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Fortinet, Inc. FTNT NDXSPXAI

Technology · Software - Infrastructure · United States
https://www.fortinet.com
Company Profile ↓
$166.83
+62.02% 1Y
Mkt Cap$122.23B
P/E64.91
P/B108.53
52W High$166.83
52W Low$74.39
Book Value$1.35
EPS (TTM)$2.57

Company Overview

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.

Why Investors Should Care

Strong Return on Equity

Generates a return on equity of 132.4%, reflecting efficient use of shareholder capital.

Healthy Capital Returns

Return on capital employed stands at 38.9%.

Consistent Profit Growth

Net profit has compounded at 28.9% per year over the last five years.

Steady Revenue Expansion

Revenue has grown at a 22.5% CAGR over the past five years.

Healthy Margins

Maintains a net profit margin of 27.5%.

Positive Free Cash Flow

Generates positive free cash flow, funding growth and shareholder returns internally.

Recent Developments

  • Dec 2025 Revenue of $6.80B (+14.2% YoY); net profit $1.85B.
  • Trailing 12 Months Year-on-year growth — revenue +20.1%, earnings +28.6%.
  • 5-Year Trend Long-term compounding — revenue CAGR 22.5%, profit CAGR 28.9%.

Growth & Price Performance

Compounded Sales Growth

5 Years:22.48%
1 Year:20.10%

Compounded Profit Growth

5 Years:28.88%
1 Year:28.60%

Stock Price Performance

1 Year:+62.02%
6 Months:+110.59%
3 Months:+111.87%
1 Month:+15.01%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

AI Exposure AI AI Cybersecurity
Core Focus

FortiAI assistant + AI threat detection across SecOps & SASE.

Key Initiatives
  • FortiAI Fortinet embeds AI (FortiAI/FortiGuard) across its Security Fabric for threat detection, response and SecOps automation.
  • AI-driven threat intelligence FortiGuard Labs uses machine learning on global telemetry to detect and block emerging threats.
  • Secure networking + AI AI enhances SD-WAN, firewall and SASE products as security converges with networking.
Why Investors Should Care
  • Profitable cybersecurity leader (net margin ~27%, very high ROE) with AI woven across the fabric.
  • Owns its custom ASICs, giving a cost/performance edge in secure networking.
  • Strong free cash flow and steady ~20% growth.
  • Firewall-refresh cyclicality and competition are key risks.
AI InvestmentSteady R&D; SASE buildout.
AI RevenueConvergence and security ops products growing.
ROI (Now)Operating margin ~30%.
ROI (Expected)AI features support pricing power.

Curated from public filings and analyst commentary; figures are illustrative.

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Price Chart

Robinhood TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Strong return on equity of 132.4%.
  • Healthy ROCE of 38.9%.
  • Excellent profit margin of 27.5%.
  • Compounding revenue at 22.5% over 5 years.
  • Profit CAGR of 28.9% over 5 years.
  • Generates positive free cash flow.

CONS

  • Trading at a high P/E of 64.9.

* The pros and cons are auto-generated from financial metrics.

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Valuation

Stock P/E
64.91
Industry PE
36.02
Forward P/E
48.70
PEG Ratio
3.30
Book Value
$1.35
Price to Book
108.53
P/S
15.08
EV/EBITDA
44.24
Dividend Yield
0.00%

Growth (CAGR)

Revenue 5Y
22.48%
Profit 5Y
28.88%
Revenue (YoY)
20.10%
Earnings (YoY)
28.60%

Profitability & Returns

ROCE
38.93%
ROE
132.39%
ROA
13.59%
Profit Margin
27.49%
Op Margin
31.28%
Gross Margin
80.30%
EPS (Latest Qtr)
$0.72
EPS (TTM)
$2.57

Balance Sheet & Liquidity

Debt/Equity
0.57
Quick Ratio
1.03
Current Ratio
1.15
Debt
$567.20M
Total Assets
$9.88B
Current Assets
-
Working Capital
-

Ownership

Promoter Holding
17.39%
Chg in Prom Hold
-
FII / Inst Holding
72.53%
Chg in FII Hold
-0.00%

Financial Snapshot

Enterprise Value
$122.23B
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%

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 166.83 64.91 $122.23B 0.00% 38.93% 132.39% 22.48% 28.88%
2 NVDA NVIDIA Corporation NDXSPXAI 211.80 32.43 $5.13T 0.49% 74.66% 114.29% 24.64% 32.12%
3 AAPL Apple Inc. NDXSPX 314.86 38.07 $4.62T 0.37% 68.72% 141.47% 1.81% 3.92%
4 MSFT Microsoft Corporation NDXSPXAI 384.93 22.91 $2.86T 0.93% 26.90% 34.01% 9.48% 10.85%
5 TSM Taiwan Semiconductor Manufacturing Company Limited AI 420.39 36.18 $2.18T 0.90% 30.20% 36.21% 18.94% 19.57%
6 AVGO Broadcom Inc. NDXSPXAI 389.11 64.85 $1.85T 0.68% 16.70% 37.28% 24.38% 26.24%
7 MU Micron Technology, Inc. NDXSPXAI 983.12 46.37 $1.11T 0.06% 13.69% 39.82% 13.68% 26.02%
8 AMD Advanced Micro Devices, Inc. NDXSPXAI 548.13 181.50 $893.78B 0.00% 6.33% 8.06% 13.64% 48.64%
9 ASML ASML Holding N.V. NDXAI 1,775.64 59.55 $684.36B 0.47% 42.97% 52.24% 15.55% 19.55%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in USD.

Metric Mar 2013Jun 2013Sep 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 2024Mar 2025Jun 2025Sep 2025Mar 2026
Revenue ---------------399.00M441.30M453.90M472.60M521.70M548.10M577.70M617.60M651.10M710.30M801.10M867.20M954.80M1.03B1.15B1.26B1.29B1.33B1.35B1.43B1.51B1.54B1.63B1.72B1.85B
Gross Profit 96.69M103.72M110.77M118.21M126.34M136.46M149.28M170.29M188.37M206.93M226.89M231.85M250.00M267.80M280.60M301.80M328.20M342.30M359.60M393.40M424.00M449.00M482.50M511.90M553.70M614.20M656.00M701.00M779.30M866.50M954.50M997.00M1.02B1.05B1.16B1.24B1.25B1.32B1.39B1.49B
Operating Income 15.39M13.78M18.28M12.81M11.14M15.45M898.00K2.95M-1.84M-3.69M-4.04M5.49M5.40M28.50M33.70M32.40M50.70M62.80M50.60M75.20M100.60M116.70M118.80M126.90M121.60M147.50M166.40M151.00M195.30M265.50M273.50M279.00M303.20M321.20M437.20M470.90M453.80M458.00M547.30M580.00M
Net Income 12.25M8.98M11.03M8.39M6.08M4.06M1.56M792.00K8.17M2.12M-1.39M6.29M10.70M23.00M26.70M41.60M49.30M58.70M58.80M72.70M80.20M104.60M113.80M123.40M107.20M137.50M163.10M138.40M173.50M231.60M247.70M266.30M322.90M299.30M379.80M539.90M433.40M440.10M473.90M534.50M
Diluted EPS 0.070.050.070.050.040.020.010.000.050.01-0.010.040.060.130.150.240.280.330.340.420.460.600.690.750.640.160.190.170.210.290.310.330.410.390.490.700.560.570.620.72
R&D Expense 23.33M25.16M26.42M29.05M29.94M30.79M35.82M37.39M42.11M44.75M45.50M47.24M51.20M51.20M53.50M59.10M61.20M58.70M68.60M67.40M69.90M80.30M82.10M90.00M97.20M106.60M107.80M124.90M124.30M134.30M151.10M153.30M156.90M173.00M165.40M187.30M198.60M209.50M202.40M214.00M

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 324.70M433.58M533.64M615.30M770.36M1.01B1.28B1.49B1.80B2.16B2.59B3.34B4.42B5.30B5.96B6.80B
Gross Profit 239.49M319.98M386.22M434.65M539.36M722.49M937.60M1.11B1.35B1.66B2.02B2.56B3.33B4.07B4.80B5.47B
Operating Income 55.34M88.90M100.47M72.09M59.32M14.88M42.90M109.80M234.40M351.00M531.80M650.40M969.60M1.24B1.80B2.08B
Net Income 41.24M62.49M66.84M44.27M25.34M7.99M32.20M31.40M334.90M331.70M488.50M606.80M857.30M1.15B1.75B1.85B
Diluted EPS 0.260.380.400.260.150.050.180.181.921.900.580.731.061.462.262.42
R&D Expense 49.80M63.58M81.08M102.66M122.88M158.13M183.10M210.60M244.50M277.10M341.40M424.20M512.40M613.80M716.80M815.50M

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 --734.75M975.50M1.17B1.42B1.79B2.14B2.26B3.08B3.88B4.04B5.92B6.23B7.26B9.76B10.39B
Total Equity 142.45M232.45M358.35M510.93M585.76M675.97M755.40M837.70M602.00M1.03B1.34B856.00M781.70M-281.60M-463.40M1.49B1.24B
Cash & Equivalents 212.46M66.86M71.99M122.97M115.87M283.25M543.30M709.00M811.00M1.11B1.22B1.06B1.32B1.68B1.40B2.88B2.50B
Long Term Debt -----------0988.40M990.40M992.30M994.30M496.60M
Total Liabilities --376.39M464.56M582.70M748.81M1.04B1.30B1.67B2.07B2.54B3.19B5.12B6.51B7.72B8.27B9.15B
Current Liabilities --266.86M319.30M413.06M496.46M678.67M829.44M1.03B1.26B1.46B1.83B2.32B3.08B3.72B4.06B5.03B

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 103.38M132.84M183.87M147.38M196.58M282.55M345.70M594.40M638.90M808.00M1.08B1.50B1.73B1.94B2.26B2.59B
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-1.33B763.90M-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-1.17B82.80M-2.13B-1.57B-50.10M-2.37B
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 % 73.8%73.8%72.4%70.6%70.0%71.6%73.5%74.2%75.0%76.6%78.0%76.6%75.4%76.7%80.6%80.5%
Operating Margin % 17.0%20.5%18.8%11.7%7.7%1.5%3.4%7.3%13.0%16.2%20.5%19.5%21.9%23.4%30.3%30.7%
Net Margin % 12.7%14.4%12.5%7.2%3.3%0.8%2.5%2.1%18.6%15.3%18.8%18.2%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%77.6%-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%18.1%30.8%35.1%31.6%38.9%

Shareholding Pattern

Insiders
17.39%
Institutions
72.53%
Public Float
87.79%

Top Institutional Holders

#Holder% HeldSharesValue
1 Blackrock Inc. 8.46% 61.97M $10.08B
2 Vanguard Capital Management LLC 5.43% 39.75M $6.46B
3 State Street Corporation 3.95% 28.93M $4.70B
4 Vanguard Portfolio Management LLC 3.42% 25.04M $4.07B
5 Geode Capital Management, LLC 2.38% 17.46M $2.84B
6 Bank Of New York Mellon Corporation 1.82% 13.33M $2.17B
7 First Trust Advisors LP 1.57% 11.51M $1.87B
8 Invesco Ltd. 1.37% 10.01M $1.63B
9 Arrowstreet Capital, Limited Partnership 1.32% 9.65M $1.57B
10 Goldman Sachs Group Inc 1.23% 8.98M $1.46B

Analyst View

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Latest News

Recent headlines for FTNT

Google News Wed, 15 Jul 2026

Fortinet (FTNT) Stock Could Be 39% Above Fair Value Despite AI Security Growth - Yahoo Finance

<a href="https://news.google.com/rss/articles/CBMimAFBVV95cUxOMXgtaUdsR2x3bDNYUUhuQ19rS1dMNTNHTDZ4UXhKbXl0OXlYVHVSZkIwOVVXdDV6Qnl6STVHUGd2TEVaTUdZT25OYjc2dTMxSlRUaGJtRTBaTlh3SW15V1dRTS15OEZldkJUbG81SWZCOFlYd3BOSy1RWUxfNVJaaFUwMVBwaktJNnEzNE…

Google News ue, 14 Jul 2026

Fortinet’s AI Surge Is Impressive. Is Microsoft The Smarter Play? - Trefis

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Google News ue, 14 Jul 2026

Fortinet's Data-Loss Controls for AI Use Expected in Q3 2026 - Stock Titan

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Google News ue, 14 Jul 2026

Fortinet stock hits all-time high at 165.39 USD - Investing.com

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Google News ue, 14 Jul 2026

Fortinet Inc Stock (FTNT) Closed Up by 3.97% on Jul 14: What Signal Does It Send? - TradingKey

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Google News ue, 14 Jul 2026

A Look at Fortinet Inc (FTNT) After 3.9% Gain -- GF Value $99.80 vs Price $166.83 - GuruFocus

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FTNT — Frequently Asked Questions

What is the current share price of Fortinet, Inc. (FTNT)?

As of 2026-07-14 21:23 PDT, Fortinet, Inc. (FTNT) trades at $166.83 on NasdaqGS. Its 52-week range is $74.39 to $166.83.

What is the market capitalisation of FTNT?

Fortinet, Inc. (FTNT) has a market capitalisation of $122.23B on NasdaqGS.

What is the P/E ratio of FTNT?

FTNT trades at a trailing price-to-earnings (P/E) ratio of 64.91. The industry average P/E is 36.02. Its price-to-book (P/B) ratio is 108.53.

What is the return on equity (ROE) of FTNT?

FTNT has a return on equity (ROE) of 132.39%. Its return on capital employed (ROCE) is 38.93%.

Is FTNT a good stock to buy?

This page provides a data-driven analysis of Fortinet, Inc. (FTNT), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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