Palo Alto Networks, Inc. (PANW)
Palo Alto Networks provides next-generation firewalls, cloud security, and AI-driven threat detection for enterprises.
PANW vs SMCI: how the two businesses compare
- Bigger business: SMCI, with $22.0B of yearly revenue, about 2.4× PANW's $9.2B.
- More profitable: PANW keeps 12 cents of each sales dollar as profit, against 5 cents at SMCI.
- More cash from each sale: PANW turns 40 cents of each sales dollar into operating cash flow, against 8 cents at SMCI.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Super Micro Computer (SMCI) is the larger business by reported revenue: $22.0B in its fiscal year ended Jun 2025, about 2.4× PANW's $9.2B (fiscal year ended Jul 2025). PANW's net margin was 12.3% and SMCI's 4.8%. The SEC places them in related industries (Computer Peripheral Equipment, NEC; Electronic Computers), and both map to the Artificial intelligence research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Different
- Separate classifications
- Different
- PANW July 31 · SMCI June 30
- Sep 10, 2026
PANW vs SMCI: quick comparison
| Company fact | PANW | SMCI |
|---|---|---|
| Company | Palo Alto Networks, Inc. | Super Micro Computer, Inc. |
| Exchange | NASDAQ | NASDAQ |
| SEC industry | Computer Peripheral Equipment, NEC | Electronic Computers |
| Fiscal year-end | July 31 | June 30 |
| Latest annual filing | 10-K · 2026-09-10 | 10-K · 2026-08-31 |
PANW vs SMCI: audited financials
- Scale: SMCI's $22.0B of revenue is about 2.4× PANW's $9.2B.
- Net margin: PANW kept 12.3% of revenue as net income versus 4.8% at SMCI.
- Cash conversion: operating cash flow equalled PANW 40.3% of revenue, or 3.28× net income; SMCI 7.6% of revenue, or 1.58× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 1 month apart (2025-07-31 for PANW, 2025-06-30 for SMCI), so each figure reflects somewhat different demand and cost conditions.
| Metric | PANW | SMCI |
|---|---|---|
| Revenue | $9.2B2024-08-01 to 2025-07-31 · SEC filing | $22.0B2024-07-01 to 2025-06-30 · SEC filing |
| Net income | $1.1B2024-08-01 to 2025-07-31 · SEC filing | $1.0B2024-07-01 to 2025-06-30 · SEC filing |
| Operating cash flow | $3.7B2024-08-01 to 2025-07-31 · SEC filing | $1.7B2024-07-01 to 2025-06-30 · SEC filing |
| Diluted EPS | $1.602024-08-01 to 2025-07-31 · SEC filing | $1.682024-07-01 to 2025-06-30 · SEC filing |
| Net margin | 12.3%2024-08-01 to 2025-07-31 · SEC filing | 4.8%2024-07-01 to 2025-06-30 · SEC filing |
PANW: FY ending 2025-07-31 · SMCI: FY ending 2025-06-30. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where PANW and SMCI overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 35.
- Shared research theme: Artificial intelligence.
Differences
- Different four-digit SIC codes: PANW is 3577 (Computer Peripheral Equipment, NEC); SMCI is 3571 (Electronic Computers).
- Offset fiscal calendars: PANW's year ends July 31 and SMCI's June 30, about 1 month apart.
- Only SMCI maps to Tariffs & trade.
- Scale: SMCI reported about 2.4× the annual revenue of PANW.
- Profitability: net margin of 12.3% for PANW versus 4.8% for SMCI.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Super Micro Computer, Inc. (SMCI)
Super Micro Computer builds high-performance servers and storage systems tailored for AI and data-center workloads.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves PANW
- Next-Generation Security annualized recurring revenue
- Platformization deals that consolidate point products onto Strata, Prisma, and Cortex
- Mix of hardware firewall product revenue versus subscription and support
- Distributor concentration and channel partner performance
What moves SMCI
We have not yet published a company-specific driver list for SMCI. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-08-31.
The investment question
You now know SMCI reports about 2.4× PANW's revenue, and PANW keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, including “Next-Generation Security annualized recurring revenue” at PANW, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. PANW's fiscal year ends July 31, while SMCI's ends June 30. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 37 matched transaction rows for PANW and 11 matched transaction rows for SMCI. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
PANW primary filings
SMCI primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
PANW vs SMCI FAQs
Are PANW and SMCI direct competitors?
Not necessarily. Palo Alto Networks files as Computer Peripheral Equipment, NEC and Super Micro Computer as Electronic Computers. The pair is compared because both map to the Artificial intelligence research theme, not because the filings show head-to-head competition.
Is PANW or SMCI the bigger company by revenue?
Super Micro Computer (SMCI) is the larger business by reported revenue: $22.0B in its fiscal year ended Jun 2025, about 2.4× PANW's $9.2B (fiscal year ended Jul 2025). PANW's net margin was 12.3% and SMCI's 4.8%. The SEC places them in related industries (Computer Peripheral Equipment, NEC; Electronic Computers), and both map to the Artificial intelligence research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, PANW or SMCI?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this PANW vs SMCI comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Palo Alto Networks, Inc. and Super Micro Computer, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-13. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-13. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
PANW vs SMCI compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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