(FTNT) Fortinet - Overview
Stock: Firewall, Switch, Wireless, Gateway, Sandbox, XDR
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 41.1% |
| Relative Tail Risk | -9.20% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.44 |
| Alpha | -39.37 |
| Character TTM | |
|---|---|
| Beta | 1.216 |
| Beta Downside | 1.097 |
| Drawdowns 3y | |
|---|---|
| Max DD | 38.32% |
| CAGR/Max DD | 0.30 |
Description: FTNT Fortinet January 29, 2026
Fortinet, Inc. (NASDAQ: FTNT) delivers an integrated portfolio that blends networking and security, including FortiGate firewalls (data-center, hyperscale, and distributed), FortiSwitch Ethernet switches, FortiAP wireless LAN, and FortiExtender 5G gateways. Its Unified Secure Access Service Edge (SASE) stack layers firewall, SD-WAN, secure web gateway, CASB, DLP, and zero-trust network access, while AI-driven solutions such as FortiEDR, FortiXDR, and FortiSandbox provide detection and response across endpoints, networks, and cloud workloads. The company also monetizes threat-intelligence (FortiGuard), support (FortiCare), and training services, serving enterprises, telcos, governments, and SMBs worldwide.
According to Fortinet’s FY 2025 earnings release (Q3 2025), total revenue reached **$5.03 billion**, up **15 % YoY**, with **subscription-based revenue accounting for ~70 %** of the top line-a metric analysts view as a proxy for recurring cash flow stability. Operating margin expanded to **22 %**, and diluted earnings per share were **$1.12**. IDC’s latest market-share snapshot (Q2 2024) places Fortinet at **~15 % of the global enterprise firewall market**, ranking second behind Palo Alto Networks, and its SASE revenue grew **28 % YoY**, reflecting strong traction in the zero-trust segment.
Sector-wide, two macro drivers underpin Fortinet’s growth outlook: (1) **Enterprise security spend is projected to rise 9 % CAGR through 2028**, fueled by increasing ransomware incidents and regulatory pressure; and (2) **Gartner forecasts the global zero-trust market to reach $15 billion by 2025, expanding at ~20 % CAGR**, creating tailwinds for Fortinet’s SASE and zero-trust offerings. However, the company’s valuation is sensitive to the pace of subscription renewal and the competitive dynamics with Palo Alto, Check Point, and emerging cloud-native players-if renewal rates dip below 85 % or pricing pressure intensifies, revenue growth could decelerate.
For a deeper, data-driven assessment of Fortinet’s risk-adjusted upside, you may find ValueRay’s analyst toolkit useful.
Piotroski VR‑10 (Strict, 0-10) 8.5
| Net Income: 1.87b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.22 > 0.02 and ΔFCF/TA 2.87 > 1.0 |
| NWC/Revenue: 1.94% < 20% (prev 23.41%; Δ -21.46% < -1%) |
| CFO/TA 0.26 > 3% & CFO 2.45b > Net Income 1.87b |
| Net Debt (-999.8m) to EBITDA (2.38b): -0.42 < 3 |
| Current Ratio: 1.03 > 1.5 & < 3 |
| Outstanding Shares: last quarter (770.2m) vs 12m ago -0.22% < -2% |
| Gross Margin: 81.27% > 18% (prev 0.80%; Δ 8047 % > 0.5%) |
| Asset Turnover: 71.98% > 50% (prev 64.51%; Δ 7.46% > 0%) |
| Interest Coverage Ratio: 81.04 > 6 (EBITDA TTM 2.38b / Interest Expense TTM 20.6m) |
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 -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) |
| Altman-Z'' Score: 0.87 = B |
Beneish M -2.94
| DSRI: 0.97 (Receivables 1.17b/1.04b, Revenue 6.55b/5.71b) |
| GMI: 0.98 (GM 81.27% / 79.71%) |
| AQI: 1.14 (AQ_t 0.30 / AQ_t-1 0.27) |
| SGI: 1.15 (Revenue 6.55b / 5.71b) |
| TATA: -0.06 (NI 1.87b - CFO 2.45b) / TA 9.36b) |
| Beneish M-Score: -2.94 (Cap -4..+1) = A |
What is the price of FTNT shares?
Over the past week, the price has changed by +1.85%, over one month by +5.51%, over three months by +2.76% and over the past year by -20.97%.
Is FTNT a buy, sell or hold?
- StrongBuy: 9
- Buy: 7
- Hold: 27
- Sell: 0
- StrongSell: 2
What are the forecasts/targets for the FTNT price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 87.3 | 5.4% |
| Analysts Target Price | 87.3 | 5.4% |
| ValueRay Target Price | 86 | 3.9% |
FTNT Fundamental Data Overview February 03, 2026
P/E Forward = 27.8552
P/S = 9.4996
P/B = 82.4578
P/EG = 2.0159
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 = 60.14b USD (62.27b + Debt 995.9m - CCE 3.12b)
Interest Coverage Ratio = 81.04 (Ebit TTM 1.67b / Interest Expense TTM 20.6m)
EV/FCF = 29.65x (Enterprise Value 60.14b / FCF TTM 2.03b)
FCF Yield = 3.37% (FCF TTM 2.03b / Enterprise Value 60.14b)
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 = 6.42 (Enterprise Value 60.14b / 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 = 20.57% (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 = 10.24% (E(62.27b)/V(63.26b) * Re(10.40%) + D(995.9m)/V(63.26b) * Rd(0.62%) * (1-Tc(0.20)))
Discount Rate = 10.40% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.14%
[DCF Debug] Terminal Value 73.81% ; FCFF base≈1.88b ; Y1≈2.26b ; Y5≈3.59b
Fair Price DCF = 57.64 (EV 41.87b - Net Debt -999.8m = Equity 42.87b / Shares 743.6m; r=10.24% [WACC]; 5y FCF grow 21.15% → 2.90% )
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=+0.003 | Revisions Net=+2 | Analysts=34
EPS next Year (2026-12-31): EPS=2.94 | Chg30d=+0.016 | Revisions Net=+4 | Growth EPS=+9.3% | Growth Revenue=+11.2%