Palo Alto Networks Inc., current enterprise value calculation

Current share price (P)	$177.11
No. shares of common stock outstanding	656,200,000
US$ in thousands
Common equity (market value)¹	116,219,582)
Add: Preferred stock; $0.0001 par value; none issued and outstanding (per books)	—)
Total equity	116,219,582)
Add: Current portion of convertible senior notes, net (per books)	963,900)
Add: Convertible senior notes, net, excluding current portion (per books)	—)
Total equity and debt	117,183,482)
Less: Cash and cash equivalents	1,535,200)
Less: Short-term investments	1,043,600)
Enterprise value (EV)	114,604,682)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 177.11 × 656,200,000

Palo Alto Networks Inc., EV calculation

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Share price^1, 2	$167.91	$121.36	$88.43	$78.04	$39.28	$35.20
No. shares of common stock outstanding¹	651,200,000	617,189,208	598,427,616	584,436,678	578,239,764	581,942,880
US$ in thousands
Common equity (market value)³	109,342,992)	74,902,082)	52,918,954)	45,609,438)	22,713,258)	20,484,389)
Add: Preferred stock; $0.0001 par value; none issued and outstanding (book value)	—)	—)	—)	—)	—)	—)
Total equity	109,342,992)	74,902,082)	52,918,954)	45,609,438)	22,713,258)	20,484,389)
Add: Current portion of convertible senior notes, net (book value)	963,900)	1,991,500)	3,676,800)	1,557,900)	—)	—)
Add: Convertible senior notes, net, excluding current portion (book value)	—)	—)	—)	1,668,100)	3,084,100)	1,430,000)
Total equity and debt	110,306,892)	76,893,582)	56,595,754)	48,835,438)	25,797,358)	21,914,389)
Less: Cash and cash equivalents	1,535,200)	1,135,300)	2,118,500)	1,874,200)	2,958,000)	961,400)
Less: Short-term investments	1,043,600)	1,254,700)	1,516,000)	1,026,900)	789,800)	1,841,700)
Enterprise value (EV)	107,728,092)	74,503,582)	52,961,254)	45,934,338)	22,049,558)	19,111,289)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Palo Alto Networks Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 167.91 × 651,200,000

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Palo Alto Networks Inc. EV increased from 2022 to 2023 and from 2023 to 2024.

Palo Alto Networks Inc. (NASDAQ:PANW)

Enterprise Value (EV)