Palo Alto Networks, Inc. (PANW)财务
NASDAQ · Technology · Software - Infrastructure · 员工21,921人 · CEO Nikesh Arora
- 股价
- $365.87 -3.86%
- 市值
- $2990亿
- 企业价值
- $2990亿
- 最近财报
- Q4 '26 2026-09-10提交
- 下次财报
- 2026-11-18 EPS预期 $0.97
营收(TTM)$115亿+24.5% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)6.1%-7.4 百分点 对比去年同期营业利润 $6.95亿
净利润(TTM)$3.07亿-72.9% 对比去年同期税后,含营业外收益
自由现金流(TTM)$41.1亿+18.5% 对比去年同期资本支出 $4.4亿
稀释EPS(TTM)$0.44-72.5% 对比去年同期最近4个季度之和
净现金$5.71亿-77.1% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $2990亿 EV $2990亿
- 营收
- $115亿 过去12个月
- 营收增速
- +23% FY2027年一致预期
- 净利润率
- 2.7% 净利润 / 营收,TTM
- P/E
- 795.4× 预期 87.4×(FY2027)
- P/S
- 26.1× 股价 / 营收,TTM
- EV / EBITDA
- 194.4× TTM
- 自由现金流
- $41.1亿 过去12个月
- 净利润
- $3.07亿 过去12个月
- 营收预期
- $142亿 FY2027年一致预期
- 盈利
- 2026-11-18 营收预期 $33.1亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-09-01):营收超预期1.7%,EPS 超预期4.3%营收$34.1亿,预期$33.5亿(+1.7%);EPS $1.02,预期$0.98(+4.3%)。
- 营收增长加速:同比34.4%Q4 '26营收$34.1亿,此前四个季度的平均值为19.4%。
- 营业利润率6.1%(TTM),较去年同期-7.4 百分点营收增长24.5%,营业利润增长-44.1%。
- 税前利润的29.7%被营业外亏损吞噬税前利润$5.36亿,营业利润$6.95亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的3.8%(去年为2.7%)最近4个季度投入$4.4亿(同比+78.7%)。自由现金流$41.1亿,相当于净利润的1,339.7%。
- 股东回报$10亿 = 自由现金流的24.3%回购$10亿(去年为$0),股息$0,股权激励$14亿(TTM)。
- 稀释股数一年内增加7.8%Q4 '26稀释股数7.64亿,一年前为7.09亿。
- 净现金 $5.71亿现金 + 短期投资 $30.7亿,含租赁债务 $25亿;一年前净现金 $25亿。
上一季度:Q4 '26
截至2026-07-31的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q4 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $34.1亿 | $25.4亿 | +34.4% |
| 毛利率 | 67.6% | 73.2% | -5.7 百分点 |
| 营业利润 | $1.69亿 | $4.97亿 | -66.0% |
| 营业利润率 | 5.0% | 19.6% | -14.6 百分点 |
| 净利润 | -$2.82亿 | $2.54亿 | -211.1% |
| 稀释EPS | -$0.35 | $0.36 | -197.2% |
| 经营现金流 | $13.6亿 | $10.2亿 | +32.9% |
| 资本支出 | $1.03亿 | $8630万 | +19.4% |
| 自由现金流 | $12.5亿 | $9.35亿 | +34.2% |
| R&D | $7.79亿 | $5.04亿 | +54.7% |
| 股权激励费用 | $9000万 | $3.54亿 | -74.6% |
实际 vs 一致预期
2026-09-01| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $34.1亿 | $33.5亿 | +1.7% |
| EPS(一致预期口径) | $1.02 | $0.98 | +4.3% |
来自2026-09-01发布的Q4 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q4 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Subscription | $32亿 | +143.6% | 54.4% | – | – | |
| Support | $15.1亿 | +133.1% | 25.6% | – | – | |
| Product | $11.7亿 | +104.2% | 19.9% | – | – |
按地区划分的营收
占总额比例| 分部 | Q4 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Americas | $39.5亿 | +128.1% | 67.1% | – | – | |
| EMEA | $12.4亿 | +139.8% | 21.0% | – | – | |
| Asia Pacific | $7亿 | +141.5% | 11.9% | – | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $45.5亿
- 资本支出
- -$4.4亿
- 股票回购
- -$10亿
- 股息
- $0
- 收购
- -$46.6亿
- 债务净发行
- -$1.5亿
- 股权激励费用
- $14亿
- 自由现金流
- $41.1亿
- 股东回报 / FCF
- 24.3%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 795.4× | 258.6× 5年中的4年 | 40.2× – 721.4× |
| EV / EBITDA | 194.4× | 189.8× | 58.3× – 542.2× |
| EV / 营收 | 26.1× | 13.5× | 9.4× – 21.6× |
| 股价 / FCF | 72.8× | 36.7× | 27.9× – 60.4× |
| 股价 / 净资产 | 10.0× | 65.1× | 9.0× – 238.1× |
| FCF收益率 | 1.4% | 2.9% | 1.7% – 3.6% |
| 投入资本回报率 | 1.0% | 2.6% | -2.5% – 5.7% |
| 净资产收益率 | 1.7% | -7.3% | -127.1% – 49.9% |
分析师
一致目标价 $400.05 (+9.3%)
区间 $290.00 – $525.00 · 评级 Buy
强烈买入0
买入64
持有23
卖出2
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $142亿 | +23.4% | $4.18 | +851.0% | 87.4× | 31 |
| FY2028 | $162亿 | +14.3% | $4.86 | +16.1% | 75.3× | 18 |
| FY2029 | $184亿 | +13.6% | $5.63 | +15.9% | 65.0× | 10 |
| FY2030 | $206亿 | +11.8% | $6.22 | +10.5% | 58.8× | 4 |
| FY2031 | $233亿 | +13.1% | $0.00 | -100.0% | – | 5 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Palo Alto Networks, Inc.在近期10-Q / 10-K文件中标记的全部271项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| $800万 | $0 | – | -$100万 | $0 | – | |
| – | – | – | -$2300万 | – | – | |
| – | – | – | -4.1% | – | – | |
| – | – | – | -$1.95亿 | – | – | |
| – | – | – | $4000万 | – | – | |
| Accounts Payable, Current | $2.9亿 | $2.32亿 | +25.0% | $2.9亿 | $2.32亿 | +25.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $36.3亿 | $29.7亿 | +22.4% | $36.3亿 | $29.7亿 | +22.4% |
| Accounts Receivable, Allowance for Credit Loss, Current | $400万 | $1000万 | -60.0% | $400万 | $1000万 | -60.0% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $100万 | $600万 | -83.3% | $5400万 | $4100万 | +31.7% |
| Accrued Liabilities, Current | $8.38亿 | $8.46亿 | -0.9% | $8.38亿 | $8.46亿 | -0.9% |
| Accrued Liabilities, Fair Value Disclosure | $1.45亿 | $2.82亿 | -48.6% | $1.45亿 | $2.82亿 | -48.6% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $7.47亿 | $6.39亿 | +16.9% | $7.47亿 | $6.39亿 | +16.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7100万 | $4800万 | -247.9% | -$7100万 | $4800万 | -247.9% |
| Amortization of Debt Issuance Costs | – | – | – | $110万2025-07-31 | $350万 | -68.6% |
| Amortization of Debt Issuance Costs and Discounts | $0 | $0 | – | $0 | $100万 | -100.0% |
| Amortization of Intangible Assets | $2.81亿 | $3700万 | +659.5% | $6.4亿 | $1.66亿 | +285.5% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $4.72亿 | $3.6亿 | +31.1% | $17.9亿 | $13.1亿 | +36.0% |
| Asset Impairment Charges | – | – | – | $0 | $0 | – |
| Assets | $485亿 | $236亿 | +105.5% | $485亿 | $236亿 | +105.5% |
| Assets, Current | $86.4亿 | $75.2亿 | +14.9% | $86.4亿 | $75.2亿 | +14.9% |
| Assets, Fair Value Disclosure | $70.4亿 | $76.2亿 | -7.7% | $70.4亿 | $76.2亿 | -7.7% |
| Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $0 | $2700万 | -100.0% | $189亿 | $2700万 | +69,759.3% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $300万 | -$1.55亿 | +101.9% | -$1.17亿 | -$1.35亿 | +13.3% |
| Business Combination, Contingent Consideration, Liability, Current | $1.16亿 | $2.76亿 | -58.0% | $1.16亿 | $2.76亿 | -58.0% |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $9000万 | $2.38亿 | -62.2% | $9000万 | $2.38亿 | -62.2% |
| Capitalized Contract Cost, Amortization | $1.8亿 | $1.37亿 | +31.4% | $5.9亿 | $4.81亿 | +22.7% |
| Capitalized Contract Cost, Net, Current | $5.44亿 | $4.19亿 | +29.8% | $5.44亿 | $4.19亿 | +29.8% |
| Capitalized Contract Cost, Net, Noncurrent | $6.67亿 | $5.86亿 | +13.8% | $6.67亿 | $5.86亿 | +13.8% |
| Cash and Cash Equivalents, at Carrying Value | $25.1亿 | $22.7亿 | +10.8% | $25.1亿 | $22.7亿 | +10.8% |
| Cash and Cash Equivalents, Fair Value Disclosure | $16.4亿 | $13.8亿 | +19.1% | $16.4亿 | $13.8亿 | +19.1% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -$2100万2026-04-30 | $3710万 | -156.6% | $3840万2025-07-31 | -$790万 | +586.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $25.2亿 | $22.8亿 | +10.7% | $25.2亿 | $22.8亿 | +10.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.49亿 | -$1.16亿 | +228.4% | $2.44亿 | $7.32亿 | -66.7% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 20亿 | 20亿 | 0.0% | 20亿 | 20亿 | 0.0% |
| Common Stock, Shares, Issued | 8.15亿 | 6.68亿 | +22.0% | 8.15亿 | 6.68亿 | +22.0% |
| Common Stock, Shares, Outstanding | 8.15亿 | 6.68亿 | +22.0% | 8.15亿 | 6.68亿 | +22.0% |
| Common Stocks, Including Additional Paid in Capital | $248亿 | $52.9亿 | +368.1% | $248亿 | $52.9亿 | +368.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$3.4亿 | $2.54亿 | -233.9% | $1.88亿 | $11.8亿 | -84.1% |
| Contract with Customer, Liability, Current | $77.5亿 | $63亿 | +22.9% | $77.5亿 | $63亿 | +22.9% |
| Contract with Customer, Liability, Noncurrent | $70.1亿 | $64.5亿 | +8.7% | $70.1亿 | $64.5亿 | +8.7% |
| Contract with Customer, Liability, Revenue Recognized | $13亿 | $11亿 | +18.2% | $62亿 | $55亿 | +12.7% |
| Convertible Debt, Current | $1.6亿2026-04-30 | $3.83亿 | -58.2% | $02025-07-31 | $9.64亿 | -100.0% |
| Convertible Debt, Noncurrent | $17.7亿 | $0 | – | $17.7亿 | $0 | – |
| Cost of Goods and Services Sold | $11.1亿 | $6.79亿 | +62.9% | $34亿 | $24.5亿 | +38.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $9500万 | $5.17亿 | -81.6% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.32亿 | $1.86亿 | -29.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $5300万 | $1.08亿 | -50.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $1.43亿 | $2.96亿 | -51.6% | $1.43亿 | $2.96亿 | -51.6% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | $1.59亿 | $1.83亿 | -13.2% | $1.59亿 | $1.83亿 | -13.2% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | $1.58亿 | $1.86亿 | -14.9% | $1.58亿 | $1.86亿 | -14.9% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | $1.43亿 | $2.93亿 | -51.2% | $1.43亿 | $2.93亿 | -51.2% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $5.14亿 | $7.97亿 | -35.5% | $5.14亿 | $7.97亿 | -35.5% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $5.15亿 | $7.99亿 | -35.5% | $5.15亿 | $7.99亿 | -35.5% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss | $53.8亿 | $63亿 | -14.7% | $53.8亿 | $63亿 | -14.7% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $53.5亿 | $63.5亿 | -15.8% | $53.5亿 | $63.5亿 | -15.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.65亿 | -$3亿 | +45.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $1.2亿 | -$500万 | +2,500.0% |
| Deferred Income Tax Assets, Net | $24.4亿 | $24.2亿 | +0.8% | $24.4亿 | $24.2亿 | +0.8% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $2.19亿2025-07-31 | -$17亿 | +112.9% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-K 2026-07-31, 10-Q 2026-04-30, 10-Q 2026-01-31, 10-Q 2025-10-31, 10-K 2025-07-31, 10-Q 2025-04-30, 10-Q 2025-01-31, 10-Q 2024-10-31, 10-K 2024-07-31
数据截至 2026-11-01