Key Takeaways PANW's Q3 FCF rose 13.5% to $578M with margins expanding 270 bps on AI platform adoption. Multi-platform customers grew 70% YoY, while XSIAM ARR surged 200% in the third quarter. PANW sees FCF margin exceeding 37% through FY27 as platform scale and annual billing drive stability.Palo Alto Networks (PANW) continues to ride strong momentum from its AI-driven platform strategy, which is playing a key role in boosting its free cash flow (FCF). In the third quarter of fiscal 2025, its adjusted FC ...

Key Takeaways ZS plans to close its Red Canary acquisition in August to expand into MDR and threat intelligence. Red Canary's MDR expertise and 99.6% detection accuracy align with ZS' AI-driven SecOps strategy. SecOps ACV grew 120% in Q3 FY25, setting the stage for MDR to become a major growth pillar.Zscaler (ZS) is anticipated to close the pending acquisition of Red Canary in August 2025. Announced on May 27, the acquisition aims to accelerate the company’s push into Managed Detection and Response (MDR) ...

Core Insights - Zscaler is expanding its Zero Trust Exchange with a new initiative called Zero Trust Everywhere, which extends Zero Trust security to Cloud workloads and Branches [1] Company Performance - In Q3 of fiscal 2025, Zscaler reported over 210 Zero Trust Everywhere enterprises, marking a sequential growth of 60% [2] - 59% of Zero Trust Branch buyers were new logo customers, indicating strong early demand [2] - Zscaler aims to exceed 390 customers by the end of fiscal 2026 [2] - The company launched Unified Appliance for Branch in Q3, simplifying branch infrastructure and eliminating the need for SD-WAN, Firewall, NAC, and legacy segmentation [2] Product Development - Zscaler secured a seven-figure annual contract with a financial services customer for Cloud workload protection [3] - New product launches include Zero Trust Gateway for Cloud Workloads, a cloud-native service on AWS that secures workload communications in under 10 minutes [3] - Zscaler introduced Microsegmentation for Cloud Workloads, providing granular host and process-level segmentation policies using AI-driven technology [4] Market Position - If adoption continues at this pace, Zero Trust Everywhere could become a foundational layer for Zscaler's future growth [5] - Zscaler's shares have surged 73% year to date, outperforming the Security industry's growth of 22.7% [9] Valuation and Earnings Estimates - Zscaler trades at a forward price-to-sales ratio of 15.34X, slightly above the industry average of 14.79X [12] - The Zacks Consensus Estimate for fiscal 2025 earnings implies a year-over-year decline of 0.31%, while fiscal 2026 earnings are expected to grow by 12.01% [15]

Key Takeaways Venafi featured in 9 of CYBR's top 10 Q1 deals, boosting cross-sell momentum across identity security. A Fortune 100 firm and PDS Health expanded with Venafi, each signing six-figure machine identity deals. CYBR says machine identities now outnumber human ones 80:1, up from 45:1, expanding its $60B TAM.CyberArk (CYBR) is gaining traction in the fast-growing machine identity market. CyberArk’s acquisition of Venafi, a leader in machine identity management, is emerging as a key growth catalyst ...

点击注册小程序 报告摘要 事件： 北美市场下游AI推理需求旺盛，海外网络安全公司股价表现优异，其中与AI及云安全关联紧密的网络安全公 司股价涨幅较为突出。2025年4月8日至6月16日，纳斯达克指数上涨26.3%，Palo Alto Networks、 CrowdStrike、Zscaler、Rubrik、Cloudflare股价涨幅分别达到30.0%、47.8%、69.4%、73.5%、82.3%。 点评： CrowdStrike在AI网络安全领域以平台化与AI原生为核心驱动力 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 根据公司25Q1财报，Flex模型交易价值超32亿美元，下一代SIEM相关ARR增速超100%，预计2025年AI原生 XDR平台覆盖高达1160亿美元的市场规模。AI驱动 ...

2025 年 6 月 19 日 公司研究 美股 AI+云安全催化不断，AI 推理需求驱动网络安全蓬勃发展 ——美股云计算行业跟踪报告（二） 互联网传媒 买入（维持） 作者 分析师：付天姿 CFA FRM 执业证书编号：S0930517040002 021-52523692 futz@ebscn.com 联系人：宾特丽亚 binteliya@ebscn.com 021-52523681 股价相对走势 资料来源：Wind 相关研报 AI 驱动网络安全供需提升，架构迭代引领行 业变革——美股网络安全行业深度报告 （2024-06-12） 微软暂缓 AI 数据中心建设，如何看待关税 对美股云厂商的影响？——美股云计算行业 跟踪报告（一）（2025-04-17） 点评： CrowdStrike 在 AI 网络安全领域以平台化与 AI 原生为核心驱动力。根据公司 25Q1财报，Flex模型交易价值超32亿美元，下一代SIEM相关ARR增速超100%， 预计 2025 年 AI 原生 XDR 平台覆盖高达 1160 亿美元的市场规模。AI 驱动的模块 复用率提升，48%的订阅客户采用 6 个及以上模块，22%客户采用 8 ...

Core Insights - CrowdStrike (CRWD) is leveraging its Charlotte AI as a competitive advantage in automated cybersecurity, enhancing the efficiency of human security operations center (SOC) personnel [1][5] Group 1: Charlotte AI Enhancements - CrowdStrike is continuously improving Charlotte AI's capabilities, with the first quarter of fiscal 2026 seeing an expansion in its detection triage, enabling autonomous expert-level triage and response at machine speed [2] - Charlotte AI is also facilitating automation in vulnerability management, providing AI-powered network scanning for both managed and unmanaged devices [4] Group 2: Customer Adoption and Impact - A global healthcare customer signed an eight-figure Falcon Flex expansion, highlighting Charlotte AI's role in their AI-native SOC transformation [3] - A large financial services customer purchased Exposure Management for 120,000 devices, replacing legacy vendors, with Charlotte AI being central to this transition [4][10] Group 3: Competitive Landscape - Competitors like Palo Alto Networks (PANW) and SentinelOne (S) are also expanding their platforms and innovating with AI, with PANW's AI-driven XSIAM platform seeing over 200% year-over-year growth in annual recurring revenue (ARR) [6] - SentinelOne reported a 24% year-over-year growth in ARR, driven by the adoption of its AI-first Singularity platform [7] Group 4: Financial Performance and Valuation - CrowdStrike's shares have increased by 40.5% year to date, outperforming the security industry's growth of 20.1% [8] - The company trades at a forward price-to-sales ratio of 23.23X, higher than the industry's average of 14.52X [12] - The Zacks Consensus Estimate for CRWD's fiscal 2026 earnings indicates a decline of 10.94%, while fiscal 2027 earnings are expected to grow by 34.74% [15]

Core Insights - CrowdStrike (CRWD) is focusing on the next generation of Security Information and Event Management (SIEM) to enhance enterprise protection against cyber threats [1] - The Falcon Next-Gen SIEM modernizes incident detection, investigation, and response for businesses [1] Product Features - Unlike traditional SIEM tools, CrowdStrike's solution offers faster insights and lower operational costs by integrating with its Falcon platform [2] - The Falcon agent automates data collection for endpoints and cloud workloads, unifying detection across data sources and implementing AI-based investigations [3] - The Next-Gen SIEM provides 24/7 managed detection and response services, ensuring scalability and improved compliance support [4] Market Performance - The Falcon Adversary OverWatch Next-Gen SIEM, launched in April 2025, extends threat hunting capabilities to third-party data sources, enhancing real-time threat detection [5] - The Next-Gen SIEM has achieved 100% year-over-year annual recurring revenue (ARR) growth in Q1 of fiscal 2026, significantly outpacing the company's overall ARR growth of 22% [6] Competitive Landscape - Competitors like Palo Alto Networks (PANW) and IBM are also enhancing their SIEM offerings, with PANW's Cortex XSIAM showing 200% ARR growth year-over-year [7][8] - The legacy SIEM market is becoming outdated, creating opportunities for multiple players in the Next-Gen SIEM space, which could serve as a growth engine for CrowdStrike [9] Financial Metrics - CrowdStrike shares have increased by 39.4% year-to-date, outperforming the Zacks Security industry's growth of 21% [10] - The company trades at a forward price-to-sales ratio of 23.18X, higher than the industry average of 14.63X [12] Earnings Estimates - The Zacks Consensus Estimate indicates an 11% decline in fiscal 2026 earnings, followed by a projected growth of 34.7% in 2027, with recent upward revisions in estimates [13]

Key Takeaways Palo Alto Networks' Cortex XSIAM posted 200% ARR growth in fiscal Q3 2025 with 270 customers. XSIAM's AI-driven, cloud-native platform offers scalable threat detection versus legacy SIEM tools. XSIAM bookings over the trailing 12 months are nearing $1B, signaling growing enterprise adoption.Palo Alto Networks (PANW) has revolutionized the Security Information and Event Management (SIEM) space since the launch of Extended Security Intelligence & Automation Management (XSIAM) in 2022. XSIAM ca ...

Key Takeaways Zscaler saw 70% YoY growth in ZDX Advanced Plus bookings after launching ZDX Copilot. SecOps annual contract value jumped 120% YoY with agentic operations across multiple security modules. New Growth Categories, including Agentic Operations, now generate $1B in ARR out of Zscaler's $2.9B total.Zscaler’s (ZS) agentic operations are experiencing massive growth in information technology operations (ITOps) and Security Operations (SecOps). In the ITOps business, Zscaler rolled out ZDX Copilot as ...