Fortinet, Inc. (FTNT)
Information Technology · Systems Software · US stock · S&P 500 component
$172.98
▼ -1.07 (0.61%)
Fair valueFair
$165 −4.4% to fair value
$83fair band $141–$200$248
Day's range
$171.69 – $177.71
52-week range
$73.55 – $197.13
About Fortinet, Inc.
Fortinet makes cybersecurity products, including firewalls, secure networking equipment and cloud security services, all linked through its own operating system and chips. Customers range from small businesses to large enterprises and service providers. The company earns money from selling hardware appliances, from security subscriptions and support that renew over time, and from cloud-based services. Its integrated approach is intended to cover network and security needs in a single platform.
Sales came to $7.5 billion in the last twelve months, having expanded at 15.5% a year across the last three years. Its operating margin came to 32.4%. Net debt to EBITDA is -0.9 times, which means the company holds more cash than debt. There is no dividend at present. On the site's X-Ray Score it receives 59 out of 100.
Price chart
52-wk range $73.55 – $197.13Volume 3,960,210Daily, split-adjusted
Vitals
Market cap$128.0B
52-week range$73.55 – $197.13
Volume (last day)3,960,210
P/E (TTM)61.3
EBIT / EV yield1.9%
Free-cash-flow yield2.4%
Dividend yieldNo dividend
Revenue (TTM)$7.5B
Net income (TTM)$2.1B
Operating margin32.4%
Return on capital–
Debt incl. leases$561M
Cash & securities$2.9B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$165middle half of models $155 – $178
Fair
−4.4% to fair value
Average of the 10 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Low, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $173
Undervalued < $141Fair $141 – $200Overvalued > $200
P/E multiple
$166
P/B multiple
$171
P/S multiple
$136
EV/EBITDA multiple
$183
EV/EBIT multiple
$189
EV/revenue multiple
$146
10-year DCF, EBITDA exit
$157
5-year DCF, EBITDA exit
$179
10-year DCF, revenue exit
$154
5-year DCF, revenue exit
$174
10-year DCF, growth exit · not used
$49
5-year DCF, growth exit · not used
$46
Earnings power value · not used
$47
Growth the price implies
37.6%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
39/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield1.9%
Free-cash-flow yield2.4%
Fair value vs price1.0×
Growth
Fair
68/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)15.5%
EPS growth (3y)31.7%
Growth consistency100%
Profitability
Strong
71/100
Earns high returns on the capital it uses.
See the numbers →
Operating margin32.4%
Gross profitability55.6%
Financial health
Fair
61/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA-0.9×
Interest coverNo interest cost
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+13.8%
Mar '25
+13.6%
Jun '25
+14.4%
Sep '25
+14.8%
Dec '25
+20.1%
Mar '26
+25.6%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.0B, diluted EPS $0.82.
Compare with peers
MSFT Microsoft Corp61 GEN Gen Digital Inc.59 NOW ServiceNow, Inc.48 TWLO Twilio Inc43Other Systems Software companies by X-Ray Score.
SWOT analysis: Fortinet, Inc.
Strengthsinside the company
- Operating margin of 32.4% is well above the 8.7% median of industry peers, a sign of pricing power or lower costs.
- Revenue has grown 15.5% a year over three years (median 17.3% for industry peers).
- Earnings per share have compounded at 31.7% a year over three years.
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Our Market Compass rates the backdrop for Information Technology as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare FTNT with peers and sector
Medians of 6 Systems Software peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): MSFT 61, PANW 33, CRWD 33, NOW 48, TWLO 43, GEN 59.
| Metric | FTNT | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 59 | 46 | 50 |
| Valuation | 39 | 46 | 52 |
| Growth | 68 | 63 | 54 |
| Profitability | 71 | 41 | 49 |
| Financial health | 61 | 33 | 49 |
| Dividends | – | – | 50 |
Sector leaders: highest X-Ray Score in Information Technology
FTNT ranks #16 of 75 in Information Technology and #2 of 7 in Systems Software by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for FTNT
Each factor is rated by where FTNT stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 10 Good · 7 Average · 5 Bad of 22
Growth: 2 · 1 · 0
Profitability: 4 · 0 · 0
Financial strength: 2 · 2 · 0
Valuation: 0 · 0 · 5
Cash flow: 2 · 2 · 0
Efficiency: 0 · 2 · 0
| Factor | FTNT | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +15.5% | Good beats 75% | +9.7% | – | – |
| Revenue growth, last year | +14.2% | Average beats 55% | +13.7% | +20.1% | ▼ Worse |
| EPS growth, 3 years a year | +31.7% | Good beats 83% | +5.9% | – | – |
| Profitability | |||||
| Gross margin | 80.2% | Good beats 88% | 57.8% | 76.7% | ≈ In line |
| Operating margin | 32.4% | Good beats 73% | 20.3% | 23.4% | ▲ Better |
| Net margin | 28.2% | Good beats 77% | 17.8% | 21.6% | ▲ Better |
| Return on equity | 136.7% | Good beats 96% | 21.0% | 116.8% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | -0.9x | Good beats 94% | 0.8x | -0.6x | ≈ In line |
| Interest cover | 135.7x | Good beats 94% | 23.0x | 50.0x | ▲ Better |
| Current ratio | 1.28 | Average beats 38% | 1.57 | 1.24 | ≈ In line |
| Piotroski F-score | 6 / 9 | Average beats 43% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 60.4x | Bad beats 20% | 33.6x | 41.8x | ▼ Worse |
| Price / book | 82.5x | Bad beats 2% | 8.3x | 49.1x | ▼ Worse |
| Price / sales | 17.0x | Bad beats 15% | 6.9x | 8.9x | ▼ Worse |
| EV / EBITDA | 48.3x | Bad beats 17% | 24.7x | 36.0x | ▼ Worse |
| Free cash flow yield | 2.4% | Bad beats 33% | 3.4% | 3.7% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 41.4% | Good beats 89% | 22.3% | 32.7% | ▲ Better |
| Cash from operations / net income | 1.60 | Average beats 62% | 1.39 | 1.69 | ≈ In line |
| Free cash flow growth, 3 years a year | +15.4% | Average beats 50% | +15.4% | – | – |
| Accruals (lower is better) | −11.7% | Good beats 90% | −4.4% | – | – |
| Efficiency | |||||
| Inventory turnover | 3.5x | Average beats 47% | 3.9x | 3.7x | ≈ In line |
| Days sales outstanding | 71 days | Average beats 35% | 63 days | 91 days | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 8 Good · ● 6 Average · ● 1 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldAverage
Risk models
Altman Z''Average
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Average
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldBad
Profitability
Operating marginGood
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 65/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $3.3B | $4.4B | $5.3B | $6.0B | $6.8B |
| Operating income | $650M | $970M | $1.2B | $1.8B | $2.1B |
| Net income | $607M | $857M | $1.1B | $1.7B | $1.9B |
| Operating cash flow | $1.5B | $1.7B | $1.9B | $2.3B | $2.6B |
| Operating margin | 19.5% | 21.9% | 23.4% | 30.3% | 30.7% |
| Free cash flow | $1.2B | $1.4B | $1.7B | $1.9B | $2.2B |
| Diluted EPS | $0.73 | $1.06 | $1.46 | $2.26 | $2.42 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
7 bullish · 4 neutral · 5 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 180.3 | Bearish |
| EMA 10 | 177.2 | Bearish |
| SMA 20 | 181.0 | Bearish |
| EMA 20 | 177.9 | Bearish |
| SMA 50 | 170.3 | Bullish |
| EMA 50 | 171.7 | Bullish |
| SMA 100 | 162.3 | Bullish |
| EMA 100 | 158.4 | Bullish |
| SMA 200 | 125.7 | Bullish |
| EMA 200 | 137.9 | Bullish |
Oscillators (daily)
| RSI (14) | 45.50 | Neutral |
| MACD (12, 26) | 0.72 | Bullish |
| Momentum (12) | -9.56 | Bearish |
| Stochastic %K (14) | 21.87 | Neutral |
| Williams %R (14) | -78.13 | Neutral |
| CCI (20) | -65.78 | Neutral |
Pivot points (classic, last session)
S3 164.5 | S2 168.1 | S1 170.5 | Pivot 174.1 | R1 176.6 | R2 180.1 | R3 182.6 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold FTNT
| ETF | Share of the fund |
|---|---|
| CIBR First Trust NASDAQ Cybersecurity | 8.85% |
| BUG Global X Cybersecurity | 7.29% |
| IGV iShares Expanded Tech-Software Sector | 3.62% |
| GARP iShares MSCI USA Quality GARP | 3.15% |
| COWG Pacer US Large Cap Cash Cows Growth Le... | 2.36% |
| QTEC First Trust NASDAQ-100-Technology Sect... | 2.33% |
| MOAT VanEck Morningstar Wide Moat | 2.21% |
| CLSE Convergence Long/Short Equity | 1.77% |
The eight funds with the largest weight in FTNT among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
FTNT stock splits
FTNT has split its stock 2 times since 2011. The latest was a 5-for-1 split on 23 Jun 2022.
Full FTNT stock split history →FTNT SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
DEF 14ASEC EDGAR
Proxy statement
10-KSEC EDGAR
Annual report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.