FTNT Stock Analysis: Fortinet | NASDAQ
Software - Infrastructure | NASDAQ, USA | Market Cap: 138.745m USD | 12M Return: 126% | US34959E1091 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 670M
EPS Trend: 97.9%
Qual. Beats: 16
Rev. Trend: 99.4%
Qual. Beats: 4
Warnings
No concerns identified
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: 2.12b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.29 > 0.02 and ΔFCF/TA 9.60 > 1.0 |
| NWC/Revenue: 18.17% < 20% (prev 24.76%; Δ -6.59% < -1%) |
| CFO/TA 0.31 > 3% & CFO 3.40b > Net Income 2.12b |
| Net Debt (-3.57b) to EBITDA (2.80b): -1.28 < 3 |
| Current Ratio: 1.28 > 1.5 & < 3 |
| Outstanding Shares: last quarter (741.3m) vs 12m ago -4.32% < -2% |
| Gross Margin: 80.38% > 18% (prev 81.50%; Δ -1.12% > 0.5%) |
| Asset Turnover: 70.02% > 50% (prev 59.56%; Δ 10.46% > 0%) |
| Interest Coverage Ratio: 146.7 > 6 (EBIT TTM 2.64b / Interest Expense TTM 18.0m) |
| A: 0.13 (Total Current Assets 6.21b - Total Current Liabilities 4.84b) / Total Assets 10.9b |
| B: -0.03 (Retained Earnings -316.7m / Total Assets 10.9b) |
| C: 0.25 (EBIT TTM 2.64b / Avg Total Assets 10.8b) |
| D: 0.17 (Book Value of Equity 1.55b / Total Liabilities 9.31b) |
| Altman-Z'' = 2.56 = A |
| DSRI: 1.01 (Receivables 1.46b/1.22b, Revenue 7.53b/6.34b) |
| GMI: 1.01 (GM 81.50% / 80.38%) |
| AQI: 1.05 (AQ_t 0.27 / AQ_t-1 0.26) |
| SGI: 1.19 (Revenue 7.53b / 6.34b) |
| TATA: -0.12 (NI 2.12b - CFO 3.40b) / TA 10.9b) |
| Beneish M = -2.85 (Cap -4..+1) = A |
As of October 10, 2026, the stock is trading at USD 194.75 with a total of 2,068,351 shares traded. Over the past week, the price has changed by +7.63%, over one month by +23.87%, over three months by +18.95% and over the past year by +125.95%.
Current recommended Stop Loss: 187.20 (which is 3.9% or 1.3 ATR below the current price).
Fortinet has received a consensus analysts rating of 3.23. Therefore, it is recommended to hold FTNT.
- StrongBuy: 8
- Buy: 1
- Hold: 31
- Sell: 1
- StrongSell: 3
| Analysts Target Price | 164.3 | -15.6% |
P/E Trailing = 66.8198
P/E Forward = 45.045
P/S = 18.432
P/B = 82.4299
P/EG = 1.9161
Revenue TTM = 7.53b USD
EBIT TTM = 2.64b USD
EBITDA TTM = 2.80b USD
Long Term Debt = 496.9m USD (from longTermDebt, last quarter)
Short Term Debt = 499.7m USD (from shortTermDebt, last fiscal year)
Debt = 496.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -3.57b USD (calculated: Debt 496.9m - CCE 4.07b)
Enterprise Value = 135b USD (139b + Debt 496.9m - CCE 4.07b)
Interest Coverage Ratio = 146.7 (Ebit TTM 2.64b / Interest Expense TTM 18.0m)
EV/FCF = 43.37x (Enterprise Value 135b / FCF TTM 3.12b)
FCF Yield = 2.31% (FCF TTM 3.12b / Enterprise Value 135b)
FCF Margin = 41.41% (FCF TTM 3.12b / Revenue TTM 7.53b)
Net Margin = 28.17% (Net Income TTM 2.12b / Revenue TTM 7.53b)
Gross Margin = 80.38% ((Revenue TTM 7.53b - Cost of Revenue TTM 1.48b) / Revenue TTM)
Gross Margin QoQ = 80.24% (prev 80.29%)
Tobins Q-Ratio = 12.45 (Enterprise Value 135b / Total Assets 10.9b)
Interest Expense / Debt = 3.62% (Interest Expense 18.0m / Debt 496.9m)
Taxrate = 19.16% (502.5m / 2.62b)
NOPAT = 2.13b (EBIT 2.64b * (1 - 19.16%))
Current Ratio = 1.28 (Total Current Assets 6.21b / Total Current Liabilities 4.84b)
Debt / Equity = 0.32 (Debt 496.9m / totalStockholderEquity, last quarter 1.55b)
Debt / EBITDA = -1.28 (Net Debt -3.57b / EBITDA 2.80b)
Debt / FCF = -1.15 (Net Debt -3.57b / FCF TTM 3.12b)
Total Stockholder Equity = 1.13b (last 4 quarters mean from totalStockholderEquity)
RoA = 19.73% (Net Income 2.12b / Total Assets 10.9b)
RoE = 187.9% (Net Income TTM 2.12b / Total Stockholder Equity 1.13b)
RoCE = 162.4% (EBIT 2.64b / Capital Employed (Equity 1.13b + L.T.Debt 496.9m))
RoIC = 34.75% (NOPAT 2.13b / Invested Capital 6.14b)
WACC = 9.63% (E(139b)/V(139b) * Re(9.65%) + D(496.9m)/V(139b) * Rd(3.62%) * (1-Tc(0.19)))
Discount Rate = 9.65% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -76.33 | Cagr: -1.70%
[DCF] Terminal Value 73.95% ; FCFF base≈2.68b ; Y1≈3.08b ; Y5≈4.53b
[DCF] Fair Price = 80.66 (EV 55.6b - Net Debt -3.57b = Equity 59.2b / Shares 733.7m; r=9.63% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 97.92 | EPS CAGR: 28.40% | SUE: 2.81 | # QB: 16
Revenue Correlation: 99.36 | Revenue CAGR: 14.32% | SUE: 3.80 | # QB: 4
EPS current Quarter (2026-09-30): EPS=0.86 | Chg30d=-0.02% | Revisions=+92% | Analysts=38
EPS current Year (2026-12-31): EPS=3.45 | Chg30d=-0.01% | Revisions=+0% | GrowthEPS=+25.0% | GrowthRev=+19.4%
EPS next Year (2027-12-31): EPS=3.78 | Chg30d=+0.18% | Revisions=+40% | GrowthEPS=+9.5% | GrowthRev=+11.3%
[Analyst] Revisions Ratio: +93% (up=38, down=0)