Overview Dividends

(FTNT) Fortinet - Ratings and Ratios

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

Firewall, SASE, Secure Networking, Endpoint Protection

Systems Software
Market Cap in USD: 63,194m

IPO / Inception: 2009-11-18
Return 12m vs S&P 500: -28.1%

EPS (Earnings per Share)

EPS CAGR: 33.56%
EPS Trend: 93.2%

Last SUE: 2.53
Qual. Beats: 16

Revenue

Rev. CAGR: 16.80%
Rev. Trend: 96.2%

Last SUE: 0.85
Qual. Beats: 1

Dividends

Currently no dividends paid

Risk via 5d forecast
Volatility	36.7%
Value at Risk 5%th	54.1%
Relative Tail Risk	-10.53%

Reward TTM
Sharpe Ratio	-0.25
Alpha	-34.34
CAGR/Max DD	0.48

Character TTM
Hurst Exponent	0.348
Beta	1.218
Beta Downside	1.168

Drawdowns 3y
Max DD	38.32%
Mean DD	14.68%
Median DD	12.77%

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

(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) 93.68

1. Piotroski 8.50pt

2. FCF Yield 3.32%

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 93.18%

What is the price of FTNT shares?

As of December 22, 2025, the stock is trading at USD 80.24 with a total of 20,115,933 shares traded.
Over the past week, the price has changed by -1.57%, over one month by +1.76%, over three months by -5.61% and over the past year by -16.78%.

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%
Analysts Target Price	87.5	9%
ValueRay Target Price	84.1	4.8%

FTNT Fundamental Data Overview December 18, 2025

Market Cap USD = 63.19b (63.19b USD * 1.0 USD.USD)
P/E Trailing = 33.9383
P/E Forward = 27.8552
P/S = 9.641
P/B = 82.468
P/EG = 2.0196
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 = 61.07b USD (63.19b + Debt 995.9m - CCE 3.12b)
Interest Coverage Ratio = 81.04 (Ebit TTM 1.67b / Interest Expense TTM 20.6m)
FCF Yield = 3.32% (FCF TTM 2.03b / Enterprise Value 61.07b)
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 = 6.52 (Enterprise Value 61.07b / 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(63.19b)/V(64.19b) * Re(10.50%) + D(995.9m)/V(64.19b) * Rd(0.62%) * (1-Tc(0.20)))
Discount Rate = 10.50% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.14%
[DCF Debug] Terminal Value 73.36% ; FCFE base≈1.88b ; Y1≈2.26b ; Y5≈3.60b
Fair Price DCF = 54.99 (DCF Value 40.89b / Shares Outstanding 743.6m; 5y FCF grow 21.15% → 3.0% )
EPS Correlation: 93.18 | EPS CAGR: 33.56% | SUE: 2.53 | # 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=+0.001 | Revisions Net=+19 | Analysts=34
EPS next Year (2026-12-31): EPS=2.93 | Chg30d=+0.009 | Revisions Net=+29 | Growth EPS=+8.6% | Growth Revenue=+11.3%

Additional Sources for FTNT Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle