A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for FY2026, filed Sep 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PANW SEC filings page.
Palo Alto Networks, Inc. (PANW) reported $11.5B in revenue for fiscal year 2026, up 24.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue is scaling rapidly, but cost growth is overwhelming margins while cash generation remains stronger than accounting profit.
The cash-conversion split is unusually wide: operating cash flow rose22.5% even as net income fell72.9% , making accounting earnings a poor proxy for cash produced. That gap coincided with depreciation and amortization rising149.3% and operating cash flow reaching1483.1% of net income, pointing to unusually noisy earnings quality.
Sales grew
The funding mix is materially less liability-heavy: liabilities were
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Palo Alto Networks, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Palo Alto Networks, Inc. has an operating margin of 6.0%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 53/100, indicating healthy but not exceptional operating efficiency. This is down from 13.5% the prior year.
Palo Alto Networks, Inc.'s revenue surged 24.5% year-over-year to $11.5B, reflecting rapid business expansion. This strong growth earns a score of 81/100.
Palo Alto Networks, Inc. carries a low D/E ratio of 0.06, meaning only $0.06 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.
Palo Alto Networks, Inc.'s current ratio of 0.87 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Palo Alto Networks, Inc. converts 35.8% of revenue into free cash flow ($4.1B). This strong cash generation earns a score of 97/100.
Palo Alto Networks, Inc.'s ROE of 1.1% shows moderate profitability relative to equity, earning a score of 39/100. This is down from 14.5% the prior year.
Palo Alto Networks, Inc. scores 8.53, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $286.6B against total liabilities of $21.0B. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Palo Alto Networks, Inc. passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Palo Alto Networks, Inc. generates $14.83 in operating cash flow ($4.6B OCF vs $307.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Palo Alto Networks, Inc. generated $3.4B in revenue in Q4 2026. This represents an increase of 34.5% from the same quarter a year earlier. Against the prior quarter it is up 13.6%.
Palo Alto Networks, Inc.'s EBITDA was $513.0M in Q4 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.7% from the same quarter a year earlier. Against the prior quarter it is up 239.7%.
Palo Alto Networks, Inc. reported a net loss of $282.0M in Q4 2026. This represents a decrease of 211.0% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Palo Alto Networks, Inc. earned -$0.39 per diluted share (EPS) in Q4 2026. This represents a decrease of 208.3% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
Palo Alto Networks, Inc. generated $1.3B in free cash flow in Q4 2026, representing cash available after capex. This represents an increase of 34.3% from the same quarter a year earlier. Against the prior quarter it is up 59.1%.
Palo Alto Networks, Inc. held $2.5B in cash against $1.8B in long-term debt as of Q4 2026.
Not reported for Q4 2026.
Margins & Returns
Palo Alto Networks, Inc.'s gross margin was 67.6% in Q4 2026, indicating the percentage of revenue retained after direct costs. This is down 5.7 percentage points from the same quarter a year earlier. It is unchanged from the prior quarter.
Palo Alto Networks, Inc.'s operating margin was 5.0% in Q4 2026, reflecting core business profitability. This is down 14.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 11.1 percentage points.
Palo Alto Networks, Inc.'s net profit margin was -8.3% in Q4 2026, showing the share of revenue converted to profit. This is down 18.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.4 percentage points.
Palo Alto Networks, Inc.'s quarterly ROE was -1.0% in Q4 2026: one quarter's net income over shareholder equity, not annualized. This is down 4.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.
Capital Allocation
Palo Alto Networks, Inc. invested $779.0M in research and development in Q4 2026. This represents an increase of 54.6% from the same quarter a year earlier. Against the prior quarter it is up 6.1%.
Palo Alto Networks, Inc. repurchased no shares in Q4 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
Palo Alto Networks, Inc. invested $103.0M in capex in Q4 2026, funding long-term assets and infrastructure. This represents an increase of 18.4% from the same quarter a year earlier. Against the prior quarter it is up 24.1%.
PANW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.4B+34.5% | $3.0B+31.1% | $2.6B+14.9% | $2.5B+15.7% | $2.5B+15.9% | $2.3B+15.3% | $2.3B+14.3% | $2.1B+13.9% |
| Cost of Revenue | $1.1B+62.9% | $974.0M+57.4% | $685.0M+14.4% | $638.0M+15.2% | $679.0M+18.4% | $619.0M+20.5% | $599.0M+20.0% | $554.0M+17.2% |
| Gross Profit | $2.3B+24.1% | $2.0B+21.4% | $1.9B+15.1% | $1.8B+15.8% | $1.9B+14.9% | $1.7B+13.5% | $1.7B+12.3% | $1.6B+12.8% |
| R&D Expenses | $779.0M+54.6% | $734.0M+48.6% | $511.0M+1.2% | $528.0M+9.8% | $504.0M+1.7% | $494.0M+8.0% | $505.0M+12.7% | $481.0M+17.5% |
| SG&A Expenses | $1.4B+58.1% | $1.5B+54.3% | $1.0B+9.8% | $999.0M+22.1% | $856.0M-2.9% | $957.0M+14.3% | $912.0M-6.4% | $818.0M+4.8% |
| Operating Income | $172.0M-65.4% | -$183.0M-183.6% | $397.0M+64.7% | $309.0M+8.0% | $497.0M+108.4% | $219.0M+23.9% | $241.0M+349.6% | $286.0M+32.9% |
| EBITDA | $513.0M-11.7% | $151.0M-50.8% | $488.0M+48.8% | $398.0M+7.6% | $581.0M+84.3% | $307.0M+22.3% | $328.0M+168.4% | $370.0M+32.4% |
| Interest Expense | $0n/m | $0-100.0% | $0-100.0% | $0-100.0% | $0n/m | $1.0M-56.5% | $1.0M-64.3% | $1.0M-65.5% |
| Income Tax | $13.0M-96.2% | $21.0M-57.1% | $117.0M+101.7% | $78.0M+358.8% | $338.0Mn/m | $49.0Mn/m | $58.0Mn/m | $17.0M-80.8% |
| Net Income | -$282.0M-211.0% | -$177.0M-167.6% | $432.0M+61.8% | $334.0M-4.8% | $254.0M-29.1% | $262.0M-6.0% | $267.0M-84.7% | $351.0M+80.7% |
| EPS (Basic) | -$0.40-205.3% | -$0.22-156.4% | $0.61+48.8% | $0.49 | $0.38 | $0.39 | $0.41 | $0.54 |
| EPS (Diluted) | -$0.39-208.3% | -$0.22-159.5% | $0.61+60.5% | $0.47 | $0.36 | $0.37 | $0.38 | $0.49 |
| Diluted Shares (Avg) | N/A | 801M+13.3% | 711M+0.3% | 709M | N/A | 707M | 709M | 709M |
PANW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $48.5B+105.5% | $46.3B+110.3% | $25.0B+19.2% | $23.5B+15.5% | $23.6B+17.9% | $22.0B+22.7% | $21.0B+14.5% | $20.4B+37.6% |
| Current Assets | $8.6B+14.9% | $7.7B+11.8% | $8.4B+32.0% | $7.3B+17.1% | $7.5B+9.8% | $6.9B+16.6% | $6.3B-1.7% | $6.2B-3.6% |
| Cash & Equivalents | $2.5B+10.8% | $2.4B-0.8% | $4.2B+86.8% | $3.1B+34.3% | $2.3B+47.8% | $2.4B+73.5% | $2.2B+24.9% | $2.3B-8.4% |
| Short-Term Investments | $557.0M-12.3% | $747.0M-18.5% | $378.0M-62.4% | $1.1B+3.2% | $635.0M-39.2% | $916.8M-39.6% | $1.0B-36.6% | $1.1B-21.0% |
| Inventory | $117.0M+3.5% | N/A | N/A | N/A | $113.0M-2.5% | N/A | N/A | N/A |
| Accounts Receivable | $3.6B+22.4% | $2.9B+46.3% | $2.1B+41.5% | $1.3B+18.5% | $3.0B+13.2% | $1.9B+13.7% | $1.5B-21.1% | $1.1B-19.8% |
| Long-Term Investments | $4.8B-13.0% | $3.9B-24.7% | $3.4B-26.3% | $6.0B+45.2% | $5.6B+33.1% | $5.2B+47.0% | $4.6B+26.0% | $4.1B+37.8% |
| Goodwill | $22.0B+381.9% | $21.9B+440.7% | $6.9B+71.1% | $4.6B+12.7% | $4.6B+36.3% | $4.1B+20.1% | $4.1B+20.1% | $4.1B+38.4% |
| Total Liabilities | $21.0B+33.1% | $18.6B+25.9% | $15.6B+6.9% | $14.9B+2.8% | $15.8B+6.3% | $14.8B+9.7% | $14.6B+4.6% | $14.5B+14.4% |
| Current Liabilities | $9.9B+24.2% | $9.0B+16.9% | $8.0B+6.0% | $7.4B+0.2% | $8.0B+4.0% | $7.7B+8.8% | $7.6B-2.7% | $7.4B-1.5% |
| Non-Current Liabilities | $11.0B+42.3% | $9.6B+35.7% | $7.6B+7.9% | $7.5B+5.6% | $7.8B+8.8% | $7.1B+10.8% | $7.0B+13.9% | $7.1B+37.8% |
| Long-Term Debt | $1.8Bn/m | $1.2B | N/A | N/A | $0 | N/A | N/A | N/A |
| Total Equity | $27.5B+251.4% | $27.7B+282.7% | $9.4B+47.3% | $8.7B+46.6% | $7.8B+51.4% | $7.2B+61.8% | $6.4B+46.3% | $5.9B+172.4% |
| Retained Earnings | $2.8B+12.4% | $3.1B+37.8% | $3.3B+65.1% | $2.8B+65.7% | $2.5B+84.0% | $2.2B+124.7% | $2.0B+175.8% | $1.7Bn/m |
PANW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.4B+32.9% | $871.0M+38.7% | $554.0M-0.5% | $1.8B+17.3% | $1.0B+99.1% | $628.0M+18.7% | $557.0M-19.3% | $1.5B-1.0% |
| Depreciation & Amortization | $341.0M+306.0% | $334.0M+279.5% | $91.0M+4.6% | $89.0M+6.0% | $84.0M+10.4% | $88.0M+18.4% | $87.0M+26.8% | $84.0M+30.6% |
| Stock-Based Compensation | N/A | $684.0M+109.8% | $301.0M-5.9% | $370.0M+25.4% | N/A | $326.0M+23.7% | $320.0M+16.2% | $295.0M+8.9% |
| Capital Expenditures | $103.0M+18.4% | $83.0M+22.1% | $170.0M+254.2% | $84.0M+90.9% | $87.0M+83.5% | $68.0M+81.8% | $48.0M+36.4% | $44.0M+19.6% |
| Free Cash Flow | $1.3B+34.3% | $788.0M+40.7% | $384.0M-24.6% | $1.7B+15.1% | $934.0M+100.7% | $560.0M+13.9% | $509.0M-22.3% | $1.5B-1.6% |
| Investing Cash Flow | -$1.0Bn/m | -$1.8Bn/m | $651.0Mn/m | -$983.0Mn/m | -$763.0Mn/m | -$517.0M-557.1% | -$381.0Mn/m | -$544.0Mn/m |
| Financing Cash Flow | -$197.0Mn/m | -$899.0M-2012.8% | -$114.0Mn/m | $8.0Mn/m | -$374.0Mn/m | $47.0Mn/m | -$232.0Mn/m | -$220.0Mn/m |
| Share Buybacks | $0n/m | N/A | N/A | N/A | $0n/m | $0-100.0% | $0n/m | $0-100.0% |
Not reported in any period shown, so not listed: Dividends Paid.
PANW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.6%-5.7pp | 67.5%-5.4pp | 73.6%+0.1pp | 74.2%+0.1pp | 73.2%-0.6pp | 73.0%-1.2pp | 73.5%-1.3pp | 74.1%-0.7pp |
| Operating Margin | 5.0%-14.6pp | -6.1%-15.7pp | 15.3%+4.6pp | 12.5%-0.9pp | 19.6%+8.7pp | 9.6%+0.7pp | 10.7%+8.0pp | 13.4%+1.9pp |
| Net Margin | -8.3%-18.3pp | -5.9%-17.3pp | 16.7%+4.8pp | 13.5%-2.9pp | 10.0%-6.3pp | 11.5%-2.6pp | 11.8%-76.6pp | 16.4%+6.1pp |
| Return on Equity | -1.0%-4.3pp | -0.6%-4.3pp | 4.6%+0.4pp | 3.9%-2.1pp | 3.3%-3.7pp | 3.6%-2.6pp | 4.2%-35.9pp | 5.9%-3.0pp |
| Return on Assets | -0.6%-1.7pp | -0.4%-1.6pp | 1.7%+0.5pp | 1.4%-0.3pp | 1.1%-0.7pp | 1.2%-0.4pp | 1.3%-8.3pp | 1.7%+0.4pp |
| Current Ratio | 0.87-0.1x | 0.860.0x | 1.04+0.2x | 0.99+0.1x | 0.94+0.1x | 0.90+0.1x | 0.840.0x | 0.840.0x |
| Debt-to-Equity | 0.06+0.1x | 0.04 | N/A | N/A | 0.00 | N/A | N/A | N/A |
| Liabilities-to-Equity | 0.76-1.3x | 0.67-1.4x | 1.66-0.6x | 1.72-0.7x | 2.01-0.9x | 2.04-1.0x | 2.29-0.9x | 2.45-3.4x |
| Asset Turnover | 0.070.0x | 0.060.0x | 0.100.0x | 0.110.0x | 0.110.0x | 0.100.0x | 0.110.0x | 0.110.0x |
| FCF Margin | 36.8%-0.1pp | 26.3%+1.8pp | 14.8%-7.8pp | 68.2%-0.4pp | 36.8%+15.6pp | 24.5%-0.3pp | 22.6%-10.6pp | 68.5%-10.8pp |
Note: The current ratio is below 1.0 (0.87), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Palo Alto Networks, Inc. PANW | FY2026 | $11.5B | $307.0M | 2.7% | $286.6B | 63/100 |
| CrowdStrike Holdings CRWD | FY2026 | $4.8B | -$162.5M | -3.4% | $250.5B | 63/100 |
| Oracle Corp ORCL | FY2026 | $67.4B | $17.1B | 25.4% | $382.5B | 49/100 |
| Palantir Technologies Inc. PLTR | FY2025 | $4.5B | $1.6B | 36.3% | $421.5B | 79/100 |
| Microsoft Corp MSFT | FY2026 | $331.8B | $133.7B | 40.3% | $3.9T | 79/100 |
| Fortinet, Inc. FTNT | FY2025 | $6.8B | $1.9B | 27.3% | $94.1B | 78/100 |
Where Palo Alto Networks, Inc. Ranks
Frequently Asked Questions
Palo Alto Networks, Inc. (PANW) reported $11.5B in total revenue for fiscal year 2026. This represents a 24.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Palo Alto Networks, Inc. (PANW) revenue grew by 24.5% year-over-year, from $9.2B to $11.5B in fiscal year 2026.
Yes, Palo Alto Networks, Inc. (PANW) reported a net income of $307.0M in fiscal year 2026, with a net profit margin of 2.7%.
Palo Alto Networks, Inc. (PANW) had EBITDA of $1.6B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2026, Palo Alto Networks, Inc. (PANW) had $2.5B in cash and equivalents against $1.8B in long-term debt.
Palo Alto Networks, Inc. (PANW) had a gross margin of 70.4% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
Palo Alto Networks, Inc. (PANW) had an operating margin of 6.0% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
Palo Alto Networks, Inc. (PANW) had a net profit margin of 2.7% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Palo Alto Networks, Inc. (PANW) has a return on equity of 1.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
Palo Alto Networks, Inc. (PANW) generated $4.1B in free cash flow during fiscal year 2026. This represents a 18.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Palo Alto Networks, Inc. (PANW) generated $4.6B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
Palo Alto Networks, Inc. (PANW) had $48.5B in total assets as of fiscal year 2026, including both current and long-term assets.
Palo Alto Networks, Inc. (PANW) invested $440.0M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
Palo Alto Networks, Inc. (PANW) invested $2.6B in research and development during fiscal year 2026.
Palo Alto Networks, Inc. (PANW) had a current ratio of 0.87 as of fiscal year 2026, which is below 1.0, which may suggest potential liquidity concerns.
Palo Alto Networks, Inc. (PANW) had a debt-to-equity ratio of 0.06 as of fiscal year 2026. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Palo Alto Networks, Inc. (PANW) had a liabilities-to-equity ratio of 0.76 as of fiscal year 2026, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Palo Alto Networks, Inc. (PANW) had a return on assets of 0.6% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
Palo Alto Networks, Inc. (PANW) trades at 934x earnings, its market capitalization divided by $307.0M net income, FY2026. The market capitalization is $286.6B as of Nov 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Palo Alto Networks, Inc. (PANW) trades at 25.0x sales, its market capitalization divided by $11.5B revenue, FY2026. The market capitalization is $286.6B as of Nov 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Palo Alto Networks, Inc. (PANW) has an Altman Z-Score of 8.53, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
Palo Alto Networks, Inc. (PANW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Palo Alto Networks, Inc. (PANW) has an earnings quality ratio of 14.83x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Palo Alto Networks, Inc. (PANW) scores 63 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.