(FTNT) Fortinet - Ratings and Ratios
Firewall, Switch, Access, SASE, AI-SOC
FTNT EPS (Earnings per Share)
FTNT Revenue
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 | 66,228m |
| Sub-Industry | Systems Software |
| IPO / Inception | 2009-11-18 |
FTNT Stock Ratings
| Growth Rating | 44.7% |
| Fundamental | 91.1% |
| Dividend Rating | - |
| Return 12m vs S&P 500 | -8.55% |
| Analyst Rating | 3.47 of 5 |
FTNT Dividends
Currently no dividends paidFTNT Growth Ratios
| Growth Correlation 3m | 75.6% |
| Growth Correlation 12m | -26.8% |
| Growth Correlation 5y | 76.8% |
| CAGR 5y | 22.52% |
| CAGR/Max DD 3y (Calmar Ratio) | 0.59 |
| CAGR/Mean DD 3y (Pain Ratio) | 1.60 |
| Sharpe Ratio 12m | 0.91 |
| Alpha | -9.57 |
| Beta | 1.098 |
| Volatility | 32.97% |
| Current Volume | 6239.6k |
| Average Volume 20d | 4330.3k |
| Stop Loss | 84.8 (-3.1%) |
| Signal | 0.92 |
Piotroski VR‑10 (Strict, 0-10) 5.5
| Net Income (1.94b TTM) > 0 and > 6% of Revenue (6% = 380.3m TTM) |
| FCFTA 0.19 (>2.0%) and ΔFCFTA -0.44pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 24.76% (prev 21.56%; Δ 3.20pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.23 (>3.0%) and CFO 2.40b > Net Income 1.94b (YES >=105%, WARN >=100%) |
| Net Debt (-2.37b) to EBITDA (2.40b) ratio: -0.99 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.33 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (774.8m) change vs 12m ago 0.64% (target <= -2.0% for YES) |
| Gross Margin 81.50% (prev 78.09%; Δ 3.41pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 67.81% (prev 68.76%; Δ -0.96pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 117.6 (EBITDA TTM 2.40b / Interest Expense TTM 19.4m) >= 6 (WARN >= 3) |
Altman Z'' 2.76
| (A) 0.15 = (Total Current Assets 6.35b - Total Current Liabilities 4.78b) / Total Assets 10.64b |
| (B) 0.03 = Retained Earnings (Balance) 364.4m / Total Assets 10.64b |
| (C) 0.24 = EBIT TTM 2.28b / Avg Total Assets 9.35b |
| (D) 0.04 = Book Value of Equity 344.5m / Total Liabilities 8.58b |
| Total Rating: 2.76 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 91.12
| 1. Piotroski 5.50pt = 0.50 |
| 2. FCF Yield 3.24% = 1.62 |
| 3. FCF Margin 32.07% = 7.50 |
| 4. Debt/Equity 0.48 = 2.39 |
| 5. Debt/Ebitda -0.99 = 2.50 |
| 6. ROIC - WACC (= 64.73)% = 12.50 |
| 7. RoE 120.7% = 2.50 |
| 8. Rev. Trend 95.15% = 7.14 |
| 9. EPS Trend 89.46% = 4.47 |
What is the price of FTNT shares?
Over the past week, the price has changed by +2.61%, over one month by +2.02%, over three months by -11.19% and over the past year by +11.01%.
Is Fortinet a good stock to buy?
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of FTNT is around 87.72 USD . This means that FTNT is currently overvalued and has a potential downside of 0.23%.
Is FTNT a buy, sell or hold?
- 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 | 90 | 2.9% |
| Analysts Target Price | 90 | 2.9% |
| ValueRay Target Price | 99.1 | 13.2% |
FTNT Fundamental Data Overview November 04, 2025
P/E Trailing = 34.4343
P/E Forward = 31.0559
P/S = 10.4496
P/B = 32.0914
P/EG = 2.101
Beta = 1.098
Revenue TTM = 6.34b USD
EBIT TTM = 2.28b USD
EBITDA TTM = 2.40b USD
Long Term Debt = 496.3m USD (from longTermDebt, last quarter)
Short Term Debt = 499.0m USD (from shortTermDebt, last quarter)
Debt = 995.3m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -2.37b USD (from netDebt column, last quarter)
Enterprise Value = 62.66b USD (66.23b + Debt 995.3m - CCE 4.56b)
Interest Coverage Ratio = 117.6 (Ebit TTM 2.28b / Interest Expense TTM 19.4m)
FCF Yield = 3.24% (FCF TTM 2.03b / Enterprise Value 62.66b)
FCF Margin = 32.07% (FCF TTM 2.03b / Revenue TTM 6.34b)
Net Margin = 30.60% (Net Income TTM 1.94b / Revenue TTM 6.34b)
Gross Margin = 81.50% ((Revenue TTM 6.34b - Cost of Revenue TTM 1.17b) / Revenue TTM)
Gross Margin QoQ = 81.49% (prev 80.96%)
Tobins Q-Ratio = 5.89 (Enterprise Value 62.66b / Total Assets 10.64b)
Interest Expense / Debt = 0.46% (Interest Expense 4.60m / Debt 995.3m)
Taxrate = 14.91% (77.1m / 517.2m)
NOPAT = 1.94b (EBIT 2.28b * (1 - 14.91%))
Current Ratio = 1.33 (Total Current Assets 6.35b / Total Current Liabilities 4.78b)
Debt / Equity = 0.48 (Debt 995.3m / totalStockholderEquity, last quarter 2.06b)
Debt / EBITDA = -0.99 (Net Debt -2.37b / EBITDA 2.40b)
Debt / FCF = -1.17 (Net Debt -2.37b / FCF TTM 2.03b)
Total Stockholder Equity = 1.61b (last 4 quarters mean from totalStockholderEquity)
RoA = 18.23% (Net Income 1.94b / Total Assets 10.64b)
RoE = 120.7% (Net Income TTM 1.94b / Total Stockholder Equity 1.61b)
RoCE = 108.5% (EBIT 2.28b / Capital Employed (Equity 1.61b + L.T.Debt 496.3m))
RoIC = 74.65% (NOPAT 1.94b / Invested Capital 2.60b)
WACC = 9.92% (E(66.23b)/V(67.22b) * Re(10.06%) + D(995.3m)/V(67.22b) * Rd(0.46%) * (1-Tc(0.15)))
Discount Rate = 10.06% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.16%
[DCF Debug] Terminal Value 74.50% ; FCFE base≈1.85b ; Y1≈2.19b ; Y5≈3.43b
Fair Price DCF = 54.21 (DCF Value 41.54b / Shares Outstanding 766.3m; 5y FCF grow 19.93% → 3.0% )
EPS Correlation: 89.46 | EPS CAGR: 27.23% | SUE: 1.08 | # QB: 16
Revenue Correlation: 95.15 | Revenue CAGR: 13.54% | SUE: 0.17 | # QB: 0
Additional Sources for FTNT Stock
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