Overview Dividends

(FTNT) Fortinet - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US34959E1091

Firewall, Switch, Access, SASE, AI-SOC

EPS (Earnings per Share)

EPS CAGR: 20.81%
EPS Trend: 88.1%

Last SUE: 2.53σ
Qual. Beats: 17

Revenue

Revenue CAGR: 11.36%
Revenue Trend: 95.3%

Last SUE: 0.85σ
Qual. Beats: 1

Risk via 10d forecast
Volatility	36.5%
Value at Risk 5%th	53.9%
Relative Tail Risk	-10.30%

Reward TTM
Sharpe Ratio	-0.28
Alpha	-30.78

Character TTM
Hurst Exponent	0.456
Beta	1.234
Beta Downside	1.163

Drawdowns 3y
Max DD	38.32%
Mean DD	14.45%
Median DD	12.08%

Description: FTNT Fortinet September 26, 2025

Fortinet (NASDAQ:FTNT) delivers an integrated portfolio that blends networking and security, ranging from FortiGate firewalls (including data-center, hyperscale, and distributed models) to secure Ethernet switches (FortiSwitch), wireless LAN (FortiAP), and 5G gateways (FortiExtender). The company’s Unified Secure Access Service Edge (SASE) stack bundles firewall, SD-WAN, secure web gateway, CASB, DLP, and zero-trust network access, while its cloud-native offerings cover virtualized firewalls, application protection, and code security.

Beyond perimeter defenses, Fortinet’s AI-driven operations suite (FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP, FortiRecon) provides multi-layered detection and response across endpoints, networks, and applications. Complementary services include FortiGuard threat intelligence, FortiCare support, and a global training and certification program, all underpinned by the FortiGuard Labs research team.

The addressable market spans large enterprises, communication service providers, government agencies, and SMBs. In FY 2024 Fortinet reported revenue of $4.4 billion, a 22 % year-over-year increase, driven largely by a 35 % YoY rise in subscription and services revenue-a key profitability lever in the cybersecurity sector. The company’s gross margin held at 78 %, reflecting the high-margin nature of software-based subscriptions versus hardware sales.

Sector-wide, global cybersecurity spending is projected to grow at a CAGR of ~12 % through 2028, with SASE and zero-trust solutions emerging as the fastest-growing sub-segments. Fortinet’s 42 % market-share lead in enterprise firewalls (IDC, 2023) positions it to capture a disproportionate share of that growth, though competitive pressure from Palo Alto Networks and Cisco remains a material risk.

Given these dynamics, analysts should monitor the trajectory of Fortinet’s subscription renewal rates and the scalability of its AI-driven XDR platform, as any slowdown could materially affect earnings visibility.

For a deeper, data-driven assessment of Fortinet’s valuation relative to peers, you may find ValueRay’s analytical tools useful for further research.

FTNT Stock Overview

Market Cap in USD	60,424m
Sub-Industry	Systems Software
IPO / Inception	2009-11-18
Return 12m vs S&P 500	-24.4%
Analyst Rating	3.47 of 5

FTNT Dividends

Currently no dividends paid

FTNT Growth Ratios

Metric	Value
CAGR 3y	15.79%
CAGR/Max DD Calmar Ratio	0.41
CAGR/Mean DD Pain Ratio	1.09
Current Volume	8416.7k
Average Volume	5430.7k

Piotroski VR‑10 (Strict, 0-10) 8.5

Net Income (1.87b TTM) > 0 and > 6% of Revenue (6% = 393.3m TTM)

FCFTA 0.22 (>2.0%) and ΔFCFTA 2.87pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 1.94% (prev 23.41%; Δ -21.46pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.26 (>3.0%) and CFO 2.45b > Net Income 1.87b (YES >=105%, WARN >=100%)

Net Debt (-999.8m) to EBITDA (2.38b) ratio: -0.42 <= 3.0 (WARN <= 3.5)

Current Ratio 1.03 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (770.2m) change vs 12m ago -0.22% (target <= -2.0% for YES)

Gross Margin 81.27% (prev 79.71%; Δ 1.56pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 71.98% (prev 64.51%; Δ 7.46pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 81.04 (EBITDA TTM 2.38b / Interest Expense TTM 20.6m) >= 6 (WARN >= 3)

Altman Z'' 0.87

(A) 0.01 = (Total Current Assets 4.91b - Total Current Liabilities 4.79b) / Total Assets 9.36b

(B) -0.10 = Retained Earnings (Balance) -958.5m / Total Assets 9.36b

(D) -0.11 = Book Value of Equity -979.6m / Total Liabilities 8.63b

Total Rating: 0.87 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 93.44

1. Piotroski 8.50pt

2. FCF Yield 3.48%

3. FCF Margin 30.95%

4. Debt/Equity 1.35

5. Debt/Ebitda -0.42

6. ROIC - WACC (= 41.61)%

7. RoE 119.9%

8. Rev. Trend 95.32%

9. EPS Trend 88.13%

What is the price of FTNT shares?

As of November 25, 2025, the stock is trading at USD 79.77 with a total of 8,416,725 shares traded.
Over the past week, the price has changed by -2.65%, over one month by -6.77%, over three months by +2.74% and over the past year by -14.34%.

Is FTNT a buy, sell or hold?

Fortinet has received a consensus analysts rating of 3.47. Therefor, it is recommend to hold FTNT.

Strong Buy: 9
Buy: 7
Hold: 27
Sell: 0
Strong Sell: 2

What are the forecasts/targets for the FTNT price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	87.5	9.6%
Analysts Target Price	87.5	9.6%
ValueRay Target Price	86.4	8.3%

FTNT Fundamental Data Overview November 25, 2025

Market Cap USD = 60.42b (60.42b USD * 1.0 USD.USD)
P/E Trailing = 32.4506
P/E Forward = 26.9542
P/S = 9.2184
P/B = 79.772
P/EG = 1.9535
Beta = 1.094
Revenue TTM = 6.55b USD
EBIT TTM = 1.67b USD
EBITDA TTM = 2.38b USD
Long Term Debt = 496.5m USD (from longTermDebt, last quarter)
Short Term Debt = 499.4m USD (from shortTermDebt, last quarter)
Debt = 995.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -999.8m USD (from netDebt column, last quarter)
Enterprise Value = 58.30b USD (60.42b + Debt 995.9m - CCE 3.12b)
Interest Coverage Ratio = 81.04 (Ebit TTM 1.67b / Interest Expense TTM 20.6m)
FCF Yield = 3.48% (FCF TTM 2.03b / Enterprise Value 58.30b)
FCF Margin = 30.95% (FCF TTM 2.03b / Revenue TTM 6.55b)
Net Margin = 28.58% (Net Income TTM 1.87b / Revenue TTM 6.55b)
Gross Margin = 81.27% ((Revenue TTM 6.55b - Cost of Revenue TTM 1.23b) / Revenue TTM)
Gross Margin QoQ = 81.53% (prev 81.49%)
Tobins Q-Ratio = 6.23 (Enterprise Value 58.30b / Total Assets 9.36b)
Interest Expense / Debt = 0.62% (Interest Expense 6.20m / Debt 995.9m)
Taxrate = 20.30% (120.7m / 594.6m)
NOPAT = 1.33b (EBIT 1.67b * (1 - 20.30%))
Current Ratio = 1.03 (Total Current Assets 4.91b / Total Current Liabilities 4.79b)
Debt / Equity = 1.35 (Debt 995.9m / totalStockholderEquity, last quarter 735.1m)
Debt / EBITDA = -0.42 (Net Debt -999.8m / EBITDA 2.38b)
Debt / FCF = -0.49 (Net Debt -999.8m / FCF TTM 2.03b)
Total Stockholder Equity = 1.56b (last 4 quarters mean from totalStockholderEquity)
RoA = 20.01% (Net Income 1.87b / Total Assets 9.36b)
RoE = 119.9% (Net Income TTM 1.87b / Total Stockholder Equity 1.56b)
RoCE = 81.06% (EBIT 1.67b / Capital Employed (Equity 1.56b + L.T.Debt 496.5m))
RoIC = 52.01% (NOPAT 1.33b / Invested Capital 2.56b)
WACC = 10.40% (E(60.42b)/V(61.42b) * Re(10.56%) + D(995.9m)/V(61.42b) * Rd(0.62%) * (1-Tc(0.20)))
Discount Rate = 10.56% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.14%
[DCF Debug] Terminal Value 73.18% ; FCFE base≈1.88b ; Y1≈2.26b ; Y5≈3.60b
Fair Price DCF = 54.54 (DCF Value 40.56b / Shares Outstanding 743.6m; 5y FCF grow 21.15% → 3.0% )
EPS Correlation: 88.13 | EPS CAGR: 20.81% | SUE: 2.53 | # QB: 17
Revenue Correlation: 95.32 | Revenue CAGR: 11.36% | SUE: 0.85 | # QB: 1

Additional Sources for FTNT Stock

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