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Fortinet, Inc. FTNT NDXSPXAI

Technology · Software - Infrastructure · United States
https://www.fortinet.com

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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$137.97
+35.56% 1Y

Market & Price

Market Cap
$101.08B
Current Price
$137.97
High / Low (52W)
$137.97 / $74.39
Beta
0.92

Valuation

Stock P/E
53.48
Industry PE
32.74
Forward P/E
40.27
PEG Ratio
3.11
Book Value
$1.35
Price to Book
102.35
P/S
14.22
EV/EBITDA
41.65
Dividend Yield
-

Profitability & Returns

ROCE
42.99%
ROE
132.39%
ROA
13.59%
Profit Margin
27.49%
Op Margin
31.28%
EPS (Latest Qtr)
$0.72
EPS (TTM)
$2.58

Balance Sheet & Liquidity

Debt/Equity
0.57
Quick Ratio
1.03
Current Ratio
1.15
Debt
$567.20M
Total Assets
$10.39B
Current Assets
$5.90B
Working Capital
$866.20M

Ownership

Promoter Holding
17.39%
Chg in Prom Hold
-
FII / Inst Holding
72.46%
Chg in FII Hold
-0.01%

Financial Snapshot

Enterprise Value
$98.36B
Total Revenue (TTM)
$7.11B
EBITDA
$2.36B
Free Cash Flow
$1.81B
Operating Cash Flow
$2.80B
Shares Outstanding
732.65M
Gross Margin
80.30%
Payout Ratio
0.00%

Growth (CAGR)

Revenue 5Y
15.46%
Profit 5Y
29.30%
Revenue (YoY)
20.10%
Earnings (YoY)
28.60%

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

Robinhood TradingView StockAnalysis

Fundamental Growth

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).

#NameCMP $P/E Mkt CapDiv 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%
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Quarterly Results

Figures in USD.

Metric Sep 2013Mar 2014Jun 2014Sep 2014Mar 2015Jun 2015Sep 2015Mar 2016Jun 2016Sep 2016Mar 2017Jun 2017Sep 2017Mar 2018Jun 2018Sep 2018Mar 2019Jun 2019Sep 2019Mar 2020Jun 2020Sep 2020Mar 2021Jun 2021Sep 2021Mar 2022Jun 2022Sep 2022Mar 2023Jun 2023Sep 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue -------------399.00M441.30M453.90M472.60M521.70M548.10M577.70M617.60M651.10M710.30M801.10M867.20M954.80M1.03B1.15B1.26B1.29B1.33B1.35B1.43B--1.54B1.63B1.72B1.91B1.85B
Cost of Revenue -----------------------------------293.10M314.90M331.70M389.20M364.50M
Gross Profit 110.77M118.21M126.34M136.46M149.28M170.29M188.37M206.93M226.89M231.85M250.00M267.80M280.60M301.80M328.20M342.30M359.60M393.40M424.00M449.00M482.50M511.90M553.70M614.20M656.00M701.00M779.30M866.50M954.50M997.00M1.02B1.05B1.16B--1.25B1.32B1.39B1.52B1.49B
Operating Expenses -----------------------------------792.80M857.10M845.90M890.20M905.10M
Operating Income 18.28M12.81M11.14M15.45M898.00K2.95M-1.84M-3.69M-4.04M5.49M5.40M28.50M33.70M32.40M50.70M62.80M50.60M75.20M100.60M116.70M118.80M126.90M121.60M147.50M166.40M151.00M195.30M265.50M273.50M279.00M303.20M321.20M437.20M--453.80M458.00M547.30M625.60M580.00M
EBITDA -----------------------------------560.00M560.20M639.40M694.70M700.60M
Interest Expense -----------------------------------4.90M4.60M6.20M4.40M4.20M
Pretax Income -----------------------------------519.30M517.30M594.80M650.80M656.60M
Tax Provision -----------------------------------96.50M77.10M120.70M144.80M122.00M
Net Income 11.03M8.39M6.08M4.06M1.56M792.00K8.17M2.12M-1.39M6.29M10.70M23.00M26.70M41.60M49.30M58.70M58.80M72.70M80.20M104.60M113.80M123.40M107.20M137.50M163.10M138.40M173.50M231.60M247.70M266.30M322.90M299.30M379.80M--433.40M440.10M473.90M506.00M534.50M
Diluted EPS 0.070.050.040.020.010.000.050.01-0.010.040.060.130.150.240.280.330.340.420.460.600.690.750.640.160.190.170.210.290.310.330.410.390.49--0.560.570.620.680.72
R&D Expense 26.42M29.05M29.94M30.79M35.82M37.39M42.11M44.75M45.50M47.24M51.20M51.20M53.50M59.10M61.20M58.70M68.60M67.40M69.90M80.30M82.10M90.00M97.20M106.60M107.80M124.90M124.30M134.30M151.10M153.30M156.90M173.00M165.40M187.30M-198.60M209.50M202.40M-214.00M

Profit & Loss (Annual)

Figures in USD.

Metric Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue -------1.49B1.80B2.16B2.59B-4.42B5.30B5.96B6.80B
Cost of Revenue ------------1.08B1.24B1.16B1.33B
Gross Profit 239.49M319.98M386.22M434.65M539.36M722.49M937.60M1.11B1.35B1.66B2.02B-3.33B4.07B4.80B5.47B
Operating Expenses ------------2.36B2.83B2.99B3.39B
Operating Income 55.34M88.90M100.47M72.09M59.32M14.88M42.90M109.80M234.40M351.00M531.80M-969.60M1.24B1.80B2.08B
EBITDA ------------1.08B1.47B2.20B2.45B
Interest Expense ------------18.00M21.00M20.00M20.10M
Pretax Income ------------955.50M1.33B2.06B2.28B
Tax Provision ------------30.80M143.80M283.90M439.10M
Net Income 41.24M62.49M66.84M44.27M25.34M7.99M32.20M31.40M334.90M331.70M488.50M-857.30M1.15B1.75B1.85B
Diluted EPS 0.260.380.400.260.150.050.180.181.921.900.58-1.061.462.262.42
R&D Expense 49.80M63.58M81.08M102.66M122.88M158.13M183.10M210.60M244.50M277.10M341.40M424.20M512.40M613.80M716.80M815.50M

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 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Assets --734.75M975.50M1.17B1.42B1.79B2.14B2.26B3.08B3.88B4.04B-6.23B7.26B9.76B10.39B
Current Assets -------------3.81B4.43B5.97B5.90B
Cash & Equivalents 212.46M66.86M71.99M122.97M115.87M283.25M543.30M709.00M811.00M1.11B1.22B1.06B-1.68B1.40B2.88B2.50B
Inventory -------------264.60M484.80M315.50M399.50M
Receivables -------------1.26B1.40B1.46B1.69B
Total Liabilities --376.39M464.56M582.70M748.81M1.04B1.30B1.67B2.07B2.54B3.19B-6.51B7.72B8.27B9.15B
Current Liabilities --266.86M319.30M413.06M496.46M678.67M829.44M1.03B1.26B1.46B1.83B-3.08B3.72B4.06B5.03B
Long Term Debt -----------0-990.40M992.30M994.30M496.60M
Total Debt -------------990.40M992.30M994.30M996.30M
Total Equity 142.45M232.45M358.35M510.93M585.76M675.97M755.40M837.70M602.00M1.03B1.34B856.00M--281.60M-463.40M1.49B1.24B
Shares Outstanding -------------781.50M761.00M767.00M743.00M

Cash Flows (Annual)

Figures in USD.

Metric Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Operating Cash Flow 103.38M132.84M183.87M147.38M196.58M282.55M345.70M594.40M638.90M808.00M1.08B-1.73B1.94B2.26B2.59B
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 34.02M39.80M50.16M-6.42M749.00K-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 ------------1.45B1.73B1.88B2.23B
Net Change in Cash ------------364.20M-284.20M1.48B-380.00M
Share Buybacks -0033.53M43.98M60.00M110.80M446.30M211.80M145.10M1.08B741.80M1.99B1.50B600.00K2.29B

Ratios (Annual)

Figures in %.

Metric Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 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

Insiders
17.39%
Institutions
72.46%
Public Float
87.71%

Top Institutional Holders

#Holder% HeldSharesValue
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

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