Stock Analysis on Net

Palo Alto Networks Inc. (NASDAQ:PANW)

$24.99

Enterprise Value (EV)

Microsoft Excel

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Current Enterprise Value (EV)

Palo Alto Networks Inc., current enterprise value calculation

Microsoft Excel
Current share price (P)
No. shares of common stock outstanding
US$ in thousands
Common equity (market value)1
Add: Preferred stock; $0.0001 par value; none issued and outstanding (per books)
Total equity
Add: Current portion of convertible senior notes, net (per books)
Add: Convertible senior notes, net, excluding current portion (per books)
Total equity and debt
Less: Cash and cash equivalents
Less: Short-term investments
Enterprise value (EV)

Based on: 10-K (reporting date: 2025-07-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


Historical Enterprise Value (EV)

Palo Alto Networks Inc., EV calculation

Microsoft Excel
Jul 31, 2025 Jul 31, 2024 Jul 31, 2023 Jul 31, 2022 Jul 31, 2021 Jul 31, 2020
Share price1, 2
No. shares of common stock outstanding1
US$ in thousands
Common equity (market value)3
Add: Preferred stock; $0.0001 par value; none issued and outstanding (book value)
Total equity
Add: Current portion of convertible senior notes, net (book value)
Add: Convertible senior notes, net, excluding current portion (book value)
Total equity and debt
Less: Cash and cash equivalents
Less: Short-term investments
Enterprise value (EV)

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).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Palo Alto Networks Inc. Annual Report.

3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


The financial data reveals consistent growth across all reported metrics over the examined periods from July 31, 2020, to July 31, 2025.

Common Equity (Market Value) and Total Equity
Both common equity and total equity have experienced substantial increases, nearly doubling from approximately $22.7 billion in 2020 to over $45.6 billion in 2021. This growth continues steadily, reaching $127.4 billion by 2025. The parallel values for common equity and total equity suggest that the equity structure primarily consists of common shares without significant additional equity components.
Total Equity and Debt
The combined value of total equity and debt shows a similar upward trend, increasing from about $25.8 billion in 2020 to approximately $48.8 billion in 2021. Growth remains consistent over the succeeding years, culminating at $127.4 billion in 2025. The increasing magnitude of total equity and debt alongside total equity suggests managed leveraging, but since equity and the combined figure converge by 2025, it implies a reduction or absence of debt toward that endpoint.
Enterprise Value (EV)
Enterprise value increases in tandem with equity-related measures, starting at roughly $22.0 billion in 2020 and rising steadily to $124.5 billion by 2025. The EV remains slightly lower than the total equity and debt figures in all periods until 2025 when they align closely, indicating possible changes in market capitalization, debt levels, or cash reserves that affect EV calculations over time.
Overall Trends and Insights
Across all measures, the data indicates robust growth in market capitalization and enterprise valuation. The ratio between equity and combined equity plus debt suggests increased equity capitalization, potentially reflecting strong financial performance and investor confidence. The convergence of total equity and debt with enterprise value in the final period may indicate a shift toward equity financing or debt repayment. The company shows a clear trajectory of growth, enhanced capital structure, and rising market valuation throughout the five-year span under review.