FTNT Stock Analysis: Fortinet | NASDAQ
Software - Infrastructure | NASDAQ, USA | Market Cap: 117.130m USD | 12M Return: 114.1% | US34959E1091 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 825M
EPS Trend: 97.9%
Qual. Beats: 17
Rev. Trend: 99.4%
Qual. Beats: 4
Warnings
Tailwinds
Seasonality 11.6 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. (NASDAQ: FTNT) is a global cybersecurity company that provides converged networking and security solutions for enterprises, service providers, and government organizations. Its product portfolio is anchored by FortiOS, a proprietary operating system, and supported by custom FortiASIC security processing units, the FortiCloud SaaS platform, and AI-driven offerings such as FortiAI and FortiGuard security services. The companys solutions span secure networking, network firewalls (including data center and distributed firewalls), wireless LAN, secure connectivity, Unified SASE, cloud and application security, endpoint protection, and operational technology (OT) security.
The business is structured around a mix of hardware appliances and subscription-based software and services, including its FortiGuard Labs threat intelligence and FortiCare technical support. Fortinet was incorporated in 2000 and is headquartered in Sunnyvale, California, and trades as a large-cap stock within the Information Technology sector (GICS Sub-Industry: Systems Software). A notable aspect of its model is the in-house development of custom ASICs, which differentiates it from many competitors that rely primarily on commercial off-the-shelf processors for their security appliances.
- Billings growth deceleration pressures forward revenue outlook
- Secure networking and SASE adoption drive product expansion
- Subscription mix shift expands recurring revenue and margins
| 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 (2.89b): -1.23 < 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 August 11, 2026, the stock is trading at USD 159.64 with a total of 3,888,873 shares traded. Over the past week, the price has changed by -1.43%, over one month by -2.50%, over three months by +38.29% and over the past year by +114.08%.
Current recommended Stop Loss: 150.70 (which is 5.6% or 1.3 ATR below the current price).
Fortinet has received a consensus analysts rating of 3.47. Therefore, it is recommended to hold FTNT.
- StrongBuy: 9
- Buy: 7
- Hold: 27
- Sell: 0
- StrongSell: 2
| Analysts Target Price | 160.9 | 0.8% |
P/E Trailing = 56.4099
P/E Forward = 51.5464
P/S = 15.5605
P/B = 75.5142
P/EG = 2.1914
Revenue TTM = 7.53b USD
EBIT TTM = 2.64b USD
EBITDA TTM = 2.89b 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 = 114b USD (117b + Debt 496.9m - CCE 4.07b)
Interest Coverage Ratio = 146.7 (Ebit TTM 2.64b / Interest Expense TTM 18.0m)
EV/FCF = 36.43x (Enterprise Value 114b / FCF TTM 3.12b)
FCF Yield = 2.74% (FCF TTM 3.12b / Enterprise Value 114b)
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 = 10.46 (Enterprise Value 114b / 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 = -1.23 (Net Debt -3.57b / EBITDA 2.89b)
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 = 9.59% (E(117b)/V(118b) * Re(9.62%) + D(496.9m)/V(118b) * Rd(3.62%) * (1-Tc(0.19)))
Discount Rate = 9.62% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -76.33 | Cagr: -1.70%
[DCF] Terminal Value 74.06% ; FCFF base≈2.68b ; Y1≈3.08b ; Y5≈4.53b
[DCF] Fair Price = 81.04 (EV 55.9b - Net Debt -3.57b = Equity 59.5b / Shares 733.7m; r=9.59% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 97.92 | EPS CAGR: 28.40% | SUE: 2.81 | # QB: 17
Revenue Correlation: 99.36 | Revenue CAGR: 14.32% | SUE: 3.80 | # QB: 4
EPS current Quarter (2026-09-30): EPS=0.86 | Chg30d=+12.15% | Revisions=+40% | Analysts=38
EPS current Year (2026-12-31): EPS=3.45 | Chg30d=+9.31% | Revisions=+40% | GrowthEPS=+25.0% | GrowthRev=+19.4%
EPS next Year (2027-12-31): EPS=3.76 | Chg30d=+9.74% | Revisions=+50% | GrowthEPS=+8.9% | GrowthRev=+11.0%
[Analyst] Revisions Ratio: +70% (up=7, down=0)