(FTNT) Fortinet - Ratings and Ratios
Firewall, SASE, Secure Networking, Endpoint Protection
Dividends
Currently no dividends paid| Risk via 10d forecast | |
|---|---|
| Volatility | 36.3% |
| Value at Risk 5%th | 53.8% |
| Relative Tail Risk | -10.01% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.28 |
| Alpha | -32.76 |
| CAGR/Max DD | 0.43 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.417 |
| Beta | 1.214 |
| Beta Downside | 1.163 |
| Drawdowns 3y | |
|---|---|
| Max DD | 38.32% |
| Mean DD | 14.60% |
| Median DD | 12.31% |
Description: FTNT Fortinet December 03, 2025
Fortinet (NASDAQ:FTNT) delivers a broad portfolio of cybersecurity and networking solutions that blend security functions directly into the network fabric. Its flagship offerings include FortiGate firewalls (data-center, hyperscale, and distributed), FortiSwitch Ethernet switches, FortiAP wireless LAN access points, and FortiExtender 5G gateways, all integrated through its Unified Secure Access Service Edge (SASE) platform, which bundles firewall-as-a-service, SD-WAN, secure web gateway, CASB, DLP, and zero-trust network access.
The company also provides AI-driven threat-detection suites-FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP, and FortiRecon-designed to create layered defenses across endpoints, networks, and applications. Complementary services include FortiGuard threat intelligence, FortiCare technical support, and a global training and certification program, supported by the FortiGuard Labs research team.
Fortinet serves a diversified customer base ranging from large enterprises and communication service providers to government agencies and SMBs. In FY 2023 the firm reported revenue of roughly $4.5 billion, a year-over-year increase of about 13%, and an operating margin near 30%, reflecting strong pricing power in a market where global cyber-spending is projected to grow at a 12% CAGR through 2028. Key sector drivers include accelerated cloud migration, heightened regulatory pressure for zero-trust architectures, and the expanding attack surface of 5G and IoT deployments.
For a deeper quantitative assessment, you may find ValueRay’s sector-level analytics useful.
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 |
| (C) 0.18 = EBIT TTM 1.67b / Avg Total Assets 9.11b |
| (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) 93.67
| 1. Piotroski 8.50pt |
| 2. FCF Yield 3.28% |
| 3. FCF Margin 30.95% |
| 4. Debt/Equity 1.35 |
| 5. Debt/Ebitda -0.42 |
| 6. ROIC - WACC (= 41.67)% |
| 7. RoE 119.9% |
| 8. Rev. Trend 96.17% |
| 9. EPS Trend 93.46% |
What is the price of FTNT shares?
Over the past week, the price has changed by -3.18%, over one month by -1.42%, over three months by +1.95% and over the past year by -15.88%.
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 | 87.5 | 6% |
| Analysts Target Price | 87.5 | 6% |
| ValueRay Target Price | 89.4 | 8.3% |
FTNT Fundamental Data Overview December 10, 2025
P/E Trailing = 34.3745
P/E Forward = 31.0559
P/S = 9.7649
P/B = 87.9307
P/EG = 2.101
Beta = 1.101
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 = 61.88b USD (64.01b + Debt 995.9m - CCE 3.12b)
Interest Coverage Ratio = 81.04 (Ebit TTM 1.67b / Interest Expense TTM 20.6m)
FCF Yield = 3.28% (FCF TTM 2.03b / Enterprise Value 61.88b)
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 = 6.61 (Enterprise Value 61.88b / 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 = 10.34% (E(64.01b)/V(65.00b) * Re(10.49%) + D(995.9m)/V(65.00b) * Rd(0.62%) * (1-Tc(0.20)))
Discount Rate = 10.49% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.14%
[DCF Debug] Terminal Value 73.39% ; FCFE base≈1.88b ; Y1≈2.26b ; Y5≈3.60b
Fair Price DCF = 55.07 (DCF Value 40.95b / Shares Outstanding 743.6m; 5y FCF grow 21.15% → 3.0% )
EPS Correlation: 93.46 | EPS CAGR: 33.56% | SUE: 2.44 | # QB: 16
Revenue Correlation: 96.17 | Revenue CAGR: 16.80% | SUE: 0.85 | # QB: 1
EPS next Quarter (2026-03-31): EPS=0.65 | Chg30d=+0.024 | Revisions Net=+19 | Analysts=34
EPS next Year (2026-12-31): EPS=2.93 | Chg30d=+0.136 | Revisions Net=+29 | Growth EPS=+8.6% | Growth Revenue=+11.3%
Additional Sources for FTNT Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle