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Fortinet, Inc.

FTNT Technology Software Infrastructure

Fortinet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.8 billion, up 14.2% from fiscal 2024.

Revenue
+20.5%
EPS
+38.1%
Free cash flow
+55.4%
Total debt
−50.1%

Quarter to September 2026, against a year earlier

122.42 6.97 −5.39%
Market cap
$90.0B
P/E
39.5×
Fwd P/E
42.2×
Dividend yield
—
F-score
5/9
Altman Z
5.29
Beneish M
−2.64
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Reportable Segment

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 143.50
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 3 — — 8 2 — 3 2 — 2
Insider Ownership 17.14%

Capital & Financial Ratios $m

Size
Market Cap 90,010.00
Revenue ttm 7,880.90
Net income ttm 2,282.30
Free cash flow ttm 3,431.30
Net debt Q (4,301.90)
Valuation
P/E 39.49 (above 35: high)
Forward P/E 42.20 (above 35: high)
Price / sales 11.40 (above 10: high)
Forward P/S Powerpack
Price / FCF 26.19
Price / book 40.00 (above 6: high)
Financial health
Current ratio Q 1.40
Debt / equity Q 0.22 (at or below 0.5: strong)
Interest coverage Q 234.77
Growth
Revenue growth Q +20.49% (above 0%: growing)
Operating income growth Q +28.69% (above 0%: growing)
EPS, this year +29.10% (at or above 15%: strong)
EPS, next year A +9.17%
Revenue, next year A +20.21% (at or above 10%: strong)
EPS, past 5 yrs +32.98% (at or above 15%: strong)
EPS, next 5 yrs A +16.71% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.9×, against a ten-year median of 8.5×; over the ten years it ranged from 3.5× in 2016 to 17.1× in 2021.
P/E against its own 10 years 17.16%
10-year low 10-year high
P/S against its own 10 years 74.44%
10-year low 10-year high
P/B against its own 10 years 59.32%
10-year low 10-year high
EV/Sales against its own 10 years 74.11%
10-year low 10-year high
EV/FCF against its own 10 years 49.32%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,440 4,067 3,583 4,799
Receivables 1,402 1,463 1,691 1,461
Inventory 485 316 400 591
Other — — — —
4,428 5,972 5,900 7,108
2023 2024 2025 Q'26
Payables 204 191 231 430
ST’ Debt — — 500 —
Other — — — —
3,719 4,061 5,034 5,088

Compound Annual Growth %

10y 5y 3y
Sales 21.02% 21.25% 15.46%
Cash Flow 24.80% 19.04% 14.39%
Earnings 72.41% 30.56% 29.30%
Book Value 5.06% 7.65% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.85 Actual 0.91

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.74 0.81 Beat by 0.07
Q1 FY26 0.61 0.82 Beat by 0.21
Q2 FY26 0.75 0.90 Beat by 0.15
Q3 FY26 0.85 0.91 Beat by 0.06
Q4 FY26 0.92 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.72 0.82 0.86 — —
’25 0.56 0.57 0.62 0.68 2.42
’24 0.39 0.49 0.70 0.68 2.26
’23 0.31 0.33 0.41 0.40 1.46
’22 0.17 0.21 0.29 0.40 1.06
’21 0.13 0.16 0.19 0.24 0.73
’20 0.12 0.14 0.15 0.18 0.58
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,850 2,048 2,078 — —
’25 1,540 1,630 1,725 1,905 6,800
’24 1,353 1,434 1,508 1,660 5,956
’23 1,262 1,293 1,335 1,415 5,305
’22 955 1,030 1,150 1,283 4,417
’21 710 801 867 964 3,342
’20 578 618 651 748 2,594
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,077 1,044 946 — —
’25 863 452 655 620 2,591
’24 830 342 608 478 2,258
’23 678 515 551 192 1,936
’22 396 323 483 528 1,731
’21 316 418 399 367 1,500
’20 319 247 221 297 1,084
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,007 966 882 — —
’25 797 284 568 577 2,226
’24 609 319 572 380 1,879
’23 647 438 481 165 1,731
’22 274 284 395 497 1,449
’21 264 395 330 216 1,204
’20 292 216 186 264 958
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 10.0% a year for ten years. It grew 31.4% a year over the last ten.

Implied
10.0%
10 years, reported
31.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,275 1,495 1,805 2,163 2,594 3,342 4,417 5,305 5,956 6,800 7,881 +20.4% 8,174 9,115 10,156 +14.3%
Gross margin, % 73.51 74.23 75.04 76.61 78.03 76.57 75.44 76.68 80.56 80.46 79.75 +7.0 pt
EBT 43 124 254 386 542 628 956 1,334 2,059 2,282 2,783 +55.4%
EBT margin, % 3.38 8.29 14.09 17.85 20.88 18.80 21.63 25.14 34.56 33.56 35.31 +30.2 pt
Net income 32 31 335 332 489 607 857 1,148 1,745 1,853 2,282 +56.9%
Per share, $
Per share, $ Revenue 1.48 1.72 2.13 2.53 3.16 4.10 5.58 6.81 7.79 8.97 10.73 +22.2%
Earnings 0.04 0.04 0.39 0.38 0.60 0.74 1.08 1.47 2.28 2.45 3.10 +58.9%
Cash flow 0.40 0.68 0.76 0.95 1.32 1.84 2.19 2.49 2.95 3.42 5.02 +26.9%
Capex (0.08) (0.16) (0.06) (0.11) (0.15) (0.36) (0.36) (0.26) (0.50) (0.48) (0.35) +22.4%
Free cash flow 0.32 0.53 0.69 0.84 1.17 1.48 1.83 2.22 2.46 2.94 4.67 +27.8%
Book value 0.97 0.68 1.19 1.57 1.04 0.98 (0.36) (0.60) 1.95 1.63 3.06 +5.9%
Shares, m 863 872 846 855 821 816 791 779 764 758 741 (1.4%)
Valuation, ×
Valuation, × P/E 156.36 260.88 35.94 55.89 50.19 96.61 44.84 39.04 41.26 32.55 39.49 81.4
P/S 4.07 5.17 6.60 8.44 9.40 17.55 8.69 8.48 12.13 8.85 11.40 8.9
P/B 6.20 13.12 11.79 13.60 28.50 73.47 0.00 0.00 48.35 48.64 40.00 24.4
EV/Sales 3.22 4.33 5.69 7.51 8.71 17.09 8.42 8.21 11.62 8.47 10.92 8.3
EV/FCF 14.76 14.11 17.52 22.68 23.60 47.45 25.67 25.17 36.81 25.88 25.09 25.4
Cash, $m
Cash, $m Operating cash flow 346 594 639 808 1,084 1,500 1,731 1,936 2,258 2,591 3,687 +25.1%
Capex (67) (135) (53) (92) (126) (296) (281) (204) (379) (365) (256) +20.7%
Free cash flow 279 459 586 716 958 1,204 1,449 1,731 1,879 2,226 3,431 +26.0%
Balance, $m
Balance, $m Working capital 709 690 965 1,313 911 1,283 732 709 1,911 866 2,021 +2.2%
Net debt (1,086) (1,251) (1,650) (2,019) (1,784) (1,537) (1,188) (1,448) (3,072) (2,586) (4,302) +10.1%
Shareholders’ equity 838 589 1,010 1,342 856 798 (282) (463) 1,494 1,238 2,247 +4.4%
Returns, %
Returns, % ROA 1.64 1.43 12.55 9.54 12.33 12.18 14.12 17.02 20.51 18.39 21.43 +16.8 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE 4.04 4.40 41.87 28.20 44.44 73.36 331.77 (308.13) 338.74 135.72 153.08 +131.7 pt
People
People Employees 4,665 5,066 5,845 7,082 8,238 10,195 12,595 13,568 14,138 15,109 — +13.9%
Revenue/emp, $m 0.27 0.30 0.31 0.31 0.31 0.33 0.35 0.39 0.42 0.45 — +5.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Fortinet sells cybersecurity products and services that help organizations protect their networks, users, devices and data. Its customers range from small businesses to large enterprises, service providers and government organizations. Founded in 2000 and headquartered in Sunnyvale, California, Fortinet is led by founder and chief executive Ken Xie.

The Fortinet Security Fabric brings its products together across three areas: secure networking, secure cloud access and security operations. Secure networking includes FortiGate firewalls, which inspect and control network traffic. Customers can deploy them as physical appliances, software or cloud-based solutions, including in offices, data centers and cloud environments.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segment 6,800 100.00%
Gross margin 80.46%
Operating margin 30.66%
Pre-tax margin 33.56%

Revenue by segment since 2009

Fortinet, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CRWD CrowdStrike $222.4B 6,187× 2,504× +25.83% (above 0%: growing) n/m +32.03% (above 0%: growing) 74.57% (2.26%) Compare
FTNT Fortinet, Inc. $90.0B 39.5× 42.2× +20.49% (above 0%: growing) +38.10% (above 0%: growing) +55.38% (above 0%: growing) 78.95% 33.89%
NET Cloudflare, Inc. $87.1B — (loss-making) — (loss-making) +39.23% (above 0%: growing) n/m +9.48% (above 0%: growing) 71.21% (8.68%) Compare
SNPS Synopsys, Inc. $84.4B 77.5× 114× +42.37% (above 0%: growing) +88.74% (above 0%: growing) +18.01% (above 0%: growing) 72.57% 14.43% Compare
XYZ Block, Inc. $50.8B 112× 44.1× +9.88% (above 0%: growing) +23.20% (above 0%: growing) −30.59% (below 0%: shrinking) 48.15% 6.38% Compare
NTAP NetApp, Inc. $33.3B 23.8× 25.7× +29.89% (above 0%: growing) +64.66% (above 0%: growing) −35.32% (below 0%: shrinking) 70.07% 23.90% Compare
ZS Zscaler, Inc. $33.2B — (loss-making) 8,874× +24.88% (above 0%: growing) n/m −64.66% (below 0%: shrinking) 76.73% (1.72%) Compare
NBIS Nebius Group N.V. $32.7B 466× 34.8× +454.04% (above 0%: growing) n/m −399.28% (below 0%: shrinking) 77.06% (30.21%) Compare
OKTA Okta, Inc. $29.9B 102× 105× +10.58% (above 0%: growing) +76.32% (above 0%: growing) +38.89% (above 0%: growing) 79.63% 13.29% Compare
Median of peers $42.0B 107× 105× +27.86% +70.49% −10.55% 73.57% 2.33%

All 183 Software Infrastructure stocks →

From the latest earnings call

Updated

  • CFO Christiane Ohlgart said large enterprise deals and gradual service activations delayed service revenue, while service billings and deferred revenue continued to grow.
  • CEO Ken Xie said demand remained elevated, but component lead times had lengthened as the benefit of inventory held earlier in the year diminished.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Wells Fargo Nov 3, 2026 Target cut — 115.00
Goldman Sachs Nov 3, 2026 Target cut — 190.00 → 165.00
Bank of America Nov 3, 2026 Downgrade Hold —
Mizuho Oct 29, 2026 Target cut — 160.00 → 118.00
Piper Sandler Oct 29, 2026 Target cut — 175.00 → 140.00
Mizuho Securities Oct 29, 2026 Target cut — 160.00 → 118.00
TD Cowen Oct 29, 2026 Reiterated Buy —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 68.21%
Held by the ten largest 35.20%
Holder Shares Stake Change
Vanguard 72.08m 9.83% +762.99k
BlackRock 62.24m 8.48% +273.49k
State Street 29.63m 4.04% +701.02k
Invesco 24.62m 3.36% −913.52k
Geode Capital Management 17.44m 2.38% −21.98k
Norges Bank 12.45m 1.70% +12.45m
First Trust 10.82m 1.47% −690.36k
Arrowstreet Capital 10.13m 1.38% +476.32k
UBS 9.48m 1.29% −1.11m
BNY 9.33m 1.27% −4.01m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 29 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.46m 1.15m 267.28
2024 13.14m 37.72m 442.49
2023 16.30m 21.53m 274.12
2022 14.20m (15.19m) 228.97
2021 14.20m 84.75m 336.64

Ownership

Directors and executive officers, together 17.60%
Ken Xie 9.80%
Michael Xie 9.30%
BlackRock, Inc. 7.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Fortinet, Inc. (FTNT) Latest News

4 Nov

Impact 3 · · Zacks

3 Nov

Impact 3 · · TIKR

31 Oct

Impact 3 · · The Motley Fool

30 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · 24/7 Wall St.
Impact 3 · · Trefis

29 Oct

Impact 4 · · Zacks
Impact 4 · · The Motley Fool
Impact 4 · · Moby
Impact 4 · · Zacks
Impact 4 · · Proactive Investors
Impact 4 · · TIKR
Impact 4 · · 24/7 Wall St.
Impact 4 ·
Impact 4 · · Business Wire
Impact 4 · · 24/7 Wall St.
Impact 4 · · 24/7 Wall St.
Impact 4 · · 24/7 Wall St.
Impact 4 · · The Motley Fool transcript
Impact 3 · · PR Newswire
Impact 3 · · The Motley Fool
Impact 3 · · MT Newswires
Impact 3 · · InvestorsHub
Impact 3 · · Trefis
Impact 3 ·
Impact 3 · · Trefis
Impact 3 · · Stocktwits

28 Oct

Impact 4 · · MarketBeat
Impact 3 · · Investing.com
Impact 3 · · Zacks

FTNT metrics, ten years each

stockrow.com/FTNT · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com