> **来源：[研报客](https://pc.yanbaoke.cn)** # Palo Alto Networks (PANW US) Summary ## Core Content and Key Highlights Palo Alto Networks (PANW) reported strong financial performance in 3QFY26, with total revenue reaching **US\$3.0bn**, a **31% YoY increase**. This surpassed the Bloomberg consensus by **2%**. Non-GAAP net income was **US\$684mn**, up **22% YoY** and **5% above** the consensus. The company's growth is attributed to **AI-driven demand**, which is expanding its growth opportunities. ### AI-Driven Growth and Market Positioning - **Prisma AIRS**: Achieved over **300 customers** in 3QFY26, up from **~100 in 2QFY26**, with **~US\$100mn ARR** expected in the next two quarters. - **Cortex XSIAM**: ARR increased **~100% YoY** to over **US\$600mn**, with **740 customers** as of 3QFY26, a **150% YoY increase**. - **Chronosphere**: ARR exceeded **US\$300mn** in 3QFY26, scaling alongside AI data and infrastructure growth. - **NGS ARR**: Reached **US\$8.1bn** by end-3QFY26, up **60% YoY** (or **28% YoY excluding acquisitions**), with **195 accounts** having **>US\$5mn ARR** and **67 accounts** with **>US\$10mn ARR**. - **SASE ARR**: Grew **~40% YoY** to **over US\$1.6bn**, more than **2x market average growth**, with PANW being the **fastest-growing vendor at scale**. ## Financial Performance ### Revenue and Growth | FY | Revenue (US$ mn) | YoY Growth (%) | |----|------------------|----------------| | FY24A | 8,028 | 16.5% | | FY25A | 9,222 | 14.9% | | FY26E | 11,424 | 23.9% | | FY27E | 14,283 | 25.0% | | FY28E | 16,054 | 12.4% | ### Non-GAAP Net Profit | FY | Non-GAAP Net Profit (US$ mn) | YoY Growth (%) | |----|-------------------------------|----------------| | FY24A | 2,888.0 | 23.2% | | FY25A | 3,650.8 | 26.4% | | FY26E | 4,240.1 | 16.1% | ### Earnings Per Share (Adjusted) | FY | EPS (US$) | Consensus EPS (US$) | |----|-----------|---------------------| | FY24A | 3.77 | 3.34 | | FY25A | 4.27 | 3.70 | | FY26E | 4.93 | 4.01 | ## 4QFY26 Guidance - **Total Revenue**: Expected to be **US\$3.345bn-3.355bn**, a **32% YoY increase** and **2% ahead of consensus**. - **Non-GAAP EPS**: Expected to be **US\$0.96-0.98**, **2% above** the consensus of **US\$0.94**. ## Valuation and Target Price - **Target Price (TP)**: Lifted to **US\$299.70** from **US\$222.70**. - **EV/Sales Multiple**: Based on a **16.5x** multiple, which is **2 s.d. above** the stock's two-year average **EV/sales**. - **Equity Value**: Estimated at **US\$244,522mn** based on **16.5x EV/sales** and **816mn shares** outstanding. ## Shareholding and Performance ### Shareholding Structure - **Blackrock Inc.**: **7.8%** - **Vanguard Group Inc**: **6.3%** ### Share Performance (12-Month) | Period | Absolute Return (%) | Relative Return (%) | |--------|--------------------|--------------------| | 1-Month | 51.9% | 41.8% | | 3-Month | 76.9% | 50.2% | | 6-Month | 43.3% | 25.4% | ## Key Financial Metrics ### Revenue and Profitability - **Revenue**: Consistently growing, with a **~25% YoY growth** in FY26. - **Non-GAAP Net Profit Margin**: Expected to rise to **26.4%** in FY28. - **Gross Margin**: Expected to be **~69.3%** in FY28. - **Operating Margin**: Expected to be **~13.2%** in FY28. ### Expenses and Margins - **R&D Expenses Ratio**: Increased to **24.5%** in 3QFY26. - **S&M Expenses Ratio**: Increased to **38.7%** in 3QFY26. - **G&A Expenses Ratio**: Increased to **10.5%** in 3QFY26. - **GPM**: Declined slightly to **75.6%** in 3QFY26. - **OPM**: Declined to **-6.1%** in 3QFY26. - **NPM**: Declined to **-5.9%** in 3QFY26. ## Analyst Ratings and Recommendations - **CMBIGM Rating**: **BUY**. - **Potential Return**: Over **15%** over the next 12 months. - **Valuation Window**: Rolled over to **FY27E**. ## Disclaimer and Risk - The report is not a recommendation and is for **informational purposes only**. - There are **risks involved** in transacting in securities. - **Past performance** does not guarantee **future results**. - The information is based on **analyses and interpretations** and is **not guaranteed**. - **No liability** is accepted for any **loss, damage, or expense** resulting from reliance on the report. ## Conclusion Palo Alto Networks is well-positioned to benefit from the **Gen-AI era**, with **AI-driven demand** extending its growth runway. The company is experiencing **strong growth** in **SASE and NGS ARR**, supported by **customer adoption** and **platformization**. Analysts have **lifted their revenue and profit estimates** and **increased the target price** to **US\$299.70**, reflecting **positive outlook** and **strong market positioning**. However, the report should not be taken as **investment advice** and **investors should conduct their own research** and **consult financial advisors**.