FTNT
NASDAQ · USDFortinet, Inc.
Technology · Software - Infrastructure
CEO Ken Xie
Employees 15,109
R&D / revenue 12.0%
Last price
$169.13−7.03%last session
Market cap
$124.1B
P/E (TTM)
59.1x
From 52w high
−14.2%
From 52w low
+130.0%
1-year return
+103.4%
RSI 14 · vs SMA200
40.7 · +36.5%
IS score
83.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)
One year, rebased to 100
FTNT SPY XLK (sector ETF) · weekly closesScore DNA
Each bar is a 0-100 score within the scored universe100Profitability
74Growth
24Value
87Momentum
100Risk (safety)
93Quality
76Balance sheet
57Earnings quality
Flags
Strengths
✓ Net cash✓ Congress buying
Warnings
None of the computed warning flags fires for FTNT (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Network EffectsPiotroski 7 / 9Altman Z 8.9Beta 1.063 of 4 smart-money sources active
Smart-money strip
Each disclosure source on its own window. Filings coinciding is not coordination.INSForm 4 · 180 days
Insider open-market buys
0
44 open-market sales, $79.9M
Form 144 notices (12m): 20, $135.9M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-07-07
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+251
365 new holders, 99 closed
1,579 filers hold 69.1% · 493 added, 558 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+184
1,658 funds adding shares
1,474 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
53.9%
20-day avg 58.9%, 50-day avg 57.9%
Latest 5.0 pp under its 20-day average · a flow, not short interest
Key financials · FY2025
USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.Income statement
Revenue$6.8B
Revenue growth YoY+14.2%
Gross margin80.8%
Operating income$2.1B
Operating margin30.6%
Net income$1.9B
Net margin27.3%
EPS (diluted)$2.43
Cash flow
Operating cash flow$2.6B
Capital expenditure$364.8M
Free cash flow$2.2B
FCF conversion (FCF / OCF)85.9%
Stock-based compensation$279.5M
FCF less SBC$1.9B
Buybacks$2.3B
Dividends$0
Balance sheet & returns
Cash & short-term investments$3.6B
Total debt$996.3M
Net cash$2.6B
Shareholders' equity$1.2B
Goodwill & intangibles$354.7M
Debt / equity0.32
ROE (TTM)187.9%
ROIC (TTM)32.8%
Operating margin by fiscal year
Revenue $3.3B (FY2021) to $6.8B (FY2025), a 19.4% CAGR.
Valuation
P/E (TTM)59.1x
EV / EBITDA43.5x
Price / sales16.49x
Price / FCF39.8x
FCF yield2.51%
Buyback yield1.85%
SBC / revenue3.9%
Price / book80.24x
Forward P/E FY202649.0x
Forward P/E FY202744.8x
Forward P/E FY202839.6x
Forward multiples divide today's price by Street EPS estimates. Street mean target $169.04 across 28 analysts last quarter is theirs, not ours.
FTNT vs industry median
296 companies in Software - Infrastructure
FTNT (TTM)Industry median
Asset turnover 0.69 vs industry 0.50 · financial leverage 7.00
Earnings delivery
Next report 2026-10-28 · consensus EPS $0.86100%
beat rate, 12 of 12 quarters
+15.6%
median EPS surprise
12
longest beat streak
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-08-03 to 2026-05-06. Bars cap at ±60%.
Peers
Market-cap band, not the industry cohort above| Company | Mkt cap | P/E | ROE | Net margin | Rev growth | 12m return |
|---|---|---|---|---|---|---|
| FTNT Fortinet, Inc. | $124.1B | 59.1x | 187.9% | 28.2% | +14.2% | +103.4% |
| NET Cloudflare, Inc. | $105.4B | n/m | -14.4% | -24.4% | +33.5% | +40.2% |
| SNPS Synopsys, Inc. | $87.1B | 78.9x | 3.7% | 22.0% | +46.4% | +3.3% |
| CRWD CrowdStrike Holdings, Inc. | $232.8B | 6,459.9x | 1.3% | 0.4% | +24.3% | +88.6% |
| PANW Palo Alto Networks, Inc. | $279.8B | 743.5x | 1.7% | -8.3% | +24.5% | +66.4% |
| SQ Block, Inc. | $51.7B | n/m | -4.3% | 1.3% | +5.1% | — |
| ORCL Oracle Corporation | $387.7B | 19.8x | 41.6% | 24.6% | +21.6% | — |
| TWLO Twilio Inc. | $37.5B | 32.5x | 13.5% | 71.2% | +17.8% | — |
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.
Recent 8-K filings
2026-07-29Earnings Release; Exhibits
2026-06-16Shareholder Vote
2026-05-06Earnings Release; Exhibits
2026-02-05Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-11-05Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-08-22Other Events
Context
Shares outstanding733,713,653
Free float84.4%
Institutional ownership69.1%
Beta1.06
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$169.21 / $123.43
Large-cap Technology median P/E34.8x
Full factsheet
The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).
Read it in the browser Download (PDF)All fundamentals · 140 measures in 13 categories
Percentile = where FTNT sits among 82 scored companies in Software - Infrastructure (0 = lowest value, 100 = highest). It is a position, not a grade.ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)
Valuation
| Measure | FTNT | Industry percentile |
|---|---|---|
| P/E (TTM) | 58.5x | 78th |
| PEG (P/E ÷ 3-yr EPS CAGR) | 2.01 | 86th |
| Price / sales | 16.5x | 94th |
| Price / book | 80.0x | 100th |
| Price / tangible book | 93.6x | 98th |
| Price / free cash flow | 39.8x | 78th |
| Price / operating cash flow | 36.5x | 85th |
| Enterprise value | $120.5B | 94th |
| EV / sales | 16.0x | 92nd |
| EV / EBITDA | 41.7x | 84th |
| EV / EBIT | 45.6x | 77th |
| EV / free cash flow | 38.7x | 76th |
| Earnings yield | 1.7% | 40th |
| FCF yield | 2.5% | 31st |
| Operating cash flow yield | 2.7% | 19th |
| Graham number (per share) | $11.61 | 44th |
Profitability (TTM)
| Measure | FTNT | Industry percentile |
|---|---|---|
| Gross margin | 80.4% | 89th |
| EBITDA margin | 38.4% | 84th |
| Operating margin | 32.4% | 90th |
| EBIT margin | 35.1% | 88th |
| Net margin | 28.2% | 93rd |
| NOPAT margin | 26.2% | 81st |
| FCF margin | 41.4% | 94th |
| Operating cash flow margin | 45.1% | 89th |
| R&D / revenue | 11.2% | 41st |
| SG&A / revenue | 36.6% | 52nd |
| Stock comp / revenue | 3.9% | 31st |
| Effective tax rate | 19.2% | 42nd |
Returns on capital
| Measure | FTNT | Industry percentile |
|---|---|---|
| ROE (on average equity) | 117.4% | 96th |
| ROA | 19.7% | 93rd |
| ROIC | -97.6% | 5th |
| ROCE | 43.9% | 99th |
| Return on tangible assets | 24.6% | 93rd |
| Cash ROIC (OCF / invested capital) | — | |
| Gross profitability (GP / assets) | 55.7% | 88th |
| ROIC, 3-yr average | — | |
| ROIC, 5-yr average | — | |
| ROE, 5-yr average | — | |
| Incremental ROIC | -40.2% | 17th |
Growth
| Measure | FTNT | Industry percentile |
|---|---|---|
| Revenue growth (TTM YoY) | 18.8% | 60th |
| Revenue growth (QoQ) | 10.7% | 77th |
| Revenue CAGR, 3 yr | 14.7% | 64th |
| Revenue CAGR, 5 yr | 20.9% | 68th |
| Gross profit CAGR, 3 yr | 16.7% | 58th |
| Operating income CAGR, 3 yr | 27.6% | 71st |
| Net income growth (TTM YoY) | 9.3% | 40th |
| Net income CAGR, 3 yr | 26.0% | 71st |
| EPS growth (TTM YoY) | 14.3% | 40th |
| EPS CAGR, 3 yr | 29.1% | 74th |
| EPS CAGR, 5 yr | 35.9% | 81st |
| FCF growth (TTM YoY) | 53.3% | 68th |
| FCF CAGR, 3 yr | 16.4% | 35th |
| Operating cash flow CAGR, 3 yr | 15.5% | 29th |
| Book value CAGR, 3 yr | 73.1% | 95th |
| Dividend CAGR, 3 yr | — | |
| Sustainable growth rate | 117.4% | 96th |
Margin history & stability
| Measure | FTNT | Industry percentile |
|---|---|---|
| Gross margin, 3-yr average | 80.0% | 82nd |
| Operating margin, 3-yr average | 29.8% | 90th |
| Net margin, 3-yr average | 27.5% | 94th |
| FCF margin, 3-yr average | 34.0% | 90th |
| Revenue stability (0-1) | 0.99 | 73rd |
| Earnings stability (0-1) | 0.97 | 94th |
| Margin stability (0-1) | 0.97 | 64th |
Liquidity (latest quarter)
| Measure | FTNT | Industry percentile |
|---|---|---|
| Cash & short-term investments | $4.1B | 89th |
| Net cash (− = net debt) | $3.6B | 95th |
| Working capital | $1.4B | 83rd |
| Current ratio | 1.28 | 40th |
| Quick ratio | 1.19 | 34th |
| Cash ratio (cash + ST investments / current liabilities) | 0.84 | 46th |
| Defensive interval (days) | 558 days | 59th |
Leverage & solvency (latest quarter)
| Measure | FTNT | Industry percentile |
|---|---|---|
| Total debt | $496.9M | 48th |
| Debt / equity | 0.32 | 45th |
| Net debt / equity | −2.30 | 4th |
| Debt / assets | 4.6% | 28th |
| Debt / capital | 24.3% | 44th |
| Debt / EBITDA | 0.17 | 8th |
| Net debt / EBITDA | −1.23 | 46th |
| Interest coverage (EBIT / interest) | 146.7x | 97th |
| Cash interest coverage | 188.7x | 92nd |
| Debt payback (years of OCF) | 0.1 yrs | 13th |
| Liabilities / assets | 85.7% | 72nd |
| IS credit model rating | AAA | |
| Implied credit spread (bps) | 50 | 0th |
Efficiency
| Measure | FTNT | Industry percentile |
|---|---|---|
| Asset turnover | 0.70 | 70th |
| Fixed asset turnover | 4.43 | 23rd |
| Inventory turnover | 3.6 | 14th |
| Receivables turnover | 5.6 | 41st |
| Days sales outstanding | 65 days | 59th |
| Days inventory outstanding | 103 days | 86th |
| Days payables outstanding | 65 days | 72nd |
| Cash conversion cycle (days) | 102 days | 95th |
| Capex / revenue | 3.7% | 71st |
| Capex / depreciation | 1.10 | 76th |
| Operating expense ratio | 46.6% | 40th |
Cash flow & earnings quality
| Measure | FTNT | Industry percentile |
|---|---|---|
| Operating cash flow / net income | 1.60 | 41st |
| FCF / net income | 1.47 | 44th |
| FCF / operating cash flow | 91.8% | 57th |
| Capex / operating cash flow | 8.2% | 43rd |
| Accruals ratio | -11.9% | 30th |
| Sloan accruals ratio | -4.2% | 41st |
| Earnings quality score (0-1) | 0.75 | 11th |
Scores & forensic checks
| Measure | FTNT | Industry percentile |
|---|---|---|
| IS score | 83 | 98th |
| IS profitability | 100 | 98th |
| IS growth | 74 | 69th |
| IS value | 24 | 16th |
| IS momentum | 87 | 61st |
| IS risk (safety) | 100 | 67th |
| IS quality | 93 | 94th |
| IS balance sheet | 76 | 62nd |
| IS earnings quality | 57 | 40th |
| IS cash flow | 99 | 98th |
| Piotroski F-score (0-9) | 7 | 58th |
| Altman Z-score | 8.9 | 89th |
| Beneish M-score | −2.79 | 35th |
| Ohlson O-score | −6.83 | 53rd |
| IS credit score | 95 | 95th |
Size (TTM)
| Measure | FTNT | Industry percentile |
|---|---|---|
| Market cap | $124.1B | 94th |
| Revenue | $7.5B | 93rd |
| EBITDA | $2.9B | 94th |
| Net income | $2.1B | 96th |
| Free cash flow | $3.1B | 95th |
| Total assets | $10.9B | 84th |
| Shareholders' equity | $1.6B | 68th |
| Employees | 15,472 | 94th |
Insider transactions, last 6 months
Form 4 · most recent 12| Date | Insider | Type | Shares | Price | Value | Owned after |
|---|---|---|---|---|---|---|
| 2026-09-30 | Sim Judith Director |
Option exercise | 459 | — | — | 130,001 |
| 2026-09-30 | Sim Judith Director |
Option exercise | 459 | — | — | 1,377 |
| 2026-09-30 | Hsieh Ming Director |
Option exercise | 459 | — | — | 10,056 |
| 2026-09-30 | Hsieh Ming Director |
Option exercise | 459 | — | — | 1,377 |
| 2026-09-30 | Stavridis James G. Director |
Option exercise | 459 | — | — | 17,648 |
| 2026-09-30 | Stavridis James G. Director |
Option exercise | 459 | — | — | 1,377 |
| 2026-09-30 | Goldman Kenneth A Director |
Option exercise | 459 | — | — | 23,928 |
| 2026-09-30 | Goldman Kenneth A Director |
Option exercise | 459 | — | — | 1,377 |
| 2026-09-30 | Hu Jean X. Director |
Option exercise | 459 | — | — | 39,508 |
| 2026-09-30 | Hu Jean X. Director |
Option exercise | 459 | — | — | 1,377 |
| 2026-09-30 | Kan Derek T. Director |
Option exercise | 459 | — | — | 459 |
| 2026-09-30 | Kan Derek T. Director |
Option exercise | 459 | — | — | 1,377 |
Shares acquired vs disposed, by month
acquired disposed · all Form 4 typesBy transaction type, 6 months
| Type | Direction | Filings | Shares | Value |
|---|---|---|---|---|
| Award / grant | Acquired | 7 | 12,852 | — |
| Gift | Acquired | 2 | 5,854,588 | — |
| Gift | Disposed | 5 | 2,934,044 | — |
| Open-market sale | Disposed | 44 | 542,709 | $79.9M |
| Option exercise | Acquired | 41 | 207,291 | $6.6M |
| Option exercise | Disposed | 41 | 207,291 | $6.6M |
| Tax withholding | Disposed | 8 | 26,533 | $3.2M |
| — | Disposed | 1 | 0 | — |
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.
Form 144 notices
12 months: 20 notices · 1,223,962 shares · $135.9M| Filed | Filer | Shares proposed | Est. proceeds |
|---|---|---|---|
| 2026-09-24 | Margrit Christiane Ohlgart | 48 | $8,580 |
| 2026-09-14 | John Whittle | 56,700 | $8.8M |
| 2026-08-04 | Margrit Christiane Ohlgart | 387 | $63,162 |
| 2026-08-03 | Michael Xie | 3,121 | $505,446 |
A Form 144 is notice of a proposed sale, not a confirmed one.
Congress trades
12 months: House 18 trades (7 purchases) · Senate 0 (0 purchases)| Traded | Member | Chamber | Type | Amount | Disclosed |
|---|---|---|---|---|---|
| 2026-08-10 | Ro Khanna | House | Sale | $1,001 - $15,000 | 2026-09-07 |
| 2026-07-10 | Dan Newhouse | House | Sale | $1,001 - $15,000 | 2026-07-20 |
| 2026-07-09 | Daniel Milton Newhouse | House | Sale (Partial) | $1,001 - $15,000 | 2026-07-20 |
| 2026-07-07 | Ro Khanna | House | Purchase | $1,001 - $15,000 | 2026-08-12 |
| 2024-04-03 | Tommy Tuberville | Senate | Sale (Full) | $1,001 - $15,000 | 2024-05-15 |
| 2024-04-03 | Tommy Tuberville | Senate | Sale (Full) | $1,001 - $15,000 | 2024-05-14 |
| 2024-04-03 | Thomas Hawley Tuberville | Senate | Sale (Full) | $1,001 - $15,000 | 2024-05-14 |
| 2023-10-17 | Tommy Tuberville | Senate | Purchase | $1,001 - $15,000 | 2023-11-16 |
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.
Largest 13F holders
Quarter to 2026-06-30, the latest most managers have filed| Manager | Shares | Value | % of shares out |
|---|---|---|---|
| BlackRock, Inc. | 62,242,221 | $9.6B | 8.48% |
| VANGUARD CAPITAL MANAGEMENT LLC | 40,663,961 | $6.2B | 5.54% |
| STATE STREET CORP | 29,630,652 | $4.6B | 4.04% |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 24,844,685 | $3.8B | 3.39% |
| Invesco Ltd. | 24,621,016 | $3.8B | 3.36% |
| GEODE CAPITAL MANAGEMENT, LLC | 17,439,799 | $2.7B | 2.38% |
| NORGES BANK | 12,449,356 | $1.9B | 1.70% |
| FIRST TRUST ADVISORS LP | 10,815,814 | $1.7B | 1.47% |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 10,127,342 | $1.6B | 1.38% |
| Bank of New York Mellon Corp | 9,289,523 | $1.4B | 1.27% |
| GOLDMAN SACHS GROUP INC | 8,101,402 | $1.2B | 1.10% |
| NORDEA INVESTMENT MANAGEMENT AB | 6,782,111 | $1.0B | 0.92% |
| Legal & General Group Plc | 6,373,269 | $979.1M | 0.87% |
| MORGAN STANLEY | 5,075,373 | $779.7M | 0.69% |
| NORTHERN TRUST CORP | 5,054,148 | $776.4M | 0.69% |
Institutional ownership by quarter
% of shares held by 13F filers
Number of 13F filers holding
Holder changes by quarter
| Quarter | Holders | Ownership | New | Increased | Reduced | Closed |
|---|---|---|---|---|---|---|
| 2026-06-30 | 1,579 | 69.1% | 365 | 493 | 558 | 99 |
| 2026-03-31 | 1,328 | 65.8% | 158 | 511 | 488 | 136 |
| 2025-12-31 | 1,329 | 68.0% | 215 | 485 | 481 | 119 |
| 2025-09-30 | 1,263 | 65.1% | 135 | 441 | 524 | 224 |
| 2025-06-30 | 1,376 | 70.2% | 157 | 567 | 458 | 117 |
| 2025-03-31 | 1,356 | 70.3% | 186 | 541 | 446 | 101 |
| 2024-12-31 | 1,290 | 69.6% | 254 | 451 | 417 | 61 |
| 2024-09-30 | 1,120 | 67.7% | 159 | 437 | 383 | 93 |
| 2024-06-30 | 1,065 | 68.8% | 105 | 429 | 384 | 131 |
| 2024-03-31 | 1,106 | 68.1% | 169 | 394 | 398 | 103 |
| 2023-12-31 | 1,056 | 67.2% | 156 | 338 | 443 | 143 |
| 2023-09-30 | 1,055 | 69.1% | 117 | 403 | 410 | 144 |
Schedule 13D / 13G filers
| Filed | Form | Filer | % of class | Shares |
|---|---|---|---|---|
| 2026-04-29 | SCHEDULE 13G | Vanguard Capital Management | 6.2% | 45,987,681 |
| 2025-12-03 | SCHEDULE 13G/A | The Vanguard Group | 10.2% | 76,144,454 |
| 2025-10-30 | SCHEDULE 13G/A | The Vanguard Group | 9.9% | 75,580,392 |
Required above 5% of a class; 13G is the passive form.
ETFs with the largest holding
| ETF | Weight in fund | Holding value |
|---|---|---|
| VITSX | 0.15% | $3.5B |
| VSMPX | 0.15% | $3.5B |
| VTI | 0.15% | $3.5B |
| VTSAX | 0.15% | $3.5B |
| VFINX | 0.17% | $2.9B |
| VFFSX | 0.17% | $2.9B |
Share structure
Shares outstanding733,713,653
Float618,909,478
Free float84.4%
Income statement
Fiscal years, USD| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Revenue | $3.3B | $4.4B | $5.3B | $6.0B | $6.8B |
| Cost of revenue | $783.0M | $1.1B | $1.2B | $1.2B | $1.3B |
| Gross profit | $2.6B | $3.3B | $4.1B | $4.8B | $5.5B |
| R&D | $424.2M | $512.4M | $613.8M | $716.8M | $815.5M |
| SG&A | $1.5B | $1.9B | $2.2B | $2.3B | $2.6B |
| Operating income | $650.4M | $969.6M | $1.2B | $1.8B | $2.1B |
| EBITDA | $727.7M | $1.1B | $1.5B | $2.2B | $2.5B |
| Pretax income | $620.8M | $887.4M | $1.3B | $2.0B | $2.3B |
| Income tax | $14.1M | $30.8M | $143.8M | $283.9M | $439.1M |
| Net income | $606.8M | $857.3M | $1.1B | $1.7B | $1.9B |
| EPS, diluted | $0.73 | $1.06 | $1.46 | $2.26 | $2.43 |
| Diluted shares | 835.5M | 805.3M | 788.2M | 771.9M | 748.0M |
Balance sheet
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Cash & short-term investments | $2.6B | $2.2B | $2.4B | $4.1B | $3.6B |
| Receivables | $807.7M | $1.3B | $1.4B | $1.5B | $1.7B |
| Inventory | $175.8M | $264.6M | $484.8M | $315.5M | $399.5M |
| Total current assets | $3.6B | $3.8B | $4.4B | $6.0B | $5.9B |
| PP&E, net | $687.6M | $898.5M | $1.0B | $1.3B | $1.6B |
| Goodwill & intangibles | $188.7M | $184.0M | $161.8M | $350.4M | $354.7M |
| Total assets | $5.9B | $6.2B | $7.3B | $9.8B | $10.4B |
| Accounts payable | $148.4M | $243.4M | $204.3M | $190.9M | $230.8M |
| Total current liabilities | $2.3B | $3.1B | $3.7B | $4.1B | $5.0B |
| Long-term debt | $988.4M | $990.4M | $992.3M | $994.3M | $496.6M |
| Total liabilities | $5.1B | $6.5B | $7.7B | $8.3B | $9.2B |
| Shareholders' equity | $798.4M | −$281.6M | −$463.4M | $1.5B | $1.2B |
Cash flow statement
Outflows are negative| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Net income | $606.7M | $856.6M | $1.1B | $1.7B | $1.9B |
| Depreciation & amortization | $84.4M | $104.3M | $113.4M | $122.8M | $336.3M |
| Stock-based compensation | $207.9M | $217.3M | $249.0M | $257.9M | $279.5M |
| Change in working capital | $402.4M | $233.0M | $126.1M | −$20.6M | −$10.4M |
| Operating cash flow | $1.5B | $1.7B | $1.9B | $2.3B | $2.6B |
| Capital expenditure | −$295.9M | −$281.2M | −$204.1M | −$378.9M | −$364.8M |
| Free cash flow | $1.2B | $1.4B | $1.7B | $1.9B | $2.2B |
| Investing cash flow | −$1.3B | $763.9M | −$649.3M | −$727.4M | −$599.1M |
| Net debt issued / repaid | $969.9M | $0 | $0 | $0 | $0 |
| Buybacks | −$741.8M | −$2.0B | −$1.5B | −$600,000 | −$2.3B |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
Ratio history
Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Gross margin | 76.6% | 75.4% | 76.7% | 80.6% | 80.8% |
| Operating margin | 19.5% | 21.9% | 23.4% | 30.3% | 30.6% |
| Net margin | 18.2% | 19.4% | 21.6% | 29.3% | 27.3% |
| FCF margin | 36.0% | 32.8% | 32.6% | 31.6% | 32.7% |
| ROE | 74.1% | 342.9% | -308.1% | 338.7% | 135.7% |
| ROIC | -81.3% | -62.3% | -57.7% | -98.3% | -124.8% |
| ROA | 12.2% | 14.1% | 17.0% | 20.5% | 18.4% |
| Debt / equity | 1.26 | -3.52 | -2.14 | 0.67 | 0.81 |
| Interest coverage | 43.2x | 54.1x | 64.5x | 103.9x | 114.5x |
| Current ratio | 1.55 | 1.24 | 1.19 | 1.47 | 1.17 |
| Revenue growth | +28.8% | +32.2% | +20.1% | +12.3% | +14.2% |
| EPS growth | +23.1% | +49.0% | +37.3% | +51.5% | +10.1% |
| P/E at year end | 98.9x | 45.2x | 39.4x | 42.0x | 32.0x |
| EV / EBITDA at year end | 80.3x | 34.8x | 29.8x | 31.9x | 23.2x |
| FCF yield at year end | 2.01% | 3.74% | 3.83% | 2.57% | 3.75% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Revenue by segment
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Security Subscription | $1.1B | $1.4B | $1.9B | $2.3B | $2.6B |
| Product | $1.3B | $1.8B | $1.9B | $1.9B | $2.2B |
| Technical Support and Other | $962.2M | $1.2B | $1.5B | $1.7B | $1.9B |
Revenue by region · FY2025
Europe, Middle East and Africa$2.8B · 42%
Americas$2.7B · 40%
Asia Pacific and Japan$1.3B · 19%
Street estimates by fiscal year
Next report 2026-10-28 · consensus EPS $0.86 · these are analysts' numbers, not ours| Fiscal year | Revenue (mean) | Revenue range | EPS (mean) | EPS range | Analysts | P/E on mean EPS |
|---|---|---|---|---|---|---|
| 2026 | $8.1B | $8.1B – $8.2B | $3.45 | $3.41 – $3.56 | 25 | 49.0x |
| 2027 | $9.0B | $8.6B – $9.7B | $3.78 | $3.52 – $4.46 | 25 | 44.8x |
| 2028 | $10.0B | $9.3B – $11.2B | $4.27 | $3.87 – $5.26 | 8 | 39.6x |
Reported vs expected, every quarter on file
| Reported | EPS expected | EPS actual | EPS surprise | Revenue expected | Revenue actual | Revenue surprise |
|---|---|---|---|---|---|---|
| 2026-05-06 | $0.62 | $0.82 | +32.5% | $1.7B | $1.8B | +6.7% |
| 2026-02-05 | $0.74 | $0.81 | +9.0% | $1.9B | $1.9B | +2.4% |
| 2025-11-05 | $0.63 | $0.74 | +17.3% | $1.7B | $1.7B | +1.2% |
| 2025-08-06 | $0.59 | $0.64 | +8.5% | $1.6B | $1.6B | +0.3% |
| 2025-05-07 | $0.53 | $0.58 | +9.2% | $1.5B | $1.5B | +0.1% |
| 2025-02-06 | $0.60 | $0.74 | +23.3% | $1.6B | $1.7B | +4.2% |
| 2024-11-07 | $0.52 | $0.63 | +21.2% | $1.5B | $1.5B | +1.9% |
| 2024-08-06 | $0.41 | $0.57 | +39.0% | $1.4B | $1.4B | +2.1% |
| 2024-05-02 | $0.38 | $0.43 | +13.2% | $1.3B | $1.4B | +1.1% |
| 2024-02-06 | $0.43 | $0.51 | +18.6% | $1.4B | $1.4B | +0.4% |
| 2023-11-02 | $0.36 | $0.41 | +13.9% | $1.3B | $1.3B | −1.1% |
| 2023-08-03 | $0.34 | $0.38 | +11.8% | $1.3B | $1.3B | −0.9% |
| 2023-05-04 | $0.29 | $0.34 | +17.2% | $1.2B | $1.3B | +5.1% |
| 2023-02-07 | $0.39 | $0.44 | +12.8% | $1.3B | $1.3B | −0.9% |
| 2022-11-02 | $0.27 | $0.33 | +22.2% | $1.1B | $1.1B | +2.2% |
| 2022-08-03 | $0.22 | $0.24 | +9.1% | $1.0B | $1.0B | +0.3% |
| 2022-05-04 | $0.16 | $0.19 | +18.8% | $884.9M | $954.8M | +7.9% |
| 2022-02-03 | $0.23 | $0.25 | +8.7% | $960.2M | $963.6M | +0.4% |
| 2021-11-04 | $0.19 | $0.20 | +5.3% | $810.5M | $867.2M | +7.0% |
| 2021-07-29 | $0.18 | $0.19 | +5.6% | $801.1M | $801.1M | 0.0% |
| 2021-04-29 | $0.15 | $0.16 | +6.7% | $681.3M | $710.3M | +4.3% |
| 2021-02-04 | $0.19 | $0.21 | +10.5% | $678.6M | $748.0M | +10.2% |
| 2020-10-29 | $0.16 | $0.18 | +12.5% | $577.0M | $651.1M | +12.8% |
| 2020-08-06 | $0.13 | $0.16 | +23.1% | $487.9M | $615.5M | +26.2% |
Off-exchange (dark pool) volume, weekly
FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)| Week of | Notional | Shares | Trades |
|---|---|---|---|
| 2026-08-31 | $765.0M | 4,773,536 | 112,756 |
| 2026-08-24 | $940.3M | 5,820,375 | 130,366 |
| 2026-08-17 | $727.3M | 4,717,570 | 108,459 |
| 2026-08-10 | $755.1M | 4,632,026 | 111,506 |
| 2026-08-03 | $876.7M | 5,366,662 | 122,581 |
| 2026-07-27 | $1.5B | 9,565,878 | 174,158 |
Short-sale share of off-exchange volume
daily 20-day average| Date | Short share | Short volume | Total volume |
|---|---|---|---|
| 2026-10-15 | 53.9% | 694,260 | 1,287,767 |
| 2026-10-14 | 52.9% | 712,748 | 1,347,507 |
| 2026-10-13 | 50.0% | 487,821 | 976,336 |
| 2026-10-12 | 50.0% | 481,341 | 963,082 |
| 2026-10-09 | 58.4% | 474,077 | 812,202 |
| 2026-10-08 | 62.9% | 662,852 | 1,054,547 |
| 2026-10-07 | 48.0% | 609,131 | 1,269,138 |
| 2026-10-06 | 62.7% | 1,069,645 | 1,707,055 |
| 2026-10-05 | 61.3% | 707,596 | 1,153,439 |
| 2026-10-02 | 56.8% | 616,634 | 1,086,475 |
A daily flow measure from FINRA, not short interest.
Seasonality
Average return by calendar month| Month | Avg return | Up years | Years |
|---|---|---|---|
| Jan | +4.9% | 71% | 17 |
| Feb | +6.3% | 76% | 17 |
| Mar | +1.4% | 53% | 17 |
| Apr | +1.1% | 62% | 16 |
| May | +1.4% | 69% | 16 |
| Jun | +3.6% | 69% | 16 |
| Jul | +2.9% | 56% | 16 |
| Aug | +1.5% | 56% | 16 |
| Sep | −0.5% | 50% | 16 |
| Oct | +2.0% | 56% | 16 |
| Nov | +1.4% | 53% | 17 |
| Dec | +3.2% | 65% | 17 |
History, not a forecast.
Indicators
as of 2026-10-16RSI 1440.7
MFI43.4
ADX32.4
Stochastic %K / %D35.1 / 54.9
Williams %R-92.2
CCI-93
TSI / signal18.2 / 25.0
Chaikin money flow0.07
ATR$6.82
Bollinger width15.7%
Volume vs 20-day avg1.65x
SupertrendDown
Moving averages and bands
level (price vs level)SMA 20$181.92 (−7.0%)
SMA 50$169.39 (−0.2%)
SMA 200$123.87 (+36.5%)
EMA 21$180.32 (−6.2%)
EMA 50$171.52 (−1.4%)
EMA 200$136.52 (+23.9%)
Bollinger upper$196.16 (−13.8%)
Bollinger lower$167.68 (+0.9%)
Parabolic SAR$196.12 (−13.8%)
Open the live chart, 110+ indicatorsAbout Fortinet, Inc.
Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network (VPN) services, application control, web filtering, anti-spam measures, and wide area network (WAN) acceleration. Beyond its flagship product, Fortinet provides a diverse portfolio of specialized security tools. These range from FortiSwitch for secure network switching and FortiAP for robust wireless connectivity, to FortiExtender, a versatile hardware appliance. For centralized network visibility and control, clients utilize FortiAnalyzer for logging, analysis, and reporting, and FortiManager for scalable administration of FortiGate devices. The company further fortifies digital defenses with FortiWeb (web application firewalls), FortiMail (secure email gateways), and FortiSandbox technology, which offers proactive threat detection and mitigation. Endpoint protection is a key focus, delivered through FortiClient (featuring pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall) and the advanced FortiEDR/XDR suite, which leverages machine learning for anti-malware execution and real-time post-infection defense. Additionally, FortiToken and FortiAuthenticator product families provide essential multi-factor authentication to safeguard systems and data. Fortinet's service offerings include security subscriptions, technical support, professional consulting, and training programs. Its robust security technologies are distributed both directly to end-users and through an extensive network of channel partners. The company serves a wide array of sectors, including telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare. Headquartered in Sunnyvale, California, Fortinet, Inc. was established in 2000 and maintains a strategic alliance with Linksys.
https://www.fortinet.com
Key executives
| Name | Title | Pay | Born |
|---|---|---|---|
| Ken Xie | Co-Founder, Chairman & Chief Executive Officer | $1.3M | 1963 |
| John Whittle | Chief Operating Officer | $960,000 | 1969 |
| Christiane Ohlgart | Chief Accounting Officer, Chief Financial Officer and Principal Financial & Accounting Officer | $774,515 | 1968 |
| Michael Xie | Co-Founder, President, Chief Technology Officer & Director | $773,876 | 1969 |
| Anthony James | Executive Vice President of Marketing | — | — |
| Anthony Luscri | Vice President of Investor Relations | — | — |
| Carl Windsor | Chief Information Security Officer | — | — |
| Joe Sarno | Executive Vice President of International Sales | — | — |
Executive pay, latest proxy
| Executive | Year | Salary | Stock awards | Incentive | Total |
|---|---|---|---|---|---|
| Ken Xie Chief Executive Officer | 2025 | $597,000 | $10.2M | $705,937 | $11.5M |
| Michael Xie President and Chief Technology Officer | 2025 | $445,000 | $5.8M | $328,876 | $6.6M |
| John Whittle Chief Operating Officer | 2025 | $506,000 | $5.1M | $447,000 | $6.0M |
| Keith Jensen Former Chief Financial Officer | 2025 | $253,000 | $5.1M | $254,686 | $5.7M |
| Christiane Ohlgart Chief Financial Officer | 2025 | $468,864 | $3.7M | $298,651 | $4.4M |
Employees
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| None on file. | ||
Moat model
Narrow · Network Effects · 2026-06-30Cost advantage67
Intangibles76
Switching costs64
Network effect80
Efficient scale55
Our component scores (0-100) and overall 68.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17