WallStSmart

FiscalNote Holdings Inc. (NOTE)vsPalo Alto Networks Inc (PANW)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Palo Alto Networks Inc generates 10270% more annual revenue ($9.89B vs $95.41M). PANW leads profitability with a 13.0% profit margin vs -68.4%. PANW earns a higher WallStSmart Score of 57/100 (C).

NOTE

Avoid

32

out of 100

Grade: F

Growth: 2.7Profit: 2.0Value: 6.7Quality: 3.5
Piotroski: 4/9Altman Z: -3.27

PANW

Buy

57

out of 100

Grade: C

Growth: 8.0Profit: 6.0Value: 4.7Quality: 4.5
Piotroski: 1/9Altman Z: 1.02
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

NOTEUndervalued (+43.1%)

Margin of Safety

+43.1%

Fair Value

$2.02

Current Price

$0.17

$1.84 discount

UndervaluedFair: $2.02Overvalued
PANWUndervalued (+39.7%)

Margin of Safety

+39.7%

Fair Value

$441.96

Current Price

$272.05

$169.91 discount

UndervaluedFair: $441.96Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

NOTE1 strengths · Avg: 10.0/10
Price/BookValuation
0.0x10/10

Reasonable price relative to book value

PANW3 strengths · Avg: 10.0/10
Market CapQuality
$241.01B10/10

Mega-cap, among the largest globally

EPS GrowthGrowth
60.5%10/10

Earnings expanding 60.5% YoY

Debt/EquityHealth
0.0710/10

Conservative balance sheet, low leverage

Areas to Watch

NOTE4 concerns · Avg: 2.8/10
EPS GrowthGrowth
0.0%4/10

0.0% earnings growth

Market CapQuality
$4.94M3/10

Smaller company, higher risk/reward

Return on EquityProfitability
-86.4%2/10

ROE of -86.4% — below average capital efficiency

Revenue GrowthGrowth
-24.7%2/10

Revenue declined 24.7%

PANW4 concerns · Avg: 2.5/10
Return on EquityProfitability
3.0%3/10

ROE of 3.0% — below average capital efficiency

Piotroski F-ScoreQuality
1/93/10

Weak financial health signals

PEG RatioValuation
5.042/10

Expensive relative to growth rate

P/E RatioValuation
256.2x2/10

Premium valuation, high expectations priced in

Comparative Analysis Report

WallStSmart Research

Bull Case : NOTE

The strongest argument for NOTE centers on Price/Book.

Bull Case : PANW

The strongest argument for PANW centers on Market Cap, EPS Growth, Debt/Equity. Revenue growth of 14.9% demonstrates continued momentum.

Bear Case : NOTE

The primary concerns for NOTE are EPS Growth, Market Cap, Return on Equity. Debt-to-equity of 2.05 is elevated, increasing financial risk.

Bear Case : PANW

The primary concerns for PANW are Return on Equity, Piotroski F-Score, PEG Ratio. A P/E of 256.2x leaves little room for execution misses.

Key Dynamics to Monitor

NOTE profiles as a turnaround stock while PANW is a value play — different risk/reward profiles.

PANW carries more volatility with a beta of 0.77 — expect wider price swings.

PANW is growing revenue faster at 14.9% — sustainability is the question.

PANW generates stronger free cash flow (788M), providing more financial flexibility.

Bottom Line

PANW scores higher overall (57/100 vs 32/100) and 14.9% revenue growth. NOTE offers better value entry with a 43.1% margin of safety. Both earn "Buy" and "Avoid" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

FiscalNote Holdings Inc.

TECHNOLOGY · INFORMATION TECHNOLOGY SERVICES · USA

FiscalNote Holdings Inc. is an AI-powered enterprise SaaS company that delivers global legal and regulatory information and data. The company is headquartered in Washington, District of Columbia.

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Palo Alto Networks Inc

TECHNOLOGY · SOFTWARE - INFRASTRUCTURE · USA

Palo Alto Networks, Inc. provides cybersecurity platform solutions globally. The company is headquartered in Santa Clara, California.

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