| Segment | Value | % of Price | Type |
|---|---|---|---|
| Net Cash | $12 | 8% | auditable |
| Existing Security Platform (Strata + Prisma + Cortex) | $93 | 60% | anchored |
| AI Security / XSIAM (Next-Gen SOC) | $40 | 26% | anchored |
| Identity Security (CyberArk Integration) | $9 | 6% | speculative |
Anchored: $133/sh (87%) · Speculative: $9/sh (6%)
Palo Alto Networks' core security platform spans next-gen firewalls (Strata), cloud security (Prisma Cloud/SASE), and endpoint/XDR (Cortex). The platformization strategy offers free product trials to consolidate customers onto a single vendor. Q2 FY26 ARR ~$4.8B, growing 33%. Revenue...
XSIAM is PANW's AI-powered security operations platform, designed to replace traditional SIEMs (Splunk, QRadar, Sentinel). Launched in 2023, it has grown to 600+ customers with average ARR exceeding $1M per customer. XSIAM uses ML/AI to autonomously detect, investigate, and remediate security...
PANW entered identity security through partnership and integration with CyberArk-type capabilities. Identity is the newest bet, representing the third pillar of the platform strategy. Zero-trust access controls and identity governance are critical as cloud and AI workloads expand attack surfaces.