I just took a look at PANW... They have been losing money forever though their revenue has been growing. I'm surprised that they have lasted this long without getting hammered.

One of my previous employers had been bought out. The management team had been replaced by a team that had the notion of increasing revenue at any cost. That gets really expensive after a while. It would appear that PANW might have a little of that going on. Their revenue is increasing year over year while their annual loss is steady. Meanwhile their executive team has a very handsome salary package for a company that has never made a profit.