Palo Alto Networks

Thesis

• Moat:
  • Installed firewall base and policy lock-in (high, tied to appliances).
  • Platform breadth (medium). Network, SecOps, cloud, identity, observability under one contract; platformized customers retain above 120%. Much of it was bought (CyberArk $21.1bn), so part is money-buyable.
  • Channel reach (Medium to High). More than 8,700 partners (FY2026 10-K).

Reports

• NET vs PANW Peer Duel
• PANW Business Overview