(FTNT) Fortinet - Overview

Sector: Technology | Industry: Software - Infrastructure | Exchange: NASDAQ (USA) | Market Cap: 92.680m USD | Total Return: 24.1% in 12m

Network Firewalls, Endpoint Security, Cloud Security, Threat Intelligence
Total Rating 86
Safety 77
Buy Signal 1.61
Software - Infrastructure
Industry Rotation: +9.6
Market Cap: 92.7B
Avg Turnover: 588M
Risk 3d forecast
Volatility38.5%
VaR 5th Pctl6.25%
VaR vs Median-2.02%
Reward TTM
Sharpe Ratio0.62
Rel. Str. IBD90
Rel. Str. Peer Group82.4
Character TTM
Beta0.482
Beta Downside0.079
Hurst Exponent0.515
Drawdowns 3y
Max DD38.32%
CAGR/Max DD0.66
CAGR/Mean DD1.41
EPS (Earnings per Share) EPS (Earnings per Share) of FTNT over the last years for every Quarter: "2021-03": 0.16, "2021-06": 0.19, "2021-09": 0.2, "2021-12": 0.25, "2022-03": 0.19, "2022-06": 0.24, "2022-09": 0.33, "2022-12": 0.44, "2023-03": 0.34, "2023-06": 0.38, "2023-09": 0.41, "2023-12": 0.51, "2024-03": 0.43, "2024-06": 0.57, "2024-09": 0.63, "2024-12": 0.74, "2025-03": 0.58, "2025-06": 0.64, "2025-09": 0.74, "2025-12": 0.81, "2026-03": 0.82,
EPS CAGR: 38.77%
EPS Trend: 93.9%
Last SUE: 4.00
Qual. Beats: 17
Revenue Revenue of FTNT over the last years for every Quarter: 2021-03: 710.3, 2021-06: 801.1, 2021-09: 867.2, 2021-12: 963.6, 2022-03: 954.8, 2022-06: 1030.1, 2022-09: 1149.5, 2022-12: 1283, 2023-03: 1262.3, 2023-06: 1292.8, 2023-09: 1334.6, 2023-12: 1415.1, 2024-03: 1353.3, 2024-06: 1434.3, 2024-09: 1508.1, 2024-12: 1660.1, 2025-03: 1539.7, 2025-06: 1630, 2025-09: 1724.9, 2025-12: 1905, 2026-03: 1849.6,
Rev. CAGR: 16.89%
Rev. Trend: 96.9%
Last SUE: 4.00
Qual. Beats: 2

Warnings

Extended 1w Choppy

Tailwinds

Leader, Pead, Tailwind, Confidence

Description: FTNT Fortinet

Fortinet, Inc. (FTNT) specializes in integrated cybersecurity and networking solutions, utilizing its proprietary FortiOS operating system and custom ASIC-based security processing units. This hardware-software integration allows for higher performance and energy efficiency compared to general-purpose processors used by many competitors. The company’s Security Fabric architecture covers network security, cloud security, endpoint protection, and operational technology (OT).

The business operates within the cybersecurity sector, which is increasingly shifting toward a platform-based model where customers consolidate multiple security tools into a single vendor ecosystem. Fortinet generates revenue through a combination of physical product sales and recurring subscription services, including threat intelligence from its FortiGuard Labs and technical support through FortiCare.

Investors may find it useful to examine ValueRay for deeper insights into these industry trends. The company’s portfolio includes high-growth segments such as Secure Access Service Edge (SASE) and AI-driven security operations, targeting the convergence of networking and security for global enterprises and government infrastructure.

Headlines to Watch Out For
  • Proprietary ASIC technology provides competitive performance advantages and higher gross margins
  • Shift toward Unified SASE and SecOps offsets slowing hardware firewall demand
  • High exposure to enterprise IT spending cycles impacts short-term billings growth
  • Service revenue expansion from AI-driven security subscriptions stabilizes long-term cash flow
  • Global regulatory compliance demands drive increased adoption of OT security solutions
Piotroski VR‑10 (Strict) 9.0
Net Income: 1.95b TTM > 0 and > 6% of Revenue
FCF/TA: 0.25 > 0.02 and ΔFCF/TA 4.78 > 1.0
NWC/Revenue: 9.97% < 20% (prev 27.92%; Δ -17.94% < -1%)
CFO/TA 0.28 > 3% & CFO 2.80b > Net Income 1.95b
Net Debt (-2.80b) to EBITDA (2.61b): -1.07 < 3
Current Ratio: 1.15 > 1.5 & < 3
Outstanding Shares: last quarter (742.8m) vs 12m ago -4.38% < -2%
Gross Margin: 80.67% > 18% (prev 0.81%; Δ 7.99k% > 0.5%)
Asset Turnover: 70.08% > 50% (prev 59.02%; Δ 11.06% > 0%)
Interest Coverage Ratio: 121.5 > 6 (EBITDA TTM 2.61b / Interest Expense TTM 19.4m)
Altman Z'' 1.68
A: 0.07 (Total Current Assets 5.33b - Total Current Liabilities 4.62b) / Total Assets 9.88b
B: -0.08 (Retained Earnings -782.0m / Total Assets 9.88b)
C: 0.23 (EBIT TTM 2.36b / Avg Total Assets 10.15b)
D: -0.09 (Book Value of Equity -809.0m / Total Liabilities 8.89b)
Altman-Z'' Score: 1.68 = BB
Beneish M -2.81
DSRI: 1.09 (Receivables 1.49b/1.17b, Revenue 7.11b/6.14b)
GMI: 1.01 (GM 80.67% / 81.34%)
AQI: 1.18 (AQ_t 0.29 / AQ_t-1 0.25)
SGI: 1.16 (Revenue 7.11b / 6.14b)
TATA: -0.09 (NI 1.95b - CFO 2.80b) / TA 9.88b)
Beneish M-Score: -2.81 (Cap -4..+1) = A
What is the price of FTNT shares? As of May 21, 2026, the stock is trading at USD 130.00 with a total of 5,801,503 shares traded.
Over the past week, the price has changed by +10.46%, over one month by +57.38%, over three months by +62.50% and over the past year by +24.06%.
Is FTNT a buy, sell or hold? Fortinet has received a consensus analysts rating of 3.47. Therefor, it is recommend to hold FTNT.
  • StrongBuy: 9
  • Buy: 7
  • Hold: 27
  • Sell: 0
  • StrongSell: 2
What are the forecasts/targets for the FTNT price?
Analysts Target Price 107.2 -17.6%
Fortinet (FTNT) - Fundamental Data Overview as of 20 May 2026
P/E Trailing = 49.031
P/E Forward = 41.4938
P/S = 13.0361
P/B = 90.8907
P/EG = 2.77
Revenue TTM = 7.11b USD
EBIT TTM = 2.36b USD
EBITDA TTM = 2.61b USD
Long Term Debt = 496.8m USD (from longTermDebt, last quarter)
Short Term Debt = 499.7m USD (from shortTermDebt, last fiscal year)
Debt = 496.8m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -2.80b USD (recalculated: Debt 496.8m - CCE 3.29b)
Enterprise Value = 89.88b USD (92.68b + Debt 496.8m - CCE 3.29b)
Interest Coverage Ratio = 121.5 (Ebit TTM 2.36b / Interest Expense TTM 19.4m)
EV/FCF = 36.90x (Enterprise Value 89.88b / FCF TTM 2.44b)
FCF Yield = 2.71% (FCF TTM 2.44b / Enterprise Value 89.88b)
FCF Margin = 34.26% (FCF TTM 2.44b / Revenue TTM 7.11b)
Net Margin = 27.49% (Net Income TTM 1.95b / Revenue TTM 7.11b)
Gross Margin = 80.67% ((Revenue TTM 7.11b - Cost of Revenue TTM 1.37b) / Revenue TTM)
Gross Margin QoQ = 80.29% (prev 79.57%)
Tobins Q-Ratio = 9.09 (Enterprise Value 89.88b / Total Assets 9.88b)
Interest Expense / Debt = 0.85% (Interest Expense 4.20m / Debt 496.8m)
Taxrate = 18.58% (122.0m / 656.6m)
NOPAT = 1.92b (EBIT 2.36b * (1 - 18.58%))
Current Ratio = 1.15 (Total Current Assets 5.33b / Total Current Liabilities 4.62b)
Debt / Equity = 0.50 (Debt 496.8m / totalStockholderEquity, last quarter 989.7m)
Debt / EBITDA = -1.07 (Net Debt -2.80b / EBITDA 2.61b)
Debt / FCF = -1.15 (Net Debt -2.80b / FCF TTM 2.44b)
Total Stockholder Equity = 1.26b (last 4 quarters mean from totalStockholderEquity)
RoA = 19.27% (Net Income 1.95b / Total Assets 9.88b)
RoE = 155.7% (Net Income TTM 1.95b / Total Stockholder Equity 1.26b)
RoCE = 134.5% (EBIT 2.36b / Capital Employed (Equity 1.26b + L.T.Debt 496.8m))
RoIC = 90.22% (NOPAT 1.92b / Invested Capital 2.13b)
WACC = 7.64% (E(92.68b)/V(93.18b) * Re(7.68%) + D(496.8m)/V(93.18b) * Rd(0.85%) * (1-Tc(0.19)))
Discount Rate = 7.68% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares (quarterly) Correlation: -28.89 | Cagr: -1.72%
[DCF] Terminal Value 82.17% ; FCFF base≈2.29b ; Y1≈2.70b ; Y5≈4.13b
[DCF] Fair Price = 109.2 (EV 77.23b - Net Debt -2.80b = Equity 80.03b / Shares 732.6m; r=7.64% [WACC]; 5y FCF grow 18.95% → 3.0% )
EPS Correlation: 93.90 | EPS CAGR: 38.77% | SUE: 4.0 | # QB: 17
Revenue Correlation: 96.86 | Revenue CAGR: 16.89% | SUE: 4.0 | # QB: 2
EPS current Quarter (2026-06-30): EPS=0.74 | Chg30d=+7.01% | Revisions=+90% | Analysts=39
EPS next Quarter (2026-09-30): EPS=0.76 | Chg30d=-1.80% | Revisions=-58% | Analysts=39
EPS current Year (2026-12-31): EPS=3.16 | Chg30d=+5.92% | Revisions=+91% | GrowthEPS=+14.4% | GrowthRev=+14.9%
EPS next Year (2027-12-31): EPS=3.43 | Chg30d=+3.47% | Revisions=+91% | GrowthEPS=+8.5% | GrowthRev=+10.5%
[Analyst] Revisions Ratio: +91%