Fortinet, Inc. (FTNT)
Information Technology · Systems Software · US stock · S&P 500 component
$169.13
▼ -12.78 (7.03%)
Fair valueOvervalued
$92 −45.8% to fair value
$46fair band $64–$119$138
Day's range
$166.75 – $182.94
52-week range
$73.55 – $197.13
About Fortinet, Inc.
Fortinet makes cybersecurity products, including firewalls, secure networking equipment and cloud security services, all linked through its own operating system and chips. Customers range from small businesses to large enterprises and service providers. The company earns money from selling hardware appliances, from security subscriptions and support that renew over time, and from cloud-based services. Its integrated approach is intended to cover network and security needs in a single platform.
Sales came to $7.5 billion in the last twelve months, having expanded at 15.5% a year across the last three years. Its operating margin came to 32.4%. Net debt to EBITDA is -0.9 times, which means the company holds more cash than debt. There is no dividend at present. On the site's X-Ray Score it receives 58 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $73.55 – $197.13Volume 5,734,700Daily, split-adjusted
Vitals
Market cap$125.1B
52-week range$73.55 – $197.13
Volume (last day)5,734,700
P/E (TTM)60.0
EBIT / EV yield2.0%
Free-cash-flow yield2.5%
Dividend yieldNo dividend
Revenue (TTM)$7.5B
Net income (TTM)$2.1B
Operating margin32.4%
Return on capital–
Debt incl. leases$561M
Cash & securities$2.9B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$92model spread $85 – $98
Overvalued
−45.8% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $169
Undervalued < $64Fair $64 – $119Overvalued > $119
10-year DCF (market-scaled)
$86
Peer multiples
$98
Earnings power floor (not blended)
$23
Growth the price implies
36.7%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Average business, priced high
Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Valuation
Weak
31/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.0%
Free-cash-flow yield2.5%
Fair value vs price0.5×
Growth
Fair
68/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)15.5%
EPS growth (3y)31.7%
Growth consistency100%
Profitability
Strong
71/100
Earns high returns on the capital it uses.
See the numbers →
Operating margin32.4%
Gross profitability55.6%
Financial health
Fair
61/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA-0.9×
Interest coverNo interest cost
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+13.8%
Mar '25
+13.6%
Jun '25
+14.4%
Sep '25
+14.8%
Dec '25
+20.1%
Mar '26
+25.6%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.0B, diluted EPS $0.82.
Compare with peers
MSFT Microsoft Corp60 GEN Gen Digital Inc.60 NOW ServiceNow, Inc.39 TWLO Twilio Inc39Other Systems Software companies by X-Ray Score.
Fundamentals checklist
● 8 Good · ● 5 Average · ● 2 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldAverage
Risk models
Altman Z''Average
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Average
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Operating marginGood
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 64/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $3.3B | $4.4B | $5.3B | $6.0B | $6.8B |
| Operating income | $650M | $970M | $1.2B | $1.8B | $2.1B |
| Net income | $607M | $857M | $1.1B | $1.7B | $1.9B |
| Operating cash flow | $1.5B | $1.7B | $1.9B | $2.3B | $2.6B |
| Operating margin | 19.5% | 21.9% | 23.4% | 30.3% | 30.7% |
| Free cash flow | $1.2B | $1.4B | $1.7B | $1.9B | $2.2B |
| Diluted EPS | $0.73 | $1.06 | $1.46 | $2.26 | $2.42 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
7 bullish · 2 neutral · 7 bearish
Weekly
Strongly bullish
10 bullish · 1 neutral · 1 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 186.7 | Bearish |
| EMA 10 | 182.9 | Bearish |
| SMA 20 | 181.9 | Bearish |
| EMA 20 | 180.6 | Bearish |
| SMA 50 | 169.4 | Bearish |
| EMA 50 | 171.5 | Bearish |
| SMA 100 | 160.8 | Bullish |
| EMA 100 | 157.3 | Bullish |
| SMA 200 | 123.9 | Bullish |
| EMA 200 | 136.5 | Bullish |
Oscillators (daily)
| RSI (14) | 40.74 | Neutral |
| MACD (12, 26) | 4.04 | Bullish |
| Momentum (12) | -5.39 | Bearish |
| Stochastic %K (14) | 7.83 | Bullish |
| Williams %R (14) | -92.17 | Bullish |
| CCI (20) | -92.66 | Neutral |
Pivot points (classic, last session)
S3 146.7 | S2 156.7 | S1 162.9 | Pivot 172.9 | R1 179.1 | R2 189.1 | R3 195.3 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
FTNT SEC filings
30 Jul 2026
10-QSEC EDGAR
Quarterly report
29 Jul 2026
8-KSEC EDGAR
Results of operations
16 Jun 2026
8-KSEC EDGAR
Shareholder vote results
8 May 2026
10-QSEC EDGAR
Quarterly report
6 May 2026
8-KSEC EDGAR
Results of operations
29 Apr 2026
DEF 14ASEC EDGAR
Proxy statement
25 Feb 2026
10-KSEC EDGAR
Annual report
5 Feb 2026
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.