CyberArk vs Palo Alto Networks
Side-by-side comparison of AI visibility scores, market position, and capabilities
$1.001B revenue 2024 (record); Q2 2025 $328M (+46% YoY); $1.274B ARR Q2 2025 (+47% YoY); 10,000+ clients; $221M free cash flow 2024 (22% margin); acquired Zilla adding 125 customers; IAM market $15.93B 2022 to $41.52B 2030
About
CyberArk is a cybersecurity company founded in 1999 and headquartered in Newton, Massachusetts, with R&D operations in Petah Tikva, Israel, that created the privileged access management (PAM) category and remains its global leader. The company was founded by Udi Mokady and Alon Cohen on the insight that attackers who compromise privileged credentials — the administrative accounts that control infrastructure, databases, and applications — can cause catastrophic damage that perimeter security alone cannot prevent. CyberArk's mission is to secure the identities most at risk: the privileged human accounts and machine identities that represent the highest-value targets in any enterprise environment. The company trades on Nasdaq under the ticker CYBR.\n\nCyberArk's Identity Security Platform encompasses privileged access management, secrets management, endpoint privilege security, identity governance, and workforce and customer identity access management. Its PAM portfolio includes the CyberArk Privileged Access Manager (vault-based credential management), Conjur (secrets management for DevOps and cloud-native environments), Endpoint Privilege Manager, and the CyberArk Identity platform for workforce SSO and MFA. Following the 2024 acquisition of Venafi, CyberArk added machine identity management to its portfolio, extending its coverage to TLS certificates, code signing, and workload identities — the fastest-growing attack surface in modern enterprise environments.\n\nCyberArk reported $1.001 billion in revenue for 2024, becoming the first pure-play identity security company to cross the billion-dollar revenue threshold. In Q2 2025, the company reported $328 million in revenue (+46% YoY) and $1.274 billion in annual recurring revenue (+47% YoY), with 10,000+ clients globally. Its privileged access heritage, expanding identity security platform, and the Venafi machine identity acquisition position CyberArk as the broadest and fastest-growing platform in the identity security market — a category that has become central to enterprise cybersecurity strategy following high-profile credential-based breaches.
Santa Clara cybersecurity platform (NASDAQ: PANW) $8.0B FY2024 revenue (+16%); platformization 3,600+ customers, Cortex XSIAM AI SOC, $4.2B NGSSAR +42%, competing with CrowdStrike and Microsoft Defender.
About
Palo Alto Networks, Inc. is a Santa Clara, California-based cybersecurity platform company — publicly traded on the NASDAQ (NASDAQ: PANW) as an S&P 500 Information Technology component — providing network security, cloud security, and AI-driven security operations through three integrated security platforms: Strata (network security — next-generation firewalls, SD-WAN, Zero Trust Network Access), Prisma Cloud (cloud security posture management, cloud workload protection, CSPM/CWPP), and Cortex (AI-driven security operations — XSIAM extended security intelligence and automation management, XDR endpoint detection and response, XSOAR security orchestration) through approximately 15,000 employees worldwide. In fiscal year 2024 (ending July 2024), Palo Alto Networks reported revenues of $8.0 billion (+16% year-over-year), with next-generation security Annual Recurring Revenue (ARR — Prisma Cloud and Cortex subscriptions) growing 42% to $4.2 billion as large enterprise and government customers consolidated security toolsets onto Palo Alto Networks' platform versus maintaining dozens of point solution security vendors. CEO Nikesh Arora (joined 2018 from SoftBank as Chairman and CEO) has executed the "platformization" strategy — convincing large enterprise security buyers to replace 10-15 individual security vendors (email security, endpoint protection, cloud workload protection, network detection) with a consolidated Palo Alto Networks platform contract that provides 80% of point-solution capabilities at 50% of the total cost — using the first-year transition economics to accelerate platform adoption through deferred commitment offers (paying a lower platform price in year 1 in exchange for multi-year platform commitment in years 2-4).
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