(FTNT) Fortinet - Overview
Stock: Firewall, Switch, Wireless, Gateway, Sandbox, XDR
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 41.1% |
| Relative Tail Risk | -9.20% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.44 |
| Alpha | -39.37 |
| Character TTM | |
|---|---|
| Beta | 1.216 |
| Beta Downside | 1.097 |
| Drawdowns 3y | |
|---|---|
| Max DD | 38.32% |
| CAGR/Max DD | 0.30 |
Description: FTNT Fortinet January 29, 2026
Fortinet, Inc. (NASDAQ: FTNT) delivers an integrated portfolio that blends networking and security, including FortiGate firewalls (data-center, hyperscale, and distributed), FortiSwitch Ethernet switches, FortiAP wireless LAN, and FortiExtender 5G gateways. Its Unified Secure Access Service Edge (SASE) stack layers firewall, SD-WAN, secure web gateway, CASB, DLP, and zero-trust network access, while AI-driven solutions such as FortiEDR, FortiXDR, and FortiSandbox provide detection and response across endpoints, networks, and cloud workloads. The company also monetizes threat-intelligence (FortiGuard), support (FortiCare), and training services, serving enterprises, telcos, governments, and SMBs worldwide.
According to Fortinet’s FY 2025 earnings release (Q3 2025), total revenue reached **$5.03 billion**, up **15 % YoY**, with **subscription-based revenue accounting for ~70 %** of the top line-a metric analysts view as a proxy for recurring cash flow stability. Operating margin expanded to **22 %**, and diluted earnings per share were **$1.12**. IDC’s latest market-share snapshot (Q2 2024) places Fortinet at **~15 % of the global enterprise firewall market**, ranking second behind Palo Alto Networks, and its SASE revenue grew **28 % YoY**, reflecting strong traction in the zero-trust segment.
Sector-wide, two macro drivers underpin Fortinet’s growth outlook: (1) **Enterprise security spend is projected to rise 9 % CAGR through 2028**, fueled by increasing ransomware incidents and regulatory pressure; and (2) **Gartner forecasts the global zero-trust market to reach $15 billion by 2025, expanding at ~20 % CAGR**, creating tailwinds for Fortinet’s SASE and zero-trust offerings. However, the company’s valuation is sensitive to the pace of subscription renewal and the competitive dynamics with Palo Alto, Check Point, and emerging cloud-native players-if renewal rates dip below 85 % or pricing pressure intensifies, revenue growth could decelerate.
For a deeper, data-driven assessment of Fortinet’s risk-adjusted upside, you may find ValueRay’s analyst toolkit useful.
Piotroski VR‑10 (Strict, 0-10) 9.0
| Net Income: 1.85b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.21 > 0.02 and ΔFCF/TA 2.18 > 1.0 |
| NWC/Revenue: 12.74% < 20% (prev 32.08%; Δ -19.34% < -1%) |
| CFO/TA 0.25 > 3% & CFO 2.59b > Net Income 1.85b |
| Net Debt (-1.50b) to EBITDA (2.42b): -0.62 < 3 |
| Current Ratio: 1.17 > 1.5 & < 3 |
| Outstanding Shares: last quarter (748.0m) vs 12m ago -3.51% < -2% |
| Gross Margin: 80.84% > 18% (prev 0.81%; Δ 8004 % > 0.5%) |
| Asset Turnover: 67.48% > 50% (prev 61.00%; Δ 6.48% > 0%) |
| Interest Coverage Ratio: 113.0 > 6 (EBITDA TTM 2.42b / Interest Expense TTM 20.1m) |
Altman Z'' 1.84
| A: 0.08 (Total Current Assets 5.90b - Total Current Liabilities 5.03b) / Total Assets 10.39b |
| B: -0.05 (Retained Earnings -507.9m / Total Assets 10.39b) |
| C: 0.23 (EBIT TTM 2.27b / Avg Total Assets 10.08b) |
| D: -0.06 (Book Value of Equity -532.6m / Total Liabilities 9.15b) |
| Altman-Z'' Score: 1.84 = BBB |
Beneish M -2.93
| DSRI: 1.01 (Receivables 1.69b/1.46b, Revenue 6.80b/5.96b) |
| GMI: 1.00 (GM 80.84% / 80.56%) |
| AQI: 1.10 (AQ_t 0.28 / AQ_t-1 0.25) |
| SGI: 1.14 (Revenue 6.80b / 5.96b) |
| TATA: -0.07 (NI 1.85b - CFO 2.59b) / TA 10.39b) |
| Beneish M-Score: -2.93 (Cap -4..+1) = A |
What is the price of FTNT shares?
Over the past week, the price has changed by +1.81%, over one month by +6.03%, over three months by +0.58% and over the past year by -24.45%.
Is FTNT a buy, sell or hold?
- StrongBuy: 9
- Buy: 7
- Hold: 27
- Sell: 0
- StrongSell: 2
What are the forecasts/targets for the FTNT price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 89 | 7.5% |
| Analysts Target Price | 89 | 7.5% |
| ValueRay Target Price | 85.5 | 3.3% |
FTNT Fundamental Data Overview February 08, 2026
P/E Forward = 26.9542
P/S = 9.6749
P/B = 47.4312
P/EG = 1.9521
Revenue TTM = 6.80b USD
EBIT TTM = 2.27b USD
EBITDA TTM = 2.42b USD
Long Term Debt = 496.5m USD (from longTermDebt, two quarters ago)
Short Term Debt = 499.7m USD (from shortTermDebt, last quarter)
Debt = 996.3m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -1.50b USD (from netDebt column, last quarter)
Enterprise Value = 60.83b USD (63.42b + Debt 996.3m - CCE 3.58b)
Interest Coverage Ratio = 113.0 (Ebit TTM 2.27b / Interest Expense TTM 20.1m)
EV/FCF = 27.33x (Enterprise Value 60.83b / FCF TTM 2.23b)
FCF Yield = 3.66% (FCF TTM 2.23b / Enterprise Value 60.83b)
FCF Margin = 32.73% (FCF TTM 2.23b / Revenue TTM 6.80b)
Net Margin = 27.26% (Net Income TTM 1.85b / Revenue TTM 6.80b)
Gross Margin = 80.84% ((Revenue TTM 6.80b - Cost of Revenue TTM 1.30b) / Revenue TTM)
Gross Margin QoQ = 79.57% (prev 81.53%)
Tobins Q-Ratio = 5.86 (Enterprise Value 60.83b / Total Assets 10.39b)
Interest Expense / Debt = 0.44% (Interest Expense 4.40m / Debt 996.3m)
Taxrate = 22.25% (144.8m / 650.8m)
NOPAT = 1.77b (EBIT 2.27b * (1 - 22.25%))
Current Ratio = 1.17 (Total Current Assets 5.90b / Total Current Liabilities 5.03b)
Debt / Equity = 0.81 (Debt 996.3m / totalStockholderEquity, last quarter 1.24b)
Debt / EBITDA = -0.62 (Net Debt -1.50b / EBITDA 2.42b)
Debt / FCF = -0.67 (Net Debt -1.50b / FCF TTM 2.23b)
Total Stockholder Equity = 1.50b (last 4 quarters mean from totalStockholderEquity)
RoA = 18.39% (Net Income 1.85b / Total Assets 10.39b)
RoE = 123.6% (Net Income TTM 1.85b / Total Stockholder Equity 1.50b)
RoCE = 113.8% (EBIT 2.27b / Capital Employed (Equity 1.50b + L.T.Debt 496.5m))
RoIC = 68.40% (NOPAT 1.77b / Invested Capital 2.58b)
WACC = 10.24% (E(63.42b)/V(64.41b) * Re(10.40%) + D(996.3m)/V(64.41b) * Rd(0.44%) * (1-Tc(0.22)))
Discount Rate = 10.40% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -2.07%
[DCF Debug] Terminal Value 73.75% ; FCFF base≈2.09b ; Y1≈2.49b ; Y5≈3.93b
Fair Price DCF = 63.74 (EV 45.90b - Net Debt -1.50b = Equity 47.40b / Shares 743.6m; r=10.24% [WACC]; 5y FCF grow 20.68% → 2.90% )
EPS Correlation: 93.26 | EPS CAGR: 47.21% | SUE: 1.68 | # QB: 17
Revenue Correlation: 96.20 | Revenue CAGR: 20.23% | SUE: 2.03 | # QB: 2
EPS next Quarter (2026-03-31): EPS=0.62 | Chg30d=-0.028 | Revisions Net=+3 | Analysts=34
EPS current Year (2026-12-31): EPS=2.99 | Chg30d=+0.056 | Revisions Net=+6 | Growth EPS=+8.2% | Growth Revenue=+11.5%
EPS next Year (2027-12-31): EPS=3.32 | Chg30d=+0.049 | Revisions Net=+3 | Growth EPS=+11.2% | Growth Revenue=+10.7%