Tearsheet

Fortinet (FTNT)

Market Price (10/23/2025): $84.51 | Market Cap: $64.7 Bil
Sector: Information Technology | Industry: Systems Software

Fortinet (FTNT)

Market Price (10/23/2025): $84.51
Market Cap: $64.7 Bil
Sector: Information Technology
Industry: Systems Software

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

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 -8.5%, 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 -8.5%, 3Y Excs Rtn is -14%

Market Valuation & Key Metrics

Valuation
Key Metrics

	10/23/25	2024	2023	2022	2021
Share Price CYE	$84.51	$94.48	$58.53	$48.89	$71.88
Market Cap CYE ($ Bil)	64.7	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)	61.1	73.4	45.8	39.2	59.6
Valuation Ratios
P/S TTM	10.2	12.1	8.6	8.8	17.6
P/EBIT TTM	28.1	34.8	33.6	39.7	91.2
P/E TTM	33.4	41.4	39.7	45.1	96.7
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8	2.5	4.6
P/EBIT TTM (Sector)	3.6	-0.0	-0.1	-0.5	3.1
P/E TTM (Sector)	-0.4	-0.3	-0.3	-0.5	0.0

	10/23/25	2024	2023
Share Price CYE	$84.51	$94.48	$58.53
Market Cap CYE ($ Bil)	64.7	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)	61.1	73.4	45.8
Valuation Ratios
P/S TTM	10.2	12.1	8.6
P/EBIT TTM	28.1	34.8	33.6
P/E TTM	33.4	41.4	39.7
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8
P/EBIT TTM (Sector)	3.6	-0.0	-0.1
P/E TTM (Sector)	-0.4	-0.3	-0.3

	FTNT	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	6.3
Rev Chg Q	13.6%	6.1%
Rev Chg LTM	14.5%	5.2%
Rev Chg 3Y Avg	18.7%	5.4%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	2.0
CFO LTM ($ Bil)	2.4
Net Inc LTM ($ Bil)	1.9
Op Mgn LTM	30.9%	18.6%
CFO/Rev LTM	37.9%	20.4%
Net Inc Mgn	30.6%	12.7%
VALUATION	HIGH
P/S	10.2	3.3
P/CFO	26.9	16.1
P/FCF	31.8	21.2
P/E	33.4	24.5
STABILITY	VERY GOOD
Debt/Equity	0.02	0.21
Cash/Assets	0.43	0.07

FTNT Stock

Return (1M):

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
FTNT Return	39%	142%	-32%	20%	61%	-10%	291%
Peers Return	17%	31%	-30%	17%	77%	26%	181%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	106%
Monthly Win Rates [3]
FTNT Win Rate	50%	75%	42%	58%	58%	56%
Peers Win Rate	35%	60%	28%	57%	58%	58%
S&P 500 Win Rate	58%	75%	42%	67%	75%	67%
Max Drawdowns [4]
FTNT Max Drawdown	-29%	-7%	-36%	-3%	-5%	-21%
Peers Max Drawdown	-18%	-2%	-38%	-20%	-35%	-26%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MSFT, AVGO, CSCO, ARQQ, ATGL. See FTNT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/22/2025 (YTD)

How Low Can It Go

Unique Key	Event	FTNT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-38.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	62.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	337 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-37.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	60.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	52 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-29.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	40.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	109 days	120 days

Compare to MSFT, AVGO, CSCO, ARQQ, ATGL

In The Past

Fortinet's stock fell -38.3% during the 2022 Inflation Shock from a high on 7/17/2023. A -38.3% loss requires a 62.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Fortinet (FTNT)

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. 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.

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	3.0%	MSFT (3.3%), CHKP (4.1%), GEN (5.4%), DOX (8.4%), QLYS (4.0%)

	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%), MU (20.3%), SHOP (26.0%)
Op Mgn LTM	30.9%	NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), AVGO (39.0%), ORCL (31.6%)
CFO/Rev LTM	37.9%	NVDA (46.6%), MSFT (48.3%), AVGO (42.4%), PLTR (50.3%), MU (46.9%)
FCF/Rev LTM	32.1%	NVDA (43.6%), AVGO (41.6%), PLTR (49.7%), INTU (32.3%), ANET (50.0%)
Total Yield	3.0%	MSFT (3.3%), CSCO (5.9%), IBM (4.5%), CRM (3.2%), MU (4.1%)

	FTNT	Better Performance than FTNT
Metric	Value	All Other Sectors
Rev Chg LTM	14.5%	META (19.4%), LLY (36.8%), NFLX (15.4%), MS (16.7%), RY (16.4%)
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%), SCHW (79.4%)
Total Yield	3.0%	GOOGL (4.1%), AMZN (3.0%), META (3.9%), WMT (3.3%), JPM (6.9%)

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Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Fortinet Earnings Notes
2	How Low Can Fortinet Stock Really Go?	Return
3	Day 5 of Gains Streak for Fortinet Stock with 6.9% Return (vs. -9.7% YTD) [9/23/2025]	Notification
4	FTNT Falls 18% In A Single Month: How Does It Compare With Others?
5	Is The 21.9% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?	Actionable
6	FTNT's 22% One Month Dip Begs The Question: Is MSFT Better Instead?	Counter-Intuitive Comparisons
7	Should You Buy Fortinet Stock?	Buy or Fear
8	Is The 26.0% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?	Actionable
9	Is The 27.0% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?	Actionable
10	Is The 26.6% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?	Actionable
11	ARTICLES
12	FTNT Stock Up 6.9% after 5-Day Win Streak		September 24th, 2025
13	FTNT Falls 18% In A Single Month: How Does It Compare With Others?		September 6th, 2025
14	FTNT Stock Has Fallen 22%, Is It Time To Get In?		September 2nd, 2025
15	After FTNT’s 22% Single Month Slide, MSFT Looks Like the Stronger Long-Term Play		August 29th, 2025
16	FTNT Fell 22% In A Month. What To Do Now?		August 29th, 2025

	Title
0	DASHBOARDS
1	FTNT Stock Up 6.9% after 5-Day Win Streak
2	FTNT Falls 18% In A Single Month: How Does It Compare With Others?
3	FTNT Stock Has Fallen 22%, Is It Time To Get In?
4	After FTNT’s 22% Single Month Slide, MSFT Looks Like the Stronger Long-Term Play
5	FTNT Fell 22% In A Month. What To Do Now?
6	ARTICLES
7	Fortinet Earnings Notes
8	How Low Can Fortinet Stock Really Go?
9	Day 5 of Gains Streak for Fortinet Stock with 6.9% Return (vs. -9.7% YTD) [9/23/2025]
10	FTNT Falls 18% In A Single Month: How Does It Compare With Others?
11	Is The 21.9% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?
12	FTNT's 22% One Month Dip Begs The Question: Is MSFT Better Instead?
13	Should You Buy Fortinet Stock?
14	Is The 26.0% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?
15	Is The 27.0% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?
16	Is The 26.6% Decline In Fortinet (FTNT) Stock A Dip Buying Opportunity?

Trade Ideas

Select past ideas related to FTNT. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper	09302025	ADBE	Adobe	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.4%	1.4%	-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper	09302025	CRM	Salesforce	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	11.1%	11.1%	-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper	09302025	MPWR	Monolithic Power Systems	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	11.7%	11.7%	-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE	09262025	POWI	Power Integrations	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.7%	11.7%	-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper	09262025	ROP	Roper Technologies	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.2%	3.2%	-0.3%
FTNT_5312024_Monopoly_xInd_xCD_Getting_Cheaper	05312024	FTNT	Fortinet	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	60.2%	71.6%	-6.6%
FTNT_10312023_Monopoly_xInd_xCD_Getting_Cheaper	10312023	FTNT	Fortinet	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	10.5%	37.7%	-13.4%
FTNT_2282023_Monopoly_xInd_xCD_Getting_Cheaper	02282023	FTNT	Fortinet	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.0%	16.9%	-16.7%
FTNT_8312022_Monopoly_xInd_xCD_Getting_Cheaper	08312022	FTNT	Fortinet	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	20.0%	23.7%	-5.7%
FTNT_9302019_Monopoly_xInd_xCD_Getting_Cheaper	09302019	FTNT	Fortinet	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	31.5%	52.6%	-1.4%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper	09302025	ADBE	Adobe	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.4%	1.4%	-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper	09302025	CRM	Salesforce	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	11.1%	11.1%	-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper	09302025	MPWR	Monolithic Power Systems	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	11.7%	11.7%	-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE	09262025	POWI	Power Integrations	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.7%	11.7%	-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper	09262025	ROP	Roper Technologies	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.2%	3.2%	-0.3%
FTNT_5312024_Monopoly_xInd_xCD_Getting_Cheaper	05312024	FTNT	Fortinet	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	60.2%	71.6%	-6.6%
FTNT_10312023_Monopoly_xInd_xCD_Getting_Cheaper	10312023	FTNT	Fortinet	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	10.5%	37.7%	-13.4%
FTNT_2282023_Monopoly_xInd_xCD_Getting_Cheaper	02282023	FTNT	Fortinet	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.0%	16.9%	-16.7%
FTNT_8312022_Monopoly_xInd_xCD_Getting_Cheaper	08312022	FTNT	Fortinet	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	20.0%	23.7%	-5.7%
FTNT_9302019_Monopoly_xInd_xCD_Getting_Cheaper	09302019	FTNT	Fortinet	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	31.5%	52.6%	-1.4%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	VICR	Vicor	30.3%	77.5%
2	WGO	Winnebago Industries	28.5%	-11.6%
3	SABR	Sabre	16.6%	-40.3%
4	BALY	Ballys	15.8%	-2.4%
5	TNL	Travel+Leisure	15.2%	43.1%
6	PEGA	Pegasystems	15.0%	41.0%
7	ISRG	Intuitive Surgical	13.9%	1.0%
8	HCSG	Healthcare Services	13.8%	62.3%
9	RZLT	Rezolute	10.9%	100.6%
10	UUUU	Energy Fuels	10.2%	343.3%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	HUT	Hut 8	-17.2%	89.6%
2	LEU	Centrus Energy	-16.5%	372.6%
3	INBX	Inhibrx Biosciences	-16.0%	104.7%
4	QBTS	D-Wave Quantum	-15.2%	224.9%
5	OKLO	Oklo	-13.9%	465.8%
6	BKSY	BlackSky Technology	-13.8%	101.3%
7	GLXY	Galaxy Digital	-12.9%
8	SES	SES AI	-12.7%	13.2%
9	QS	QuantumScape	-12.5%	161.7%
10	BITF	Bitfarms	-12.2%	164.4%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	221.6%	139.6%
2	VICR	Vicor	49.6%	77.5%
3	CCO	Clear Channel Outdoor	41.2%	40.1%
4	CELC	Celcuity	40.0%	435.1%
5	WGO	Winnebago Industries	34.9%	-11.6%
6	BALY	Ballys	27.4%	-2.4%
7	TFIN	Triumph Financial	27.3%	-32.9%
8	SION	Sionna Therapeutics	25.8%
9	LVWR	LiveWire	24.4%	29.1%
10	PMI	Picard Medical	24.4%	20804.8%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	BITF	Bitfarms	-39.1%	164.4%
2	QBTS	D-Wave Quantum	-39.1%	224.9%
3	RGTI	Rigetti Computing	-36.0%	136.3%
4	SMR	NuScale Power	-35.0%	93.6%
5	RCAT	Red Cat	-31.9%	-22.3%
6	BKSY	BlackSky Technology	-31.3%	101.3%
7	OKLO	Oklo	-30.0%	465.8%
8	QUBT	Quantum Computing	-30.0%	-10.2%
9	SES	SES AI	-29.9%	13.2%
10	ASPI	ASP Isotopes	-29.4%	96.7%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	WOLF	Wolfspeed	1366.7%	342.6%
2	QURE	uniQure	338.6%	239.2%
3	PRAX	Praxis Precision Medicines	279.5%	139.6%
4	LAC	Lithium Americas	117.9%	125.3%
5	CLPT	ClearPoint Neuro	99.8%	57.9%
6	NVTS	Navitas Semiconductor	97.7%	281.1%
7	UAMY	United States Antimony	79.6%	640.7%
8	ORKA	Oruka Therapeutics	71.3%	37.4%
9	GRAL	GRAIL	69.8%	346.8%
10	TSHA	Taysha Gene Therapies	69.2%	185.5%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	SOC	Sable Offshore	-51.7%	-48.4%
2	FLY	Firefly Aerospace	-37.4%
3	UP	Wheels Up Experience	-37.0%	-12.1%
4	VG	Venture Global	-34.5%
5	PSIX	Power Solutions International	-33.0%	160.7%
6	ALAB	Astera Labs	-32.7%	16.9%
7	FWRD	Forward Air	-30.6%	-41.0%
8	QUBT	Quantum Computing	-30.5%	-10.2%
9	AEHR	Aehr Test Systems	-29.6%	42.4%
10	TIPT	Tiptree	-29.0%	-15.1%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	VICR	Vicor	30.3%	77.5%
2	WGO	Winnebago Industries	28.5%	-11.6%
3	SABR	Sabre	16.6%	-40.3%
4	BALY	Ballys	15.8%	-2.4%
5	TNL	Travel+Leisure	15.2%	43.1%
6	PEGA	Pegasystems	15.0%	41.0%
7	ISRG	Intuitive Surgical	13.9%	1.0%
8	HCSG	Healthcare Services	13.8%	62.3%
9	RZLT	Rezolute	10.9%	100.6%
10	UUUU	Energy Fuels	10.2%	343.3%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	HUT	Hut 8	-17.2%	89.6%
2	LEU	Centrus Energy	-16.5%	372.6%
3	INBX	Inhibrx Biosciences	-16.0%	104.7%
4	QBTS	D-Wave Quantum	-15.2%	224.9%
5	OKLO	Oklo	-13.9%	465.8%
6	BKSY	BlackSky Technology	-13.8%	101.3%
7	GLXY	Galaxy Digital	-12.9%
8	SES	SES AI	-12.7%	13.2%
9	QS	QuantumScape	-12.5%	161.7%
10	BITF	Bitfarms	-12.2%	164.4%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	221.6%	139.6%
2	VICR	Vicor	49.6%	77.5%
3	CCO	Clear Channel Outdoor	41.2%	40.1%
4	CELC	Celcuity	40.0%	435.1%
5	WGO	Winnebago Industries	34.9%	-11.6%
6	BALY	Ballys	27.4%	-2.4%
7	TFIN	Triumph Financial	27.3%	-32.9%
8	SION	Sionna Therapeutics	25.8%
9	LVWR	LiveWire	24.4%	29.1%
10	PMI	Picard Medical	24.4%	20804.8%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	BITF	Bitfarms	-39.1%	164.4%
2	QBTS	D-Wave Quantum	-39.1%	224.9%
3	RGTI	Rigetti Computing	-36.0%	136.3%
4	SMR	NuScale Power	-35.0%	93.6%
5	RCAT	Red Cat	-31.9%	-22.3%
6	BKSY	BlackSky Technology	-31.3%	101.3%
7	OKLO	Oklo	-30.0%	465.8%
8	QUBT	Quantum Computing	-30.0%	-10.2%
9	SES	SES AI	-29.9%	13.2%
10	ASPI	ASP Isotopes	-29.4%	96.7%

Peer Comparisons for Fortinet

Financials

	FTNT	MSFT	AVGO	CSCO	ARQQ	ATGL	Median
Name	Fortinet	Microsoft	Broadcom	Cisco Sy.	Arqit Qu.	Alpha Te.
Mkt Price	84.66	520.54	340.30	70.66	35.08	20.77	77.66
Mkt Cap	64.8	3,867.6	1,604.2	279.9	-	-	942.0
Rev LTM	6,338	281,724	59,926	56,654	-	-	58,290
Op Inc LTM	1,957	128,528	23,366	12,504	-	-	17,935
FCF LTM	2,033	71,611	24,930	13,288	-	-	19,109
FCF 3Y Avg	1,861	68,386	20,319	14,178	-	-	17,248
CFO LTM	2,401	136,162	25,438	14,193	-	-	19,816
CFO 3Y Avg	2,173	114,097	20,821	14,986	-	-	17,904

Growth & Margins

	FTNT	MSFT	AVGO	CSCO	ARQQ	ATGL	Median
Name	Fortinet	Microsoft	Broadcom	Cisco Sy.	Arqit Qu.	Alpha Te.
Rev Chg LTM	14.5%	14.9%	28.0%	5.3%	-	-	14.7%
Rev Chg 3Y Avg	18.7%	12.5%	24.0%	3.4%	-	-	15.6%
Rev Chg Q	13.6%	18.1%	22.0%	7.6%	-	-	15.9%
QoQ Delta Rev Chg LTM	3.2%	4.3%	5.0%	1.9%	-	-	3.8%
Op Mgn LTM	30.9%	45.6%	39.0%	22.1%	-	-	34.9%
Op Mgn 3Y Avg	26.9%	44.0%	38.4%	24.5%	-	-	32.6%
QoQ Delta Op Mgn LTM	-0.6%	0.4%	1.5%	0.3%	-	-	0.3%
CFO/Rev LTM	37.9%	48.3%	42.4%	25.1%	-	-	40.2%
CFO/Rev 3Y Avg	38.9%	46.0%	44.6%	26.7%	-	-	41.7%
FCF/Rev LTM	32.1%	25.4%	41.6%	23.5%	-	-	28.7%
FCF/Rev 3Y Avg	33.4%	27.9%	43.5%	25.3%	-	-	30.6%

Valuation

	FTNT	MSFT	AVGO	CSCO	ARQQ	ATGL	Median
Name	Fortinet	Microsoft	Broadcom	Cisco Sy.	Arqit Qu.	Alpha Te.
Mkt Cap	64.8	3,867.6	1,604.2	279.9	-	-	942.0
P/S	10.2	13.7	26.8	4.9	-	-	12.0
P/EBIT	28.2	30.7	69.8	22.1	-	-	29.4
P/E	33.4	38.0	84.7	27.5	-	-	35.7
P/CFO	27.0	28.4	63.1	19.7	-	-	27.7
Total Yield	3.0%	3.3%	1.2%	5.9%	-	-	3.1%
Dividend Yield	0.0%	0.6%	0.0%	2.3%	-	-	0.3%
FCF Yield 3Y Avg	3.1%	2.2%	3.1%	6.4%	-	-	3.1%
D/E	0.0	0.0	0.0	0.1	-	-	0.0
Net D/E	-0.1	-0.0	0.0	0.0	-	-	0.0

Returns

	FTNT	MSFT	AVGO	CSCO	ARQQ	ATGL	Median
Name	Fortinet	Microsoft	Broadcom	Cisco Sy.	Arqit Qu.	Alpha Te.
1M Rtn	-0.4%	1.2%	0.4%	4.9%	-15.0%	-25.2%	0.0%
3M Rtn	-19.4%	3.1%	20.2%	3.6%	-13.4%	-4.3%	-0.6%
6M Rtn	-12.7%	39.5%	93.1%	28.6%	141.1%	-24.6%	34.0%
12M Rtn	2.7%	22.7%	91.6%	28.1%	377.9%	230.7%	59.8%
3Y Rtn	57.5%	120.3%	696.5%	80.2%	-64.9%	-	80.2%
1M Excs Rtn	-1.4%	1.6%	-0.2%	4.6%	-14.2%	-28.5%	-0.8%
3M Excs Rtn	-24.5%	-3.2%	12.8%	-1.2%	-16.0%	-9.6%	-6.4%
6M Excs Rtn	-37.3%	14.9%	68.5%	3.9%	116.5%	-49.2%	9.4%
12M Excs Rtn	-9.8%	11.2%	76.8%	13.5%	476.3%	195.8%	45.1%
3Y Excs Rtn	-14.4%	42.4%	640.6%	4.6%	-151.0%	-	4.6%

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

Price Behavior

Market Price	$84.66
Market Cap ($ Bil)	64.8
First Trading Date	11/18/2009
Distance from 52W High	-26.1%
	50 Days	200 Days
DMA Price	$81.70	$96.02
DMA Trend	down	down
Distance from DMA	3.6%	-11.8%
	3M	1YR
Volatility	52.1%	43.0%
Downside Capture	376.40	137.19
Upside Capture	153.98	120.15
Correlation (SPY)	34.6%	55.3%

FTNT Betas & Captures as of 9/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.29	1.99	1.49	1.19	1.20	1.17
Up Beta	-0.49	1.69	1.86	1.34	1.28	1.15
Down Beta	1.13	-0.47	-0.81	0.99	1.14	1.25
Up Capture	180%	155%	85%	77%	118%	141%
Bmk +ve Days	13	23	35	74	144	420
Stock +ve Days	11	23	34	69	136	403
Down Capture	143%	417%	331%	138%	113%	104%
Bmk -ve Days	8	19	29	52	107	330
Stock -ve Days	10	19	29	56	114	347

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

Short Interest

Short Interest: As Of Date	9302025
Short Interest: Shares Quantity	20,862,566
Short Interest: % Change Since 9152025	7.4%
Average Daily Volume	6,614,547
Days-to-Cover Short Interest	3.15
Basic Shares Quantity	765,500,000
Short % of Basic Shares	2.7%

Returns Analyses

	Title
0	How Low Can Fortinet Stock Really Go?
1	Fortinet (FTNT) Stock Has 62% Chance Of Rise In The Next One Month
2	Fortinet Stock Return Comparison

Earnings Returns History

Expand for More

	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

Expand for More

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

Expand for More

	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 (10/23/2025): $84.51 | Market Cap: $64.7 BilSector: Information Technology | Industry: Systems Software

Fortinet (FTNT)

Market Price (10/23/2025): $84.51Market Cap: $64.7 BilSector: Information TechnologyIndustry: Systems Software

Market Valuation & Key Metrics

FTNT Stock

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About Fortinet (FTNT)

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Market Price (10/23/2025): $84.51 | Market Cap: $64.7 Bil
Sector: Information Technology | Industry: Systems Software

Market Price (10/23/2025): $84.51
Market Cap: $64.7 Bil
Sector: Information Technology
Industry: Systems Software