Palo Alto Networks announced on February 12, 2026 that it will list its shares on the Tel Aviv Stock Exchange (TASE) after completing its $25 billion acquisition of CyberArk on February 11, 2026. The dual listing will make Palo Alto the largest company by market capitalization on the TASE, with a valuation of roughly $115 billion at the time of the announcement. Shares will trade under the ticker CYBR in Israel while the company retains its NASDAQ ticker PANW in the United States.
The move is designed to strengthen Palo Alto’s presence in Israel, a global cybersecurity hub, and to give Israeli investors direct access to the company’s platform‑based security solutions. It also signals Palo Alto’s commitment to expanding its international footprint and capital‑raising options beyond the U.S. market, reinforcing its brand in a key cybersecurity ecosystem.
The $25 billion acquisition of CyberArk, completed on February 11, 2026, is a cornerstone of Palo Alto’s platformization strategy. The deal secures all identities across the enterprise—human, machine, and agentic—by integrating CyberArk’s privileged access management expertise. CyberArk was previously listed on NASDAQ under the ticker CYBR before being acquired, and the transaction involved a cash and stock component for CyberArk shareholders.
With the dual listing, Palo Alto will become the largest company on the TASE, further cementing its position in Israel’s robust tech ecosystem and positioning the company to tap into Israeli capital markets. The listing also provides a broader investor base and potential liquidity benefits, although it does not directly impact the company’s operating results.
Palo Alto reported strong Q1 FY2026 earnings on November 19, 2025, with revenue of $2.47 billion and earnings per share of $0.93, both beating analyst estimates of $2.46 billion and $0.89 respectively. The company raised its FY2026 guidance following the earnings release. While the dual listing does not affect current operating results, it offers long‑term strategic benefits and potential access to capital.
The dual listing is part of Palo Alto’s broader strategy to expand its platform, integrate CyberArk’s identity security capabilities, and pursue additional acquisitions such as Chronosphere. The company aims to achieve over 40% adjusted free cash flow margin by FY2028, incorporating the pending acquisitions. The specific date when shares will begin trading on the TASE has not yet been disclosed.
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