InsiderStreet Equity Research

Produced by InsiderStreet.ai from live production data. It is not investment advice, not an offer or solicitation to buy or sell any security, and not a recommendation for any investor. Do not rely on it for any investment decision.

Last Close

$169.13

2026-10-16

Market Cap

$124.1B

Volume

5.7M

52-Wk High

$197.13

52-Wk Low

$73.55

Trailing PE

59.1

P/S

16.49

Gross Margin

80.4%

Net Margin

28.2%

ROE

188%

ROIC

33%

Piotroski

6/9

Altman Z

9.6

1-Yr Return

+103.4%

5-Yr Return

+961.7%

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.

SectorTechnologyIndustrySoftware - InfrastructureExchangeNASDAQMarket Cap$124.1BEmployees15,109 (SEC-filed)CEOKen XieIPO2009-11-18CountryUS

899 Kifer Road, Sunnyvale, CA 94086 · Tel 408 235 7700 · fortinet.com

INSIDERSTREET SCORE83 / 100Street mean $169.04 (28 analysts, last qtr) — their number, not ours

INSIDER CONSENSUS SIGNALROUTINE SELLING — LOW SIGNAL$80M sold / 6 mo, zero open-market buys

1 Year vs S&P 500 · FTNT +103.4% · S&P 500 +15.9% · spread +87.6pp

7 Years vs S&P 500 · FTNT +961.7% · S&P 500 +189.9% · spread +771.8pp

Both charts indexed to 100 at the start of their window and drawn on a single shared scale, so the gap to the benchmark is the gap you see. Adjusted closes throughout.

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INSIDERSTREET
SCORE83of 100

Score Breakdown

Profitability	100/100
Growth	74/100
Momentum	87/100
Quality	93/100
Earnings Quality	57/100
Balance Sheet	76/100
Value	24/100
Risk (safety)	100/100
Overall	83.5/100

Each component is a diagnostic reading on its own 0-100 scale. The overall score is computed separately from the underlying financials and is not the average of the rows above — components are not equally weighted and three of them (Momentum, Value, Risk) are derived partly from price rather than from the business.

Peer Comparison — IS Score

Symbol	IS Score
NET	42
SNPS	63
CRWD	73
PANW	59
SQ	42
ORCL	51
FTNT	83

IS Score Trend — quarterly

14 quarters, 23 Q1 to 26 Q2. Peak 86 in 25 Q1, latest 83 — -2 since. Fell in 2 of the last 4 quarters. Dashed line marks 40 on the 0-100 scale.

BUSINESS QUALITY83 / 100IS Score 83.5 / 100 · -2.2 from peak of 86

Fundamental factor model, quarterly. Measures how the business is doing - not where the price is going.

PRICE STRUCTUREBEARISHTechnical Score 32 / 100 · Power -37 · 5 of 22 indicator votes bullish

Vote share across trend, momentum, volume, volatility and pattern families. Describes where the price is, not where it is going.

These two disagree — business quality 83, price structure 32 out of 100, so the business reads better than the price does. We publish the disagreement rather than resolving it: they answer different questions, and the gap between them is information, not an error.

Trigger	Where it stands now	What it would mean
IS Score reaches 75 and holds two consecutive quarters	now 83.5	would move us up one band
IS Score stops falling - one quarter higher than the prior	last four: 84 → 80 → 81 → 83	the direction matters more than the level
Technical vote share back above 50%	now 36%	price structure no longer broken
Institutional holder count rises two quarters running	peak 1,579 → now 1,579	fewer institutions willing to hold is our clearest warning

We publish these so the view can be shown to be wrong. If none of them move and our reading does, we owe you an explanation.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

This page is InsiderStreet's own reading, produced from the data in the rest of this document. It is not a price target and not investment advice. Analyst consensus and street price targets appear later under their own heading and are the street's numbers, not ours.

Site Convergence Score3 of 4top 4% of 29,420 symbols

Sources Aligned— of 3independent disclosures

Congress (180d)1 buys2026-07-07

Insider Buys (180d)0none disclosed

ETF Funds (30d)1663 up / 1520 downnet +143 funds

Institutions Added (13F)251managers opening or increasing

Congressional and insider figures are disclosed purchases in the trailing 180 days; ETF figures are COUNTS OF FUNDS whose holding changed in 30 days, not dollars. Coincidence of separate disclosures, not coordination. An absent source means nothing qualifying was disclosed in its window.

Institutions holding — 12 quarters

Peak 1,579 · latest 1,579 (+0 from peak).

Quarter	Holders	13F shares	Value	Reported own%
2026 Q2	1,579	508.7M	$76.4B	69.1%
2026 Q1	1,328	484.1M	$38.1B	65.8%
2025 Q4	1,329	500.2M	$38.1B	68.0%
2025 Q3	1,263	479.0M	$38.7B	65.1%
2025 Q2	1,376	516.6M	$52.5B	70.2%
2025 Q1	1,356	517.2M	$48.0B	70.3%
2024 Q4	1,290	511.9M	$45.6B	69.6%
2024 Q3	1,120	498.0M	$36.4B	67.7%
2024 Q2	1,065	506.6M	$27.5B	68.8%
2024 Q1	1,106	500.8M	$29.7B	68.1%
2023 Q4	1,056	494.6M	$27.4B	67.2%
2023 Q3	1,055	508.2M	$28.3B	69.1%

How to read ownership above 100%. A 13F reports the positions a manager has investment discretion over, and where two or more managers share discretion over the same block, each one reports it. Summed across filers, the total can therefore exceed the shares actually outstanding without anything being wrong. We publish the figure as filed rather than netting it down, and flag separately any quarter where the arithmetic is not merely high but impossible.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Insider	Role	Date	Type	Shares	Value	Post-Txn Owned
Sim Judith	director	2026-09-30	EXERCISE	459	—	130,001
Sim Judith	director	2026-09-30	EXERCISE	459	—	1,377
Hsieh Ming	director	2026-09-30	EXERCISE	459	—	10,056
Hsieh Ming	director	2026-09-30	EXERCISE	459	—	1,377
Stavridis James G.	director	2026-09-30	EXERCISE	459	—	17,648
Stavridis James G.	director	2026-09-30	EXERCISE	459	—	1,377
Goldman Kenneth A	director	2026-09-30	EXERCISE	459	—	23,928
Goldman Kenneth A	director	2026-09-30	EXERCISE	459	—	1,377

6-mo decomposition (Form 4)	Txns	Shares	Value	Signal weight
S — Open-market sales	44	542,709	$79.9M	Counted
M — Exercises (paired A/D)	47	211,185	$6.6M	None — mechanics
F — Tax withholding	8	26,533	$3.2M	None — compensation
G — Gifts	8	3,643,337	—	None
P — Open-market purchases	0	0	$0	Counted — none occurred

Monthly Net Insider Flow (000 shares)

Net of acquisitions minus dispositions, all Form 4 types.

Signal Summary

SignalRoutine Selling — Low Signal

Open-Market Sells$79.9M44 txns / 6 mo

Open-Market Buys$0.0M0 txns / 6 mo

ClusterNone active3+ insiders / 21 days

Filed	Filer	Shares registered	Est. proceeds
2026-09-24	Margrit Christiane Ohlgart	48	$0.0M
2026-09-14	John Whittle	56,700	$8.8M
2026-08-04	Margrit Christiane Ohlgart	387	$0.1M
2026-08-03	Michael Xie	3,121	$0.5M
Trailing 12 mo	20 filings	1,223,962	$136M

Filed	Form	Reporting person	% of class	Shares
2026-04-29	SCHEDULE 13G	Vanguard Capital Management	6.21%	46.0M sh
2025-12-03	SCHEDULE 13G/A	The Vanguard Group	10.23%	76.1M sh
2025-10-30	SCHEDULE 13G/A	The Vanguard Group	9.86%	75.6M sh

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Member	Chamber	Trade	Size band	Traded	Disclosed
Ro Khanna	House	SELL	$1,001 - $15,000	2026-08-10	2026-09-07
Dan Newhouse	House	SELL	$1,001 - $15,000	2026-07-10	2026-07-20
Daniel Milton Newhouse	House	SELL	$1,001 - $15,000	2026-07-09	2026-07-20
Tommy Tuberville	Senate	SELL	$1,001 - $15,000	2024-04-03	2024-05-15
Tommy Tuberville	Senate	SELL	$1,001 - $15,000	2024-04-03	2024-05-14
Thomas Hawley Tuberville	Senate	SELL	$1,001 - $15,000	2024-04-03	2024-05-14

House 12-Mo28 trades12 purchases

Senate 12-Mo0 tradesNone purchases

CoverageSTOCK Act filings30-45 day disclosure lag

13F Filers (last complete Q)1,328

13F Shares484M65.8% of shares out

New / Closed158 / 136positions, QoQ

Increased / Reduced511 / 488positions, QoQ

Put/Call (13F)0.85option positions

Free Float84.4%619M sh

2.8 · Largest Reporting 13F Managers

Manager	Shares	Value
Ninety One Uk Ltd	657,351	$118M
Argent Capital Management Llc	432,368	$77M
Fjarde Ap-Fonden /Fourth Swedish N	340,397	$61M
Wealth Enhancement Advisory Servic	297,713	$47M
Woodstock Corp	223,138	$40M
Vontobel Holding Ltd.	202,753	$36M

EDGAR 13F holdings as of 2026-09-30; filer values normalized to dollars.

2.9 · Top ETF & Fund Ownership

Fund	Weight	Position
VITSX	0.2%	$3.5B
VSMPX	0.2%	$3.5B
VTI	0.2%	$3.5B
VTSAX	0.2%	$3.5B
VFINX	0.2%	$2.9B
VFFSX	0.2%	$2.9B

13F Filers Holding FTNT — quarterly

Institutional Put/Call — quarterly

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Daily short-sale volume as % of volume reported in FINRA's short-sale file — a flow measure, not short interest; dashed = 50-day average.

Latest Session53.9%2026-10-15

20-Day Avg58.9%50-day 57.9%

TrendRising20d vs 50d

By Market CenterQ: 54% · N: 52% · B: 19%latest session

Weekly Notional ($B)

Where FTNT Trades in the Dark

ATS Venue (4-wk)	Shares	Avg trade
Ubsa Ubs Ats	6.0M	54 sh
Incr Intelligent Cross Llc	5.6M	52 sh
Mstx Ms Trajectory Cross (Ats-1)	4.2M	73 sh
Ebxl Level Ats	4.2M	32 sh
Sgmt Sigma X2	3.6M	54 sh
Mspl Ms Pool (Ats-4)	2.5M	183 sh

Where a dollar of Fortinet, Inc. revenue goes. All values FY2025 filings, live.

Region	Revenue	Share
Europe, Middle East and Africa	$2.8B	42%
Americas	$2.7B	40%
Asia Pacific and Japan	$1.3B	19%

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

FTNT (live moat model)Peer median: NET · SNPS · CRWD · PANW · SQ

Component scores from the live moat model. Peer median illustrative.

Moat score 69/100 — Narrow; primary source Network Effects.

3.8 · Employees (SEC filings)

Officer	Title
Ken Xie	Co-Founder, Chairman & Chief Executive Officer
John Whittle	Chief Operating Officer
Christiane Ohlgart	Chief Accounting Officer, Chief Financial Officer and Principal Financial & Accounting Officer
Michael Xie	Co-Founder, President, Chief Technology Officer & Director

Revenue ($B)

EPS ($) — GAAP diluted actual, street-basis estimate

Actual bars are GAAP diluted EPS from the filed income statement; the lighter forward bars are street-basis consensus. The two are different measures and are not comparable quarter to quarter.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Quarterly EPS — Actual vs. Consensus

Beats (>2%)6 of 6recent quarters

Avg Surprise+16.2%

Next Report2026-10-28

Income Quality1.60OCF ÷ net income

Beat Rate—%0 of 0 quarters

Current Streak0longest 0

Avg EPS Surprise—%median —%

Surprise Trend—last 4 vs prior 4

Period	EPS est.	EPS actual	EPS surprise	Rev est. ($M)	Rev actual ($M)	Rev surprise

Announcement dates to . Consensus as it stood at each report. Revenue surprise shown where both estimate and actual are filed. A beat record is history, not a forecast.

Profit Margins (%)

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Revenue by Segment — Stacked

Live segmentation data.

YoY Growth Heatmap — Income Lines

YoY growth	FY21	FY22	FY23	FY24	FY25
Revenue	+28.8%	+32.2%	+20.1%	+12.3%	+14.2%
Gross profit	+26.4%	+30.2%	+22.1%	+18.0%	+14.6%
Operating income	+22.3%	+49.1%	+28.0%	+45.3%	+15.4%
Net income	+24.2%	+41.3%	+33.9%	+52.0%	+6.2%

$B · FY ends	FY21	FY22	FY23	FY24	FY25
Revenue	3.3	4.4	5.3	6.0	6.8
Cost of revenue	0.8	1.1	1.2	1.2	1.3
Gross profit	2.6	3.3	4.1	4.8	5.5
R&D expense	0.4	0.5	0.6	0.7	0.8
SG&A expense	1.5	1.9	2.2	2.3	2.6
Operating income	0.7	1.0	1.2	1.8	2.1
EBITDA	0.7	1.1	1.5	2.2	2.5
D&A	0.1	0.1	0.1	0.1	0.2
Pretax income	0.6	0.9	1.3	2.0	2.3
Income tax	0.0	0.0	0.1	0.3	0.4
Net income	0.6	0.9	1.1	1.7	1.9
Diluted EPS ($)	0.73	1.06	1.46	2.26	2.43
Diluted shares (M)	836	805	788	772	748

Operating CF$3B

CapEx$0B

Free cash flow$2B

SBC$0B

Buybacks$2B

Net cash change$-0B

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Balance Sheet — Full

$B	FY22	FY23	FY24	FY25
Cash & equivalents	1.7	1.4	2.9	2.5
ST investments	0.5	1.0	1.2	1.1
Receivables (net)	1.3	1.4	1.5	1.7
Total current assets	3.8	4.4	6.0	5.9
PP&E (net)	0.9	1.0	1.3	1.6
Goodwill + intangibles	0.2	0.2	0.4	0.4
Total assets	6.2	7.3	9.8	10.4
Accounts payable	0.2	0.2	0.2	0.2
Short-term debt	0.0	0.0	0.0	0.5
Deferred revenue	2.3	2.8	3.3	0.0
Total current liabilities	3.1	3.7	4.1	5.0
Long-term debt	1.0	1.0	1.0	0.5
Total liabilities	6.5	7.7	8.3	9.2
Shareholders' equity	-0.3	-0.5	1.5	1.2

Cash Flow Statement — Full

$B	FY22	FY23	FY24	FY25
Net income	0.9	1.1	1.7	1.9
D&A	0.1	0.1	0.1	0.3
Stock-based compensation	0.2	0.2	0.3	0.3
Working capital change	0.2	0.1	(0.0)	(0.0)
Operating cash flow	1.7	1.9	2.3	2.6
Capital expenditures	(0.3)	(0.2)	(0.4)	(0.4)
Investing cash flow	0.8	(0.6)	(0.7)	(0.6)
Buybacks	(2.0)	(1.5)	(0.0)	(2.3)
Dividends paid	0.0	0.0	0.0	0.0
Debt issuance / (repay)	0.0	0.0	0.0	0.0
Financing cash flow	(2.1)	(1.6)	(0.1)	(2.4)
Free cash flow	1.4	1.7	1.9	2.2

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Balance Sheet Structure ($B)

Cash Generation vs Capex ($B)

Left: what the balance sheet is made of — the gap between the assets bar and the liabilities bar is book equity. Right: whether the capex bar is covered by the operating-cash bar; where it is not, the difference was funded externally and free cash flow goes negative.

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
PROFITABILITY
ROE	74.1%	342.9%	-308.1%	338.7%	135.7%	188%
ROA	12.2%	14.1%	17.0%	20.5%	18.4%	19.5%
ROIC	-81.3%	-62.3%	-57.7%	-98.3%	-124.8%	32.8%
Gross margin	76.6%	75.4%	76.7%	80.6%	80.8%	80.4%
Operating margin	19.5%	21.9%	23.4%	30.3%	30.6%	32.4%
Net margin	18.2%	19.4%	21.6%	29.3%	27.3%	28.2%
EBITDA margin	21.8%	24.4%	27.7%	37.0%	36.2%	37.2%
FCF margin	36.0%	32.8%	32.6%	31.6%	32.7%	—
VALUATION
P/E	98.91	45.15	39.38	41.97	32.05	59.1
P/B	76.78	-137.47	-97.55	49.03	48.00	80.2
P/S	17.96	8.76	8.52	12.30	8.74	16.49
P/FCF	49.86	26.71	26.11	38.97	26.69	39.8
EV/EBITDA	80.33	34.78	29.80	31.88	23.15	43.5
EV/Revenue	17.49	8.49	8.25	11.78	8.36	16.2
Earnings yield	1.0%	2.2%	2.5%	2.4%	3.1%	1.70%
FCF yield	2.0%	3.7%	3.8%	2.6%	3.7%	2.51%

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
LEVERAGE & SOLVENCY
Current ratio	1.55	1.24	1.19	1.47	1.17	1.28
Quick ratio	1.48	1.15	1.06	1.39	1.09	1.19
Debt / equity	1.26	-3.52	-2.14	0.67	0.81	0.32
Debt / assets	16.7%	15.9%	13.7%	10.2%	9.6%	4.6%
Net debt / EBITDA	-2.15	-1.13	-0.99	-1.40	-1.05	-0.87
Interest coverage	43.17	54.08	64.51	103.92	114.53	—

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
EFFICIENCY
Asset turnover	0.67	0.73	0.79	0.70	0.67	0.69
Receivables turnover	4.38	4.27	3.98	4.16	4.31	5.2
DSO (days)	83	85	92	88	85	71
DPO (days)	68	66	66	62	59	70
Cash conversion cycle	89	94	136	152	126	106
GROWTH (YoY)
Revenue growth	28.8%	32.2%	20.1%	12.3%	14.2%	—
Net income growth	24.2%	41.3%	33.9%	52.0%	6.2%	—
EPS growth	23.1%	49.0%	37.3%	51.5%	10.1%	—
FCF growth	25.7%	20.4%	19.5%	8.5%	18.4%	—
PER SHARE ($)
EPS (diluted, TTM)	0.73	1.08	1.49	2.25	2.48	2.88
Book value / share	0.94	-0.36	-0.60	1.93	1.65	2.11
Revenue / share	4.00	5.58	6.87	7.68	9.09	10.23
FCF / share	1.44	1.83	2.24	2.42	2.98	4.24
Cash / share	3.06	2.79	3.16	5.25	4.79	5.53
SHAREHOLDER RETURN & SCORES
Buyback yield	1.2%	5.1%	3.3%	0.0%	3.9%	2.51%
Altman Z-Score	8.11	4.59	4.62	6.84	5.31	9.6
Piotroski F-Score	6	8	8	7	7	6/9
Beneish M-Score	-2.81	-2.70	-2.85	-2.58	-2.61	-2.79

Model	Score	Zone	Note
Piotroski F-Score	6 / 9	Middling
Altman Z-Score	9.6	Safe (>2.99)	Safe
Income quality	1.60	Cash-backed	OCF ÷ net income
Beneish M-Score	-2.79	Non-manipulator	vs −2.22 threshold

DuPont Decomposition (TTM)	Value
Tax burden	0.81
Interest burden	0.99
Operating margin	35.1%
Asset turnover	0.70×
Financial leverage	5.95×
= ROE	117%

Growth Quality (live)	Value
Revenue stability	0.99
Earnings stability	0.97
Earnings persistence	0.96
Revenue CAGR 3y	14.7%
EPS CAGR 3y	29.1%
FCF CAGR 3y	16.4%

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Buyback Yield2.51%

Dividend Yield0.00%none paid

Total Shareholder Return2.45%cash yield

SBC / Revenue3.9%dilution pressure

Company	Mkt cap	P/E	ROE	Net margin	Rev growth	Piotroski	1-yr ret
NET	$105.4B	-507.8	-14%	-24.4%	+33.5%	4/9	+40.2%
SNPS	$87.1B	78.9	4%	22.0%	+46.4%	5/9	+3.3%
CRWD	$232.8B	6459.9	1%	0.4%	+24.3%	7/9	+88.6%
PANW	$279.8B	743.5	2%	-8.3%	+24.5%	3/9	+66.4%
SQ	$51.7B	-53.5	-4%	1.3%	+5.1%	6/9	—
ORCL	$387.7B	19.8	42%	24.6%	+21.6%	6/9	—
TWLO	$37.5B	32.5	13%	71.2%	+17.8%	6/9	—
PLTR	$428.0B	147.6	38%	54.9%	+78.9%	8/9	—

1-yr returns computed from adjusted price history; peers without a tracked series show —.

Hold

69 Analysts

Str Sell (0)Sell (6)Hold (34)Buy (29)Str Buy (0)

Mean Target (qtr)$169.0428 targets

Target vs. Price-0.1%last-quarter mean

Next Report2026-10-28street $0.86

Consensus estimates	Revenue mean	High / Low	EPS mean	High / Low	# EPS est.
FY2026	$8.12B	$8.19B / $8.06B	$3.45	$3.56 / $3.41	25
FY2027	$9.04B	$9.65B / $8.63B	$3.78	$4.46 / $3.52	25
FY2028	$10.04B	$11.18B / $9.27B	$4.27	$5.26 / $3.87	8

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Street Price Target — Trajectory

Window	Avg Target	vs. Price	# Targets
Last Month	$193.75	+14.6%	4
Last Quarter	$169.04	-0.1%	28
Last Year	$133.26	-21.2%	62
All Time	$102.43	-39.4%	132

Rolling mean of published targets vs. last close $169.13. Aggregated from StreetInsider, Benzinga, Pulse 2.0.

Third-Party Composite Rating

B

DCF

3/5

ROE

5/5

ROA

5/5

Debt/Eq

2/5

P/E

1/5

P/B

1/5

Independent quant composite as of 2026-10-16; components scored 1–5 (5 best). Shown for contrast with the InsiderStreet Score — methodologies differ.

FTNT +103.4% vs S&P 500 +15.9% — spread +87.6pp

Sector — XLK +29.0%

Peer Set — indexed to 100

All series indexed to 100 at the start of the window, adjusted closes.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Candlesticks with SMA 20/50 overlay, Bollinger (20,2σ) band, volume, and Wilder RSI(14) — computed from live daily OHLCV.

Moving Average	Value	Distance	% Distance	Signal
SMA 20	$181.92	-12.79	-7.03%	Below
SMA 50	$169.39	-0.26	-0.15%	Below
SMA 200	$123.87	+45.26	+36.54%	Above
EMA 9	$182.79	-13.66	-7.47%	Below
EMA 21	$180.32	-11.19	-6.21%	Below
EMA 50	$171.52	-2.39	-1.39%	Below
EMA 200	$136.52	+32.61	+23.89%	Above

Series and readings from the nightly technical-indicator history — identical data to the site's ribbon chart. Supertrend segments colored by direction.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

TECHNICAL VERDICTBEARISHPower Score -375 of 22 indicator votes bullish

Family Scores (site weights)

Trend 30%30

Momentum 25%10

Volume 20%38

Volatility 10%67

Patterns 15%38

This Week36% bullishof 11 price-based votes

4 Weeks Ago91%-55 pts since

12 Weeks Ago45%-9 pts since

ReadStabilizingweek-over-week trajectory

Price vs SMA 20$181.92

Price vs SMA 50$169.39

Price vs SMA 200$123.87

EMA 9/21 Cross182.8/180.3

SMA 50/200Golden

ADX DirectionADX 32

Supertrend$196

Parabolic SAR$196

SMA Slope-0.040

RSI40.7

Stochastic K/D35/55

StochRSI K/D-0/21

Williams %R-92

CCI-93

TSI vs Signal18.2

CMO-18.5

ROC-6.53%

OBV SignalDistrib

Chaikin MF0.070

MFI43

Force Index-12M

Elder Ray Bull2.62

RSI (14)30 oversold · 70 overbought

Stochastic %Kvs %D 55

Money Flowvolume-weighted RSI

ADXtrend strength · <20 weak

Williams %Rinverted scale

Level	Value	Level	Value
Pivot / R1 / R2	$181.08 / $183.90 / $185.88	S1 / S2	$179.10 / $176.28
Bollinger (20,2)	$167.68 – $196.16	Squeeze	Off
52-wk range	$73.55 – $197.13	Off 52-wk high	-14.2%
ATR (14)	$6.82 (4.0%)	Historical vol	40.8%

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

+4.9%Jan71%

+6.3%Feb76%

+1.4%Mar53%

+1.1%Apr62%

+1.4%May69%

+3.6%Jun69%

+2.9%Jul56%

+1.5%Aug56%

-0.5%Sep50%

+2.0%Oct56%

+1.4%Nov53%

+3.2%Dec65%

Sample: 17 years — treat short histories as suggestive, not statistical.

Computed from live weekly prices	FTNT	S&P 500
Weekly volatility (σ, 1y)	6.42%	1.83%
Best / worst week (1y)	+32.2% / -7.1%	—
Max drawdown (5y, monthly)	-32.8%	—
1-week VaR (95%)	-7.0%	—
Beta (5y)	1.06	1.00

FTNT EQUITY WEATHER (LIVE)RAINY · -27

Trend-11

Momentum-36

Volume-21

Volatility-60

Breadth-17

MARKET REGIME (2026-10-16)NEUTRAL

VIX19.99Normal

Dow TheoryConfirmed Bearish

SPY / QQQ TSI7.2 / 4.7trend strength

Sector Strength46/100breadth average

Average sentiment of 411 stories, weekly buckets, −1 to +1.

This space intentionally left blank — the next section begins on the following page

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Overall-27.1-8.7 vs industry

Trend-10.9+6.5 vs industry

Momentum-36.0-15.7 vs industry

Volume-20.8-19.8 vs industry

Reading	FTNT	Software - Infrastructure n=566	Technology n=6,969	All US symbols n=70,435
Overall	-27.1	-18.4	-20.7	-20.5
Trend	-10.9	-17.3	-20.8	-21.3
Momentum	-36.0	-20.2	-28.5	-15.8
Volume	-20.8	-1.0	+0.0	-3.8

Trend, momentum and volume are computed per company. Volatility and breadth are market-regime values shared by every symbol in the universe, so they are reported once under Market Regime rather than compared here - a company cannot differ from its sector on a constant.

Executive	Total comp	Structure
Ken Xie Chief Executive Officer	$11.5M	95% equity+incentive
Michael Xie President and Chief Technology O	$6.6M	93% equity+incentive
John Whittle Chief Operating Officer	$6.0M	92% equity+incentive
Keith Jensen Former Chief Financial Officer	$5.7M	95% equity+incentive
Christiane Ohlgart Chief Financial Officer	$4.4M	89% equity+incentive

Pillar (live disclosure scores)	Score
Environmental	43
Social	48
Governance	62
Composite ESG	51

Composite ESG Trend

Filed	8-K contents	Items
2026-07-29	Earnings Release; Exhibits	2.02,9.01
2026-06-16	Shareholder Vote	5.07
2026-05-06	Earnings Release; Exhibits	2.02,9.01
2026-02-05	Results of Operations and Financial Condition; Financial Statements an	2.02,9.01
2025-11-05	Results of Operations and Financial Condition; Financial Statements an	2.02,9.01
2025-08-22	Other Events	8.01
2025-08-06	Results of Operations and Financial Condition; Financial Statements an	2.02,9.01
2025-06-18	Submission of Matters to a Vote of Security Holders	5.07

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Methodology. Every figure originates in InsiderStreet's production data layer and is computed deterministically by the same engines that power insiderstreet.ai. This factsheet contains no model-written text. Sections without underlying data are omitted rather than estimated.

DISCLOSURES. This document is produced by InsiderStreet.ai from live production data. It is not investment advice, not an offer or solicitation to buy or sell any security, and not a recommendation tailored to any person. Data is sourced as of the dates shown and may no longer be current. InsiderStreet.ai is not a registered investment adviser or broker-dealer. Investing involves risk, including loss of principal. Past performance does not guarantee future results. Do not make any investment decision based on this document. © 2026 InsiderStreet.ai — all rights reserved. Redistribution prohibited.

Data domain	Source	Coverage for this report
Price & volume	market_db.historical_prices	52 rows
Fundamentals	income_statements_annual	6 rows · 2020 to 2025
Reported vs consensus	fact/earnings_calendar	24 rows · 2020-08-06 to 2026-05-06
Analyst estimates	dim/forward_estimates	3 rows · 2026-12-31 to 2028-12-31
Institutional ownership (13F)	holdings_db.institutional_ownership_summary	67 rows · 2009 to 2026
Insider transactions (Form 4)	edgar/form4	12 rows · 2026-09-30
Proposed sales (Form 144)	edgar/form144	1 record
Beneficial ownership (13D/G)	edgar/13dg	3 rows · 2025-10-30 to 2026-04-29
Short-sale volume (FINRA)	edgar/short_volume_daily	60 rows · 2026-07-23 to 2026-10-15
Dark pool (ATS, tier 1)	edgar/darkpool_weekly	12 rows · 2026-06-15 to 2026-08-31
ETF & fund holding	etf_holdings_changelog (30d)	1 record
Peer set	stock_peers_dynamic	8 rows
Industry medians	industry_medians	1 record
Congressional trades	congress_db (House + Senate)	1 record
ESG	fact/esg_disclosures	1 record

Method. Every figure in this factsheet is looked up from a named field computed in code. It contains no model-written text.

Not covered. Short interest as a percent of float and days-to-cover are not in this data set — the short-sale figures above are FINRA volume, a flow, and cannot support squeeze or covering analysis. Options positioning and intraday data are also absent. 13F ownership is filed 45 days after quarter end and congressional trades are disclosed on a lag, so both describe a past position, not a current one.

Fortinet, Inc. (FTNT)

Fortinet, Inc. (FTNT)

Score Breakdown

Peer Comparison — IS Score

IS Score Trend — quarterly

Fortinet, Inc. (FTNT)

Institutions holding — 12 quarters

Fortinet, Inc. (FTNT)

Monthly Net Insider Flow (000 shares)

Signal Summary

Fortinet, Inc. (FTNT)

2.8 · Largest Reporting 13F Managers

2.9 · Top ETF & Fund Ownership

13F Filers Holding FTNT — quarterly

Institutional Put/Call — quarterly

Fortinet, Inc. (FTNT)

Where FTNT Trades in the Dark

Fortinet, Inc. (FTNT)

3.8 · Employees (SEC filings)

Fortinet, Inc. (FTNT)

Fortinet, Inc. (FTNT)

Fortinet, Inc. (FTNT)

Balance Sheet — Full

Cash Flow Statement — Full

Fortinet, Inc. (FTNT)

Fortinet, Inc. (FTNT)

Fortinet, Inc. (FTNT)

Fortinet, Inc. (FTNT)

Street Price Target — Trajectory

Third-Party Composite Rating

Fortinet, Inc. (FTNT)

Fortinet, Inc. (FTNT)

Family Scores (site weights)

Fortinet, Inc. (FTNT)

Fortinet, Inc. (FTNT)

Fortinet, Inc. (FTNT)