Palo Alto’s $25 Bn Acquisition of CyberArk

A bold move beyond the firewall.

Deal Overview

Acquirer: Palo Alto Networks

Target: CyberArk Software Ltd.

Total Transaction Size: $25 billion

Announcement date: July 30, 2025

On July 30, 2025, Palo Alto announced its intention to acquire CyberArk for an implied total transaction value of $25 billion. The deal involves a cash and equity mix with CyberArk shareholders receiving $45.00 in cash and 2.2005 shares of Palo Alto Networks common stock per CyberArk share. This represents a 26% premium to CyberArk’s unaffected 10-day VWAP as of July 25, 2025 (Palo Alto Networks, 2025).

This deal comes at a time when the identity security sector is experiencing rapid growth levels with forecasts showing double-digit annual growth through 2030 and beyond (Grand View Research, 2024). The current market is competitive but fragmented with each firm specialising in a different area e.g. CyberArk and Privileged Access Management (PAM).

From the company’s own announcement, Palo Alto (2025) state three key strategic objectives as rationale. Firstly, the company aims to integrate CyberArk’s capabilities to provide a single, unified solution designed to help eliminate dangerous security gaps and simplify operations. Secondly, it believes the agreement will change how traditional identity systems work, adding stronger security controls instead of just managing basic login and password tasks. Finally, Palo Alto would like to use Identity Security to manage newly implemented AI systems, granting them access only when necessary – decreasing the likelihood of AI misuse.

The market reaction was negative on announcement day, with Palo Alto’s stock falling several percent amid reported concerns over potential integration risks and the high price tag – particularly as this represents the company’s largest deal under CEO Nikesh Arora (Investors.com, 2025). For Palo Alto, the immediate implications include significant financial commitment and potential share dilution; however, the acquisition fills a critical gap by adding AI-era cybersecurity offerings.

Acquirer Overview: Palo Alto Networks

Founded: February 28, 2005

CEO: Nikesh Arora

Market Cap: $144.4 billion

LTM Revenue: $9.2 billion

LTM EBITDA: $1.3 billion

P/E: 121.8x

Ticker (NASDAQ): PANW

Deal Advisor: J.P. Morgan Securities LLC

History & Background

Palo Alto’s Certificate of Incorporation was filed with the Delaware Secretary of State in February 2005 by Nir Zuk, with operations commencing in April. Originally founded to build a next generation firewall (NGFW) that could identify applications and users, the company soon expanded into a comprehensive platform spanning across cybersecurity (SEC, 2012). In July 2012, the company completed its IPO (priced at $42/share) under the guidance of Morgan Stanley, with Goldman Sachs and Citigroup acting as joint book-running managers.

A key element of Palo Alto’s recent growth has been its strategic acquisitions. By acquiring innovative startups such as Evident.io (2018), Demisto (2019) and Twistlock (2019), the firm has accelerated its entry into fast-growing segments of the industry and strengthened its position against rivals. Whilst the company has a significant history in M&A, the CyberArk deal valued at $25 billion is over 20 times larger than its previous biggest transaction, signalling a new direction for Palo Alto Networks.

Product Lines

Palo Alto (2025) offer a comprehensive range of cybersecurity services including:

Network Security: Next-generation firewalls that protect networks from online attacks are a key product for the company. These come in different forms – physical devices, software versions and modern cloud systems.

Cloud Security: Their cloud security products (Prisma Cloud and Prisma Access) help businesses keep their data and apps safe when using cloud services, making sure only authorised users and devices can connect.

Artificial Intelligence Systems: Recent developments in AI have allowed Palo Alto to advance its security systems to automatically spot, investigate and respond to cyber threats.

This diverse product portfolio has positioned Palo Alto as a clear market leader in network security. According to Omdia (2025), Palo Alto holds an estimated 28.4% market share in the industry, leading over rivals Fortinet, Cisco and Check Point.

Strengths

Financial Strength: Palo Alto Networks repeatedly demonstrates exceptional growth and financial strength. In fiscal year 2025, the company reported total revenue of $9.22 billion, a 15-16% increase from FY2024, with more than 80% of its revenue coming from recurring subscriptions (Palo Alto Networks, 2025).

Market Positioning: The firm maintains one of the strongest brands in the cybersecurity industry, recognised globally with its presence in over 150 countries. As Reuters (2025) reports, Palo Alto’s ongoing expansion – particularly through strategic acquisitions – positions it to compete effectively with major rivals like CrowdStrike and Microsoft.

Innovation: Consistently, Palo Alto has been ahead of competitors in adapting to new technology. Its integrated platforms (Strata for network protection, Prisma for cloud security, and Cortex for AI-driven operations) simplify cybersecurity and automate many tasks for consumers, providing a better experience for customers.

Challenges

Security Vulnerability: In February 2025, a serious vulnerability (CVE-2025-0108) in PAN-OS was found, allowing unauthenticated access to the firewall’s web management interface which several hackers were utilising to attack Palo Alto clients (Alexander Culafi, 2025).

Competition: The cybersecurity market is currently highly competitive, both with established firms like Microsoft and newer players. Innovation is required by Palo Alto to defend its market share.

Strategic Risks: The Palo Alto strategy of continuous expansion through acquisitions introduces integration challenges. With new technologies and new teams being regularly added it can be difficult to maintain service quality and keep coordination among groups.

Summary

Palo Alto Networks is a financially strong cybersecurity market leader, reporting over $9.2 billion in revenue. Its profile includes a successful history of small and strategic acquisitions (e.g. Demisto and Twistlock) used to expand its comprehensive platform.

The CyberArk acquisition is a signal of a new and aggressive direction, with its $25 billion valuation over 20 times larger than Palo Alto’s previous biggest transaction. This deal is clearly intending to defend the firms 28.4% market share amid strong competition and improve defence capabilities.

Whilst the firm possesses the necessary financial capacity for the deal, the unprecedented scale of the CyberArk acquisition creates large integration risks which will be tough for Palo Alto to deal with.

Target Overview: CyberArk Software Ltd.

Founded: February 28, 1996

CEO: Matt Cohen

Market Cap: $24.9 billion

LTM Revenue: $1.3 billion

LTM EBITDA: $298 million

P/E: 121.8x

Ticker (NASDAQ): CYBR

Deal Advisor: Qatalyst Partners LLC

History & Background

CyberArk Software Ltd was incorporated in Israel on 28 February 1996 by founders Udi Mokady and Alon Cohen with the aim of addressing the growing concerns around data protection. In 2005, CyberArk (2025) launched its Privileged Access Security Solution, which has become its flagship product and the cornerstone of its cybersecurity platform.

CyberArk filed for its initial public offering (IPO) in June 2014 and began trading on the NASDAQ in September 2014 at a price of $16 per share. Since then, the company has experienced rapid growth with its annual revenue rising from $66 million in 2013 to over $1 billion in 2024, reflecting its global presence across over 100 countries.

CyberArk’s growth has been accelerated by a series of strategic acquisitions that have expanded its reach across the cybersecurity space and solidified its market position. Key transactions include Viewfinity and Cybertinel in 2015, Conjur in 2017 and its largest deal Venafi in 2024 for approximately $1.5 billion. Today, CyberArk is recognised as a global leader in cybersecurity, serving thousands of enterprises including more than 55% of the Fortune 500 and over 35% of the Global 2000.

Product Lines

CyberArk has evolved from offering low level data protection to becoming one of the world’s leading cybersecurity firms.

Privileged Access Management (PAM): The foundation of CyberArk’s offerings is its PAM systems, protecting data by managing the different privileges of administrative user accounts. CyberArk has been recognised as a Leader in the 2025 Gartner Magic Quadrant for PAM for the seventh consecutive year, underscoring CyberArk’s strength in this area (CyberArk, 2025).

Identity & Access Management: This part of CyberArk’s business helps companies control who can log into their systems and applications, including multi-factor authentication and account management (adjusting access when individuals join or leave a company). CyberArk entered this area by acquiring Idaptive in 2019 for a reported $70 million, a company specialising in such services.

Secrets Identity Security: This area focuses on protecting passwords and software used to communicate securely. CyberArk got into this space by acquiring Conjur in 2017 and has since built on that technology with their Secrets Manager and Certificate Manager tools.

Strengths

Financial Capacity: CyberArk consistently demonstrates strong financial results and a healthy business model despite large acquisitions. For example, in Q1 2025 its annual recurring revenue (ARR) reached $1.215 billion, with subscription ARR comprising $1.028 billion, up 65% from the previous year, and the company generated $96 million in free cash flow (SEC, 2025). This financial strength gives CyberArk flexibility for R&D, acquisitions and external shocks.

Market Leadership & Recognised Excellence: CyberArk is widely recognised for its leadership in identity security, winning multiple awards for their excellent products. In April 2025, it was named “Overall Leader” in the KuppingerCole Analysts 2025 Leadership Compass for Enterprise Secrets Management, being top across product, innovation and market leadership categories.

Comprehensive Security Platform: CyberArk has shifted from a narrower focus toward a broad identity-security platform, driven largely by a series of strategic acquisitions. Starting with Conjur in 2017 to expand into secrets-security, followed by Idaptive in 2019 to expand into access management, CyberArk has continued to strengthen its portfolio through targeted purchases. This strategy allows the company to excel across several subsectors, contributing to their stellar reputation.

Challenges

Intensifying Competition: CyberArk (2025) explicitly highlights “intense competition” in its regulatory filings. As the company expands beyond its traditional Privileged Access Management (PAM) niche, it now faces not only established cybersecurity vendors but also major technology players such as Microsoft and Oracle entering the same space. In a sector experiencing approximately 13% compound annual growth (CAGR), the strong demand for cybersecurity solutions continues to attract new entrants and start-ups, further heightening competition and forcing innovation to keep ahead.

Operational Challenges: CyberArk’s growth strategy has primarily involved multiple acquisitions. Each deal brings execution and integration risks, including challenges in retaining personnel and maintaining effective communication. CyberArk (2025) has mentioned such risks in press releases as “factors that could cause… differences in expectations”.

Complex Environment: With Artificial Intelligence (AI) growing at an unprecedented rate, CyberArk is forced to respond with increased innovation to address the new wave of AI security threats, including higher quality phishing and social engineering scams and generated malware. Not only does CyberArk have to respond to these threats, but they also have to use AI themselves to improve services and stay ahead of competitors.

Market Positioning

As previously mentioned, CyberArk is positioned as a leader in identity security, winning numerous awards for innovation and market leadership. Other competitors include Delinea or BeyondTrust. However, neither have come close in terms of revenue or market share. Recently CyberArk has extended its lead over rivals with its collaboration with Microsoft, participating in the Microsoft Security Store Partner Ecosystem, signalling Microsoft’s trust in CyberArk.

Summary

In summary, CyberArk Software Ltd. (NASDAQ: CYBR) is a global cybersecurity leader founded in 1996 in Israel and best known for its Privileged Access Management (PAM) systems. With a market capitalisation of $24.9 billion and over $1.3 billion in annual revenue, CyberArk has grown rapidly through innovation and acquisitions. Serving over half of the Fortune 500 and over a third of the Global 2000, CyberArk maintains strong trust with some of the largest companies in the world. For Palo Alto Networks, acquiring CyberArk would be strategic, enhancing its identity security by acquiring the leader in that industry. The combination would create a market-dominant platform that rivals the biggest firms in Cybersecurity.

Motivation

'The rise of AI and machine identities means every identity needs the right privilege controls. CyberArk is the leader in Identity Security, and its technology is essential for securing the AI era.” - Nikesh Arora (14/10/25)

For Palo Alto

Entering the Identity Security Market: Palo Alto has a long history of expanding into rapidly growing cybersecurity categories including entering into Cloud Security in 2018 through acquiring RedLock and Evident.io. Now seems the perfect time to diversify into Identity Security with its technology being “essential for securing the AI era.” By acquiring CyberArk rather than building a new identity platform from scratch, Palo Alto can immediately compete with competitors with a high-quality product that many consider to be the best in the industry.

Addressing AI threats: One of the strongest themes in Palo Alto’s messaging is the rise of machine identities, digital identities that are used by AI agents, which often outnumber human users. CyberArk is known for its leadership in managing these nonhuman identities through its Secrets Management products.

Strengthening Competitive Positioning: Another motivation behind the acquisition was to protect Palo Alto’s leadership position in the cybersecurity landscape against intense competition. In recent years, major rivals such as Microsoft and CrowdStrike have made ambitious acquisitions, increasing the urgency for Palo Alto to act or risk being left behind. For example, CrowdStrike (2024) acquired Adaptive Shield in

November 2024 for $300 million, strengthening their identity security capabilities. This competition is a clear reason as to why Palo Alto broke their purchase record on an exciting company like CyberArk.

For CyberArk

Attractive Financial Premium: CyberArk agreed to the $25 billion acquisition in part because Palo Alto Networks offered a 26% premium over its 10-day volume weighted average price (VWAP) – a large return for shareholders amid rising competition. Importantly, the transaction was structured as a cash and equity mix, allowing CyberArk shareholders to receive $45 in cash and 2.2005 shares of Palo Alto stock per CyberArk share. This arrangement offered both immediate financial reward and long-term upside potential.

Rising Competition: Whilst CyberArk is the established market leader in PAM and identity security, the competitive landscape is intensifying. Giants like Microsoft (via CloudKnox) and CrowdStrike (via Adaptive Shield) were encroaching on CyberArk’s market share and competing against providers with far greater budgets is always going to be difficult for a smaller firm. By joining Palo Alto, CyberArk can utilise the cash, brand strength and customer base of a larger firm.

Innovation Potential: Becoming a part of Palo Alto Networks enables CyberArk to integrate its identity technologies into a broader security platform, something it could not have done on its own despite expansions into other subsectors. Palo Alto’s platform and AI capabilities provide CyberArk’s products with innovation potential. Together, the two firms could create the industry’s leading Cybersecurity platform.

Deal Navigation

Regulatory & Legal

With the deal still in its early stages, there are several key approvals necessary for the acquisition to be cleared. Firstly, the agreement requires approval by CyberArk shareholders with a special meeting scheduled for November 13, 2025, to discuss and vote on matters connected to the proposed transaction. Secondly, the transaction will be under anti-trust scrutiny. The U.S. Federal Trade Commission (FTC) completed its initial review on September 24, 2025, and does not require further investigation (mlex.com, 2025) but the EU Commission, UK CMA and Israeli Antitrust Authority are still yet to make a decision. Finally, there is likely to be a U.S. national security review considering CyberArk’s platform is used by government contractors, however it is unlikely this will stop the deal from happening.

Financing Structure

The acquisition of CyberArk by Palo Alto is partly funded by approximately $15 billion in debt, which covers a substantial portion of the $25 billion total transaction value. Pre-deal, Palo Alto had a low net debt-to-EBITDA ratio of 0.13, but this leverage is expected to rise significantly, perhaps even as high as 2.00. Whilst there have been no official announcements from major credit rating agencies like Moody’s, the substantial debt has led to concerns among analysts. For example, KeyBanc Capital downgraded Palo Alto Networks rating from Overweight to Sector Weight (GuruFocus, 2025).

CyberArk shareholders will receive a cash and stock mix, resulting in over 100 million new shares and a 13.5% dilution of existing EPS. This equity issuance represents roughly $10 billion of the transaction value and increases Palo Alto’s total share count to approximately 785 million (Barron’s, 2025).

Performance & Valuation

The valuation of CyberArk can be assessed by comparing its transaction multiples with sector peers through Comparable Company Analysis (CCA), as seen below.

Palo Alto Networks agreed to purchase CyberArk for approximately $25 billion, implying an EV/Sales multiple of approximately 19x, placing the deal at the upper end of current cybersecurity valuations considering the average of 17.1x and the median of 10.3x. Using EV/EBITDA or P/E valuations is challenging due to the rapidly developing nature of cybersecurity. Many newer firms have high EVs driven by strong growth figures and innovative products, but they often lack profitability. Nevertheless, it is worth noting that the implied EV/EBITDA of over 80x is rather high, particularly considering that CyberArk has been a profitable company for some time.

The market sentiment replicated these valuation concerns on announcement day with Palo Alto stock falling by 14%. Harrison Brooks, an AI based alternative investments analyst, questioned whether the deal was a strategic move or an overpayment, highlighting the concerning 19x revenue multiple, despite CyberArk’s 46% year-over-year growth (AInvest, 2025). Despite these concerns, there are several factors that justify this price tag.

Strategic Expansion: CyberArk is a leader in privileged access and identity security, areas where Palo Alto has a limited presence in. These segments are experiencing exceptionally high growth and purchasing the leading company offers Palo Alto a strategic foothold in a rapidly expanding sector. Additionally, with CyberArk growing at 46% year-over-year, paying a premium can be seen as a bet on future growth.

Strong Early Signs: CyberArk has continued to post robust revenue growth since the announcement, outperforming most cybersecurity peers in the identity segment. In its Q2 results CyberArk announced 66% growth in subscription revenue and recurring revenue up 49% year-over-year.

Therefore, Palo Alto Networks can arguably be seen as having paid a fair price for a strategically valuable and high-growth asset.

Risks

Financial Risk: Palo Alto is paying $45 cash + 2.2005 PANW shares per CyberArk share – a transaction valued at about $25 billion, overpaying compared to industry standards. As part of this deal CyberArk will take on roughly $15 billion in debt, which is a significant risk. If integration takes longer than expected, interest rates rise increasing cost of any debt or stock price crashes than there can be some serious consequences for Palo Alto. Furthermore, with less cash on hand Palo Alto may struggle to keep up the R&D required to compete in such a competitive industry and are more susceptible to external economic shocks.

Integration Risk: Whilst Palo Alto has some experience in integrating large companies, this deal is over 20x larger than their previous record deal. Embedding a $25 billion company into one of the biggest cybersecurity firms will take time and there may be some obstacles along the way. Additionally, any platform incompatibilities or loss of key employees can further complicate things.

Competition Risk: The cybersecurity market is intensely competitive with other rivals engaging in acquisitions that could erode Palo Alto’s strategic edge. For example, Alphabet Inc agreed to acquire Wiz for $32 billion, and Cisco Systems acquired Splunk Inc for $28 billion. If Palo Alto wants to keep growing and maintain its market share it will have to avoid integration and financial issues, else they will fall behind competitors.

House View

Viewpoint

The deal is a strategically sound, aggressive move by Palo Alto to immediately gain market leadership in the rapidly growing Identity Security sector, a section deemed “essential for securing the AI era.” Despite market concerns over the high valuation and significant debt financing, the rationale behind the deal makes sense and early signs are positive.

Positive Signals

Strong Target Performance: CyberArk has continued to post robust revenue growth post-announcement with subscription revenue up 66% and recurring revenue up 49% year-over-year in its Q2 results. This performance helps justify the premium paid.

Regulatory Clearance: The U.S. Federal Trade Commission (FTC) completed its initial review and does not require further investigation removing one potential roadblock in the process. Furthermore, whilst investigations are still ongoing for other regulatory bodies in the UK, EU and Israel, these are mainly formalities and it is very rare for one of these to block an acquisition, particularly one that has been passed by the FTC.

Strategic Motivations: The acquisition is logically sensible, plugging a high-growth hole that Palo Alto currently lack. This acquisition enables them to offer a unified solution that spans the whole cybersecurity sector with AI integration improving capabilities.

Emerging Risks

Financial Risk: The deal is priced at the “upper end of current cybersecurity valuations” with an EV/Sales of 19x and is funded by approximately $15 billion in new debt. Thus significantly increases Palo Alto’s net debt-to-EBITDA ratio (expected to rise as high as 2.00) and led to a credit rating downgrade by KeyBanc Capital. Furthermore, Palo Alto will be more susceptible to economic shocks and have less funding available for R&D.

Integration Scale and Complexity: Valued at $25 billion, this transaction is over 20 times larger than Palo Alto’s previous biggest deal, introducing substantial integration risks and operational challenges that can cause issues.

Stock Market Reaction: The general sentiment around the deal was negative following the announcement with Palo Alto stock falling by 14%. This was echoed by a number of analysts stating the price was too high for CyberArk.

Competition: Despite acquiring a market leader, the cybersecurity market is intensely competitive with other companies making similar acquisitions. The consequences of any other risk are larger because of this.

Forward Insight

In conclusion, paying a premium for an established, high performing market leader with strong revenue growth (46% YoY) is understandable, especially considering competitors making similar moves. However, the scale of the deal and reliance on debt means that flawless execution is required. Overall, the success of this acquisition depends on how quickly CyberArk integrates into Palo Alto’s network and whether the combined entity can capitalise on the identity security market’s high growth amid strong competition.

References

Brooks, H., 2025. Palo Alto Networks’ potential $20 billion CyberArk acquisition: strategic move or overpayment in a consolidating cybersecurity market? AInvest.[online] Available at: https://www.ainvest.com/news/palo-alto-networks-potential-20- billion-cyberark-acquisition-strategic-move-overpayment-consolidating-cybersecurity-market-2507/ (Accessed 21 October 2025).

Barron's (2025) 'Palo Alto Networks Stock Got Hammered After CyberArk Deal', Barron's. Available at: https://www.barrons.com/articles/palo-alto-networks-stock- cyberark-deal-earnings-redemption-034383cb (Accessed: 20 October 2025).

Culafi, A. (2025) ‘Palo Alto Networks PAN-OS vulnerability exploited in the wild’, SearchSecurity. Available at: Palo Alto Networks PAN-OS vulnerability exploited in the wild | TechTarget (Accessed: 14 October 2025).

CyberArk (2025) Company. Available at: Palo Alto Networks PAN-OS vulnerability exploited in the wild | TechTarget (Accessed: 15 October 2025).

CyberArk (2025) CyberArk expands machine identity security portfolio with advanced discovery and context capabilities, enabling enhanced visibility and control [Press release, 7 October 2025]. Available at: https://www.cyberark.com/press/cyberark-expands-machine-identity-security- portfolio-with-advanced-discovery-and-context-capabilities-enabling-enhanced- visibility-and-control/ (Accessed: 18 October 2025).

CyberArk (2025) CyberArk Named a Leader in the 2025 Gartner Magic Quadrant for Privileged Access Management. [online] Available at: https://investors.cyberark.com/news/news-details/2025/CyberArk-Named-a-Leader- in-the-2025-Gartner-Magic-Quadrant-for-Privileged-Access- Management/default.aspx (Accessed: 17 October 2025)

Grand View Research (2024) Identity as A Service Market Size, Share & Trends Analysis Report By Type, By Deployment, By End-use, By Region, 2024-2030. [online] Available at: https://www.grandviewresearch.com/industry-analysis/identity- as-a-service-market (Accessed: 13 October 2025).

GuruFocus (2025) 'Palo Alto Networks (PANW) Downgraded Amidst CyberArk Acquisition Concerns', GuruFocus. Available at: https://www.gurufocus.com/news/3022470/palo-alto-networks-panw-downgraded- amidst-cyberark-acquisition-concerns (Accessed: 20 October 2025)

Investors.com (2025) Palo Alto stock falls amid CyberArk acquisition [online]. Available at: https://www.investors.com/news/technology/palo-alto-stock-falls-amid- cyberark-acquisition (Accessed: 13 October 2025).

Omdia (2025) Network security market grows 5.1 percent year-over-year in Q4 2024, Omdia reports. [online] Available at: https://omdia.tech.informa.com/pr/2025/mar/network-security-market-grows-5point1- percent-yearoveryear-in-q4-2024-omdia-reports [Accessed 14 October 2025].

Palo Alto Networks (2025) Palo Alto Networks announces agreement to acquire CyberArk, the identity security leader [online]. Available at: https://www.paloaltonetworks.com/company/press/2025/palo-alto-networks-announces-agreement-to-acquire-cyberark--the-identity-security-leader (Accessed: 13 October 2025).

Palo Alto Networks. (2025) Palo Alto Networks Reports Fiscal Fourth Quarter and Fiscal Year 2025 Financial Results. Palo Alto Networks, Inc. Available at: https://www.paloaltonetworks.com/company/press/2025/palo-alto-networks-reports- fiscal-fourth-quarter-and-fiscal-year-2025-financial-results (Accessed: 14 October 2025).

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Reuters. (2025) Palo Alto Networks to acquire CyberArk in $25 billion deal to expand identity security portfolio. Reuters, 14 February. Available at: https://www.reuters.com/technology/cybersecurity/palo-alto-networks-acquire- cyberark-25-billion-2025-02-14 (Accessed: 14 October 2025).

U.S. Securities and Exchange Commission (2025) CyberArk Software Ltd. Form 6-K: Q1 2025 Financial Results. Available at: https://www.sec.gov/Archives/edgar/data/1598110/000117891325001742/exhibit_99- 1.htm (Accessed: 20 October 2025).

U.S. Securities and Exchange Commission (SEC) (2012) Restated Certificate of Incorporation of Palo Alto Networks, Inc. Form S-1 Exhibit 3.1. Available at: https://www.sec.gov/Archives/edgar/data/1327567/000119312512415530/d405168de x31.htm (Accessed: 14 October 2025)