GuidanceRPO growth guided to 19-20% year over year for FY25 is significantly below the prior commentary for 25% growth annually through FY26.
Revenue GrowthProduct revenues, mostly Firewall appliances, were down -5.3% YoY, below Street expectations of -2.7%.
ValuationTrading at a ~35x unlevered FCF multiple, the valuation is rich and there is limited upside for the stock.