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Immersion vs Palo Alto Networks: revenue, profit, margins and growth compared

Immersion brought in $1.7B of revenue in fiscal 2026, Palo Alto Networks $11.5B in fiscal 2026. Revenue changed by +11.2% at Immersion and +24.5% at Palo Alto Networks on the year before, so Palo Alto Networks grew faster. Immersion kept 0.3% of its revenue as net profit, Palo Alto Networks 2.7%. Free cash flow was $42.9M at Immersion and $4.1B at Palo Alto Networks.

Side by side, latest fiscal year

IMMRPANW
Fiscal year endedFY2026 (April 30, 2026)FY2026 (July 31, 2026)
Revenue$1.7B$11.5B
Revenue growth+11.2%+24.5%
Net income$4.5M$307M
Net margin0.3%2.7%
Free cash flow$42.9M$4.1B
Free cash flow margin2.5%35.8%
Earnings per share (diluted)$0.14$0.40
Cash$138.3M$2.5B
Debt$71Mn/a
Price to earnings52.0936.9
Market value$241.6M$305.4B
Dividend yieldn/an/a
Rank by revenue in sector#164 of 530 · Technology#55 of 530 · Technology

Over the years

Revenue
IMMR FY2018: $111MIMMR FY2019: $36MIMMR FY2020: $30.5MIMMR FY2021: $35.1MIMMR FY2022: $38.5MIMMR FY2023: $33.9MIMMR FY2025: $1.6BIMMR FY2026: $1.7BPANW FY2019: $2.9BPANW FY2020: $3.4BPANW FY2021: $4.3BPANW FY2022: $5.5BPANW FY2023: $6.9BPANW FY2024: $8BPANW FY2025: $9.2BPANW FY2026: $11.5BFY18FY19FY20FY21FY22FY23FY24FY25FY26
IMMR $1.7BPANW $11.5B
Net income
IMMR FY2018: $54.3MIMMR FY2019: -$20MIMMR FY2020: $5.4MIMMR FY2021: $12.5MIMMR FY2022: $30.7MIMMR FY2023: $34MIMMR FY2025: $64.3MIMMR FY2026: $4.5MPANW FY2019: -$81.9MPANW FY2020: -$267MPANW FY2021: -$498.9MPANW FY2022: -$267MPANW FY2023: $439.7MPANW FY2024: $2.6BPANW FY2025: $1.1BPANW FY2026: $307MFY18FY19FY20FY21FY22FY23FY24FY25FY26
IMMR $4.5MPANW $307M
Net margin
IMMR FY2018: 49.0%IMMR FY2019: -55.8%IMMR FY2020: 17.7%IMMR FY2021: 35.6%IMMR FY2022: 79.7%IMMR FY2023: 100.2%IMMR FY2025: 4.1%IMMR FY2026: 0.3%PANW FY2019: -2.8%PANW FY2020: -7.8%PANW FY2021: -11.7%PANW FY2022: -4.9%PANW FY2023: 6.4%PANW FY2024: 32.1%PANW FY2025: 12.3%PANW FY2026: 2.7%FY18FY19FY20FY21FY22FY23FY24FY25FY26
IMMR 0.3%PANW 2.7%
Revenue growth
IMMR FY2019: -67.6%IMMR FY2020: -15.3%IMMR FY2021: +15.2%IMMR FY2022: +9.6%IMMR FY2023: -11.8%IMMR FY2026: +11.2%PANW FY2020: +17.5%PANW FY2021: +24.9%PANW FY2022: +29.3%PANW FY2023: +25.3%PANW FY2024: +16.5%PANW FY2025: +14.9%PANW FY2026: +24.5%FY19FY20FY21FY22FY23FY24FY25FY26
IMMR +11.2%PANW +24.5%
Free cash flow
IMMR FY2018: $69.9MIMMR FY2019: -$34.2MIMMR FY2020: -$25KIMMR FY2021: $17.1MIMMR FY2022: $40.1MIMMR FY2023: $20.6MIMMR FY2025: -$68.8MIMMR FY2026: $42.9MPANW FY2019: $924.4MPANW FY2020: $821.3MPANW FY2021: $1.4BPANW FY2022: $1.8BPANW FY2023: $2.6BPANW FY2024: $3.1BPANW FY2025: $3.5BPANW FY2026: $4.1BFY18FY19FY20FY21FY22FY23FY24FY25FY26
IMMR $42.9MPANW $4.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Immersion and Palo Alto Networks

Which is bigger by revenue, Immersion or Palo Alto Networks?

Palo Alto Networks is bigger by revenue: $11.5B in fiscal 2026, against $1.7B for Immersion in fiscal 2026.

Which keeps more of its revenue as profit, Immersion or Palo Alto Networks?

Immersion had a net margin of 0.3% in fiscal 2026; Palo Alto Networks had 2.7% in fiscal 2026.

Which grew revenue faster, Immersion or Palo Alto Networks?

In their latest fiscal years revenue changed by +11.2% at Immersion and +24.5% at Palo Alto Networks.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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