Stock · FTNT · Technology
United States · Large Cap · listed since 2009 · Revenue 12 mo. $7.5B
Price as of 11/06/2026
Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide.
Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. The company offers FortiOS, a unified operating system designed to address cybersecurity threats; FortiASIC application-specific integrated circuit (ASIC)-based security processing units; FortiCloud, a private cloud software as a service platform; FortiAI, which provides a dual-layered defense across the Fortinet Security Fabric; FortiEndpoint, which converges secure connectivity, endpoint protection, and capabilities into a single agent; and OT Security, which protect the engineered systems that underpin infrastructure and supply chains. It also provides secure networking solutions that focus on the convergence of networking and security; network firewall solutions comprising FortiGate data centers, hyperscale, and distributed firewalls; wireless local area network solutions; and secure connectivity solutions. In addition, the company offers the Fortinet Unified Secure Access Service Edge solutions that include firewall, software-defined wide-area network, secure web gateway, cloud access services broker, data loss prevention, and zero trust network access; and web application firewalls, cloud network security with virtualized firewalls, cloud-native firewalls, cloud-native application protection, and code security. Further, it provides AI-driven security operation solutions, which include a suite of cybersecurity solutions, as well as FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP, and FortiRecon. Additionally, the company offers FortiGuard Labs, a cybersecurity threat intelligence and research organization; FortiGuard and Other Security Services, a suite of AI-powered security capabilities that consists of FortiGuard application, content, device, NOC/SOC, and web security services; and FortiCare technical support services. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.
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Summary
53.4 of 100
Mean of the six area values. Each area value is the mean of the stock's ranks among the companies in its sector. 50 is the middle of the sector, not a share of companies beaten.
Analysis
What the price requires
If free cash flow stays at €2B (2025), it supports €22.2B. The remaining €62.3B of the market value assume it grows 18.6% a year for 10 years and not at all afterwards.
Required FCF growth per year
18.6%
no growth afterwards
Price to operating cash flow 25.9×, within its usual range.
Middle half of 20 quarters: 24.0× to 32.9×, median 26.9×.
Measures only against its own past, not against what the company is worth. Price as of 11/06/2026.
with respect to the priced-in expectation
with respect to the priced-in expectation
No anomaly in the stored figures.
Since the last quarter
Q1 → Q2 2026
2 more unchanged: Gross margin, Shares outstanding
Derivation
Each area value is the average of its metrics' ranks within the sector (0 to 100, 50 is the middle). For metrics where lower is better, the rank is mirrored. The overall value is the average of the area values.
Price as of 11/06/2026.
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Return on equity | 149.77% | 14.60% | Rank 99 |
| Return on capital (Greenblatt) | 83.78% | 29.77% | Rank 78 |
| EBIT margin | 30.62% | 17.40% | Rank 81 |
| FCF margin | 32.73% | 18.54% | Rank 85 |
| Gross margin | 80.84% | 48.47% | Rank 91 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Revenue growth, 1 year | 14.17% | 12.70% | Rank 57 |
| Earnings growth, 3 years per year | 31.56% | 9.54% | Rank 82 |
| Earnings growth, 5 years per year | 32.99% | 14.07% | Rank 84 |
| Sustainable growth (ROE × retained earnings) | 5.37% | 2.87% | Rank 67 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Earnings yield | 2.04% | 2.64% | Rank 38 |
| FCF yield | 2.36% | 3.06% | Rank 40 |
| EV/saleslower is better | 13.46 | 5.18 | Rank 19 |
| EV/EBITlower is better | 43.97 | 26.24 | Rank 28 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Share price, 1 year | 37.95% | −0.59% | Rank 83 |
| Share price, 6 months | 4.67% | −4.46% | Rank 60 |
| Share price, 3 months | −20.43% | −5.84% | Rank 29 |
| Distance from 52-week high | −38.98% | −33.23% | Rank 41 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Accruals (Sloan)lower is better | −1.37% | 1.65% | Rank 69 |
| Change in share countlower is better | −0.95% | −0.17% | Rank 64 |
| Dividend streak in years | – | 8 | Rank 18 |
| Price reaction to results, market-adjusted | −20.05% | −1.57% | Rank 2 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Equity ratio | 11.91% | 53.98% | Rank 6 |
| Net debt/EBITDAlower is better | −1.05 | −0.20 | Rank 72 |
| Debt to equitylower is better | 0.81 | 0.33 | Rank 22 |
| Volatility, 1 yearlower is better | 48.93% | 50.37% | Rank 55 |
Ten years in figures
| Year | Revenue, $B | EBIT margin | FCF | Shares | Net debt |
|---|---|---|---|---|---|
| 2016 | 1.3 | 3.4% | $278.5M | 882M | −$709.0M |
| 2017 | 1.5 | 7.3% | $459.1M | 890M | −$811.0M |
| 2018 | 1.8 | 13.0% | $585.9M | 871M | −$1.1B |
| 2019 | 2.2 | 16.2% | $715.8M | 875M | −$1.2B |
| 2020 | 2.6 | 20.5% | $957.8M | 839M | −$1.1B |
| 2021 | 3.3 | 19.5% | $1.2B | 836M | −$330.7M |
| 2022 | 4.4 | 22.0% | $1.4B | 805M | −$692.5M |
| 2023 | 5.3 | 23.4% | $1.7B | 788M | −$405.6M |
| 2024 | 6.0 | 30.3% | $1.9B | 772M | −$1.9B |
| 2025 | 6.8 | 30.6% | $2.2B | 765M | −$1.5B |
5 of 7 StockScorer Score rules met · How the score is built
Fortinet Inc mainly meets criteria in the Profitability category. Result from 18 strategies checked.
Fortinet Inc is rated here with the StockScorer Score strategy, the flagship rule set. It compares return and cash-flow metrics with the median of the company's own sector and checks growth and price trend.
5 of 7 rules met
7 of 11 points
Detail data
Excerpt from 18 strategies checked. The full evaluation is visible after a free sign-up.
With a free account, you can see the match across all strategies checked in one complete overview.
Selected fundamental metrics for Fortinet Inc.
| Metric | Stock | Sector |
|---|---|---|
| P/E ratio | 49.0 | 35.1 |
| P/B ratio | 73.4 | 5.5 |
| Return on equity (ROE) | 149.8% | 14.6% |
| Equity ratio | 11.9% | 54.0% |
| Debt-to-equity (D/E) | 0.81 | 0.33 |
| Dividend yield | 0.0% | 0.9% |
How comparable stocks in the same sector score in the StockScorer model.
| Symbol | Company | Rating |
|---|---|---|
| FTNT | Fortinet Incthis page | |
| NET | Cloudflare Inc | locked |
| SNPS | Synopsys Inc | Low3.6 |
| XYZ | Block, Inc | Low1.8 |
| NTAP | NetApp Inc | locked |
| ZS | Zscaler Inc | locked |
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Learn more about the metrics in the metrics glossary or all rated stocks in the stock overview.
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