91/100B126.650
USD
-3.10
(-2.39%)
Market Open
Last updated: · Delayed 15 min
Fair value138.95Plus-9%95Price 126.65211
Q4 FY2026 · Earnings report
EPS estimate 0.94Revenue estimate 2.20B
Q4 FY2026 · Earnings report
EPS estimate 0.94Revenue estimate 2.20B
If you had invested in Fortinet ago, it would be worth $20,336 today, against $4,096 in SPY and $6,368 in QQQ.
Arincen ScoreWhat is the Arincen Score? The Arincen Score grades a company out of 100 from 30 checks on its own reported figures, five checks in each of six parts.Beta
91/100
Six parts of the company, five checks each, from its own reported figures. A part scores the checks it passes out of 10; the score is their average out of 100.
Profitability10
Plus shows the checks behind each part of the score, what passed, what failed and the figure it read, for every stock.
Cash10
Plus shows the checks behind each part of the score, what passed, what failed and the figure it read, for every stock.
Valuation8
Plus shows the checks behind each part of the score, what passed, what failed and the figure it read, for every stock.
Growth10
Plus shows the checks behind each part of the score, what passed, what failed and the figure it read, for every stock.
Financial strength10
Plus shows the checks behind each part of the score, what passed, what failed and the figure it read, for every stock.
Shareholders6.7
Plus shows the checks behind each part of the score, what passed, what failed and the figure it read, for every stock.
Figures to FY2025; the price as of today.
Fortinet key facts
- StyleWhat does a stock's style mean? The style label sorts a stock as growth, value, dividend, blend or speculative, with a 1 to 10 meter showing how strongly it fits.
- Growth stock · 7.7/10Growth 7.7 · Value 6.1
- Day range
- 126.220 – 131.010
- 52-week range
- 73.550 – 197.130
- Market capitalizationWhat is market capitalization? Market cap is what the stock market values a whole company at: its share price times the number of its shares outstanding.
- 93.05B USD
- P/EWhat is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.
- 40.85
- PEG ratioWhat is the PEG ratio? The PEG ratio divides the P/E by the yearly earnings growth analysts expect, to show how much you pay for each point of growth.
- 4.34
- EPSWhat is EPS (earnings per share)? EPS (earnings per share) is a company's net income divided by its number of shares: the profit that belongs to each share over a period.
- 3.10
- EPS growth forecast (FY2026)
- +28.6%
- Volume
- 11,504
- BetaWhat is beta in stocks? Beta measures how much a stock tends to move when the whole market moves: 1 moves with it, under 1 is calmer, over 1 swings more.
- 1.04
- ESG scoreWhat is an ESG score? An ESG score rates how a company handles the environment, its people and its governance, out of 100. Higher is better.
- 51.1/100Environment 43 · Social 48 · Governance 62
- Sector
- Technology
- Industry
- Software - Infrastructure
- CEO
- Ken Xie
- Employees
- 15K
- Website
- fortinet.com
- IPO date
- 18 Nov 2009
Fortinet earningsWhat is an earnings surprise? An earnings surprise is how far a company's reported EPS or revenue came above or below the analysts' average estimate, in percent.
Next earnings · Q4 FY2026
EPS estimate
0.94 USD
Revenue estimate
2.20B USD
Last quarter · Q3 FY2026
EPS0.91Beat +5.8%Revenue2.08BBeat +0.7%
Revenue
ReportedEstimate
EPS
ReportedEstimate
| Period | Report date | EPS estimate | Reported EPS | Surprise | EPS growth | Revenue estimate | Reported revenue | Surprise | Revenue growth |
|---|---|---|---|---|---|---|---|---|---|
| Q3 FY2027 | 1.01 | — | — | +10.53% | 2.32B | — | — | +11.47% | |
| Q2 FY2027 | 0.96 | — | — | +6.49% | 2.25B | — | — | +10.08% | |
| Q1 FY2027 | 0.86 | — | — | +4.63% | 2.08B | — | — | +12.21% | |
| Q4 FY2026 | 0.94 | — | — | +16.05% | 2.20B | — | — | +15.50% | |
| Q3 FY2026 | 0.86 | 0.91 | +5.81% | +22.97% | 2.06B | 2.08B | +0.71% | +20.49% | |
| Q2 FY2026 | 0.75 | 0.90 | +20.64% | +40.63% | 1.89B | 2.05B | +8.44% | +25.64% | |
| Q1 FY2026 | 0.62 | 0.82 | +32.47% | +41.38% | 1.73B | 1.85B | +6.72% | +20.13% | |
| Q4 FY2025 | 0.74 | 0.81 | +9.02% | +9.46% | 1.86B | 1.91B | +2.44% | +14.75% | |
| Q3 FY2025 | 0.63 | 0.74 | +17.27% | +17.46% | 1.70B | 1.72B | +1.21% | +14.38% | |
| Q2 FY2025 | 0.59 | 0.64 | +8.47% | +12.28% | 1.63B | 1.63B | +0.30% | +13.64% |
| Period | EPS estimate | Reported EPS | Surprise | EPS growth | Revenue estimate | Reported revenue | Surprise | Revenue growth |
|---|---|---|---|---|---|---|---|---|
| FY2028 | 4.39 | — | — | +12.79% | 10.11B | — | — | +11.03% |
| FY2027 | 3.89 | — | — | +9.18% | 9.10B | — | — | +11.38% |
| FY2026 | 3.56 | — | — | +28.63% | 8.17B | — | — | +20.21% |
| FY2025 | 2.69 | 2.77 | +2.82% | +16.88% | 6.75B | 6.80B | +0.68% | +14.17% |
| FY2024 | 2.24 | 2.37 | +5.59% | +44.51% | 5.89B | 5.96B | +1.10% | +12.27% |
| FY2023 | 1.56 | 1.64 | +5.26% | +36.67% | 5.30B | 5.30B | +0.06% | +20.09% |
| FY2022 | 1.15 | 1.20 | +4.43% | +50.00% | 4.43B | 4.42B | -0.24% | +32.17% |
Analysts' estimates for FY2026 over the last 7 days:EPS Revenue How the estimates moved
Fortinet analyst forecastWhat is the analyst rating? The analyst rating sums up what the analysts covering a stock recommend, from strong buy to strong sell, by the share of them rating it a buy.
12-month price target
155.67 USD
+22.91%
Analysts' 1-year price targets range from 102.00 to 210.00, with an average of 155.67.
Past year
1-year forecast
Strong sellStrong buy
Hold
27 ratings
| Buy | 6 | |
| Hold | 17 | |
| Sell | 4 |
12-month price target
| Highest target | 210.00 |
| Average target | 155.67 |
| Lowest target | 102.00 |
| Current price | 126.65 |
Fortinet valuationWhat is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.
- Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.
- 40.85
- Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.
- 35.55
- Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.
- 11.81
- Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.
- 41.41
- EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.
- 30.01
Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.
Market capitalization
93.05B USD
+
Total debt
497.10M USD
−
Cash and short-term investments
4.80B USD
=
Enterprise value
88.75B USD
Valuation over time
P/EForward P/EForward P/E · EstimateEstimate
Fortinet against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.
Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.
Its peers: Cloudflare, Synopsys, Block, CrowdStrike Holdings, Zscaler, and Palo Alto Networks, the US Software - Infrastructure companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.
- P/E (today)Below its median40.912.680.6
- Gross marginHighest in 5 years80.8%75.4%80.8%Against its peers: 1 of 7Peers' median 74.6%
- Operating marginHighest in 5 years30.6%19.5%30.6%Against its peers: 1 of 7Peers' median 1.0%
- Net marginAbove its median27.3%18.2%29.3%Against its peers: 1 of 7Peers' median 0.4%
- Return on equityHighest in 5 years149.8%77.6%149.8%Against its peers: 1 of 7Peers' median -0.7%
- Free cash flow marginAt its median32.7%31.6%36.0%Against its peers: 2 of 7Peers' median 22.3%
- Revenue growthBelow its median14.2%12.3%32.2%Against its peers: 6 of 7Peers' median 23.1%
- EPS growthLowest in 5 years7.5%7.5%54.8%Against its peers: 1 of 4Peers' median -53.8%
- Debt to EBITDALowest in 5 years0.40×0.40×1.36×Against its peers: 1 of 7Peers' median 5.11×
- Current ratioLowest in 5 years1.171.171.55Against its peers: 6 of 7Peers' median 1.74
Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.
Fortinet growth and profitabilityWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.
- Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.
- 7.88B USD
- Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.
- 2.28B USD
- Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.
- 79.75%
- Operating margin
- 32.98%
- Net margin
- 28.96%
Revenue / Net income
Revenue Net income Net margin
Fortinet revenue breakdown
By product
FY2025
38.7%Security Subscription32.6%Product28.6%Technical Support and Other
| Segment | Revenue | Share of revenue | Change on the year |
|---|---|---|---|
| Security Subscription | 2.63B | 38.7% | +13.7% |
| Product | 2.22B | 32.6% | +16.2% |
| Technical Support and Other | 1.95B | 28.6% | +12.6% |
By region
FY2025
41.7%Europe, Middle East and Africa39.7%Americas18.6%Asia Pacific and Japan
| Region | Revenue | Share of revenue | Change on the year |
|---|---|---|---|
| Europe, Middle East and Africa | 2.83B | 41.7% | +18.3% |
| Americas | 2.70B | 39.7% | +10.6% |
| Asia Pacific and Japan | 1.26B | 18.6% | +13.2% |
How Fortinet makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.
Security Subscription2.63B 38.7%
Product2.22B 32.6%
Technical Support and Other1.95B 28.6%
Revenue6.80B 100.0%
Cost of revenue1.30B 19.2%
Gross profit5.50B 80.8%
Research and development815.50M 12.0%
Selling and administration2.58B 38.0%
Other operating expenses20.00M 0.3%
Operating income2.08B 30.6%
Tax439.10M 6.5%
Net income1.85B 27.3%
FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.
FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.
Fortinet financial health
- Cash and short-term investments
- 4.80B USD
- Total debt
- 497.10M USD
- Net cash
- 4.30B USD
- Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.
- 3.43B USD
- Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.
- 1.40
- Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.
- 0.22
- Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.
- 7 / 9
- Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.
- 7.08
Cash, debt and free cash flow
Cash and short-term investments Total debt Free cash flow
Fortinet ownershipWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.
- InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.
- 68.87%
- Institutional holders
- 1,668 (+267)
- Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.
- 84.37%
Who owns the shares
Institutions 68.9% Others 31.1%
As of 30 Jun 2026
Shares free to trade
Free float 619.87M shares ·84.4% Closely held 114.84M shares ·15.6%
Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.
Insider trading
| Quarter | Purchases | Sales | Shares acquired | Shares disposed of |
|---|---|---|---|---|
| Q4 2026 | 0 | 15 | 180.61K | 358.09K |
| Q3 2026 | 0 | 15 | 253.37K | 474.94K |
| Q2 2026 | 0 | 29 | 6.19M | 4.31M |
| Q1 2026 | 0 | 7 | 813.78K | 1.22M |
Shares outstanding
Basic shares Diluted shares Change in diluted shares
Source: Financial Modeling PrepVerified against SEC filings
Title: Fortinet
Sector: Technology
Industry: Software - Infrastructure
Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 800,000 customers across the world.