Palo Alto Networks, Inc. (PANW): A Bear Case Theory

We came across a bearish thesis on Palo Alto Networks, Inc. (PANW) on Disruptive Analytics’ Substack. In this article, we will summarize the bears’ thesis on PANW. Palo Alto Networks, Inc. (PANW)'s share was trading at $186.75 as of 23^rd May. PANW’s trailing and forward P/E were 107.33 and 50.76 respectively according to Yahoo Finance.

Palo Alto Networks (PANW) reported fiscal Q3 2025 results that modestly beat expectations, with revenue rising 15% YoY and strong contributions from next-generation security products. However, the market reacted negatively, as investors were...