Enterprise Value (EV)
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Current Ratio since 2012
- Price to Operating Profit (P/OP) since 2012
- Analysis of Revenues
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Current Enterprise Value (EV)
Palo Alto Networks Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Preferred stock; $0.0001 par value; none issued and outstanding (per books) | |
| Total equity | |
| Add: Short-term convertible senior notes (per books) | |
| Add: Long-term convertible senior notes (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term investments | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2026-07-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Palo Alto Networks Inc., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Palo Alto Networks Inc. Annual Report.
3 2026 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
A consistent upward trajectory is observed in the valuation metrics from July 2021 through the projected figures for July 2026. The growth is characterized by a steady increase in market capitalization and enterprise value, with a significant acceleration occurring in the final projected period.
- Market Capitalization and Equity Trends
- Common equity market value grew from 45,609 million USD in 2021 to 127,439 million USD by 2025, representing a substantial expansion of shareholder value. A sharp increase is projected for 2026, where the market value is expected to more than double to 276,885 million USD. Throughout the entire period, total equity remains identical to common equity market value, indicating a simplified equity structure.
- Enterprise Value (EV) Analysis
- Enterprise value follows a pattern closely aligned with the market capitalization of equity. EV rose from 45,934 million USD in 2021 to 124,536 million USD in 2025, before jumping to 275,588 million USD in 2026. The narrow variance between market equity and enterprise value suggests a capital structure with minimal reliance on debt and a potentially strong cash position that offsets total liabilities.
- Capital Structure and Debt Integration
- Total equity and debt values remained closely tied to the equity base, with debt contributing a small fraction to the overall valuation. While total equity and debt reached 110,307 million USD in 2024, the gap between this figure and the market value of equity narrowed to zero by 2025, suggesting a period of debt elimination or complete offsetting by cash equivalents. By 2026, total equity and debt are projected at 278,659 million USD, maintaining a ratio where equity continues to be the primary driver of the firm's total value.
The overall financial profile indicates a company experiencing aggressive valuation growth. The proximity of the enterprise value to the market capitalization underscores a low-leverage financial strategy, where the company's total value is almost entirely derived from equity markets rather than debt financing.