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FTNT · NasdaqGS

Fortinet, Inc.

Software - Infrastructure · United States

USD 191.213.8% daily changeQuote 2026-10-06 · USD
Market cap (USD)
US$140.29B
Trailing P/E
67.56x
Forward P/E
50.61x
Quarterly revenue growth
25.6%
Trailing net margin
28.2%
Indicated dividend yield
—

Snapshot 2026-10-06 · Latest financial period 2026-06-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.

Next earnings: 2026-10-28 (provider estimate, not issuer-confirmed).

Company background

Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. The company offers FortiOS, a unified operating system designed to address cybersecurity threats; FortiASIC application-specific integrated circuit (ASIC)-based security processing units; FortiCloud, a private cloud software as a service platform; FortiAI, which provides a dual-layered defense across the Fortinet Security Fabric; FortiEndpoint, which converges secure connectivity, endpoint protection, and capabilities into a single agent; and OT Security, which protect the engineered systems that underpin infrastructure and supply chains. It also provides secure networking solutions that focus on the convergence of networking and security; network firewall solutions comprising FortiGate data centers, hyperscale, and distributed firewalls; wireless local area network solutions; and secure connectivity solutions. In addition, the company offers the Fortinet Unified Secure Access Service Edge solutions that include firewall, software-defined wide-area network, secure web gateway, cloud access services broker, data loss prevention, and zero trust network access; and web application firewalls, cloud network security with virtualized firewalls, cloud-native firewalls, cloud-native application protection, and code security. Further, it provides AI-driven security operation solutions, which include a suite of cybersecurity solutions, as well as FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP, and FortiRecon. Additionally, the company offers FortiGuard Labs, a cybersecurity threat intelligence and research organization; FortiGuard and Other Security Services, a suite of AI-powered security capabilities that consists of FortiGuard application, content, device, NOC/SOC, and web security services; and FortiCare technical support services. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.

Company website

Q2 2026

Go beyond the headline.

Fortinet (FTNT): Product Revenue Just Grew 52% — And That’s Exactly the Problem

Published 2026-07-30

Comparable businesses

FTNT peer comparison

Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.

Comparison stocks

Market metrics · missing or inapplicable values shown as —
MetricFTNTFortinet, Inc.Snapshot 2026-10-06Financial period: 2026-06-30CRWDCrowdStrike Holdings, Inc.Snapshot 2026-10-06Financial period: 2026-07-31PANWPalo Alto Networks, Inc.Snapshot 2026-10-06Financial period: 2026-07-31Peer medianSimilar-size peers only
Market capMarket value, converted to USDUS$140.29BUS$292.28BUS$352.19BUS$322.24Bn=2
Forward P/EProvider forward earnings estimate50.61x177.75x88.24x133.00xn=2
EV / EBITDAEnterprise value / trailing EBITDA50.69x2,573.82x212.97x1,393.39xn=2
Revenue growthLatest quarter vs prior-year quarter25.6%25.8%34.5%30.1%n=2
Operating marginLatest reported quarter33.6%-2.3%5.4%1.6%n=2
Free cash flow yieldTrailing cash flow / market cap1.6%0.7%1.2%0.9%n=2
Net debt / EBITDANet debt / trailing EBITDA-1.35x-39.24x-0.32x-19.78xn=2
Debt / equityTotal debt / positive book equity0.36x0.16x0.09x0.13xn=2
Trailing P/ETrailing twelve-month earnings67.56x4,757.51x1,076.38x2,916.94xn=2
Price / bookPrice / positive book equity per share90.45x57.28x12.76x35.02xn=2
EV / salesEnterprise value / trailing revenue17.48x50.97x28.94x39.95xn=2
Earnings growthLatest quarter vs prior-year quarter43.9%———
Gross marginTrailing twelve months80.2%75.2%70.4%72.8%n=2
Net marginTrailing twelve months28.2%0.8%2.7%1.8%n=2
Return on equityProvider trailing return; positive equity only117.4%1.5%1.7%1.6%n=2
Free cash flow marginTrailing free cash flow / revenue30.1%37.0%36.9%37.0%n=2
Dividend yieldIndicated annual dividend / price————
Earnings payoutProvider trailing dividend payout0.0%0.0%0.0%0.0%n=2
Current ratioCurrent assets / current liabilities1.28x1.57x0.87x1.22xn=2
BetaProvider historical market sensitivity1.041.200.931.06n=2

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Comparison methodology & limitations

Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.

Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.

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Price history

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Earnings-multiple scenario

Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.

Starting assumptions, when available, use provider forward estimates as of 2026-10-06. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.

THE RESEARCH RECORD

Research history for FTNT

All available reporting periods
Q2 20262026-07-30
Q1 20262026-05-07

Reported figures

Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.