{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","ticker":"PANW","updated_at":"2026-07-12T03:47:49.078+00:00","canonical":"https://valuechain.wiki/palo-alto-networks","citable":"밸류체인 그래프 기준 팔로알토 네트웍스의 직접 연결 기업은 1곳(관계 기준 공급 1·매출 0)이고, 사슬을 2차까지 넓히면 36곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Palo Alto Networks is directly linked to 1 companies (1 supply, 0 revenue relationships) and reaches 36 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · 사이버보안 · Strata·Prisma·Cortex 플랫폼","kicker_en":"NASDAQ · Cybersecurity · Strata/Prisma/Cortex platform","lead":"사이버보안 플랫폼 1위. FY2025(7월 결산) 매출 $92.2억(+14.9%), 구독·지원이 매출의 80.5%를 차지하고 차세대보안 ARR(NGS ARR)은 $55.8억(+32%), 잔여계약(RPO)은 $158억에 달한다. 방화벽(Strata)·SASE와 클라우드(Prisma)·보안운영(Cortex XSIAM) 세 플랫폼을 하나로 묶는 플랫폼화(platformization) 전략으로 대형 다제품 수주를 키운다. Fortune 100 거의 전부와 Global 2000 다수가 고객이며, 하드웨어 방화벽은 플렉스(Flex)에 위탁생산하고 클라우드 보안은 AWS·Azure 위에서 제공한다. 2025년 7월 사이버아크를 약 250억 달러에 인수하기로 합의했다.","lead_en":"The leader in cybersecurity platforms. FY2025 (July year-end) revenue $9.22B (+14.9%), with subscription and support at 80.5% of revenue, Next-Generation Security ARR (NGS ARR) of $5.58B (+32%) and remaining performance obligations of $15.8B. Its platformization strategy bundles three platforms, firewall (Strata), SASE and cloud (Prisma), and security operations (Cortex XSIAM), to win larger multi-product deals. Almost all of the Fortune 100 and a majority of the Global 2000 are customers; hardware firewalls are built by Flex and cloud security runs on AWS and Azure. In July 2025 it agreed to acquire CyberArk for about $25 billion.","segments":{"fy":2025,"parts":[{"desc":"ML 기반 차세대 방화벽·SASE·클라우드 방화벽","name":"네트워크 보안(Strata·Prisma SASE)","share":"NGS ARR $3.9B(+35%)"},{"desc":"멀티클라우드 코드-투-클라우드 보안","name":"클라우드 보안(Prisma Cloud)"},{"desc":"AI 기반 SOC·통합 데이터·자동화","name":"보안 운영(Cortex XSIAM)","share":"NGS ARR $1.7B(+25%)"}],"total":"$9,221.5M (FY2025, +14.9%) · 구독·지원 80.5% · NGS ARR $5.58B(+32%) · RPO $15.8B","source":"https://www.sec.gov/Archives/edgar/data/1327567/000132756725000027/panw-20250731.htm","concentration":"단일고객 10%↑ 없음(FY2025). Fortune 100 거의 전부·Global 2000 다수 고객. 종업원 16,068명. 단일 영업·보고 세그먼트."},"segments_en":{"fy":2025,"parts":[{"desc":"ML-powered NGFW, SASE and cloud firewalls","name":"Network Security (Strata, Prisma SASE)","share":"NGS ARR $3.9B (+35%)"},{"desc":"Multi-cloud code-to-cloud security","name":"Cloud Security (Prisma Cloud)"},{"desc":"AI-driven SOC, unified data and automation","name":"Security Operations (Cortex XSIAM)","share":"NGS ARR $1.7B (+25%)"}],"total":"$9,221.5M (FY2025, +14.9%) · subscription & support 80.5% · NGS ARR $5.58B (+32%) · RPO $15.8B","concentration":"No single customer ≥10% (FY2025). Almost all Fortune 100 and a majority of Global 2000. 16,068 employees. 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FY2025 매출의 80.5%가 구독·지원 반복매출이고 차세대보안 ARR은 $55.8억(+32%), 잔여계약(RPO) $158억이 향후 매출을 선확정한다 — $20M 초과 대형 고객이 급증하며 다제품 번들 전략이 실제로 객단가를 키우고 있다. 하드웨어 방화벽은 플렉스에 위탁하고 클라우드 보안은 AWS·Azure 위에 얹어 자산경량 구조를 유지하며, R&D $19.84억(매출 21.5%)이 해자의 원천이다. 2025년 7월 사이버아크 약 250억 달러 인수는 특권접근·신원보안으로 플랫폼을 넓히는 베팅으로, 통합 실행과 대형 인수 소화가 재평가의 변수다.","analysis_en":"The thesis is the pace of 'platformization' — a firewall-hardware company bundling three platforms (Strata, Prisma, Cortex) into subscription software. 80.5% of FY2025 revenue is recurring subscription and support, Next-Gen Security ARR is $5.58B (+32%), and $15.8B of remaining performance obligations pre-locks future revenue — a jump in $20M+ customers shows the multi-product bundle actually lifting deal size. Hardware firewalls are outsourced to Flex and cloud security runs on AWS and Azure, keeping the model asset-light, with $1.98B of R&D (21.5% of revenue) as the moat's source. The ~$25B CyberArk acquisition (July 2025) is a bet on privileged-access and identity security, and integration execution plus digesting a large deal are the re-rating variables.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"글로벌 기업·정부 고객 (Fortune 100·Global 2000)","counterparty_slug":null,"confidence":"high","metric":"구독·지원 80.5% · NGS ARR $5.58B(+32%)","note":"매출의 80.5%가 구독·지원 반복매출. Fortune 100 거의 전부·Global 2000 다수가 보안 플랫폼을 구독. 단일 고객이 매출 10%를 넘지 않음(FY2025).","note_en":"80.5% of revenue is recurring subscription and support. Almost all Fortune 100 and a majority of Global 2000 subscribe to the security platform. No single customer exceeded 10% of revenue (FY2025).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-29","url":"https://www.sec.gov/Archives/edgar/data/1327567/000132756725000027/panw-20250731.htm","title":"팔로알토 네트웍스 FY2025 Form 10-K","title_en":"Palo Alto Networks FY2025 Form 10-K (fiscal year ended July 31, 2025)","excerpt":"구독·지원 매출은 FY2025 총매출의 80.5%. 고객에는 Fortune 100 거의 전부와 Global 2000 다수가 포함되며, 단일 최종고객이 FY2025 총매출의 10%를 넘지 않음.","excerpt_en":"Subscription and support revenue comprised 80.5% of total revenue in fiscal 2025. Customers include almost all of the Fortune 100 companies and a majority of the Global 2000 companies; no single end-customer accounted for more than 10% of total revenue in fiscal 2025."},{"stance":"confirms","publisher":"Futurum Group","publisher_en":"Futurum Group","kind":"research","lang":"en","published_at":"2025-08-19","url":"https://futurumgroup.com/insights/palo-alto-networks-q4-fy-2025-earnings-show-16-growth-strong-arr-momentum/","title":"팔로알토 Q4 FY2025 실적: 16% 성장·강한 ARR 모멘텀","title_en":"Palo Alto Networks Q4 FY2025 Earnings Show 16% Growth, Strong ARR Momentum","excerpt":"NGS ARR $55.8억(+32%), RPO $158억(+24%). NGS ARR $20M 초과 고객이 전년比 약 80% 증가하며 플랫폼화가 대형 다제품 수주로 이어짐.","excerpt_en":"NGS ARR $5.58B (+32%), RPO $15.8B (+24%); customers with more than $20M in NGS ARR grew nearly 80% YoY as platformization drove larger multi-tower deals."}]},{"direction":"revenue","counterparty":"채널 파트너·유통사 (2단계 간접 판매)","counterparty_slug":null,"confidence":"high","metric":null,"note":"제품·구독·지원을 유통사→리셀러 2단계 간접 모델로 최종고객에 판매. 매출 인식은 채널 파트너를 통해 이뤄짐.","note_en":"Sells products, subscriptions and support to end-customers through a two-tier, indirect fulfillment model via distributors and channel partners.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-29","url":"https://www.sec.gov/Archives/edgar/data/1327567/000132756725000027/panw-20250731.htm","title":"팔로알토 네트웍스 FY2025 Form 10-K","title_en":"Palo Alto Networks FY2025 Form 10-K (fiscal year ended July 31, 2025)","excerpt":"제품·구독·지원을 주로 채널 파트너를 통해 2단계 간접 이행 모델로 최종고객에 판매.","excerpt_en":"We primarily sell our products and subscription and support offerings to end-customers through our channel partners utilizing a two-tier, indirect fulfillment model."}]},{"direction":"cost","counterparty":"플렉스트로닉스 (Flex, EMS 위탁생산)","counterparty_slug":null,"confidence":"high","metric":null,"note":"하드웨어 차세대 방화벽을 EMS 파트너 플렉스(Flextronics)가 팔로알토의 설계·품질기준으로 부품 조달·조립.","note_en":"Hardware next-generation firewalls are assembled by EMS partner Flex (Flextronics), which procures components and builds products to Palo Alto's design and quality standards.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-29","url":"https://www.sec.gov/Archives/edgar/data/1327567/000132756725000027/panw-20250731.htm","title":"팔로알토 네트웍스 FY2025 Form 10-K","title_en":"Palo Alto Networks FY2025 Form 10-K (fiscal year ended July 31, 2025)","excerpt":"당사의 EMS 공급업체는 플렉스트로닉스 인터내셔널(Flex)로, 당사가 정한 설계 사양·품질보증 프로그램·표준에 따라 제품을 조립하고 수요예측에 근거해 부품을 조달·조립함.","excerpt_en":"Our EMS provider is Flextronics International, Ltd. (Flex), who assembles our products using design specifications, quality assurance programs, and standards that we establish, and procures components and assembles our products based on our demand forecasts."}]},{"direction":"cost","counterparty":"R&D·엔지니어링 인재 (연구개발비)","counterparty_slug":null,"confidence":"high","metric":"R&D $1,984.1M (매출 21.5%)","note":"플랫폼·AI 보안 개발을 위한 연구개발비 FY2025 $19.84억(매출의 21.5%). 종업원 16,068명, 인재 확보가 핵심 비용축.","note_en":"R&D for platform and AI security was $1,984.1M in FY2025 (21.5% of revenue). 16,068 employees; talent is a core cost axis.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-29","url":"https://www.sec.gov/Archives/edgar/data/1327567/000132756725000027/panw-20250731.htm","title":"팔로알토 네트웍스 FY2025 Form 10-K","title_en":"Palo Alto Networks FY2025 Form 10-K (fiscal year ended July 31, 2025)","excerpt":"연구개발비 FY2025 $1,984.1백만(매출의 21.5%). 2025년 7월 31일 기준 종업원 16,068명.","excerpt_en":"Research and development expense was $1,984.1 million in fiscal 2025 (21.5% of revenue). We had 16,068 employees as of July 31, 2025."}]},{"direction":"investment","counterparty":"사이버아크 (CyberArk, 인수 합의)","counterparty_slug":null,"confidence":"high","metric":"~$25B 현금·주식","note":"2025년 7월 30일 사이버아크를 약 250억 달러 규모 현금·주식으로 인수하기로 확정 합의. 특권 접근·신원보안으로 플랫폼 확장.","note_en":"On July 30, 2025 agreed to acquire CyberArk for about $25 billion in cash and stock, expanding into privileged access and identity security.","sources":[{"stance":"confirms","publisher":"벤징가 코리아","publisher_en":"Benzinga Korea","kind":"news","lang":"ko","published_at":"2025-11-20","url":"https://kr.benzinga.com/news/usa/earnings/%ED%8C%94%EB%A1%9C%EC%95%8C%ED%86%A0-%EB%84%A4%ED%8A%B8%EC%9B%8D%EC%8A%A4-1%EB%B6%84%EA%B8%B0-%EC%8B%A4%EC%A0%81-%ED%98%B8%EC%A1%B0-%EB%B0%8F-ai-%EA%B4%80%EB%A0%A8-%EC%9D%B8%EC%88%98-%EB%B0%9C/","title":"팔로알토 네트웍스, 1분기 실적 호조 및 AI 관련 인수 발표","title_en":"Palo Alto Networks posts strong Q1 results and announces AI-related acquisitions","excerpt":"팔로알토는 약 250억 달러 규모의 현금·주식 거래로 사이버아크를 인수하기로 합의.","excerpt_en":"Palo Alto agreed to acquire CyberArk in a cash-and-stock deal worth about $25 billion."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-29","url":"https://www.sec.gov/Archives/edgar/data/1327567/000132756725000027/panw-20250731.htm","title":"팔로알토 네트웍스 FY2025 Form 10-K","title_en":"Palo Alto Networks FY2025 Form 10-K (fiscal year ended July 31, 2025)","excerpt":"2025년 7월 당사는 사이버아크 소프트웨어(CyberArk Software Ltd.)를 인수하는 확정 계약을 체결함.","excerpt_en":"In July 2025, we also entered into a definitive agreement to acquire CyberArk Software Ltd."}]},{"direction":"cost","counterparty":"아마존 (AWS, 클라우드 인프라)","counterparty_slug":"amazon","confidence":"mid","metric":null,"note":"클라우드 배포형 보안(Cloud NGFW)과 SaaS를 퍼블릭 클라우드 위에서 제공. Cloud NGFW는 AWS·Azure에서 고객 애플리케이션을 보호하는 관리형으로 운영됨.","note_en":"Delivers cloud-based security (Cloud NGFW) and SaaS on public cloud. Cloud NGFW runs as a managed offering securing customer applications on AWS and Azure.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-29","url":"https://www.sec.gov/Archives/edgar/data/1327567/000132756725000027/panw-20250731.htm","title":"팔로알토 네트웍스 FY2025 Form 10-K","title_en":"Palo Alto Networks FY2025 Form 10-K (fiscal year ended July 31, 2025)","excerpt":"당사는 AWS(Amazon Web Services)와 마이크로소프트 Azure에서 고객 애플리케이션을 보호하는 관리형 Cloud NGFW를 제공함.","excerpt_en":"We also offer Cloud NGFW, a managed NGFW offering, to secure customers' applications on Amazon Web Services (AWS) and Microsoft Azure."}]}]}