Fortinet, Inc. logo

Fortinet, Inc.

FTNT

NASDAQTechnologySoftware - Infrastructure

Previous close

$153.51

+$2.72 · +1.80%

Aug 21, 4:00 PM ET

FTNT company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

48

Fair Value

Momentum

71

Gaining

Sentiment

56

Mixed

Risk resilience

66

Moderate Risk

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Company profile

Company website

Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network (VPN) services, application control, web filtering, anti-spam measures, and wide area network (WAN) acceleration. Beyond its flagship product, Fortinet provides a diverse portfolio of specialized security tools. These range from FortiSwitch for secure network switching and FortiAP for robust wireless connectivity, to FortiExtender, a versatile hardware appliance. For centralized network visibility and control, clients utilize FortiAnalyzer for logging, analysis, and reporting, and FortiManager for scalable administration of FortiGate devices. The company further fortifies digital defenses with FortiWeb (web application firewalls), FortiMail (secure email gateways), and FortiSandbox technology, which offers proactive threat detection and mitigation. Endpoint protection is a key focus, delivered through FortiClient (featuring pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall) and the advanced FortiEDR/XDR suite, which leverages machine learning for anti-malware execution and real-time post-infection defense. Additionally, FortiToken and FortiAuthenticator product families provide essential multi-factor authentication to safeguard systems and data. Fortinet's service offerings include security subscriptions, technical support, professional consulting, and training programs. Its robust security technologies are distributed both directly to end-users and through an extensive network of channel partners. The company serves a wide array of sectors, including telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare. Headquartered in Sunnyvale, California, Fortinet, Inc. was established in 2000 and maintains a strategic alliance with Linksys.

Industry
Software - Infrastructure
Sector
Technology
Headquarters
US
CEO
Ken Xie
Listed since
Nov 18, 2009
Employees
15,472

Market position

Day range

Current $153.51

52-week range

Current $153.51

Open
$151.9
Previous close
$150.79
Volume
4.05M
0.69× average
Average volume
5.88M
Average daily volume
Market cap
112.63B USD
Beta
1.06
Market reference 1
50-day average
$156.05
-1.62% below average
200-day average
$106.18
+44.58% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
57.51B USD
P/E (TTM)
53.67×
P/B (TTM)
72.83×
P/S (TTM)
14.96×
EV / EBITDA
23.33×
Earnings yield
3.14%
Free cash flow yield
3.77%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
80.38%
Operating margin
32.43%
Net margin
28.17%
Return on equity
149.77%
Return on assets
17.84%
Return on invested capital
28.75%

Financial health

Debt / equity
0.32×
Current ratio
1.17×
Altman Z-score
8.87
Piotroski F-score
6 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends87%62%37%12%Gross margin, FY2021: 76.57%Gross margin, FY2022: 75.44%Gross margin, FY2023: 76.68%Gross margin, FY2024: 80.56%Gross margin, FY2025: 80.84%Operating margin, FY2021: 19.46%Operating margin, FY2022: 21.95%Operating margin, FY2023: 23.40%Operating margin, FY2024: 30.28%Operating margin, FY2025: 30.62%Net margin, FY2021: 18.16%Net margin, FY2022: 19.41%Net margin, FY2023: 21.64%Net margin, FY2024: 29.30%Net margin, FY2025: 27.26%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 76.57%. Gross margin FY2022 75.44%. Gross margin FY2023 76.68%. Gross margin FY2024 80.56%. Gross margin FY2025 80.84%. Operating margin FY2021 19.46%. Operating margin FY2022 21.95%. Operating margin FY2023 23.40%. Operating margin FY2024 30.28%. Operating margin FY2025 30.62%. Net margin FY2021 18.16%. Net margin FY2022 19.41%. Net margin FY2023 21.64%. Net margin FY2024 29.30%. Net margin FY2025 27.26%.

Income trends

Revenue

6.8B USD+14.17%

Operating income

2.08B USD+15.45%

Net income

1.85B USD+6.20%
Income trends across reported periods7.42B USD4.94B USD2.46B USD−12.48M USDRevenue, FY2021: 3.34B USDRevenue, FY2022: 4.42B USDRevenue, FY2023: 5.3B USDRevenue, FY2024: 5.96B USDRevenue, FY2025: 6.8B USDOperating income, FY2021: 650.4M USDOperating income, FY2022: 969.6M USDOperating income, FY2023: 1.24B USDOperating income, FY2024: 1.8B USDOperating income, FY2025: 2.08B USDNet income, FY2021: 606.8M USDNet income, FY2022: 857.3M USDNet income, FY2023: 1.15B USDNet income, FY2024: 1.75B USDNet income, FY2025: 1.85B USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 3.34B USD. Revenue FY2022 4.42B USD. Revenue FY2023 5.3B USD. Revenue FY2024 5.96B USD. Revenue FY2025 6.8B USD. Operating income FY2021 650.4M USD. Operating income FY2022 969.6M USD. Operating income FY2023 1.24B USD. Operating income FY2024 1.8B USD. Operating income FY2025 2.08B USD. Net income FY2021 606.8M USD. Net income FY2022 857.3M USD. Net income FY2023 1.15B USD. Net income FY2024 1.75B USD. Net income FY2025 1.85B USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue6.8B USD5.96B USD5.3B USD4.42B USD3.34B USD
Cost of goods sold1.3B USD1.16B USD1.24B USD1.08B USD783M USD
Gross profit5.5B USD4.8B USD4.07B USD3.33B USD2.56B USD
Research and development815.5M USD716.8M USD613.8M USD512.4M USD424.2M USD
Selling, general, and administrative2.58B USD2.28B USD2.22B USD1.86B USD1.49B USD
Operating expenses3.42B USD2.99B USD2.83B USD2.36B USD1.91B USD
Interest income162.3M USD155.2M USD119.7M USD17.4M USD4.5M USD
Interest expense20.1M USD20M USD21M USD18M USD14.9M USD
Depreciation and amortization152M USD122.8M USD113.4M USD104.3M USD84.4M USD
Operating income2.08B USD1.8B USD1.24B USD969.6M USD650.4M USD
Net income1.85B USD1.75B USD1.15B USD857.3M USD606.8M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
100%
11 beats, 0 misses, 0 met estimates
Average EPS surprise
+19.31%
11 comparable reports
Latest EPS result
0.9
Estimate 0.75 · Beat by 20.64%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.940.790.640.49Q1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 6, 2025: actual 0.74, estimate 0.6, surprise +23.33%, Beat. Q2 2025, reported May 7, 2025: actual 0.58, estimate 0.531, surprise +9.23%, Beat. Q3 2025, reported Aug 6, 2025: actual 0.64, estimate 0.59, surprise +8.47%, Beat. Q4 2025, reported Nov 5, 2025: actual 0.74, estimate 0.631, surprise +17.27%, Beat. Q1 2026, reported Feb 5, 2026: actual 0.81, estimate 0.743, surprise +9.02%, Beat. Q2 2026, reported May 6, 2026: actual 0.82, estimate 0.619, surprise +32.47%, Beat. Q3 2026, reported Jul 29, 2026: actual 0.9, estimate 0.746, surprise +20.64%, Beat. Q4 2026, reported Nov 4, 2026: actual —, estimate 0.85, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates2.14B1.91B1.69B1.46BQ1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 6, 2025: actual 1.66B USD, estimate 1.59B USD, surprise +4.24%, Beat. Q2 2025, reported May 7, 2025: actual 1.54B USD, estimate 1.54B USD, surprise +0.08%, Beat. Q3 2025, reported Aug 6, 2025: actual 1.63B USD, estimate 1.63B USD, surprise +0.30%, Beat. Q4 2025, reported Nov 5, 2025: actual 1.72B USD, estimate 1.7B USD, surprise +1.21%, Beat. Q1 2026, reported Feb 5, 2026: actual 1.91B USD, estimate 1.86B USD, surprise +2.44%, Beat. Q2 2026, reported May 6, 2026: actual 1.85B USD, estimate 1.73B USD, surprise +6.72%, Beat. Q3 2026, reported Jul 29, 2026: actual 2.05B USD, estimate 1.89B USD, surprise +8.44%, Beat. Q4 2026, reported Nov 4, 2026: actual —, estimate 2.06B USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Rating distribution

68 ratings
Strong buy00%
Buy2943%
Hold3349%
Sell69%
Strong sell00%

Recent analyst actions

12 institutions

FTNT news

FTNT peers

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