Comprehensive Stock Comparison
Compare CrowdStrike Holdings, Inc. (CRWD) vs Palo Alto Networks, Inc. (PANW) vs Fortinet, Inc. (FTNT) vs Zscaler, Inc. (ZS) vs CyberArk Software Ltd. (CYBR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
Selected Stocks
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | CYBR | 36.0% revenue growth vs FTNT's 14.2% |
| Value | FTNT | Lower P/E (26.6x vs 81.9x) |
| Quality / Margins | FTNT | 27.3% net margin vs CYBR's -10.8% |
| Stability / Safety | CYBR | Beta 1.05 vs CRWD's 1.49 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | CYBR | +12.4% vs FTNT's -26.8% |
| Efficiency (ROA) | FTNT | 17.8% ROA vs CRWD's -3.2% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
CrowdStrike is a cybersecurity company that provides cloud-native endpoint protection and threat intelligence through its Falcon platform. It generates revenue primarily from subscription fees for its security software modules — with cloud security, identity protection, and threat intelligence being key offerings — and managed security services. The company's competitive advantage lies in its AI-powered threat graph that analyzes trillions of security events weekly, creating a powerful network effect where each customer improves protection for all others.
Palo Alto Networks is a cybersecurity company that provides a comprehensive platform of security products and services to protect organizations from cyber threats. It generates revenue primarily through subscription services — which account for over 80% of total revenue — along with product sales and support contracts. The company's key advantage is its integrated security platform approach, which creates switching costs and network effects as customers adopt more of its ecosystem.
Fortinet is a cybersecurity company that provides integrated network security solutions through hardware appliances, software, and cloud services. It generates revenue primarily from selling security hardware like firewalls (~60% of product revenue) and software subscriptions/services (~40% of total revenue) including support, cloud security, and software-as-a-service offerings. The company's key advantage is its Security Fabric architecture—a unified platform approach that integrates various security functions across networks, endpoints, and clouds, creating switching costs and operational efficiencies for customers.
Zscaler is a cloud-native security platform that provides secure internet and private application access without traditional network hardware. It generates revenue primarily through subscription fees for its Zero Trust Exchange platform — with its core Zscaler Internet Access and Zscaler Private Access solutions driving most of its business. The company's key advantage is its massive, globally distributed cloud architecture that processes over 300 billion daily transactions, creating significant scale and data advantages that competitors cannot easily replicate.
CyberArk is a cybersecurity company specializing in privileged access management — protecting organizations' most critical accounts and credentials from cyberattacks. It generates revenue primarily through software license sales and subscription services — including SaaS offerings — with maintenance and professional services contributing additional recurring income. The company's competitive advantage lies in its deep specialization in the privileged access security niche, where it has established market leadership and a comprehensive platform that's difficult for competitors to replicate.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 5 stocks. BestLagging
Financial Scorecard
FTNT leads in 2 of 6 categories (Financial Metrics, Valuation Metrics). CYBR leads in 1 (Risk & Volatility). 2 tied.
Financial Metrics (TTM)
PANW is the larger business by revenue, generating $9.9B annually — 7.3x CYBR's $1.4B. FTNT is the more profitable business, keeping 27.3% of every revenue dollar as net income compared to CYBR's -10.8%. On growth, ZS holds the edge at +25.9% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CRWDCrowdStrike Holdi… | PANWPalo Alto Network… | FTNTFortinet, Inc. | ZSZscaler, Inc. | CYBRCyberArk Software… |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $4.6B | $9.9B | $6.8B | $3.0B | $1.4B |
| EBITDAEarnings before interest/tax | -$150M | $1.9B | $2.2B | -$52M | $23M |
| Net IncomeAfter-tax profit | -$314M | $1.3B | $1.9B | -$68M | -$147M |
| Free Cash FlowCash after capex | $1.2B | $4.1B | $2.2B | $944M | $259M |
| Gross MarginGross profit ÷ Revenue | +74.3% | +73.5% | +80.8% | +76.6% | +74.3% |
| Operating MarginEBIT ÷ Revenue | -7.9% | +14.4% | +30.6% | -4.8% | -7.7% |
| Net MarginNet income ÷ Revenue | -6.9% | +13.0% | +27.3% | -2.3% | -10.8% |
| FCF MarginFCF ÷ Revenue | +25.3% | +41.1% | +32.7% | +31.4% | +19.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | +22.2% | +14.9% | +14.8% | +25.9% | +18.5% |
| EPS Growth (YoY)Latest quarter vs prior year | -100.0% | +57.9% | 0.0% | -3.2% | +83.2% |
Valuation Metrics
At 32.5x trailing earnings, FTNT trades at a 65% valuation discount to PANW's 93.1x P/E. On an enterprise value basis, FTNT's 25.6x EV/EBITDA is more attractive than CRWD's 964.8x.
| Metric | CRWDCrowdStrike Holdi… | PANWPalo Alto Network… | FTNTFortinet, Inc. | ZSZscaler, Inc. | CYBRCyberArk Software… |
|---|---|---|---|---|---|
| Market CapShares × price | $93.8B | $104.7B | $58.8B | $23.6B | $20.6B |
| Enterprise ValueMkt cap + debt − cash | $90.2B | $102.8B | $57.3B | $23.0B | $21.2B |
| Trailing P/EPrice ÷ TTM EPS | -4726.56x | 93.08x | 32.52x | -544.41x | -139.54x |
| Forward P/EPrice ÷ next-FY EPS est. | 100.16x | 40.06x | 26.56x | 36.83x | 81.87x |
| PEG RatioP/E ÷ EPS growth rate | — | — | 0.98x | — | — |
| EV / EBITDAEnterprise value multiple | 964.80x | 64.78x | 25.64x | — | 908.21x |
| Price / SalesMarket cap ÷ Revenue | 23.72x | 11.35x | 8.64x | 8.83x | 15.16x |
| Price / BookPrice ÷ Book value/share | 27.43x | 13.50x | 47.77x | 12.61x | 8.54x |
| Price / FCFMarket cap ÷ FCF | 87.81x | 30.17x | 26.40x | 32.48x | 79.60x |
Profitability & Efficiency
FTNT delivers a 149.8% return on equity — every $100 of shareholder capital generates $150 in annual profit, vs $-8 for CRWD. PANW carries lower financial leverage with a 0.04x debt-to-equity ratio, signaling a more conservative balance sheet compared to ZS's 1.00x. On the Piotroski fundamental quality scale (0–9), FTNT scores 7/9 vs CYBR's 3/9, reflecting strong financial health.
| Metric | CRWDCrowdStrike Holdi… | PANWPalo Alto Network… | FTNTFortinet, Inc. | ZSZscaler, Inc. | CYBRCyberArk Software… |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | -7.7% | +13.6% | +149.8% | -3.1% | -6.1% |
| ROA (TTM)Return on assets | -3.2% | +5.1% | +17.8% | -1.0% | -3.0% |
| ROICReturn on invested capital | — | +17.1% | — | -8.4% | -3.2% |
| ROCEReturn on capital employed | -2.6% | +8.9% | +37.7% | -4.6% | -3.3% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 4 | 7 | 4 | 3 |
| Debt / EquityFinancial leverage | 0.24x | 0.04x | 0.81x | 1.00x | 0.51x |
| Net DebtTotal debt minus cash | -$3.5B | -$1.9B | -$1.5B | -$592M | $599M |
| Cash & Equiv.Liquid assets | $4.3B | $2.3B | $2.5B | $2.4B | $623M |
| Total DebtShort + long-term debt | $789M | $338M | $996M | $1.8B | $1.2B |
| Interest CoverageEBIT ÷ Interest expense | -7.52x | 1559.00x | 112.99x | 8.97x | — |
Total Returns (with DRIP)
A $10,000 investment in CYBR five years ago would be worth $26,916 today (with dividends reinvested), compared to $6,994 for ZS. Over the past 12 months, CYBR leads with a +12.4% total return vs FTNT's -26.8%. The 3-year compound annual growth rate (CAGR) favors CRWD at 45.5% vs ZS's 3.9% — a key indicator of consistent wealth creation.
| Metric | CRWDCrowdStrike Holdi… | PANWPalo Alto Network… | FTNTFortinet, Inc. | ZSZscaler, Inc. | CYBRCyberArk Software… |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | -18.0% | -17.0% | +1.5% | -33.4% | -6.1% |
| 1-Year ReturnPast 12 months | -4.5% | -21.8% | -26.8% | -25.1% | +12.4% |
| 3-Year ReturnCumulative with dividends | +208.2% | +58.1% | +33.0% | +12.1% | +182.4% |
| 5-Year ReturnCumulative with dividends | +66.5% | +143.2% | +128.1% | -30.1% | +169.2% |
| 10-Year ReturnCumulative with dividends | +541.3% | +517.2% | +1291.4% | +345.4% | +991.1% |
| CAGR (3Y)Annualised 3-year return | +45.5% | +16.5% | +10.0% | +3.9% | +41.3% |
Risk & Volatility
CYBR is the less volatile stock with a 1.05 beta — it tends to amplify market swings less than CRWD's 1.49 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CYBR currently trades 77.7% from its 52-week high vs ZS's 43.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CRWDCrowdStrike Holdi… | PANWPalo Alto Network… | FTNTFortinet, Inc. | ZSZscaler, Inc. | CYBRCyberArk Software… |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.49x | 1.16x | 1.23x | 1.27x | 1.05x |
| 52-Week HighHighest price in past year | $566.90 | $223.61 | $110.67 | $336.99 | $526.19 |
| 52-Week LowLowest price in past year | $298.00 | $139.57 | $70.12 | $140.56 | $288.63 |
| % of 52W HighCurrent price vs 52-week peak | +65.6% | +66.6% | +71.4% | +43.6% | +77.7% |
| RSI (14)Momentum oscillator 0–100 | 40.2 | 35.4 | 47.1 | 41.7 | 38.9 |
| Avg Volume (50D)Average daily shares traded | 2.3M | 7.9M | 5.6M | 1.7M | 810K |
Analyst Outlook
Analyst consensus: CRWD as "Buy", PANW as "Buy", FTNT as "Hold", ZS as "Buy", CYBR as "Buy". Consensus price targets imply 96.5% upside for ZS (target: $289) vs 8.5% for FTNT (target: $86).
| Metric | CRWDCrowdStrike Holdi… | PANWPalo Alto Network… | FTNTFortinet, Inc. | ZSZscaler, Inc. | CYBRCyberArk Software… |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Hold | Buy | Buy |
| Price TargetConsensus 12-month target | $531.69 | $211.29 | $85.71 | $288.85 | $466.17 |
| # AnalystsCovering analysts | 63 | 85 | 67 | 52 | 49 |
| Dividend YieldAnnual dividend ÷ price | — | — | — | — | — |
| Dividend StreakConsecutive years of raises | — | — | — | — | — |
| Dividend / ShareAnnual DPS | — | — | — | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | +3.9% | 0.0% | +0.0% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| CrowdStrike Holding… (CRWD) | 100 | 742.18 | +642.2% |
| Palo Alto Networks,… (PANW) | 100 | 556.01 | +456.0% |
| Fortinet, Inc. (FTNT) | 100 | 369.16 | +269.2% |
| Zscaler, Inc. (ZS) | 100 | 380.09 | +280.1% |
| CyberArk Software L… (CYBR) | 100 | 399.88 | +299.9% |
CyberArk Software L… (CYBR) returned +169% over 5 years vs Zscaler, Inc. (ZS)'s -30%. A $10,000 investment in CYBR 5 years ago would be worth $26,916 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CrowdStrike Holding… (CRWD) | $53M | $4.0B | +7395.7% |
| Palo Alto Networks,… (PANW) | $1.4B | $9.2B | +569.0% |
| Fortinet, Inc. (FTNT) | $1.3B | $6.8B | +433.1% |
| Zscaler, Inc. (ZS) | $80M | $2.7B | +3227.9% |
| CyberArk Software L… (CYBR) | $217M | $1.4B | +528.4% |
Palo Alto Networks, Inc.'s revenue grew from $1.4B (2016) to $9.2B (2025) — a 23.5% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CrowdStrike Holding… (CRWD) | -173.2% | -0.5% | +99.7% |
| Palo Alto Networks,… (PANW) | -16.4% | 12.3% | +175.0% |
| Fortinet, Inc. (FTNT) | 2.5% | 27.3% | +979.6% |
| Zscaler, Inc. (ZS) | -34.2% | -1.6% | +95.5% |
| CyberArk Software L… (CYBR) | 13.0% | -10.8% | -183.1% |
Palo Alto Networks, Inc.'s net margin went from -16% (2016) to 12% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Palo Alto Networks,… (PANW) | 230.4 | 115.1 | -50.0% |
| Fortinet, Inc. (FTNT) | 242.8 | 32.7 | -86.5% |
| CyberArk Software L… (CYBR) | 94.1 | 72 | -23.5% |
Palo Alto Networks, Inc. has traded in a 50x–230x P/E range over 3 years; current trailing P/E is ~93x. Fortinet, Inc. has traded in a 33x–243x P/E range over 9 years; current trailing P/E is ~33x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CrowdStrike Holding… (CRWD) | -0.53 | -0.08 | +85.2% |
| Palo Alto Networks,… (PANW) | -0.43 | 1.6 | +472.1% |
| Fortinet, Inc. (FTNT) | 0.04 | 2.43 | +6650.0% |
| Zscaler, Inc. (ZS) | -0.98 | -0.27 | +72.4% |
| CyberArk Software L… (CYBR) | 0.78 | -2.93 | -475.6% |
Palo Alto Networks, Inc.'s EPS grew from $-0.43 (2016) to $1.60 (2025).
Chart 6Free Cash Flow — 5 Years
CrowdStrike Holdings, Inc. generated $1B FCF in 2025 (+265% vs 2021). Palo Alto Networks, Inc. generated $3B FCF in 2025 (+150% vs 2021).
CRWD vs PANW vs FTNT vs ZS vs CYBR: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is CRWD or PANW or FTNT or ZS or CYBR a better buy right now?
Fortinet, Inc. (FTNT) offers the better valuation at 32.5x trailing P/E (26.6x forward), making it the more compelling value choice. Analysts rate CrowdStrike Holdings, Inc. (CRWD) a "Buy" — based on 63 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CRWD or PANW or FTNT or ZS or CYBR?
On trailing P/E, Fortinet, Inc. (FTNT) is the cheapest at 32.5x versus Palo Alto Networks, Inc. at 93.1x. On forward P/E, Fortinet, Inc. is actually cheaper at 26.6x.
03Which is the better long-term investment — CRWD or PANW or FTNT or ZS or CYBR?
Over the past 5 years, CyberArk Software Ltd. (CYBR) delivered a total return of +169.2%, compared to -30.1% for Zscaler, Inc. (ZS). A $10,000 investment in CYBR five years ago would be worth approximately $27K today (assuming dividends reinvested). Over 10 years, the gap is even starker: FTNT returned +1291% versus ZS's +345.4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CRWD or PANW or FTNT or ZS or CYBR?
By beta (market sensitivity over 5 years), CyberArk Software Ltd. (CYBR) is the lower-risk stock at 1.05β versus CrowdStrike Holdings, Inc.'s 1.49β — meaning CRWD is approximately 42% more volatile than CYBR relative to the S&P 500. On balance sheet safety, Palo Alto Networks, Inc. (PANW) carries a lower debt/equity ratio of 4% versus 100% for Zscaler, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — CRWD or PANW or FTNT or ZS or CYBR?
Fortinet, Inc. (FTNT) is the more profitable company, earning 27.3% net margin versus -10.8% for CyberArk Software Ltd. — meaning it keeps 27.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: FTNT leads at 30.6% versus -7.7% for CYBR. At the gross margin level — before operating expenses — FTNT leads at 80.8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is CRWD or PANW or FTNT or ZS or CYBR more undervalued right now?
On forward earnings alone, Fortinet, Inc. (FTNT) trades at 26.6x forward P/E versus 100.2x for CrowdStrike Holdings, Inc. — 73.6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ZS: 96.5% to $288.85.
07Which pays a better dividend — CRWD or PANW or FTNT or ZS or CYBR?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is CRWD or PANW or FTNT or ZS or CYBR better for a retirement portfolio?
For long-horizon retirement investors, Fortinet, Inc. (FTNT) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.23), +1291% 10Y return). Both have compounded well over 10 years (FTNT: +1291%, CRWD: +541.3%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between CRWD and PANW and FTNT and ZS and CYBR?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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