Palo Alto Networks

The next-generation firewall was Palo Alto Networks' opening act, a device that inspected traffic by application rather than just port and made the company a fixture in corporate data centers. Since then it has spent aggressively to become a broad security platform, buying dozens of companies and organizing the pieces into three lines: network security, cloud security under Prisma, and security operations under Cortex. The strategy, which management calls platformization, pushes customers to consolidate many tools onto Palo Alto rather than stitch together point products from rivals. That lifts spending per customer and makes the relationship stickier, though it demands constant acquisition and integration. Founded in 2005 by Nir Zuk and based in Santa Clara, California, it now competes with CrowdStrike, Microsoft and Fortinet across a widening front. The stock reflects expectations that it keeps taking a bigger share of enterprise security budgets.

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