Shares of Palo Alto Networks (NASDAQ: PANW) have been killing it. Over the last 12-month stretch, the cybersecurity leader's stock is up over 50%, compared to a more than 7% decline for the S&P 500. After years of acquisitions, free cash flow is booming, and management provided a rosy outlook for its new fiscal year. A 3-for-1 stock split was also announced, but that's no reason to buy. This is simply a fantastic cybersecurity business firing on all cylinders right now, trading for a reasonable price. For the right investor, it's not too late to buy.  

Palo Alto Networks just wrapped up its 2022 fiscal year (the 12 months ended July 2022). Fourth-quarter revenue was up 27% year over year to $1.55 billion, and full-year revenue was up 29% to $5.5 billion. Free cash flow on the year was a healthy $1.79 billion, including a 62% year-over-year increase in Q4. With a few years worth of acquisitions still early on in paying off, there's room for free cash flow to run even higher.

The balance sheet is also in tip-top shape. Cash and investments totaled $4.69 billion at the end of July, offset by convertible notes of $3.68 billion. 

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Source Fool.com