Fortinet, Inc. FTNT NDXSPXAI
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.
READ MORE ›Market & Price
Valuation
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Growth (CAGR)
PROS
- Strong return on equity of 132.4%.
- Healthy ROCE of 43.0%.
- Excellent profit margin of 27.5%.
- Compounding revenue at 15.5% over 5 years.
- Profit CAGR of 29.3% over 5 years.
- Generates positive free cash flow.
CONS
- Trading at a high P/E of 53.5.
- RSI at 80 suggests overbought conditions.
* The pros and cons are auto-generated from financial metrics.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).
Peer comparison
Peer companies in the same sector (Technology).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | FTNT Fortinet, Inc. NDXSPXAI | 137.97 | 53.48 | $101.08B | - | 42.99% | 132.39% | 15.46% | 29.30% |
| 2 | NVDA NVIDIA Corporation NDXSPXAI | 211.14 | 32.38 | $5.11T | 0.47% | 81.14% | 114.29% | 100.05% | 201.80% |
| 3 | AAPL Apple Inc. NDXSPX | 312.06 | 37.73 | $4.58T | 0.35% | 68.72% | 141.47% | 1.81% | 3.92% |
| 4 | MSFT Microsoft Corporation NDXSPXAI | 450.24 | 26.82 | $3.34T | 0.81% | 26.37% | 34.01% | 12.42% | 11.87% |
| 5 | TSM Taiwan Semiconductor Manufacturing Company Limited AI | 418.45 | 35.86 | $2.17T | 0.91% | 32.04% | 36.21% | 18.94% | 19.57% |
| 6 | MU Micron Technology, Inc. NDXSPXAI | 971.00 | 45.87 | $1.10T | 0.06% | 14.20% | 39.82% | 6.71% | -0.57% |
| 7 | AMD Advanced Micro Devices, Inc. NDXSPXAI | 516.10 | 172.61 | $841.55B | - | 6.33% | 8.06% | 13.64% | 48.64% |
| 8 | ORCL Oracle Corporation SPXAI | 225.78 | 40.46 | $649.35B | 0.89% | 13.07% | 57.57% | 10.59% | 22.81% |
| 9 | ASML ASML Holding N.V. NDXAI | 1,612.76 | 53.76 | $621.59B | 0.54% | 43.81% | 52.24% | 15.55% | 19.55% |
Quarterly Results
Figures in USD.
| Metric | Sep 2013 | Mar 2014 | Jun 2014 | Sep 2014 | Mar 2015 | Jun 2015 | Sep 2015 | Mar 2016 | Jun 2016 | Sep 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 399.00M | 441.30M | 453.90M | 472.60M | 521.70M | 548.10M | 577.70M | 617.60M | 651.10M | 710.30M | 801.10M | 867.20M | 954.80M | 1.03B | 1.15B | 1.26B | 1.29B | 1.33B | 1.35B | 1.43B | - | - | 1.54B | 1.63B | 1.72B | 1.91B | 1.85B |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 293.10M | 314.90M | 331.70M | 389.20M | 364.50M |
| Gross Profit | 110.77M | 118.21M | 126.34M | 136.46M | 149.28M | 170.29M | 188.37M | 206.93M | 226.89M | 231.85M | 250.00M | 267.80M | 280.60M | 301.80M | 328.20M | 342.30M | 359.60M | 393.40M | 424.00M | 449.00M | 482.50M | 511.90M | 553.70M | 614.20M | 656.00M | 701.00M | 779.30M | 866.50M | 954.50M | 997.00M | 1.02B | 1.05B | 1.16B | - | - | 1.25B | 1.32B | 1.39B | 1.52B | 1.49B |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 792.80M | 857.10M | 845.90M | 890.20M | 905.10M |
| Operating Income | 18.28M | 12.81M | 11.14M | 15.45M | 898.00K | 2.95M | -1.84M | -3.69M | -4.04M | 5.49M | 5.40M | 28.50M | 33.70M | 32.40M | 50.70M | 62.80M | 50.60M | 75.20M | 100.60M | 116.70M | 118.80M | 126.90M | 121.60M | 147.50M | 166.40M | 151.00M | 195.30M | 265.50M | 273.50M | 279.00M | 303.20M | 321.20M | 437.20M | - | - | 453.80M | 458.00M | 547.30M | 625.60M | 580.00M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 560.00M | 560.20M | 639.40M | 694.70M | 700.60M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.90M | 4.60M | 6.20M | 4.40M | 4.20M |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 519.30M | 517.30M | 594.80M | 650.80M | 656.60M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 96.50M | 77.10M | 120.70M | 144.80M | 122.00M |
| Net Income | 11.03M | 8.39M | 6.08M | 4.06M | 1.56M | 792.00K | 8.17M | 2.12M | -1.39M | 6.29M | 10.70M | 23.00M | 26.70M | 41.60M | 49.30M | 58.70M | 58.80M | 72.70M | 80.20M | 104.60M | 113.80M | 123.40M | 107.20M | 137.50M | 163.10M | 138.40M | 173.50M | 231.60M | 247.70M | 266.30M | 322.90M | 299.30M | 379.80M | - | - | 433.40M | 440.10M | 473.90M | 506.00M | 534.50M |
| Diluted EPS | 0.07 | 0.05 | 0.04 | 0.02 | 0.01 | 0.00 | 0.05 | 0.01 | -0.01 | 0.04 | 0.06 | 0.13 | 0.15 | 0.24 | 0.28 | 0.33 | 0.34 | 0.42 | 0.46 | 0.60 | 0.69 | 0.75 | 0.64 | 0.16 | 0.19 | 0.17 | 0.21 | 0.29 | 0.31 | 0.33 | 0.41 | 0.39 | 0.49 | - | - | 0.56 | 0.57 | 0.62 | 0.68 | 0.72 |
| R&D Expense | 26.42M | 29.05M | 29.94M | 30.79M | 35.82M | 37.39M | 42.11M | 44.75M | 45.50M | 47.24M | 51.20M | 51.20M | 53.50M | 59.10M | 61.20M | 58.70M | 68.60M | 67.40M | 69.90M | 80.30M | 82.10M | 90.00M | 97.20M | 106.60M | 107.80M | 124.90M | 124.30M | 134.30M | 151.10M | 153.30M | 156.90M | 173.00M | 165.40M | 187.30M | - | 198.60M | 209.50M | 202.40M | - | 214.00M |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | 1.49B | 1.80B | 2.16B | 2.59B | - | 4.42B | 5.30B | 5.96B | 6.80B |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 1.08B | 1.24B | 1.16B | 1.33B |
| Gross Profit | 239.49M | 319.98M | 386.22M | 434.65M | 539.36M | 722.49M | 937.60M | 1.11B | 1.35B | 1.66B | 2.02B | - | 3.33B | 4.07B | 4.80B | 5.47B |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | 2.36B | 2.83B | 2.99B | 3.39B |
| Operating Income | 55.34M | 88.90M | 100.47M | 72.09M | 59.32M | 14.88M | 42.90M | 109.80M | 234.40M | 351.00M | 531.80M | - | 969.60M | 1.24B | 1.80B | 2.08B |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | 1.08B | 1.47B | 2.20B | 2.45B |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | 18.00M | 21.00M | 20.00M | 20.10M |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | 955.50M | 1.33B | 2.06B | 2.28B |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | 30.80M | 143.80M | 283.90M | 439.10M |
| Net Income | 41.24M | 62.49M | 66.84M | 44.27M | 25.34M | 7.99M | 32.20M | 31.40M | 334.90M | 331.70M | 488.50M | - | 857.30M | 1.15B | 1.75B | 1.85B |
| Diluted EPS | 0.26 | 0.38 | 0.40 | 0.26 | 0.15 | 0.05 | 0.18 | 0.18 | 1.92 | 1.90 | 0.58 | - | 1.06 | 1.46 | 2.26 | 2.42 |
| R&D Expense | 49.80M | 63.58M | 81.08M | 102.66M | 122.88M | 158.13M | 183.10M | 210.60M | 244.50M | 277.10M | 341.40M | 424.20M | 512.40M | 613.80M | 716.80M | 815.50M |
Compounded Sales Growth
| 5 Years: | 15.46% |
| 1 Year: | 20.10% |
Compounded Profit Growth
| 5 Years: | 29.30% |
| 1 Year: | 28.60% |
Stock Price Performance
| 1 Year: | +35.56% |
| 6 Months: | +70.61% |
| 3 Months: | +74.58% |
| 1 Month: | +60.23% |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 734.75M | 975.50M | 1.17B | 1.42B | 1.79B | 2.14B | 2.26B | 3.08B | 3.88B | 4.04B | - | 6.23B | 7.26B | 9.76B | 10.39B |
| Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.81B | 4.43B | 5.97B | 5.90B |
| Cash & Equivalents | 212.46M | 66.86M | 71.99M | 122.97M | 115.87M | 283.25M | 543.30M | 709.00M | 811.00M | 1.11B | 1.22B | 1.06B | - | 1.68B | 1.40B | 2.88B | 2.50B |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | 264.60M | 484.80M | 315.50M | 399.50M |
| Receivables | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.26B | 1.40B | 1.46B | 1.69B |
| Total Liabilities | - | - | 376.39M | 464.56M | 582.70M | 748.81M | 1.04B | 1.30B | 1.67B | 2.07B | 2.54B | 3.19B | - | 6.51B | 7.72B | 8.27B | 9.15B |
| Current Liabilities | - | - | 266.86M | 319.30M | 413.06M | 496.46M | 678.67M | 829.44M | 1.03B | 1.26B | 1.46B | 1.83B | - | 3.08B | 3.72B | 4.06B | 5.03B |
| Long Term Debt | - | - | - | - | - | - | - | - | - | - | - | 0 | - | 990.40M | 992.30M | 994.30M | 496.60M |
| Total Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | 990.40M | 992.30M | 994.30M | 996.30M |
| Total Equity | 142.45M | 232.45M | 358.35M | 510.93M | 585.76M | 675.97M | 755.40M | 837.70M | 602.00M | 1.03B | 1.34B | 856.00M | - | -281.60M | -463.40M | 1.49B | 1.24B |
| Shares Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | 781.50M | 761.00M | 767.00M | 743.00M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 103.38M | 132.84M | 183.87M | 147.38M | 196.58M | 282.55M | 345.70M | 594.40M | 638.90M | 808.00M | 1.08B | - | 1.73B | 1.94B | 2.26B | 2.59B |
| Investing Cash Flow | -283.71M | -166.83M | -182.71M | -146.73M | -29.35M | -967.00K | -74.10M | -76.80M | -134.90M | -502.30M | -72.80M | - | 763.90M | -649.30M | -727.40M | -599.10M |
| Financing Cash Flow | 34.02M | 39.80M | 50.16M | -6.42M | 749.00K | -21.56M | -105.90M | -415.60M | -202.60M | -195.60M | -1.17B | - | -2.13B | -1.57B | -50.10M | -2.37B |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - | - | - | -281.20M | -204.10M | -378.90M | -364.80M |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - | - | - | 1.45B | 1.73B | 1.88B | 2.23B |
| Net Change in Cash | - | - | - | - | - | - | - | - | - | - | - | - | 364.20M | -284.20M | 1.48B | -380.00M |
| Share Buybacks | - | 0 | 0 | 33.53M | 43.98M | 60.00M | 110.80M | 446.30M | 211.80M | 145.10M | 1.08B | 741.80M | 1.99B | 1.50B | 600.00K | 2.29B |
Ratios (Annual)
Figures in %.
| Metric | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | - | - | - | - | - | - | - | 74.2% | 75.0% | 76.6% | 78.0% | - | 75.4% | 76.7% | 80.6% | 80.5% |
| Operating Margin % | - | - | - | - | - | - | - | 7.3% | 13.0% | 16.2% | 20.5% | - | 21.9% | 23.4% | 30.3% | 30.7% |
| Net Margin % | - | - | - | - | - | - | - | 2.1% | 18.6% | 15.3% | 18.8% | - | 19.4% | 21.6% | 29.3% | 27.3% |
| ROE % | 17.7% | 17.4% | 13.1% | 7.6% | 3.7% | 1.1% | 3.8% | 5.2% | 32.7% | 24.7% | 57.1% | - | -304.4% | -247.7% | 116.8% | 149.8% |
| ROCE % | - | 19.0% | 15.3% | 9.5% | 6.4% | 1.3% | 3.3% | 8.9% | 12.9% | 14.5% | 24.0% | - | 30.8% | 35.1% | 31.6% | 38.9% |
Shareholding Pattern
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Blackrock Inc. | 8.46% | 61.97M | $8.55B |
| 2 | Vanguard Capital Management LLC | 5.43% | 39.75M | $5.48B |
| 3 | State Street Corporation | 3.95% | 28.93M | $3.99B |
| 4 | Vanguard Portfolio Management LLC | 3.42% | 25.04M | $3.45B |
| 5 | Geode Capital Management, LLC | 2.38% | 17.46M | $2.41B |
| 6 | Bank Of New York Mellon Corporation | 1.82% | 13.33M | $1.84B |
| 7 | First Trust Advisors LP | 1.57% | 11.51M | $1.59B |
| 8 | Invesco Ltd. | 1.37% | 10.01M | $1.38B |
| 9 | Arrowstreet Capital, Limited Partnership | 1.32% | 9.65M | $1.33B |
| 10 | Goldman Sachs Group Inc | 1.23% | 8.98M | $1.24B |
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
Latest News
Recent headlines for FTNT