Fortinet, Inc. (FTNT) Stock Price & Analysis
Fortinet, Inc. (FTNT) closed at USD 172.98 on Thursday, October 22, 2026, down 0.61% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 174.05; the Oct 22, 2026 session ranged USD 171.69–177.71 on volume of 3,960,210 shares. Market capitalization is $126.92B, with a 52-week range of USD 73.55–197.13 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:22 UTC.
Also available as compact Markdown for AI agents: nexqual.com/FTNT.md
Key facts (FTNT)
- Last four reported quarters (through Jun 30, 2026): revenue $7.53B, net income $2.12B (28.2% margin), free cash flow $3.12B (SEC filings).
- Valuation: P/E 59.8x (avg 38.3x at the last 3 fiscal year-ends), EV/EBITDA 48.0x, net cash $2.44B.
- 1 of 80 tracked superinvestors hold FTNT (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 2.93 on a 1–5 scale) (44 analysts), mean target USD 168.72 (range 107–225).
- Total return with dividends: 1Y +103.7% vs S&P 500 +14.9%; 5Y +158.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.86, revenue estimate $2.06B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (FTNT)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.34B | $4.42B | $5.30B | $5.96B | $6.80B | $7.53B |
| Gross profit | $2.56B | $3.33B | $4.07B | $4.80B | $5.47B | — |
| Operating income | $650M | $970M | $1.24B | $1.80B | $2.08B | $2.44B |
| Net income | $607M | $857M | $1.15B | $1.75B | $1.85B | $2.12B |
| EPS (diluted) | $0.73 | $1.06 | $1.46 | $2.26 | $2.42 | — |
| Free cash flow | $1.20B | $1.45B | $1.73B | $1.88B | $2.23B | $3.12B |
| Gross margin | 76.6% | 75.4% | 76.7% | 80.6% | 80.5% | — |
| Operating margin | 19.5% | 21.9% | 23.4% | 30.3% | 30.7% | 32.4% |
| Net margin | 18.2% | 19.4% | 21.6% | 29.3% | 27.3% | 28.2% |
| Revenue growth | +28.8% | +32.2% | +20.1% | +12.3% | +14.2% | — |
| Cash + short-term investments | — | — | $1.40B | $2.88B | $2.50B | — |
| Total debt | $988M | $990M | $992M | $994M | $996M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (FTNT)
P/E 59.8x · P/S 16.9x · EV/EBITDA 48.0x · EV/Sales 16.5x · P/FCF 40.7x · P/B 81.8x · FCF yield 2.46% · Earnings yield 1.67% · Buyback yield (TTM) 2.25% · Net cash $2.44B · EV $124B
P/E at fiscal year-ends: Dec 2025 32.8x, Dec 2024 41.8x, Dec 2023 40.2x.
Superinvestors (SEC 13F-HR, Q2 2026) (FTNT)
1 of 80 tracked investors hold FTNT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Terry Smith | Fundsmith | 4.09% | $558M | Reduced -41.0% |
Analysts (FTNT)
Consensus Hold (mean 2.93 on a 1–5 scale), 44 analysts; mean target USD 168.72 (low 107, high 225).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Truist Securities | Target raised | Buy | $183 → $200 |
| 2026-10-15 | Mizuho | Target raised | Underperform | $138 → $160 |
| 2026-10-15 | Wells Fargo | Target raised | Underweight | $135 → $160 |
| 2026-10-13 | TD Cowen | Target raised | Buy | $215 → $225 |
| 2026-10-12 | Barclays | Target raised | Equal-Weight | $190 → $210 |
| 2026-10-12 | RBC Capital | Target raised | Sector Perform | $185 → $205 |
| 2026-10-08 | Amerx | Initiated | Overweight | $240 |
| 2026-09-17 | Bernstein | Target raised | Market Perform | $102 → $145 |
| 2026-07-31 | Susquehanna | Target raised | Neutral | $115 → $160 |
| 2026-07-30 | Citigroup | Target raised | Neutral | $165 → $185 |
| 2026-07-30 | Piper Sandler | Target raised | Neutral | $110 → $175 |
| 2026-07-30 | RBC Capital | Target raised | Sector Perform | $160 → $185 |
Total return (dividends reinvested) (FTNT)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +103.7% | +158.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +104.2% | +20.8% |
| Volatility (annualized) | 42.5% | 44.2% |
| Max drawdown | -14.3% (Feb 2026→Feb 2026) | -36.0% (Jul 2023→Oct 2023) |
FTNT revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Service | $1.27B | 62.3% | +13.7% |
| — Security subscription (part of Service) | $729.7M | 35.6% | +13.2% |
| — Technical support and other (part of Service) | $545.2M | 26.6% | +14.4% |
| Product | $773.0M | 37.7% | +51.9% |
| Total revenue | $2.05B | 100% | — |
FTNT revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| EMEA | $871.7M | 42.6% | +30.7% |
| Americas | $808.2M | 39.5% | +22.7% |
| — United States (part of Americas) | $579.7M | 28.3% | +22.6% |
| — Other Americas (part of Americas) | $228.5M | 11.2% | +23.0% |
| APAC | $368.0M | 18.0% | +21.0% |
| Total revenue | $2.05B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
FTNT suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Toshiba | “Our proprietary ASICs, which are key to the performance of our appliances, are built by contract manufacturers including Toshiba America Electronic Components, Inc. ("Toshiba America") and Renesas Electronics America, Inc. ("Renesas").” |
| Supplier | Renesas | “Our proprietary ASICs, which are key to the performance of our appliances, are built by contract manufacturers including Toshiba America Electronic Components, Inc. ("Toshiba America") and Renesas Electronics America, Inc. ("Renesas").” |
| Supplier | Amazon (AMZN) | “We rely on public cloud providers, such as Amazon Web Services, Microsoft Azure and Google Cloud colocation providers, such as Equinix, and our own data centers and PoPs, and any availability interruption in any of these cloud solutions could result in us not meeting our service-level commitments to our customers.” |
| Supplier | IBASE Technology | “We outsource the manufacturing of our security appliance products to contract manufacturing partners and original design manufacturing partners, including manufacturers with facilities located in Taiwan and other countries outside the United States such as Accton, IBASE, Micro-Star, Senao and Wistron.” |
| Supplier | Senao Networks | “We outsource the manufacturing of our security appliance products to contract manufacturing partners and original design manufacturing partners, including manufacturers with facilities located in Taiwan and other countries outside the United States such as Accton, IBASE, Micro-Star, Senao and Wistron.” |
| Supplier | Wistron | “We outsource the manufacturing of our security appliance products to contract manufacturing partners and original design manufacturing partners, including manufacturers with facilities located in Taiwan and other countries outside the United States such as Accton, IBASE, Micro-Star, Senao and Wistron.” |
| Supplier | TSMC (TSM) | “These contract manufacturers use foundries in Taiwan and Japan operated by either Taiwan Semiconductor Manufacturing Company Limited ("TSMC") or by the contract manufacturer itself.” |
| Supplier | Toshiba America Electronic Components | “Our proprietary ASICs, which are key to the performance of our appliances, are built by contract manufacturers including Toshiba America Electronic Components, Inc. ("Toshiba America") and Renesas Electronics America, Inc. ("Renesas").” |
| Supplier | Intel (INTC) | “Our limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.” |
| Supplier | AMD (AMD) | “Our limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.” |
| Supplier | Broadcom (AVGO) | “Our limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.” |
| Supplier | Marvell Technology (MRVL) | “Our limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.” |
| Competitor | Cisco (CSCO) | “Among others, our competitors include Check Point Software Technologies Ltd. ("Check Point"), Cisco Systems, Inc. ("Cisco"), CrowdStrike Holdings, Inc. ("CrowdStrike"), F5 Networks, Inc. ("F5 Networks"), Hewlett-Packard Enterprise ("HPE"), Huawei Technologies Co., Ltd. ("Huawei"), Microsoft Corporation ("Microsoft"), Netskope Inc. ("Netskope"), Palo Alto Networks, Inc. ("Palo Alto Networks"), SonicWALL, Inc. ("Son…” |
| Competitor | Microsoft (MSFT) | “Among others, our competitors include Check Point Software Technologies Ltd. ("Check Point"), Cisco Systems, Inc. ("Cisco"), CrowdStrike Holdings, Inc. ("CrowdStrike"), F5 Networks, Inc. ("F5 Networks"), Hewlett-Packard Enterprise ("HPE"), Huawei Technologies Co., Ltd. ("Huawei"), Microsoft Corporation ("Microsoft"), Netskope Inc. ("Netskope"), Palo Alto Networks, Inc. ("Palo Alto Networks"), SonicWALL, Inc. ("Son…” |
| Competitor | Hewlett Packard Enterprise (HPE) | “Among others, our competitors include Check Point Software Technologies Ltd. ("Check Point"), Cisco Systems, Inc. ("Cisco"), CrowdStrike Holdings, Inc. ("CrowdStrike"), F5 Networks, Inc. ("F5 Networks"), Hewlett-Packard Enterprise ("HPE"), Huawei Technologies Co., Ltd. ("Huawei"), Microsoft Corporation ("Microsoft"), Netskope Inc. ("Netskope"), Palo Alto Networks, Inc. ("Palo Alto Networks"), SonicWALL, Inc. ("Son…” |
| Competitor | Huawei | “Among others, our competitors include Check Point Software Technologies Ltd. ("Check Point"), Cisco Systems, Inc. ("Cisco"), CrowdStrike Holdings, Inc. ("CrowdStrike"), F5 Networks, Inc. ("F5 Networks"), Hewlett-Packard Enterprise ("HPE"), Huawei Technologies Co., Ltd. ("Huawei"), Microsoft Corporation ("Microsoft"), Netskope Inc. ("Netskope"), Palo Alto Networks, Inc. ("Palo Alto Networks"), SonicWALL, Inc. ("Son…” |
Quoted from the company's 10-K filed Feb 25, 2026.
Companies that name FTNT in their SEC reports
| Relationship to FTNT | Company | Filing | Sentence |
|---|---|---|---|
| partner | Horizon Quantum Holdings Ltd. (HQWWW) | 20-F Apr 14, 2026 | “a collaboration with the AWS Center for Quantum Networking, Fortinet Inc., and the Centre for Quantum Technologies at the National University” |
| partner | Kodiak AI, Inc. (KDK) | 10-K Mar 11, 2026 | “Mr. Goldman currently serves on the boards of directors of Fortinet Inc., RingCentral, Inc., a provider of cloud-based communication and collaboration products and services, C3.ai, Inc., an enterprise artificial intelligence software company, and Wealthfront Corporation, a fintech company.” |
FTNT customer concentration
In the period ended Jun 30, 2026, 3 direct customers each accounted for at least 10% (27%, 15%, 11%) of revenue, per the company's 10-Q filed Jul 30, 2026. The company does not name them.
FTNT company outlook (results filed Jul 29, 2026)
- “This assumes a diluted share count of 741 million to 745 million.”
- “This assumes a diluted share count of 741 million to 745 million.”
- “Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets, gain on intellectual property matters and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate.”
Quoted word-for-word from the SEC 8-K results press release.
FTNT analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.86 | $0.77 | +12.2% | $2.06B | 39 |
| Next quarter (ends Dec 2026) | $0.88 | $0.83 | +5.5% | $2.16B | 39 |
| Current fiscal year (ends Dec 2026) | $3.45 | $3.15 | +9.4% | $8.12B | 43 |
| Next fiscal year (ends Dec 2027) | $3.79 | $3.43 | +10.6% | $9.05B | 43 |
Key Statistics (as of October 23, 2026 at 09:22 UTC)
| Price | USD 172.98 |
|---|---|
| Change | ▼ 0.61% (down) |
| Previous Close | USD 174.05 |
| Open | USD 174.67 |
| Day Range | USD 171.69 – 177.71 |
| 52-Week Range | USD 73.55 – 197.13 |
| Volume | 3,960,210 shares |
| Market Cap | $126.92B |
| Exchange | NMS |
Technical Analysis (FTNT)
Nexqual's technical model rates FTNT "NEUTRAL" based on 3 bullish and 2 bearish signals across 127 daily candles, as of October 23, 2026 at 09:22 UTC.
| Overall Signal | NEUTRAL |
|---|---|
| RSI (14) | 48.01 (neutral) |
| vs SMA50 | Above (USD 170.25) |
| MACD | 0.72 (positive) |
Analyst Ratings (FTNT)
Wall Street analysts rate FTNT "Hold" based on 44 analysts, with a mean price target of USD 168.72 (range USD 107–225), per Nexqual as of October 23, 2026 at 09:22 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 44 |
| Mean Target | USD 168.72 |
| High Target | USD 225 |
| Low Target | USD 107 |
| Buy / Hold / Sell | 8 / 31 / 5 |
Earnings (FTNT)
| Next Earnings Date | 2026-10-28 |
|---|---|
| EPS Estimate | USD 0.86 |
| Revenue Estimate | $2.06B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.9 vs est 0.75 ▲ beat |
| 2026-03-31 | USD 0.82 vs est 0.62 ▲ beat |
| 2025-12-31 | USD 0.81 vs est 0.74 ▲ beat |
| 2025-09-30 | USD 0.74 vs est 0.63 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:22 UTC.
Financials & Fundamentals (FTNT)
| Total Revenue | $7.53B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +25.60% |
| Gross Margin | +80.20% |
| Operating Margin | +33.60% |
| Profit Margin | +28.17% |
| ROE | +117.44% |
| Debt / Equity | 0.36 |
| Current Ratio | 1.28 |
| Total Cash | $4.07B |
| Total Debt | $561.40M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $3.12B (41.4% of revenue) |
Source: Nexqual, October 23, 2026 at 09:22 UTC.
Financial Health Score (FTNT)
Nexqual rates Fortinet, Inc.'s overall financial health "Strong" across five dimensions, as of October 23, 2026 at 09:22 UTC.
| Growth | Solid — Revenue +14% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 80%, operating 34% (last 12 months) |
| Balance Sheet | Solid — $2.93B cash and investments vs $497M debt (Jun 2026, SEC), net cash |
| Cash Flow | Strong — FCF $3.12B (last 4 quarters to Jun 2026, SEC), 41% margin |
| Efficiency | Strong — ROE 117%, ROA 14.2% |
Ownership (FTNT)
| Insider Ownership | +17.36% |
|---|---|
| Institutional Ownership | +71.69% |
| Shares Outstanding | 733.71M |
| Float | 618.91M |
| Short % of Float | +2.06% |
Source: Nexqual, October 23, 2026 at 09:22 UTC.
Leadership (FTNT)
Fortinet, Inc. is led by Ken Xie, Co-Founder, Chairman & CEO, per Nexqual as of October 23, 2026 at 09:22 UTC.
| Co-Founder, Chairman & CEO | Ken Xie |
|---|---|
| Co-Founder, President, CTO & Director | Michael Xie |
| Chief Accounting Officer, CFO and Principal Financial & Accounting Officer | Christiane Ohlgart |
| Chief Operating Officer | John Whittle |
| Vice President of Investor Relations | Anthony Luscri |
Major Backers & Investors (FTNT)
Notable institutional backers of Fortinet, Inc. include Invesco, NORGES BANK, First Trust Advisors LP, according to Nexqual as of October 23, 2026 at 09:22 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Invesco | 3.36% |
| NORGES BANK | 1.7% |
| First Trust Advisors LP | 1.47% |
| Arrowstreet Capital, Limited Partnership | 1.38% |
| Fidelity | 1.1% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 8.93% |
| BlackRock | 8.48% |
| State Street | 4.04% |
| Geode Capital | 2.38% |
| BNY Mellon | 1.27% |
Source: Nexqual, October 23, 2026 at 09:22 UTC.
From Fortinet, Inc.'s Latest SEC 10-K Filing (filed 2026-02-25)
Key Strengths & Strategy (as disclosed to the SEC)
- Our integrated platform, the Fortinet Security Fabric, spans secure networking, unified Secure Access Service Edge ("SASE") and artificial intelligence ("AI")-driven security operations ("SecOps").
- FortiOS includes advanced encryption and other security technologies designed to address evolving cybersecurity threats, including emerging quantum-resistant cryptographic capabilities. •FortiASIC—Our Application-Specific Integrated Circuit ("ASIC")-based security processing units ("SPUs") increase the speed, scale, efficiency and value of our solutions while reducing footprint and power requirements.
- When delivered through our network firewall appliances, functionality is accelerated through our proprietary ASIC technology.
- By leveraging our integrated security and networking capabilities, we can drive opportunities across our broader portfolio, including LAN, SD-WAN, SASE, Cloud-Native Application Protection Platform ("CNAPP") and SecOps solutions.
Legal & Regulatory Risks (Item 1A, quoted)
- The network security market is rapidly evolving and the complex technology incorporated in our products makes them difficult to develop. If we do not accurately predict, prepare for and respond promptly to technological and market developments, changing end-customer needs, and expanding regulatory requirements and standards, our competitive position and prospects may be harmed.
- The use of AI technology in our IT infrastructure could improve internal process but poses security and privacy risks.
- Our proprietary rights may be difficult to enforce and we may be subject to claims by others that we infringe their propriety technology.
- Claims by others that we infringe their proprietary technology or other litigation matters could harm our business.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| NET | Cloudflare, Inc. | USD 303.61 | ▼ 1.18% |
| SNPS | Synopsys, Inc. | USD 422.48 | ▼ 6.36% |
| CRWD | CrowdStrike Holdings, Inc. | USD 237.94 | ▼ 0.58% |
| PANW | Palo Alto Networks, Inc. | USD 354.92 | ▲ 2.21% |
| XYZ | Block, Inc. | USD 79.02 | ▲ 1.04% |
| NTAP | NetApp, Inc. | USD 212.51 | ▼ 2.16% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:22 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt