Equity Dilution Effect to Hurt PANW's Prospects Equity dilution effect is expected to significantly hurt PANW's bottom line. In the second quarter of fiscal 2026, PANW issued 112 million shares as part of the CyberArk deal. This is expected to result in a significant equity Key Takeaways Palo Alto Networks, Inc. (PANW) is currently trading at a high price-to-sales (P/S) multiple, above the Zacks Security industry. Palo Alto Networks' forward 12-month P/S ratio sits at 11.67X, higher than the Zacks Security ...