NASDAQ · Cybersecurity · Strata/Prisma/Cortex platform
Palo Alto Networks
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.
PANW Updated Jul 12, 2026 2 AI consumers
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).
Financials & Segments
- Total revenue · $9,221.5M (FY2025, +14.9%) · subscription & support 80.5% · NGS ARR $5.58B (+32%) · RPO $15.8B
- Customer concentration · No single customer ≥10% (FY2025). Almost all Fortune 100 and a majority of Global 2000. 16,068 employees. Single operating and reportable segment.
- Segments · Network Security (Strata, Prisma SASE)(NGS ARR $3.9B (+35%)) · Cloud Security (Prisma Cloud) · Security Operations (Cortex XSIAM)(NGS ARR $1.7B (+25%))
Revenue from
- 글로벌 기업·정부 고객 (Fortune 100·Global 2000) High confidence
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).Confirms EN SEC EDGAR Published Aug 29, 2025: Palo Alto Networks FY2025 Form 10-K (fiscal year ended July 31, 2025)Confirms EN Futurum Group Published Aug 19, 2025: Palo Alto Networks Q4 FY2025 Earnings Show 16% Growth, Strong ARR Momentum - 채널 파트너·유통사 (2단계 간접 판매) High confidence
Sells products, subscriptions and support to end-customers through a two-tier, indirect fulfillment model via distributors and channel partners.Confirms EN SEC EDGAR Published Aug 29, 2025: Palo Alto Networks FY2025 Form 10-K (fiscal year ended July 31, 2025)
Pays to
- 플렉스트로닉스 (Flex, EMS 위탁생산) High confidence
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.Confirms EN SEC EDGAR Published Aug 29, 2025: Palo Alto Networks FY2025 Form 10-K (fiscal year ended July 31, 2025) - R&D·엔지니어링 인재 (연구개발비) High confidence
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.Confirms EN SEC EDGAR Published Aug 29, 2025: Palo Alto Networks FY2025 Form 10-K (fiscal year ended July 31, 2025) - 아마존 (AWS, 클라우드 인프라) Medium confidence
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.Confirms EN SEC EDGAR Published Aug 29, 2025: Palo Alto Networks FY2025 Form 10-K (fiscal year ended July 31, 2025)
Investments
- 사이버아크 (CyberArk, 인수 합의) High confidence
On July 30, 2025 agreed to acquire CyberArk for about $25 billion in cash and stock, expanding into privileged access and identity security.Confirms KO Benzinga Korea Published Nov 20, 2025: Palo Alto Networks posts strong Q1 results and announces AI-related acquisitionsConfirms EN SEC EDGAR Published Aug 29, 2025: Palo Alto Networks FY2025 Form 10-K (fiscal year ended July 31, 2025)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Palo Alto Networks | node | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +76.9 |
| Amazon | benef1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| SanDisk | benef2 | · | · | · | · | · | +707.1 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +231.4 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +97 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| GE Vernova | benef2 | · | · | · | · | +99 | +67.3 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +67 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +44.9 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +33.3 |
| Globalstar | benef2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +31.2 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +28.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Celestica | benef2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +21.7 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +13 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Exelon | benef2 | +41.5 | +8.3 | -14 | +9.2 | +20 | +9.3 |
| Procter & Gamble | benef2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.1 |
| Fabrinet | benef2 | +52.7 | +8.2 | +48.4 | +15.5 | +107.1 | +3.5 |
| Talen Energy | benef2 | · | · | · | +214.8 | +86.1 | +2.9 |
| Vistra | benef2 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -1.3 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Amorepacific | benef2 | -30.1 | -5.7 | -18.4 | +9.9 | +8.2 | -10.5 |
| Quantum Computing Inc | benef2 | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -15.6 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -23.2 |
| Nike | benef2 | +18.7 | -29 | -6 | -29.1 | -13.8 | -29.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10