuating in a narrow range around $275 million to $367 million. Initial values are around $276 million in late 2018, dipping slightly below $320 million in early 2021 before increasing to over $360 million in early 2025. These moderate changes suggest controlled investment and depreciation activities related to fixed assets, maintaining asset levels in line with operational needs.
Net Fixed Asset Turnover Ratio
The net fixed asset turnover ratio, reflecting the efficiency of asset utilization to generate revenue, shows a strong upward trend starting from the reported value around 9.8 in mid-2019 to 24.18 by April 2025. This nearly 2.5-fold improvement over the period indicates enhanced productivity and more effective use of fixed assets in producing revenue. The steady increase suggests better asset management, possibly due to optimization efforts or shifts toward higher-margin products or services requiring less asset intensity.

Overall, the data portrays a company that is growing its revenue significantly while maintaining stable asset levels. The improvement in net fixed asset turnover ratio emphasizes increasing operational efficiency, implying that revenue growth is being achieved without proportionate increases in fixed assets. This scenario indicates scaling of the business with improved capital utilization.


Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Palo Alto Networks Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)

Microsoft Excel
Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018
Selected Financial Data (US$ in thousands)
Revenue 2,289,000 2,257,400 2,138,800 2,189,500 1,984,800 1,975,100 1,878,100 1,953,300 1,720,900 1,655,100 1,563,400 1,550,500 1,386,700 1,316,900 1,247,400 1,219,300 1,073,900 1,016,900 946,000 950,400 869,400 816,700 771,900 805,800 726,600 711,200 656,000
 
Property and equipment, net 367,000 358,200 361,000 361,100 350,300 352,300 352,600 354,500 341,700 344,700 353,700 357,800 355,600 362,700 324,300 318,400 322,700 330,700 337,900 348,100 357,200 311,400 316,400 296,000 275,000 273,200 276,500
Operating lease right-of-use assets 357,300 372,900 389,000 385,900 369,700 355,800 274,300 263,300 248,300 251,100 260,400 242,000 239,900 238,800 251,800 262,900 258,700 252,100 251,200 258,700 263,800 270,000 282,600
Property and equipment, net (including operating lease, right-of-use asset) 724,300 731,100 750,000 747,000 720,000 708,100 626,900 617,800 590,000 595,800 614,100 599,800 595,500 601,500 576,100 581,300 581,400 582,800 589,100 606,800 621,000 581,400 599,000 296,000 275,000 273,200 276,500
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 12.25 11.72 11.05 10.75 10.82 10.63 11.50 11.16 11.00 10.33 9.47 9.17 8.68 8.08 7.91 7.32 6.86 6.49 6.08 5.62 5.26 5.37 5.03 9.80
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Accenture PLC 15.85 16.37 15.89 15.17 15.96 15.77 15.97 15.38 14.85 14.14 13.47 13.17 12.30 11.56 11.17 10.48 10.27 9.83 9.71 9.37 9.54 9.69 9.68 31.06
Adobe Inc. 10.52 10.21 9.70 8.96 8.69 8.47 8.13 7.84 7.61 7.60 7.61 7.57 7.52 7.55 7.46 7.26 7.08 6.82 6.42 6.30 6.42 6.32 8.64
CrowdStrike Holdings Inc. 4.72 5.06 4.86 4.57 4.51 4.35 4.26 4.21 4.47 4.46 4.74 4.97 4.66 4.54 4.38 4.30 3.79 3.38 3.22 3.54
Fair Isaac Corp. 23.56 24.89 25.24 27.46 28.90 52.89 41.28 38.35 32.86 29.57 25.38 22.66 20.44 18.77 17.51 16.78 15.51 13.77 12.44 8.48 8.36 8.27 21.88
International Business Machines Corp. 6.93 7.03 6.98 7.14 7.06 7.09 7.21 7.48 7.45 7.37 7.67 7.35 6.73 6.43 4.56 4.73 4.97 5.00
Intuit Inc. 11.85 11.37 10.73 11.47 10.83 10.11 10.03 9.99 9.89 9.51 9.11 8.86 10.03 8.99 8.64 8.30 7.66 6.52 8.04 8.00 7.11 6.76 6.42 8.70
Microsoft Corp. 1.30 1.38 1.47 1.59 1.71 1.77 1.85 1.93 2.03 2.12 2.25 2.26 2.31 2.32 2.34 2.37 2.44 2.47 2.58 2.70 2.79 2.74 2.80 2.87
Palantir Technologies Inc. 12.51 11.92 10.50 9.65 10.58 9.65 8.84 8.06 7.27 7.07 7.12 6.73 6.17 6.21
Salesforce Inc. 6.66 6.39 6.20 5.76 5.37 5.13 5.08 4.76 4.72 4.80 4.83 4.65 4.40 4.03 4.02 3.75 3.67 3.52 3.31 3.16
ServiceNow Inc. 4.26 4.47 4.40 4.36 4.41 4.33 4.46 4.44 4.24 4.18 4.63 4.46 4.53 4.34 4.11 4.32 4.21 4.06
Synopsys Inc. 5.37 5.56 5.43 5.40 5.53 5.36 5.19 4.98 4.71 4.69 4.87 4.66 4.42 4.70 4.35 4.23 4.05 4.03 3.88 3.67 3.64 3.68 7.82
Workday Inc. 5.10 4.92 4.85 4.77 4.74 4.53 4.39 4.29 4.00 3.73 3.75 3.75 3.52 3.31 3.11 3.11 2.99 3.12 3.06 2.96

Based on: 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), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).

1 Q3 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = (RevenueQ3 2025 + RevenueQ2 2025 + RevenueQ1 2025 + RevenueQ4 2024) ÷ Property and equipment, net (including operating lease, right-of-use asset)
= (2,289,000 + 2,257,400 + 2,138,800 + 2,189,500) ÷ 724,300 = 12.25

2 Click competitor name to see calculations.


The financial data reveals several notable trends concerning revenue, property and equipment, and net fixed asset turnover over the analyzed quarters.

Revenue
The revenue demonstrates a consistent upward trajectory throughout the periods presented. Starting from approximately $656 million in October 2018, it progressively increased quarter over quarter with some minor fluctuations. The revenue surpassed the $1 billion mark around January 2021 and continued this growth pattern, reaching over $2.28 billion by July 2024. This steady increase suggests effective growth strategies and expanding business operations over the years.
Property and Equipment, Net (including operating lease, right-of-use asset)
For the net property and equipment values, there is an initial fluctuation from October 2018 through mid-2019, with values around $276 million to $296 million. A significant jump occurs in October 2019 to approximately $599 million, after which the values fluctuate within a range of approximately $576 million to $750 million. Noticeably, from mid-2023 onwards, the asset base remains relatively stable, hovering around $720 million to $750 million with a slight downward adjustment by April 2025. This pattern indicates considerable investment or acquisition of fixed assets around late 2019, followed by maintenance of these asset levels with moderate fluctuations in subsequent years.
Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
The net fixed asset turnover ratio data is partial but indicates a clear upward trend starting from 9.8 in early 2019, declining briefly to around 5.03 and 5.37 mid-2019, followed by continuous improvement over time. From January 2020 onward, the ratio steadily climbs, reaching values above 10 from mid-2021 through to 12.25 by April 2025. This increasing ratio reflects improving efficiency in generating revenue relative to the fixed asset base, suggesting enhanced asset utilization and operational efficiency.

In summary, the data indicates robust revenue growth accompanied by significant fixed asset investments around late 2019. Despite the increase in assets, the company's efficiency in leveraging these assets to generate revenue has improved markedly, as demonstrated by the rising net fixed asset turnover ratio. These trends collectively point to scalable operations with improved asset management efficiency over the periods analyzed.


Total Asset Turnover

Palo Alto Networks Inc., total asset turnover calculation (quarterly data)

Microsoft Excel
Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018
Selected Financial Data (US$ in thousands)
Revenue 2,289,000 2,257,400 2,138,800 2,189,500 1,984,800 1,975,100 1,878,100 1,953,300 1,720,900 1,655,100 1,563,400 1,550,500 1,386,700 1,316,900 1,247,400 1,219,300 1,073,900 1,016,900 946,000 950,400 869,400 816,700 771,900 805,800 726,600 711,200 656,000
Total assets 22,002,800 20,951,700 20,374,600 19,990,900 17,930,800 18,292,000 14,808,500 14,501,100 14,170,500 13,163,400 12,543,800 12,253,600 11,100,000 10,400,500 10,426,400 10,241,600 9,562,100 9,488,400 8,726,500 9,065,400 6,501,800 7,184,100 6,824,800 6,592,200 6,261,800 5,707,500 5,801,500
Long-term Activity Ratio
Total asset turnover1 0.40 0.41 0.41 0.40 0.43 0.41 0.49 0.48 0.46 0.47 0.46 0.45 0.47 0.47 0.44 0.42 0.42 0.40 0.41 0.38 0.50 0.43 0.44 0.44
Benchmarks
Total Asset Turnover, Competitors2
Accenture PLC 1.08 1.12 1.11 1.16 1.19 1.26 1.25 1.25 1.27 1.32 1.32 1.30 1.29 1.28 1.23 1.17 1.14 1.14 1.17 1.20 1.27 1.33 1.33 1.45
Adobe Inc. 0.80 0.74 0.71 0.70 0.68 0.69 0.65 0.65 0.66 0.67 0.65 0.64 0.63 0.62 0.58 0.58 0.56 0.55 0.53 0.55 0.56 0.55 0.54
Cadence Design Systems Inc. 0.54 0.52 0.47 0.58 0.71 0.72 0.72 0.74 0.71 0.69 0.69 0.75 0.72 0.68 0.71 0.70 0.70 0.68
CrowdStrike Holdings Inc. 0.48 0.49 0.48 0.46 0.49 0.48 0.48 0.45 0.46 0.44 0.43 0.40 0.39 0.36 0.35 0.32 0.44 0.40 0.37 0.34
Fair Isaac Corp. 1.00 1.04 1.00 0.97 0.94 0.97 0.96 0.93 0.95 0.96 0.96 0.94 0.91 0.91 0.84 0.85 0.84 0.83 0.81 0.78 0.79 0.77 0.81
International Business Machines Corp. 0.43 0.46 0.47 0.47 0.45 0.46 0.47 0.46 0.45 0.48 0.48 0.47 0.44 0.43 0.42 0.44 0.47 0.47
Intuit Inc. 0.50 0.54 0.50 0.51 0.50 0.51 0.52 0.52 0.49 0.50 0.49 0.46 0.45 0.43 0.69 0.62 0.56 0.53 0.81 0.70 0.88 1.06 1.12 1.08
Microsoft Corp. 0.48 0.49 0.49 0.48 0.49 0.48 0.49 0.51 0.55 0.56 0.56 0.54 0.56 0.54 0.53 0.50 0.52 0.50 0.49 0.47 0.49 0.47 0.47 0.44
Oracle Corp. 0.35 0.37 0.37 0.38 0.38 0.38 0.37 0.37 0.36 0.36 0.34 0.39 0.39 0.39 0.33 0.31 0.34 0.36 0.35 0.34
Palantir Technologies Inc. 0.46 0.45 0.46 0.48 0.49 0.49 0.51 0.51 0.54 0.55 0.55 0.53 0.50 0.47
Salesforce Inc. 0.41 0.40 0.37 0.35 0.37 0.36 0.34 0.32 0.33 0.31 0.30 0.28 0.29 0.27 0.34 0.32 0.34 0.34 0.34 0.31
ServiceNow Inc. 0.55 0.54 0.57 0.55 0.54 0.52 0.56 0.54 0.56 0.54 0.62 0.59 0.57 0.55 0.58 0.56 0.55 0.52
Synopsys Inc. 0.26 0.47 0.47 0.52 0.55 0.57 0.57 0.56 0.54 0.54 0.54 0.53 0.52 0.51 0.48 0.48 0.48 0.48 0.46 0.46 0.46 0.47 0.52
Workday Inc. 0.50 0.48 0.47 0.44 0.50 0.49 0.49 0.46 0.48 0.43 0.42 0.49 0.52 0.51 0.52 0.50 0.53 0.53 0.53 0.53

Based on: 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), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).

1 Q3 2025 Calculation
Total asset turnover = (RevenueQ3 2025 + RevenueQ2 2025 + RevenueQ1 2025 + RevenueQ4 2024) ÷ Total assets
= (2,289,000 + 2,257,400 + 2,138,800 + 2,189,500) ÷ 22,002,800 = 0.40

2 Click competitor name to see calculations.


Revenue Trends
The revenue exhibits a consistent upward trajectory from October 2018 through July 2024, increasing from 656 million USD to approximately 2.29 billion USD. Some fluctuations are noted; for instance, revenue dipped slightly in the quarter ending October 2019 compared to the prior quarter but continued to grow thereafter. The fastest growth occurs between mid-2021 and mid-2023, where quarterly revenue surpassed the 1 billion USD mark and approached nearly 2 billion USD by mid-2023. Minor declines or stagnation appear around late 2023 and early 2024 but overall reflect sustained growth over the examined period.
Total Assets Trends
Total assets rose steadily from 5.8 billion USD in late 2018 to over 22 billion USD by mid-2024. The asset base expanded at an accelerating pace from early 2023 onward, signaling substantial investment or asset acquisition. Notable jumps occur around mid-2020 and again from early 2023, each followed by periods of further growth. The pace of asset accumulation outstrips revenue growth, suggesting an increasing asset base relative to generated sales.
Total Asset Turnover Ratio Analysis
The total asset turnover ratio, available from April 2019 onward, exhibits moderate fluctuations within a range roughly between 0.38 and 0.5. Initial reported ratios near 0.44 declined somewhat in late 2020 before gradually rising to about 0.48 by early 2023. From that point, turnover ratios showed a slight downward tendency toward 0.4 by mid-2024. This pattern indicates a moderate decline in how efficiently assets generate revenue over time, reflecting the rapid growth in total assets relative to revenue increases.
Overall Summary
The data reveals strong revenue growth accompanied by a significantly expanding asset base, with asset growth generally outpacing revenue. While revenue nearly quadrupled over the span, total assets nearly quadrupled as well but accelerated more sharply in recent periods. The asset turnover ratio trend suggests that the company is generating relatively less revenue per unit of assets than earlier in the period, implying either capital-intensive growth initiatives or changes in asset utilization efficiency. These shifts could signal strategic investments prioritizing growth over immediate asset productivity.

Equity Turnover

Palo Alto Networks Inc., equity turnover calculation (quarterly data)

Microsoft Excel
Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018
Selected Financial Data (US$ in thousands)
Revenue 2,289,000 2,257,400 2,138,800 2,189,500 1,984,800 1,975,100 1,878,100 1,953,300 1,720,900 1,655,100 1,563,400 1,550,500 1,386,700 1,316,900 1,247,400 1,219,300 1,073,900 1,016,900 946,000 950,400 869,400 816,700 771,900 805,800 726,600 711,200 656,000
Stockholders’ equity 7,230,500 6,375,300 5,911,800 5,169,700 4,467,800 4,357,200 2,170,500 1,748,400 1,232,400 729,000 508,000 210,000 337,600 117,800 518,900 634,500 997,200 1,037,300 747,000 1,101,800 744,700 1,608,500 1,516,400 1,586,300 1,453,500 1,071,800 1,253,000
Long-term Activity Ratio
Equity turnover1 1.23 1.34 1.40 1.55 1.74 1.73 3.32 3.94 5.27 8.44 11.45 26.20 15.31 41.24 8.78 6.71 4.00 3.65 4.80 3.09 4.38 1.94 1.99 1.83
Benchmarks
Equity Turnover, Competitors2
Accenture PLC 2.24 2.30 2.27 2.29 2.32 2.38 2.42 2.50 2.51 2.66 2.72 2.79 2.79 2.76 2.64 2.59 2.48 2.49 2.50 2.61 2.78 2.89 2.90 3.00
Adobe Inc. 1.97 1.68 1.52 1.44 1.38 1.29 1.18 1.20 1.24 1.27 1.25 1.20 1.19 1.17 1.07 1.05 1.04 1.01 0.97 1.06 1.11 1.11 1.06
Cadence Design Systems Inc. 1.02 0.99 0.95 0.98 1.14 1.20 1.26 1.31 1.25 1.30 1.27 1.25 1.14 1.09 1.13 1.15 1.10 1.08
CrowdStrike Holdings Inc. 1.22 1.23 1.30 1.33 1.40 1.44 1.52 1.53 1.55 1.50 1.48 1.42 1.36 1.26 1.18 1.00 0.94 0.83 0.75 0.65
Fair Isaac Corp. 10.86 5.96 4.04 3.91 4.96 5.73 4.96 4.00
International Business Machines Corp. 2.34 2.30 2.56 2.60 2.67 2.75 2.65 2.73 2.80 2.76 3.02 3.07 3.06 3.03 2.75 2.98 3.24 3.57
Intuit Inc. 0.90 0.96 0.91 0.88 0.84 0.89 0.87 0.83 0.80 0.86 0.83 0.77 0.76 0.73 1.06 0.98 0.89 0.87 1.49 1.50 1.45 1.91 1.91 1.81
Microsoft Corp. 0.84 0.86 0.88 0.91 0.93 0.96 0.99 1.03 1.07 1.11 1.17 1.19 1.18 1.16 1.16 1.18 1.19 1.18 1.19 1.21 1.21 1.22 1.22 1.23
Oracle Corp. 3.33 4.00 4.98 6.08 9.34 13.35 21.50 46.56 7.73 4.46 4.98 4.13 3.24
Palantir Technologies Inc. 0.57 0.57 0.59 0.61 0.62 0.64 0.67 0.69 0.73 0.74 0.77 0.74 0.70 0.67
Salesforce Inc. 0.64 0.63 0.60 0.58 0.58 0.57 0.56 0.54 0.51 0.49 0.47 0.46 0.44 0.42 0.53 0.51 0.50 0.50 0.53 0.50
ServiceNow Inc. 1.13 1.14 1.13 1.15 1.17 1.18 1.18 1.16 1.36 1.44 1.53 1.57 1.57 1.60 1.57 1.58 1.59 1.59
Synopsys Inc. 0.63 0.65 0.68 0.79 0.85 0.90 0.95 0.93 0.91 0.92 0.92 0.88 0.86 0.84 0.79 0.79 0.78 0.78 0.75 0.76 0.80 0.81 0.82
Workday Inc. 0.95 0.94 0.93 0.90 1.05 1.07 1.09 1.11 1.10 1.11 1.13 1.13 1.16 1.21 1.31 1.32 1.35 1.41 1.47 1.46

Based on: 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), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).

1 Q3 2025 Calculation
Equity turnover = (RevenueQ3 2025 + RevenueQ2 2025 + RevenueQ1 2025 + RevenueQ4 2024) ÷ Stockholders’ equity
= (2,289,000 + 2,257,400 + 2,138,800 + 2,189,500) ÷ 7,230,500 = 1.23

2 Click competitor name to see calculations.


The revenue of the company has demonstrated a consistent upward trend over the observed time periods. Starting from US$656 million in October 2018, the revenue increased steadily, with occasional periods of accelerated growth, reaching approximately US$2.29 billion by April 2025. This suggests a strong and expanding business over the years, with occasional fluctuations that are typical in growth trajectories.

Stockholders’ equity, on the other hand, shows a more volatile pattern. Initially, there is a general decline from US$1.25 billion in October 2018 to a significantly lower point in mid-2021, reaching a low of US$118 million in January 2022. Following this trough, the equity rebounds sharply and continues an upward trend, culminating in approximately US$7.23 billion by April 2025. The initial decline may indicate periods of financial restructuring, losses, or other capital adjustments, while the subsequent increase could reflect improved profitability, equity infusion, or asset revaluation.

The equity turnover ratio, which measures how efficiently the company uses its equity to generate revenue, also exhibits considerable variability. Early on, values range around 1.8 to 1.99, followed by a spike reaching as high as 41.24 in April 2022, indicating an unusual event or significant change in either revenue or equity levels at that time. After this peak, the ratio generally declines and stabilizes around lower values, approximately between 1.23 and 3.94 in the most recent periods. This pattern suggests periods of fluctuating operational efficiency or capital structure changes that temporarily impacted performance metrics.

Revenue
Exhibited steady growth with some acceleration, reaching over threefold from 2018 to 2025.
Stockholders’ equity
Showed substantial volatility with an initial decline followed by a strong rebound and growth, increasing more than fivefold by 2025.
Equity turnover ratio
Experienced erratic fluctuations including an extreme peak in early 2022, before returning to a moderate and relatively stable range, reflecting shifts in how effectively equity was utilized.