FTNT Stock Analysis: Fortinet | NASDAQ
Software - Infrastructure | NASDAQ, USA | Market Cap: 102.060m USD | 12M Return: 47.6% | US34959E1091 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 796M
EPS Trend: 98.0%
Qual. Beats: 17
Rev. Trend: 99.4%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Fortinet, Inc. is a global cybersecurity company that delivers networking and security solutions, built around its proprietary FortiOS operating system and custom FortiASIC security processors. Its product portfolio spans secure networking (firewalls, wireless LAN), secure connectivity, SASE, cloud and application security, endpoint protection, OT security, and AI-driven security operations tools such as FortiEDR, FortiXDR, and FortiNDR. The company also operates FortiGuard Labs for threat intelligence and offers FortiCare technical support services.
Founded in 2000 and headquartered in Sunnyvale, California, Fortinet went public in November 2009 and is listed on NASDAQ under the ticker FTNT, classified within the Information Technology sector (Systems Software). A key differentiator in its business model is the vertical integration of purpose-built ASIC hardware with its software stack, allowing it to deliver high-performance security appliances while bundling recurring subscription services like FortiGuard intelligence and support.
- Secure networking and SASE revenue drives billings growth
- ASIC chip advantage boosts FortiGate firewall margins
- Competition with Palo Alto and Cisco pressures firewall market share
- Operational efficiency focus supports margin expansion and capital returns
| Net Income: 2.28b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.21 > 0.02 and ΔFCF/TA 0.84 > 1.0 |
| NWC/Revenue: 25.64% < 20% (prev 1.94%; Δ 23.69% < -1%) |
| CFO/TA 0.31 > 3% & CFO 3.69b > Net Income 2.28b |
| Net Debt (-2.25b) to EBITDA (2.96b): -0.76 < 3 |
| Current Ratio: 1.40 > 1.5 & < 3 |
| Outstanding Shares: last quarter (742.6m) vs 12m ago -3.58% < -2% |
| Gross Margin: 79.75% > 18% (prev 81.27%; Δ -1.52% > 0.5%) |
| Asset Turnover: 73.98% > 50% (prev 70.02%; Δ 3.97% > 0%) |
| Interest Coverage Ratio: 189.0 > 6 (EBIT TTM 2.80b / Interest Expense TTM 14.8m) |
| A: 0.17 (Total Current Assets 7.11b - Total Current Liabilities 5.09b) / Total Assets 11.9b |
| B: 0.03 (Retained Earnings 318.8m / Total Assets 11.9b) |
| C: 0.26 (EBIT TTM 2.80b / Avg Total Assets 10.7b) |
| D: 0.23 (Book Value of Equity 2.25b / Total Liabilities 9.70b) |
| Altman-Z'' = 3.20 = A |
| DSRI: 1.04 (Receivables 1.46b/1.17b, Revenue 7.88b/6.55b) |
| GMI: 1.02 (GM 81.27% / 79.75%) |
| AQI: 0.86 (AQ_t 0.26 / AQ_t-1 0.30) |
| SGI: 1.20 (Revenue 7.88b / 6.55b) |
| TATA: -0.12 (NI 2.28b - CFO 3.69b) / TA 11.9b) |
| Beneish M = -2.93 (Cap -4..+1) = A |
As of November 09, 2026, the stock is trading at USD 118.84 with a total of 8,025,810 shares traded. Over the past week, the price has changed by -12.67%, over one month by -37.87%, over three months by -25.78% and over the past year by +47.55%.
Current recommended Stop Loss: 107.70 (which is 9.4% or 1.2 ATR below the current price).
Fortinet has received a consensus analysts rating of 3.14. Therefore, it is recommended to hold FTNT.
- StrongBuy: 7
- Buy: 1
- Hold: 31
- Sell: 1
- StrongSell: 4
| Analysts Target Price | 157.1 | 32.2% |
P/E Trailing = 45.4575
P/E Forward = 45.045
P/S = 13.5584
P/B = 56.8475
P/EG = 1.9141
Revenue TTM = 7.88b USD
EBIT TTM = 2.80b USD
EBITDA TTM = 2.96b USD
Long Term Debt = 496.6m USD (from longTermDebt, last fiscal year)
Short Term Debt = 499.7m USD (from shortTermDebt, last fiscal year)
Debt = 497.1m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -2.25b USD (calculated: Debt 497.1m - CCE 2.74b)
Enterprise Value = 99.8b USD (102b + Debt 497.1m - CCE 2.74b)
Interest Coverage Ratio = 189.0 (Ebit TTM 2.80b / Interest Expense TTM 14.8m)
EV/FCF = 40.06x (Enterprise Value 99.8b / FCF TTM 2.49b)
FCF Yield = 2.50% (FCF TTM 2.49b / Enterprise Value 99.8b)
FCF Margin = 31.62% (FCF TTM 2.49b / Revenue TTM 7.88b)
Net Margin = 28.96% (Net Income TTM 2.28b / Revenue TTM 7.88b)
Gross Margin = 79.75% ((Revenue TTM 7.88b - Cost of Revenue TTM 1.60b) / Revenue TTM)
Gross Margin QoQ = 78.95% (prev 80.24%)
Tobins Q-Ratio = 8.36 (Enterprise Value 99.8b / Total Assets 11.9b)
Interest Expense / Debt = 2.98% (Interest Expense 14.8m / Debt 497.1m)
Taxrate = 18.02% (501.3m / 2.78b)
NOPAT = 2.29b (EBIT 2.80b * (1 - 18.02%))
Current Ratio = 1.29 (Total Current Assets 7.11b / Total Current Liabilities 5.52b)
Debt / Equity = 0.22 (Debt 497.1m / totalStockholderEquity, last quarter 2.25b)
Debt / EBITDA = -0.76 (Net Debt -2.25b / EBITDA 2.96b)
Debt / FCF = -0.90 (Net Debt -2.25b / FCF TTM 2.49b)
Total Stockholder Equity = 1.51b (last 4 quarters mean from totalStockholderEquity)
RoA = 21.43% (Net Income 2.28b / Total Assets 11.9b)
RoE = 151.5% (Net Income TTM 2.28b / Total Stockholder Equity 1.51b)
RoCE = 139.7% (EBIT 2.80b / Capital Employed (Equity 1.51b + L.T.Debt 496.6m))
RoIC = 32.95% (NOPAT 2.29b / Invested Capital 6.96b)
WACC = 9.38% (E(102b)/V(103b) * Re(9.41%) + D(497.1m)/V(103b) * Rd(2.98%) * (1-Tc(0.18)))
Discount Rate = 9.41% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -84.63 | Cagr: -1.59%
[DCF] Terminal Value 74.72% ; FCFF base≈2.24b ; Y1≈2.57b ; Y5≈3.79b
[DCF] Fair Price = 68.85 (EV 48.3b - Net Debt -2.25b = Equity 50.5b / Shares 733.7m; r=9.38% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 98.05 | EPS CAGR: 28.35% | SUE: 1.30 | # QB: 17
Revenue Correlation: 99.37 | Revenue CAGR: 15.48% | SUE: 0.25 | # QB: 0
EPS current Quarter (2027-03-31): EPS=0.85 | Chg30d=+1.54% | Revisions=+84% | Analysts=30
EPS current Year (2026-12-31): EPS=3.57 | Chg30d=+3.38% | Revisions=+0% | GrowthEPS=+29.2% | GrowthRev=+20.2%
EPS next Year (2027-12-31): EPS=3.87 | Chg30d=+2.42% | Revisions=+40% | GrowthEPS=+8.4% | GrowthRev=+11.3%
[Analyst] Revisions Ratio: +85% (up=29, down=1)