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Palo Alto Networks (PANW)

Security · IPO 2012 · FY ends Jul · Historical SBC from SEC EDGAR

Financials (2025)
Revenue
$9.2B
Revenue Growth YoY
14.9%
EBITDA
$1.6B
Net Income
$1.1B
Stock Price
—
Market Cap
—
Stock-Based Compensation (2025)
SBC Expense
$1.3B
SBC % of Revenue
14.0%
SBC % of EBITDA
81.6%
SBC % of Market Cap
—
Buybacks
$0
Unrecognized SBC
$2.2B
SBC % of Revenue — Historical
SBC vs Buybacks ($M) — Historical
SBC % Revenue vs SBC % Market Cap
Revenue-based SBC % is the P&L view. Market-cap-based % is the shareholder dilution view — how much of the company is given away each year.
Market Cap vs Cumulative SBC
Total SBC expense paid since earliest data year vs current market cap. Shows the cumulative cost of stock-based compensation relative to company size.
GAAP vs "Adjusted" Earnings
GAAP net income already includes SBC as a real expense. But many companies highlight "adjusted" earnings that add SBC back, flattering profitability. The orange gap shows how much non-GAAP metrics overstate real earnings each year.
Ownership Retained Over Time
100 = your original ownership at the earliest data year. Net share issuance drives this down.
Annual Gross Dilution vs Buyback Offset
Red = gross share issuance from SBC. Green = shares retired via buybacks. Both as % of prior-year shares.
Year-by-Year Detail
Year SBC ($) Revenue ($) EBITDA ($) SBC % Rev SBC % EBITDA Rev Growth Buybacks ($) Net Income ($) Shares (EOY) Price (EOY) Market Cap SBC % MCap Unrecognized SBC ($)
2025 $1.3B $9.2B $1.6B 14.0% 81.6% 14.9% $0 $1.1B 668,900,000 — — — $2.2B
2024 $1.1B $8.0B $967M 13.4% 111.2% 16.5% $567M $2.6B 325,600,000 — — — $2.0B
2023 $1.1B $6.9B $670M 15.6% 160.5% 25.3% $273M $440M 308,594,604 — — — $2.0B
2022 $1.0B $5.5B $94M 18.4% 1077.9% 29.3% $892M $-267M 99,737,936 — — — $1.8B
2021 $894M $4.3B $-44M 21.0% neg 24.9% $1.2B $-499M 97,406,113 — — — $2.0B
2020 $658M $3.4B $27M 19.3% 2429.5% 341.6% $1.2B $-267M 96,373,294 — — — $1.5B
2019 $568M $772M $100M 73.5% 569.4% 17.7% $330M $-60M 96,990,480 — — — $1.5B
2018 $497M $656M $-8M 75.7% neg 30.7% $259M $-38M 93,822,985 — — — $1.1B
2017 $474M $502M $-106M 94.6% neg 26.0% $411M $-63M 91,842,364 — — — $907M
2016 $393M $398M $-114M 98.7% neg 34.0% $0 $-57M 90,850,457 — — — $823M
2015 $221M $297M $-71M 74.5% neg 54.6% $0 $-40M 85,008,892 — — — $557M
2014 $100M $192M $-196M 51.9% neg 50.0% $132K $-30M 79,628,471 — — — $321M
2013 $44M $128M $-9M 34.1% neg 49.2% $78K $-8M 71,667,163 — — — —
2012 $14M $86M $10M 16.1% 138.0% 50.5% $82K $-4M 67,852,000 — — — —
2011 IPO $5M $57M $-8M 8.3% neg — $90K $4M 19,751,000 — — — —