Palo Alto Networks Inc., current enterprise value calculation

Current share price (P)	$291.42
No. shares of common stock outstanding	323,100,000
US$ in thousands
Common equity (market value)¹	94,157,802)
Add: Preferred stock; $0.0001 par value; none issued and outstanding (per books)	—)
Total equity	94,157,802)
Add: Current portion of convertible senior notes, net (per books)	1,991,500)
Add: Convertible senior notes, net, excluding current portion (per books)	—)
Total equity and debt	96,149,302)
Less: Cash and cash equivalents	1,135,300)
Less: Short-term investments	1,254,700)
Enterprise value (EV)	93,759,302)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 291.42 × 323,100,000

Palo Alto Networks Inc., EV calculation

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
Share price^1, 2	$242.72	$176.85	$156.07	$78.55	$70.39	$78.70
No. shares of common stock outstanding¹	308,594,604	299,213,808	292,218,339	289,119,882	290,971,440	281,468,955
US$ in thousands
Common equity (market value)³	74,902,082)	52,915,962)	45,606,516)	22,710,367)	20,481,480)	22,151,607)
Add: Preferred stock; $0.0001 par value; none issued and outstanding (book value)	—)	—)	—)	—)	—)	—)
Total equity	74,902,082)	52,915,962)	45,606,516)	22,710,367)	20,481,480)	22,151,607)
Add: Current portion of convertible senior notes, net (book value)	1,991,500)	3,676,800)	1,557,900)	—)	—)	550,400)
Add: Convertible senior notes, net, excluding current portion (book value)	—)	—)	1,668,100)	3,084,100)	1,430,000)	1,369,700)
Total equity and debt	76,893,582)	56,592,762)	48,832,516)	25,794,467)	21,911,480)	24,071,707)
Less: Cash and cash equivalents	1,135,300)	2,118,500)	1,874,200)	2,958,000)	961,400)	2,506,900)
Less: Short-term investments	1,254,700)	1,516,000)	1,026,900)	789,800)	1,841,700)	896,500)
Enterprise value (EV)	74,503,582)	52,958,262)	45,931,416)	22,046,667)	19,108,380)	20,668,307)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 242.72 × 308,594,604

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Palo Alto Networks Inc. EV increased from 2021 to 2022 and from 2022 to 2023.

Palo Alto Networks Inc. (NASDAQ:PANW)

Enterprise Value (EV)