Tearsheet

Fortinet (FTNT)

Market Price (9/17/2025): $79.78 | Market Cap: $61.1 Bil
Sector: Information Technology | Industry: Systems Software

Fortinet (FTNT)

Market Price (9/17/2025): $79.78
Market Cap: $61.1 Bil
Sector: Information Technology
Industry: Systems Software

Investment Highlights

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 31%	Weak multi-year price returns 2Y Excs Rtn is -22%, 3Y Excs Rtn is -14%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 2.4 Bil, FCF LTM is 2.0 Bil
2	Low stock price volatility Vol 12M is 43%

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 31%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 2.4 Bil, FCF LTM is 2.0 Bil
2	Low stock price volatility Vol 12M is 43%
3	Weak multi-year price returns 2Y Excs Rtn is -22%, 3Y Excs Rtn is -14%

Market Valuation

	9/17/25	2024	2023	2022	2021
Share Price CYE	$79.78	$94.48	$58.53	$48.89	$71.88
Market Cap CYE ($ Bil)	61.1	72.4	44.8	38.2	58.6
Total Debt ($ Bil)	1.0	1.0	1.0	1.0	1.0
Total Cash ($ Bil)	4.6	4.1	2.4	2.2	2.6
Enterprise Value ($ Bil)	57.5	73.4	45.8	39.2	59.6
Valuation Ratios
P/S TTM	9.6	12.1	8.6	8.8	17.6
P/EBIT TTM	26.5	34.8	33.6	39.7	91.2
P/E TTM	31.5	41.4	39.7	45.1	96.7
Sector Ratios
P/S TTM (Sector)	3.2	3.1	2.8	2.5	5.0
P/EBIT TTM (Sector)	4.0	-0.0	-0.1	-0.5	1.7
P/E TTM (Sector)	-0.4	-0.3	-0.4	-0.5	0.0

	9/17/25	2024	2023
Share Price CYE	$79.78	$94.48	$58.53
Market Cap CYE ($ Bil)	61.1	72.4	44.8
Total Debt ($ Bil)	1.0	1.0	1.0
Total Cash ($ Bil)	4.6	4.1	2.4
Enterprise Value ($ Bil)	57.5	73.4	45.8
Valuation Ratios
P/S TTM	9.6	12.1	8.6
P/EBIT TTM	26.5	34.8	33.6
P/E TTM	31.5	41.4	39.7
Sector Ratios
P/S TTM (Sector)	3.2	3.1	2.8
P/EBIT TTM (Sector)	4.0	-0.0	-0.1
P/E TTM (Sector)	-0.4	-0.3	-0.4

Stock Price
Market Cap

Stock Price Chart

Return (1Y):

Market Cap Chart

Business Description

Fortinet, Inc. provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration. Show more Fortinet, Inc. provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration. The company also provides FortiSwitch product family that offers secure switching solutions for connecting customers their end devices; FortiAP product family, which provides secure wireless networking solutions; FortiExtender, a hardware appliance; FortiAnalyzer product family, which offers centralized network logging, analyzing, and reporting solutions; and FortiManager product family that provides central and scalable management solution for its FortiGate products. It offers FortiWeb product family provides web application firewall solutions; FortiMail product family that secure email gateway solutions; FortiSandbox technology that delivers proactive detection and mitigation services; FortiClient that provides endpoint protection with pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall; FortiToken and FortiAuthenticator product families for multi-factor authentication to safeguard systems, assets, and data; and FortiEDR/XDR, an endpoint protection solution that provides both comprehensive machine-learning anti-malware execution and real-time post-infection protection. It provides security subscription, technical support, professional, and training services. It sells its security solutions to channel partners and directly to various customers in telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare industries. It has strategic alliance with Linksys. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California. Show less

Price Returns Compared

Expand for Detailed View

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
FTNT Return	39%	142%	-32%	20%	61%	-16%	273%
Peers Return	47%	46%	-26%	73%	44%	18%	366%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MSFT, AVGO, CSCO, NOW, PANW. See FTNT Returns vs. Peers.
[3] 2025 data is for the year up to 9/16/2025 (YTD)

Better Bets than Fortinet (FTNT)

	FTNT	Better Performance than FTNT
Metric	Value	Industry (Systems Software)
Rev Chg LTM	14.5%	MSFT (14.9%), NOW (21.1%), PANW (14.9%), CRWD (23.5%), NET (27.8%)
Rev Chg 3Y Avg	18.7%	NOW (22.3%), PANW (18.9%), CRWD (33.5%), NET (34.5%), ZS (35.2%)
Op Mgn LTM	30.9%	MSFT (45.6%), CHKP (33.0%), GEN (39.3%), STNE (49.4%), QLYS (31.0%)
CFO/Rev LTM	37.9%	MSFT (48.3%), NOW (39.0%), PANW (40.3%), CHKP (44.5%), QLYS (39.6%)
FCF/Rev LTM	32.1%	PANW (37.6%), CHKP (43.5%), QLYS (37.6%), CLBT (34.1%), KLAR (85.7%)
Total Yield	3.2%	MSFT (3.3%), CHKP (4.0%), GEN (5.2%), DOX (8.4%), QLYS (3.9%)

	FTNT	Better Performance than FTNT
Metric	Value	Sector (Information Technology)
Rev Chg LTM	14.5%	NVDA (71.6%), MSFT (14.9%), AVGO (28.0%), PLTR (38.8%), AMD (27.2%)
Rev Chg 3Y Avg	18.7%	NVDA (92.0%), AVGO (24.0%), PLTR (25.7%), NOW (22.3%), SHOP (26.0%)
Op Mgn LTM	30.9%	NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), AVGO (39.0%), ORCL (31.5%)
CFO/Rev LTM	37.9%	NVDA (46.6%), MSFT (48.3%), AVGO (42.4%), PLTR (50.3%), NOW (39.0%)
FCF/Rev LTM	32.1%	NVDA (43.6%), AVGO (41.6%), PLTR (49.7%), INTU (32.3%), ANET (50.0%)
Total Yield	3.2%	MSFT (3.3%), AAPL (3.2%), CSCO (6.3%), IBM (5.0%), CRM (3.4%)

	FTNT	Better Performance than FTNT
Metric	Value	All Other Sectors
Rev Chg LTM	14.5%	META (19.4%), LLY (36.8%), NFLX (14.8%), MS (16.7%), RTX (15.4%)
Rev Chg 3Y Avg	18.7%	LLY (23.4%), UBER (23.2%), APP (23.7%), BKNG (19.9%), PGR (20.0%)
Op Mgn LTM	30.9%	GOOGL (32.7%), META (42.9%), LLY (43.0%), V (66.5%), MA (58.0%)
CFO/Rev LTM	37.9%	META (56.4%), V (60.4%), MA (53.3%), RY (135.4%), APP (53.7%)
FCF/Rev LTM	32.1%	V (56.8%), MA (49.2%), RY (131.7%), APP (53.7%), BKNG (36.9%)
Total Yield	3.2%	GOOGL (4.1%), META (3.6%), BRK-B (5.9%), JPM (6.6%), WMT (3.4%)

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Fortinet Earnings Notes
2	FTNT Falls 18% In A Single Month: How Does It Compare With Others?
3	Is The 21.9% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?	Actionable
4	FTNT's 22% One Month Dip Begs The Question: Is MSFT Better Instead?	Counter-Intuitive Comparisons
5	Will You Be Comfortable Buying Fortinet Stock?	Return
6	Should You Buy Fortinet Stock?	Buy or Fear
7	Is The 26.0% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?	Actionable
8	Is The 27.0% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?	Actionable
9	Is The 26.6% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?	Actionable
10	Better Bet Than FTNT Stock: Pay Less Than Fortinet To Get More From FIX, IDCC
11	ARTICLES
12	FTNT Falls 18% In A Single Month: How Does It Compare With Others?		September 6th, 2025
13	FTNT Stock Has Fallen 22%, Is It Time To Get In?		September 2nd, 2025
14	After FTNT’s 22% Single Month Slide, MSFT Looks Like the Stronger Long-Term Play		August 29th, 2025
15	FTNT Fell 22% In A Month. What To Do Now?		August 29th, 2025
16	FTNT Drops 25% In A Month, Should You Buy The Stock?		August 27th, 2025

	Title
0	DASHBOARDS
1	FTNT Falls 18% In A Single Month: How Does It Compare With Others?
2	FTNT Stock Has Fallen 22%, Is It Time To Get In?
3	After FTNT’s 22% Single Month Slide, MSFT Looks Like the Stronger Long-Term Play
4	FTNT Fell 22% In A Month. What To Do Now?
5	FTNT Drops 25% In A Month, Should You Buy The Stock?
6	ARTICLES
7	Fortinet Earnings Notes
8	FTNT Falls 18% In A Single Month: How Does It Compare With Others?
9	Is The 21.9% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?
10	FTNT's 22% One Month Dip Begs The Question: Is MSFT Better Instead?
11	Will You Be Comfortable Buying Fortinet Stock?
12	Should You Buy Fortinet Stock?
13	Is The 26.0% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?
14	Is The 27.0% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?
15	Is The 26.6% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?
16	Better Bet Than FTNT Stock: Pay Less Than Fortinet To Get More From FIX, IDCC

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	FGI	FGI Industries	139.3%	145.2%
2	CODX	Co-Diagnostics	80.8%	-14.8%
3	CNFR	Conifer	55.5%	50.4%
4	BGI	Birks	55.4%	-18.1%
5	FLUX	Flux Power	52.2%	99.4%
6	BOXL	Boxlight	45.7%	32.1%
7	LVRO	Lavoro	45.5%	-57.4%
8	NFE	New Fortress Energy	44.9%	-86.8%
9	WBTN	Webtoon Entertainment	39.0%	53.2%
10	HCWC	Healthy Choice Wellness	37.5%	-34.7%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	REX	REX American Resources	-50.1%	46.1%
2	XAGE	Longevity Health	-39.3%	-86.1%
3	BNGO	Bionano Genomics	-35.7%	-89.7%
4	IHT	InnSuites Hospitality Trust	-30.7%	7.3%
5	LUD	Luda Technology	-28.6%
6	NAOV	NanoVibronix	-28.5%	-88.2%
7	GDC	GD Culture	-28.2%	269.8%
8	ASST	Strive	-28.0%	813.4%
9	BIAF	bioAffinity Technologies	-25.5%	-71.3%
10	FAAS	DigiAsia	-23.9%	-87.2%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	BDSX	Biodesix	1313.2%	-78.6%
2	CLSD	Clearside Biomedical	954.0%	-74.9%
3	SDOT	Sadot	624.1%	-79.4%
4	WLDS	Wearable Devices	498.0%	-30.0%
5	CHEK	Check-Cap	285.6%	154.6%
6	ATCH	AtlasClear	275.9%	-91.0%
7	HSDT	Helius Medical Technologies	262.5%	-95.6%
8	OPI	Office Properties Income Trust	261.7%	-13.4%
9	FGI	FGI Industries	156.8%	145.2%
10	AIRE	ReAlpha Tech	154.0%	-56.1%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	NAKA	Kindly MD	-81.4%
2	ATYR	aTyr Pharma	-79.7%	-70.2%
3	LGCL	Lucas GC	-73.6%	-77.1%
4	EPSM	Epsium Enterprise	-70.1%
5	BNGO	Bionano Genomics	-59.4%	-89.7%
6	FAAS	DigiAsia	-58.5%	-87.2%
7	QMMM	QMMM	-57.5%	6775.0%
8	VCIG	VCI Global	-56.9%	-99.1%
9	YYGH	YY	-56.6%	-78.5%
10	XAGE	Longevity Health	-55.5%	-86.1%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	11963.5%	11963.5%
2	GIBO	GIBO	9734.4%
3	CHSN	Chanson International	7565.0%	-99.3%
4	LNZA	LanzaTech Global	7287.5%	-86.0%
5	QMMM	QMMM	3031.7%	6775.0%
6	OESX	Orion Energy Systems	1497.9%	22.9%
7	CURX	Curanex Pharmaceuticals	1401.6%	1401.6%
8	ENTO	Entero Therapeutics	565.6%	117.6%
9	PTNM	Pitanium	553.2%
10	WLDS	Wearable Devices	449.5%	-30.0%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	CJET	Chijet Motor	-92.2%	-95.0%
2	STFS	Star Fashion Culture	-92.2%	-97.8%
3	ELPW	Elong Power	-91.6%	-76.7%
4	NXTT	Next Technology	-89.6%	-95.1%
5	NAKA	Kindly MD	-89.0%
6	BINI	Bollinger Innovations	-88.9%	-100.0%
7	JEM	707 Cayman	-88.4%	-98.2%
8	YAAS	Youxin Technology	-82.5%	-98.3%
9	NEON	Neonode	-82.0%	-50.2%
10	NVNO	enVVeno Medical	-81.5%	-69.8%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	FGI	FGI Industries	139.3%	145.2%
2	CODX	Co-Diagnostics	80.8%	-14.8%
3	CNFR	Conifer	55.5%	50.4%
4	BGI	Birks	55.4%	-18.1%
5	FLUX	Flux Power	52.2%	99.4%
6	BOXL	Boxlight	45.7%	32.1%
7	LVRO	Lavoro	45.5%	-57.4%
8	NFE	New Fortress Energy	44.9%	-86.8%
9	WBTN	Webtoon Entertainment	39.0%	53.2%
10	HCWC	Healthy Choice Wellness	37.5%	-34.7%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	REX	REX American Resources	-50.1%	46.1%
2	XAGE	Longevity Health	-39.3%	-86.1%
3	BNGO	Bionano Genomics	-35.7%	-89.7%
4	IHT	InnSuites Hospitality Trust	-30.7%	7.3%
5	LUD	Luda Technology	-28.6%
6	NAOV	NanoVibronix	-28.5%	-88.2%
7	GDC	GD Culture	-28.2%	269.8%
8	ASST	Strive	-28.0%	813.4%
9	BIAF	bioAffinity Technologies	-25.5%	-71.3%
10	FAAS	DigiAsia	-23.9%	-87.2%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	BDSX	Biodesix	1313.2%	-78.6%
2	CLSD	Clearside Biomedical	954.0%	-74.9%
3	SDOT	Sadot	624.1%	-79.4%
4	WLDS	Wearable Devices	498.0%	-30.0%
5	CHEK	Check-Cap	285.6%	154.6%
6	ATCH	AtlasClear	275.9%	-91.0%
7	HSDT	Helius Medical Technologies	262.5%	-95.6%
8	OPI	Office Properties Income Trust	261.7%	-13.4%
9	FGI	FGI Industries	156.8%	145.2%
10	AIRE	ReAlpha Tech	154.0%	-56.1%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	NAKA	Kindly MD	-81.4%
2	ATYR	aTyr Pharma	-79.7%	-70.2%
3	LGCL	Lucas GC	-73.6%	-77.1%
4	EPSM	Epsium Enterprise	-70.1%
5	BNGO	Bionano Genomics	-59.4%	-89.7%
6	FAAS	DigiAsia	-58.5%	-87.2%
7	QMMM	QMMM	-57.5%	6775.0%
8	VCIG	VCI Global	-56.9%	-99.1%
9	YYGH	YY	-56.6%	-78.5%
10	XAGE	Longevity Health	-55.5%	-86.1%

Peer Comparisons for Fortinet

Financials

	FTNT	MSFT	AVGO	CSCO	NOW	PANW	Median
Name	Fortinet	Microsoft	Broadcom	Cisco Sy.	ServiceN.	Palo Alt.
Mkt Price	79.78	509.04	360.00	66.93	932.01	201.34	280.67
Mkt Cap	61.1	3,782.2	1,697.0	265.1	193.1	135.3	229.1
Rev LTM	6,338	281,724	59,926	56,654	12,057	9,222	34,356
Op Inc LTM	1,957	128,528	23,366	12,504	1,601	1,243	7,230
FCF LTM	2,033	71,611	24,930	13,288	3,805	3,470	8,546
FCF 3Y Avg	1,861	68,386	20,319	14,178	3,054	3,067	8,623
CFO LTM	2,401	136,162	25,438	14,193	4,699	3,716	9,446
CFO 3Y Avg	2,173	114,097	20,821	14,986	3,828	3,250	9,407

Growth & Margins

	FTNT	MSFT	AVGO	CSCO	NOW	PANW	Median
Name	Fortinet	Microsoft	Broadcom	Cisco Sy.	ServiceN.	Palo Alt.
Rev Chg LTM	14.5%	14.9%	28.0%	5.3%	21.1%	14.9%	14.9%
Rev Chg 3Y Avg	18.7%	12.5%	24.0%	3.4%	22.3%	18.9%	18.8%
Rev Chg Q	13.6%	18.1%	22.0%	7.6%	22.4%	15.8%	17.0%
QoQ Delta Rev Chg LTM	3.2%	4.3%	5.0%	1.9%	5.1%	3.9%	4.1%
Op Mgn LTM	30.9%	45.6%	39.0%	22.1%	13.3%	13.5%	26.5%
Op Mgn 3Y Avg	26.9%	44.0%	38.4%	24.5%	10.1%	9.2%	25.7%
QoQ Delta Op Mgn LTM	-0.6%	0.4%	1.5%	0.3%	0.3%	2.4%	0.4%
CFO/Rev LTM	37.9%	48.3%	42.4%	25.1%	39.0%	40.3%	39.6%
CFO/Rev 3Y Avg	38.9%	46.0%	44.6%	26.7%	38.1%	40.4%	39.6%
FCF/Rev LTM	32.1%	25.4%	41.6%	23.5%	31.6%	37.6%	31.8%
FCF/Rev 3Y Avg	33.4%	27.9%	43.5%	25.3%	30.3%	38.1%	31.9%

Valuation

	FTNT	MSFT	AVGO	CSCO	NOW	PANW	Median
Name	Fortinet	Microsoft	Broadcom	Cisco Sy.	ServiceN.	Palo Alt.
Mkt Cap	61.1	3,782.2	1,697.0	265.1	193.1	135.3	229.1
P/S	9.6	13.4	28.3	4.7	16.0	14.7	14.0
P/EBIT	26.5	30.0	73.8	20.9	95.2	84.7	51.9
P/E	31.5	37.1	89.6	26.0	116.2	119.3	63.4
P/CFO	25.4	27.8	66.7	18.7	41.1	36.4	32.1
Total Yield	3.2%	3.3%	1.1%	6.3%	0.9%	0.8%	2.1%
Dividend Yield	0.0%	0.6%	0.0%	2.4%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	3.1%	2.2%	3.1%	6.4%	1.9%	2.9%	3.0%
D/E	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Net D/E	-0.1	-0.0	0.0	0.0	-0.0	-0.0	-0.0

Returns

	FTNT	MSFT	AVGO	CSCO	NOW	PANW	Median
Name	Fortinet	Microsoft	Broadcom	Cisco Sy.	ServiceN.	Palo Alt.
1M Rtn	0.8%	-2.1%	17.5%	1.1%	7.5%	13.7%	4.3%
3M Rtn	-22.5%	6.7%	44.7%	2.4%	-7.3%	-0.4%	1.0%
6M Rtn	-17.7%	33.2%	91.8%	11.7%	12.3%	10.0%	12.0%
12M Rtn	4.5%	18.9%	122.0%	33.9%	4.4%	16.3%	17.6%
3Y Rtn	58.2%	113.2%	659.1%	68.3%	118.9%	131.3%	116.0%
1M Excs Rtn	-1.6%	-4.6%	15.1%	-1.3%	5.0%	11.3%	1.9%
3M Excs Rtn	-31.3%	-3.1%	33.6%	-7.3%	-16.8%	-7.9%	-7.6%
6M Excs Rtn	-33.9%	15.0%	69.7%	-5.8%	-5.8%	-7.6%	-5.8%
12M Excs Rtn	-11.0%	2.0%	103.2%	19.7%	-12.9%	-1.4%	0.3%
3Y Excs Rtn	-13.6%	34.8%	567.8%	-3.2%	35.9%	51.5%	35.3%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/8/2025	2/21/2025	2/26/2024	2/24/2023	2/25/2022	2/19/2021	2/26/2020
Key Financials
Total Revenue	6,338	5,956	5,305	4,417	3,342	2,594	2,163
EBITDA	2,440	2,201	1,468	1,078	728	610	448
Operating Income	1,957	1,803	1,241	970	650	532	351
Net Income	1,940	1,745	1,148	857	607	488	332
EPS	2.53	2.28	1.47	1.08	0.74	0.60	0.39
Growth Rates
Total Revenue Growth	14.5%	12.3%	20.1%	32.2%	28.8%	19.9%	19.9%
EBITDA Growth	44.0%	49.9%	36.2%	48.1%	19.2%	36.4%	54.3%
Operating Income Growth	35.2%	45.3%	28.0%	49.1%	22.3%	51.5%	49.7%
Net Income Growth	47.7%	52.0%	33.9%	41.3%	24.2%	47.3%	-1.0%
Margins
EBITDA Margin	38.5%	37.0%	27.7%	24.4%	21.8%	23.5%	20.7%
Operating Income Margin	30.9%	30.3%	23.4%	21.9%	19.5%	20.5%	16.2%
Net Income Margin	30.6%	29.3%	21.6%	19.4%	18.2%	18.8%	15.3%
Cash & Debt
Total Cash	4,563	4,066	2,440	2,211	2,552	1,837	2,066
Total Debt	995	994	992	990	988	0	0
Net Debt / (Cash)	-3,568	-3,072	-1,448	-1,221	-1,563	-1,837	-2,066
Cash Flows
Net Cash from Operations	2,401	2,258	1,936	1,731	1,500	1,084	808
Free Cash from Operations	2,033	1,879	1,731	1,449	1,204	958	716
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	1	1	1,500	1,991	742	1,080	145

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/8/2025	5/8/2025	2/21/2025	11/8/2024	8/8/2024	5/6/2024	2/26/2024	11/7/2023	8/7/2023	5/8/2023	2/24/2023	11/7/2022
Key Financials Quarterly
Total Revenue	1,630	1,540	1,660	1,508	1,434	1,353	1,415	1,335	1,293	1,262	1,283	1,150
Ebitda	560	560	658	661	502	379	451	362	332	324	400	296
Operating Income	458	454	574	471	437	321	385	303	279	274	358	266
Net Income	440	433	526	540	380	299	311	323	266	248	314	232
EPS	0.57	0.56	0.69	0.71	0.50	0.39	0.41	0.41	0.34	0.32	0.40	0.29
Key Financials TTM
Total Revenue TTM	6,338	6,142	5,956	5,711	5,537	5,396	5,305	5,173	4,988	4,725	4,417	4,098
Ebitda TTM	2,440	2,382	2,201	1,994	1,694	1,524	1,468	1,417	1,351	1,233	1,078	915
Operating Income TTM	1,957	1,936	1,803	1,615	1,447	1,289	1,241	1,214	1,176	1,092	970	827
Net Income TTM	1,940	1,879	1,745	1,530	1,313	1,199	1,148	1,151	1,059	967	857	742
Growth Rates Quarterly
Total Revenue Growth	13.6%	13.8%	17.3%	13.0%	10.9%	7.2%	10.3%	16.1%	25.5%	32.2%	33.1%	32.6%
EBITDA Growth	11.5%	47.7%	45.9%	82.9%	51.4%	17.2%	12.8%	22.3%	55.4%	91.8%	68.7%	60.5%
Operating Income Growth	4.8%	41.3%	49.0%	55.3%	56.7%	17.4%	7.7%	14.2%	42.9%	81.1%	66.5%	59.6%
Net Income Growth	15.9%	44.8%	69.3%	67.2%	42.6%	20.8%	-0.9%	39.4%	53.5%	79.0%	57.7%	42.0%
Margins Quarterly
EBITDA Margin	34.4%	36.4%	39.7%	43.8%	35.0%	28.0%	31.9%	27.1%	25.7%	25.6%	31.2%	25.7%
Operating Income Margin	28.1%	29.5%	34.6%	31.2%	30.5%	23.7%	27.2%	22.7%	21.6%	21.7%	27.9%	23.1%
Net Income Margin	27.0%	28.1%	31.7%	35.8%	26.5%	22.1%	22.0%	24.2%	20.6%	19.6%	24.5%	20.1%
Cash & Debt
Total Cash	4,563	4,780	4,066	3,701	3,339	3,023	2,440	3,169	3,314	2,879	2,211	1,730
Total Debt	995	995	994	994	993	993	992	992	991	991	990	990
Net Debt / (Cash)	-3,568	-3,786	-3,072	-2,707	-2,346	-2,030	-1,448	-2,177	-2,322	-1,888	-1,221	-741
Cash Flows Quarterly
FCF from Operations	452	863	478	608	342	830	192	551	515	678	528	483
Cash Flows TTM
FCF from Operations TTM	2,401	2,291	2,258	1,972	1,915	2,088	1,936	2,272	2,204	2,012	1,731	1,569
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	1	-0	-0	896	604	-0	-0	-0	500
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	3157.1%	196.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	2123.0%	165.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Product	1,927	1,780	1,255	916	788
Security subscription	1,898	1,427	1,125	919	751
Technical support and other	1,479	1,210	962	759	624
Total	5,305	4,417	3,342	2,594	2,163

Price Behavior

Behavior Stats
Betas Matrix

Price Behavior

Market Price	$79.78
Market Cap ($ Bil)	61.1
First Trading Date	11/18/2009
Distance from 52W High	-30.4%
	50 Days	200 Days
DMA Price	$89.17	$97.60
DMA Trend	down	down
Distance from DMA	-10.5%	-18.3%
	3M	1YR
Volatility	56.3%	42.8%
Downside Capture	516.90	127.60
Upside Capture	100.44	110.61
Correlation (SPY)	27.0%	55.0%

FTNT Betas & Captures as of 8/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.18	1.85	1.56	1.21	1.17	1.17
Up Beta	2.31	1.76	2.08	1.33	1.25	1.16
Down Beta	-1.45	-0.08	-0.81	1.05	1.10	1.26
Up Capture	129%	83%	76%	76%	113%	152%
Bmk +ve Days	10	22	35	71	142	415
Stock +ve Days	12	23	34	68	136	403
Down Capture	577%	464%	350%	137%	113%	103%
Bmk -ve Days	11	19	27	54	106	334
Stock -ve Days	9	18	28	57	112	347

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date	8292025
Short Interest: Shares Quantity	20,390,487
Short Interest: % Change Since 8152025	12.8%
Average Daily Volume	8,325,460
Days-to-Cover Short Interest	2.45
Basic Shares Quantity	765,500,000
Short % of Basic Shares	2.7%

Returns Analyses

	Title
0	Will You Be Comfortable Buying Fortinet Stock?
1	Fortinet (FTNT) Stock Has 62% Chance Of Rise In The Next One Month
2	Fortinet Stock Return Comparison

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/6/2025	-22.0%	-17.9%	-18.4%
5/7/2025	-8.4%	-3.3%	-1.7%
2/6/2025	2.8%	5.0%	-8.3%
11/7/2024	10.0%	12.9%	16.0%
8/6/2024	25.3%	28.1%	35.8%
5/2/2024	-9.7%	-10.9%	-9.8%
2/6/2024	3.8%	2.8%	8.3%
11/2/2023	-12.3%	-13.8%	-9.3%
...
SUMMARY STATS
# Positive	11	13	13
# Negative	13	11	11
Median Positive	5.8%	9.5%	11.8%
Median Negative	-8.4%	-9.2%	-13.7%
Max Positive	25.3%	28.1%	35.8%
Max Negative	-25.1%	-20.1%	-28.2%

	Forward Returns
8/6/2025	-22.0%	-17.9%	-18.4%
5/7/2025	-8.4%	-3.3%	-1.7%
2/6/2025	2.8%	5.0%	-8.3%
11/7/2024	10.0%	12.9%	16.0%
8/6/2024	25.3%	28.1%	35.8%
5/2/2024	-9.7%	-10.9%	-9.8%
2/6/2024	3.8%	2.8%	8.3%
11/2/2023	-12.3%	-13.8%	-9.3%
8/3/2023	-25.1%	-20.1%	-19.7%
5/4/2023	5.6%	10.3%	16.5%
2/7/2023	10.9%	13.8%	11.5%
11/2/2022	-13.7%	-6.3%	0.7%
8/3/2022	-16.3%	-14.3%	-22.8%
5/4/2022	-1.0%	-9.2%	3.2%
2/3/2022	5.8%	9.5%	-1.9%
11/4/2021	0.8%	-0.4%	-13.7%
7/29/2021	-0.7%	9.4%	15.3%
4/29/2021	4.5%	5.6%	11.8%
2/4/2021	-1.0%	3.8%	5.9%
10/29/2020	-6.5%	1.3%	4.4%
8/6/2020	-6.1%	-8.7%	-15.7%
5/6/2020	21.2%	23.1%	26.0%
2/6/2020	-3.5%	-1.8%	-28.2%
10/31/2019	10.5%	15.5%	27.4%
SUMMARY STATS
# Positive	11	13	13
# Negative	13	11	11
Median Positive	5.8%	9.5%	11.8%
Median Negative	-8.4%	-9.2%	-13.7%
Max Positive	25.3%	28.1%	35.8%
Max Negative	-25.1%	-20.1%	-28.2%

SEC Filings

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Report Date	Filing Date	Filing
6302025	8082025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2212025	10-K 12/31/2024
9302024	11082024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5062024	10-Q 3/31/2024
12312023	2262024	10-K 12/31/2023
9302023	11072023	10-Q 9/30/2023
6302023	8072023	10-Q 6/30/2023
3312023	5082023	10-Q 3/31/2023
12312022	2242023	10-K 12/31/2022
9302022	11072022	10-Q 9/30/2022
6302022	8052022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021
9302021	11082021	10-Q 9/30/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	NEUKOM WILLIAM H.		6062025	Buy	104.22	335	34,912	31,417,800	Form
1	Ohlgart Christiane	Chief Financial Officer	6062025	Sell	104.71	1,164	121,883	634,757	Form
2	GOLDMAN KENNETH A		3122025	Sell	100.00	2,000	200,000	1,861,200	Form
3	Xie Michael	VP, ENGINEERING & CTO	3112025	Sell	96.11	9,913	952,689	1,087,614,423	Form
4	GOLDMAN KENNETH A		3112025	Sell	99.32	1,000	99,320	2,047,184	Form

Industry Resources

Systems Software Resources

Software Development Times

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Fortinet (FTNT)

Market Price (9/17/2025): $79.78 | Market Cap: $61.1 BilSector: Information Technology | Industry: Systems Software

Fortinet (FTNT)

Market Price (9/17/2025): $79.78Market Cap: $61.1 BilSector: Information TechnologyIndustry: Systems Software

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Market Price (9/17/2025): $79.78 | Market Cap: $61.1 Bil
Sector: Information Technology | Industry: Systems Software

Market Price (9/17/2025): $79.78
Market Cap: $61.1 Bil
Sector: Information Technology
Industry: Systems Software