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FTNTFortinet, Inc.
$158.67$117.4B
Overview & Verdict
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FTNT logoFortinet, Inc.(FTNT)Earnings, Financials & Key Ratios

FTNT•NASDAQ
$158.67
65.3× P/E·Price updated Jul 7, 2026
SectorTechnologyIndustryInfrastructure SoftwareSub-IndustryCybersecurity and identity management
AboutFortinet, 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 more
  • Revenue$6.8B+14.2%
  • EBITDA$2.23B+16.0%
  • Net Income$1.85B+6.2%
  • EPS (Diluted)2.43+7.5%
  • Gross Margin80.84%+0.3%
  • EBITDA Margin32.85%+1.6%
  • Operating Margin30.62%+1.1%
  • Net Margin27.26%-7.0%
  • ROE135.72%-59.9%

FTNT Price & Volume

Fortinet, Inc. (FTNT) stock price & volume — 10-year historical chart

Loading chart...

Hardware Resilience Drives Sustained Subscription Margin Expansion

Investment Thesis • Updated 2026Q1

VerdictPositive
Growth:Expanding
Profitability:Strong
Financial:Healthy
Cash Flow:Robust
Primary Risk:Hardware refresh cycle volatility

Key Thesis Takeaways

  • Fortinet demonstrates a robust transition toward a software-centric model, evidenced by 20.1% revenue growth in 2026Q1 and consistent gross margins exceeding 80%.
  • While the company's proprietary FortiASIC architecture provides a durable competitive moat, investors should monitor the inherent risks associated with hardware refresh cycles and the potential for cloud-native architectures to disrupt traditional appliance demand.
  • Management's disciplined capital allocation, highlighted by $823 million in share repurchases during 2026Q1, suggests confidence in long-term cash generation despite the volatility of working capital cycles.

Verdict Logic

the company's ability to generate $1.0 billion in free cash flow during 2026Q1, representing a 54.4% FCF margin, supports a favorable outlook despite the inherent cyclicality of hardware-driven billings.

FTNT Growth Metrics

Fortinet, Inc. (FTNT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years21.02%
5 Years21.25%
3 Years15.46%
TTM15.75%

Profit CAGR

10 Years72.41%
5 Years30.56%
3 Years29.3%
TTM4%

EPS CAGR

10 Years73.21%
5 Years33.18%
3 Years31.86%
TTM6.58%

Return on Capital

10 Years23.19%
5 Years32.98%
3 Years37.93%
Last Year37.66%

FTNT Recent Earnings

Fortinet, Inc. (FTNT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
May 6, 2026
Metric
Actual
Est
EPS
$0.82+32.5%
$0.62
Rev
$1.8B+6.7%
$1.7B
Q1 2026
Feb 5, 2026
Metric
Actual
Est
EPS
$0.81+9.0%
$0.74
Rev
$1.9B+2.4%
$1.9B
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.74+17.3%
$0.63
Rev
$1.7B+1.2%
$1.7B
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.64+8.5%
$0.59
Rev
$1.6B+0.3%
$1.6B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$0.82vs $0.62+32.5%
$1.8Bvs $1.7B+6.7%
Q1 2026Feb 5, 2026
$0.81vs $0.74+9.0%
$1.9Bvs $1.9B+2.4%
Q4 2025Nov 5, 2025
$0.74vs $0.63+17.3%
$1.7Bvs $1.7B+1.2%
Q3 2025Aug 6, 2025
$0.64vs $0.59+8.5%
$1.6Bvs $1.6B+0.3%
Based on last 12 quarters of dataView full earnings history →

Latest FTNT News

Recent stock market news and headlines for Fortinet, Inc. (FTNT)

PRNewsWire·16h ago
Governments Are Racing to Rebuild Encryption Before Quantum Computers Break It, and a Canadian Company Is Taking Its Toolkit to Southeast Asia

/PRNewswire/ -- Equity Insider News Commentary, One of the quieter but more consequential races in technology is the effort to rebuild the world's encryption

The Motley Fool·4 days ago
Fortinet: A Strong Investment in a Competitive Cybersecurity Market

Explore the exciting world of Fortinet (FTNT 1.72%) with our contributing expert analysts in this Motley Fool Scoreboard episode. Check out the video below to gain valuable insights into market trends and potential investment opportunities!

GlobeNewsWire·5 days ago
Fortinet to Announce Second Quarter 2026 Financial Results

SUNNYVALE, Calif., July 02, 2026 (GLOBE NEWSWIRE) -- News Summary Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, announced that it will hold a conference call to discuss its second quarter 2026 financial results on Wednesday, July 29, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time).

Zacks Investment Research·6 days ago
Here's Why Fortinet (FTNT) is a Strong Momentum Stock

Wondering how to pick strong, market-beating stocks for your investment portfolio? Look no further than the Zacks Style Scores.

Investors Business Daily·Jun 30, 2026
Dow Jones Medical Giant J&J Breaks Out; PNC, Iron Mountain, Fortinet In Or Near Buy Zones

Dow Jones medical giant Johnson & Johnson are breaking out past its latest buy point, while Iron Mountain, PNC and Fortinet are in buy zones.

Peers Comparison

Key metrics vs top competitors for Fortinet, Inc. (FTNT)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
FTNT logoFTNTFortinet, Inc.Current
$158.67$117.4B65.3014.17%27.26%135.72%—
PANW logoPANWPalo Alto Networks, Inc.
$337.04$229.7B210.6514.87%7.95%6.3%—
CHKP logoCHKPCheck Point Software Technologies Ltd.
$138.75$14.46B14.426.25%38.37%36.43%—
CSCO logoCSCOCisco Systems, Inc.
$111.79$440.61B43.845.3%19.69%25.14%—
NTCT logoNTCTNetScout Systems, Inc.
$42.37$3.03B32.594.47%11.12%5.96%—
CRWD logoCRWDCrowdStrike Holdings, Inc.
$194.62$198.17B-1216.3821.71%-0.48%-0.58%—

Compare FTNT vs Peers

Fortinet, Inc. (FTNT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PANW

Most directly comparable listed peer for FTNT.

Scale Benchmark

vs NVDA

Larger-name benchmark to compare FTNT against a more recognizable public peer.

Peer Set

Compare Top 5

vs PANW, CHKP, CSCO, NTCT

FTNT SEC Filings & Documents

Fortinet, Inc. (FTNT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 6, 2026·SEC

Material company update

Feb 5, 2026·SEC

Material company update

Nov 5, 2025·SEC

10-K Annual Reports

2
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 21, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

May 8, 2026·SEC

FY 2025

Nov 7, 2025·SEC

FY 2025

Aug 8, 2025·SEC

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FTNT Frequently Asked Questions

Fortinet, Inc. (FTNT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Fortinet, Inc.'s revenue?

Fortinet, Inc. (FTNT) reported $7.11B in revenue for fiscal year 2025. This represents a 4476% increase from $155.4M in 2007.

How fast is Fortinet, Inc. growing?

Fortinet, Inc. (FTNT) grew revenue by 14.2% over the past year. This is steady growth.

Is FTNT profitable?

Yes, Fortinet, Inc. (FTNT) is profitable, generating $1.95B in net income for fiscal year 2025 (27.3% net margin).

Dividend & Returns
What is FTNT's return on equity?

Fortinet, Inc. (FTNT) has a return on equity (ROE) of 135.7%. This is excellent, indicating efficient use of shareholder capital.

What is Fortinet, Inc.'s free cash flow?

Fortinet, Inc. (FTNT) generated $2.44B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in FTNT back in 2007?

Total return calculator · dividends reinvested · 19+ years of data

See returns →