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. In the quarter to June 2026, revenue grew 25.6%, EPS grew 45.6%, free cash flow grew 239.9% and total debt fell 50.1%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; revenue growth for ten consecutive years, operating cash flow growth for ten.

169.13 12.78 −7.03%
Market cap
$133.5B
P/E
59.1×
Fwd P/E
52.1×
Dividend yield
—
F-score
5/9
Altman Z
5.29
Beneish M
−2.64
Dividend safety
n/a

Insider Decisions trades per month

Total sells 136.24
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 3 — — 3 — — 8 2 — 3 2 —
Insider Ownership 17.13%

Capital & Financial Ratios $m

Market Cap 133,470.00
Revenue 7,527.40
Net Income 2,120.70
Free Cash Flow 3,117.00
Net Debt (3,572.70)
Current Ratio 1.28
Debt/Equity 0.32 (at or below 0.5: strong)
P/E ratio 59.14 (above 35: high)
Fwd P/E 52.10 (above 35: high)
P/S ratio 16.47 (above 10: high)
P/B ratio 79.94 (above 6: high)
Past 5Y EPS Growth 32.98% (at or above 15%: strong)
This Y EPS Growth 25.09% (at or above 15%: strong)
Next Y EPS Growth 9.37%
Next Y revenue growth 19.40% (at or above 10%: strong)
Next 5Y EPS Growth 15.67% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 53.78%
10-year low 10-year high
P/S against its own 10 years 95.58%
10-year low 10-year high
P/B against its own 10 years 80.71%
10-year low 10-year high
EV/Sales against its own 10 years 96.02%
10-year low 10-year high
EV/FCF against its own 10 years 88.39%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,440 4,067 3,583 4,070
Receivables 1,402 1,463 1,691 1,456
Inventory 485 316 400 426
Other — — — —
4,428 5,972 5,900 6,208
2023 2024 2025 Q'26
Payables 204 191 231 283
ST’ Debt — — 500 —
Other — — — —
3,719 4,061 5,034 4,841

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%

Revenue $m

Mar Jun Sep Dec Year
’26 1,850 2,048 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.72 0.82 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 4.63 5.98 8.70 13.01 14.04 27.46 42.61 44.12 54.57 70.12

Analyst estimates 2026–2028

Powerpack
High 7.50 9.13 18.87 22.06 30.67 74.35 72.42 81.24 100.59 114.82
People
People Employees 4,665 5,066 5,845 7,082 8,238 10,195 12,595 13,568 14,138 15,109
Revenue/emp, $m 0.27 0.30 0.31 0.31 0.31 0.33 0.35 0.39 0.42 0.45
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
Gross margin, % 73.51 74.23 75.04 76.61 78.03 76.57 75.44 76.68 80.56 80.46
EBT 43 124 254 386 542 628 956 1,334 2,059 2,282
EBT margin, % 3.38 8.29 14.09 17.85 20.88 18.80 21.63 25.14 34.56 33.56
Net income 32 31 335 332 489 607 857 1,148 1,745 1,853
Depreciation 53 58 146 164 208 267 332 352 368 455
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
Earnings 0.04 0.04 0.39 0.38 0.60 0.74 1.08 1.47 2.28 2.45
Cash flow 0.40 0.68 0.76 0.95 1.32 1.84 2.19 2.49 2.95 3.42
Capex (0.08) (0.16) (0.06) (0.11) (0.15) (0.36) (0.36) (0.26) (0.50) (0.48)
Free cash flow 0.32 0.53 0.69 0.84 1.17 1.48 1.83 2.22 2.46 2.94
Book value 0.97 0.68 1.19 1.57 1.04 0.98 (0.36) (0.60) 1.95 1.63
Shares, m 863 872 846 855 821 816 791 779 764 758
Valuation, ×
Valuation, × P/E 156.36 260.88 35.94 55.89 50.19 96.61 44.84 39.04 41.26 32.55
P/S 4.07 5.17 6.60 8.44 9.40 17.55 8.69 8.48 12.13 8.85
P/B 6.20 13.12 11.79 13.60 28.50 73.47 0.00 0.00 48.35 48.64
EV/Sales 3.22 4.33 5.69 7.51 8.71 17.09 8.42 8.21 11.62 8.47
EV/FCF 14.76 14.11 17.52 22.68 23.60 47.45 25.67 25.17 36.81 25.88
Cash, $m
Cash, $m Operating cash flow 346 594 639 808 1,084 1,500 1,731 1,936 2,258 2,591
Capex (67) (135) (53) (92) (126) (296) (281) (204) (379) (365)
Free cash flow 279 459 586 716 958 1,204 1,449 1,731 1,879 2,226
Balance, $m
Balance, $m Working capital 709 690 965 1,313 911 1,283 732 709 1,911 866
Total debt — — — 47 53 1,014 1,023 992 994 996
Net debt (1,086) (1,251) (1,650) (2,019) (1,784) (1,537) (1,188) (1,448) (3,072) (2,586)
Shareholders’ equity 838 589 1,010 1,342 856 798 (282) (463) 1,494 1,238
Returns, %
Returns, % ROA 1.64 1.43 12.55 9.54 12.33 12.18 14.12 17.02 20.51 18.39
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
ROE 4.04 4.40 41.87 28.20 44.44 73.36 331.77 (308.13) 338.74 135.72
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
ORCL Oracle Corporation $406.6B 19.8× 33.3× +29.61% (above 0%: growing) +51.92% (above 0%: growing) −1,390.61% (below 0%: shrinking) 60.03% 34.78% Compare
PANW Palo Alto Networks, Inc. $302.9B 645× 135× +34.46% (above 0%: growing) n/m +34.26% (above 0%: growing) 67.57% 5.04% Compare
CRWD CrowdStrike $250.4B 6,460× 1,100× +25.83% (above 0%: growing) n/m +32.03% (above 0%: growing) 74.57% (2.26%) Compare
FTNT Fortinet, Inc. $133.5B 59.1× 52.1× +25.64% (above 0%: growing) +45.61% (above 0%: growing) +239.88% (above 0%: growing) 80.24% 33.66%
NET Cloudflare, Inc. $112.6B — (loss-making) — (loss-making) +35.87% (above 0%: growing) n/m +69.42% (above 0%: growing) 71.76% (29.55%) Compare
SNPS Synopsys, Inc. $89.7B 79.8× 173× +42.37% (above 0%: growing) +88.74% (above 0%: growing) +18.01% (above 0%: growing) 72.57% 14.43% Compare
NBIS Nebius Group N.V. $51.2B 636× 34.8× +454.04% (above 0%: growing) n/m −399.28% (below 0%: shrinking) 77.06% (30.21%) Compare
XYZ Block, Inc. $48.0B 134× 29.7× +9.30% (above 0%: growing) −82.95% (below 0%: shrinking) +181.80% (above 0%: growing) 47.84% 6.75% Compare
NTAP NetApp, Inc. $42.2B 28.4× 23.4× +29.89% (above 0%: growing) +64.66% (above 0%: growing) −35.32% (below 0%: shrinking) 70.07% 23.90% Compare
Median of peers $101.2B 134× 34.8× +32.18% +58.29% +25.02% 70.92% 5.90%

All 173 Software Infrastructure stocks →

FTNT metrics, ten years each

Fortinet, Inc. (FTNT) key facts

  • Strength: Fortinet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.8 billion, up 14.2% from fiscal 2024.
  • Fortinet, Inc. (FTNT) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, FTNT traded at $169.13, a market capitalization of $133.5 billion.
  • Return on equity was 135.7% and debt-to-equity 0.32.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 5.29 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated

Fortinet reported $6.8 billion of revenue, $1.9 billion of net income and $2.2 billion of free cash flow in FY2025. In Q2 FY2026, revenue was $2.0 billion, operating income was $689.3 million and net income was $606.3 million.

Revenue in the TTM to Q2 FY2026 was $7.5 billion, while free cash flow in the TTM to Q2 FY2026 was $3.1 billion. Net debt was −$3.6 billion in Q2 FY2026, and the P/E was 61.7× as of September 28, 2026.

Fortinet, Inc. (FTNT) Latest News

stockrow.com/FTNT · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com