PANW EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
PANW's ev/ebitda is right around its 10-year median of 139.4.
EV/EBITDA History
PANW EV/EBITDA by year
Yearly range of PANW’s ev/ebitda from 2018 to 2026. Over the full period it ranged from 44.2 to 2,605.1, averaging 334.7.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 44.2 | 87.3 | 182.3 | 152.2 |
| 2025 | 60.1 | 77.3 | 98.4 | 64.5 |
| 2024 | 80.6 | 94.6 | 117.5 | 92.7 |
| 2023 | 74.8 | 142.3 | 299.1 | 93.2 |
| 2022 | 258.5 | 1,290.5 | 2,605.1 | 262.5 |
| 2021 | 286.4 | 676.9 | 1,126.1 | 1,119.2 |
| 2020 | 103.5 | 203.4 | 316.7 | 303.0 |
| 2019 | 115.7 | 165.7 | 373.7 | 135.9 |
| 2018 | 286.2 | 1,095.9 | 1,748.7 | 330.3 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is PANW EV/EBITDA High or Low Right Now?
Palo Alto Networks, Inc.'s EV/EBITDA is currently 152.2, which is around average relative to its 10-year historical range. The 10-year median EV/EBITDA for PANW is approximately 139.4. See all PANW valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.