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Makes network security appliances and software, including firewalls, used by businesses to protect networks from cyber threats.
Makes network security appliances and software, including firewalls, used by businesses to protect networks from cyber threats.
Designs its own chips for firewalls, so hardware runs fast at lower cost, and sells subscription services and support on top of each appliance, so each device sold brings follow-on services. Founder Ken Xie remains chief executive.
Moat: narrow (installed base, switching costs, IP / patents). Large installed base of security appliances and a broad integrated 'Security Fabric' platform create switching costs.
Headquarters: Sunnyvale, California, US · Founded: 2000 · Employees: 15,109
Size Fortinet (FTNT) is a United States Information Technology company (Information Technology Services) with a market value of $87.3B, the 153rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $118.84 on 6 Nov 2026.
Performance Over six months the shares gained 4.2%, against +21.7% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 16 in its peer set.
Growth Revenue grew 20.2% over the last twelve months (peer median +8.7%); the operating margin is 32.9% (peer median 12.6%).
Valuation It trades at 31.6× forward earnings against a peer median of 17.8× (4th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Backlog Backlog (remaining performance obligations) was $7.98B at 30 Sep 2026, up 19% on a year earlier — 1.0 years of trailing revenue. Backlog detail →
Credit Fortinet has 1 bond outstanding ($500M), rated BBB+ by the agencies and trading like BBB at a weighted spread of 91 bp.
Short interest Short interest is 1.6% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.88B | $6.80B | $5.96B | $5.30B | $4.42B |
| Revenue growth | — | +14% | +12% | +20% | — |
| Gross profit | $6.29B | $5.47B | $4.70B | $4.05B | $3.31B |
| EBITDA | $2.75B | $2.23B | $1.92B | $1.35B | $1.07B |
| Net income | $2.28B | $1.85B | $1.75B | $1.15B | $857M |
| Free cash flow | $3.43B | $2.23B | $1.88B | $1.73B | $1.45B |
| Capital expenditure | $256M | $365M | $379M | $204M | $281M |
| Total debt | $497M | $1.06B | $1.07B | $1.07B | $1.09B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Fortinet FTNT | $87.3B | +4% | +20% | 33% | 31.6× | 22.4% |
| Palo Alto Networks PANW | $257B | +51% | +24% | 5% | 75.0× | n/a |
| Cisco CSCO | $369B | -3% | +12% | 25% | 18.4× | 15.0% |
| Check Point Software Technologies CHKP | $14.7B | +25% | +3% | 28% | 13.4× | -1.7% |
| Zscaler ZS | $32.2B | +30% | +25% | -4% | 40.5× | 20.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FTNT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.1% | +2.7% | 2nd lowest of 16 |
| 6-month return | +4.2% | +21.7% | 6th lowest of 16 |
| Distance from 52-week high | -39.7% | -25.4% | 3rd lowest of 16 |
| Revenue growth (TTM) | +20.2% | +8.7% | 5th highest of 16 |
| Operating margin | 32.9% | 12.6% | highest of 16 |
| Forward P/E | 31.6× | 17.8× | 4th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 22.4% | 6.6% | 3rd most demanding of 14 |
| Growth delivered (Del g) | +21.3% | +8.0% | 3rd highest of 14 |
| Hurdle (Req g minus delivered) | +1.1 pp | +0.3 pp | 7th most demanding of 14 |
| EV / EBITDA | 30.1× | 11.5× | 2nd most expensive of 12 |
| Net debt / EBITDA | -1.6× | 0.0× | 2nd least indebted of 14 |
| Bond spread | 91 bp | 99 bp | 3rd tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fortinet FTNT | United States | $87.3B | +4% | +20% | 33% | 31.6× | 22.4% | +21.3% |
| Tata Consultancy Services TCS.NS | India | $95.7B | +4% | +10% | 25% | 16.2× | 12.0% | +10.2% |
| Cloudflare NET | United States | $95.7B | +37% | +34% | -8% | 168.8× | n/a | n/a |
| Hygon Information Technology 688041.SS | China | $66.0B | -36% | +59% | 19% | 100.6× | n/a | n/a |
| Infosys INFY.NS | India | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% | +12.2% |
| Accenture ACN | United States | $154B | +44% | +6% | 15% | 17.8× | 3.7% | +8.0% |
| Workday WDAY | United States | $46.5B | +51% | +14% | 13% | 16.0× | 19.7% | +17.3% |
| HCL Technologies HCLTECH.NS | India | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% | +11.5% |
| Nec 6701.T | Japan | $36.3B | +5% | +7% | 12% | 18.6× | 5.5% | +3.7% |
| Fujitsu 6702.T | Japan | $35.4B | +1% | +4% | 10% | 18.0× | 4.1% | -0.5% |
| IBM IBM | United States | $232B | +6% | +7% | 21% | 18.8× | 7.6% | +4.1% |
| Cognizant CTSH | United States | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% | +4.9% |
| HP Inc. HPQ | United States | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% | -0.4% |
| Capgemini CAP.PA | France | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% | +7.2% |
| Credo Technology CRDO | United States | $22.7B | -36% | +165% | 32% | 16.5× | 47.4% | +86.8% |
| Rubrik RBRK | United States | $21.9B | +70% | +42% | -18% | 215.0× | 36.2% | +27.7% |
Fortinet has 1 bond outstanding with $500M face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.50%, a spread of 91 bp over government bonds.
Fortinet reported $7.98B of remaining performance obligations at 30 Sep 2026, up 19% from a year earlier and up 3% from the previous quarter. That is 1.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.12.