# Fortinet, Inc. (FTNT)

> Source: Nexqual · https://nexqual.com/FTNT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Fortinet, Inc. (FTNT), nexqual.com/FTNT" · informational, not investment advice.

**Price:** USD 172.98 (-0.61% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 174.05 · day 171.69–177.71 · 52w 73.55–197.13 · market cap $127B · NMS

## Key facts
- 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)
| 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)
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)
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
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)
|  | 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) |

## Peers (Software - Infrastructure)
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%

## More
Full page: https://nexqual.com/FTNT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FTNT's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm):

| 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, In…" |
| 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, In…" |
| 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…" |
| 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 countri…" |
| 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 countri…" |
| 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 countri…" |
| 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, In…" |
| 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 memo…" |
| 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 memo…" |
| 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 memo…" |
| 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 memo…" |
| 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 …" |
| 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 …" |
| 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 …" |
| 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 …" |

Other companies that name FTNT in their own reports (relationship from FTNT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Horizon Quantum Holdings Ltd. (HQWWW) | 20-F 2026-04-14 | "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 2026-03-11 | "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…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Customer concentration

Period ended 2026-06-30: 27%, 15%, 11% of revenue from unnamed direct customers (10-Q, filed 2026-07-30).

## Company outlook (8-K filed 2026-07-29)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.86 | $0.77 | +12.2% | $2.06B | 39 |
| Next quarter (ends 2026-12-31) | $0.88 | $0.83 | +5.5% | $2.16B | 39 |
| Current fiscal year (ends 2026-12-31) | $3.45 | $3.15 | +9.4% | $8.12B | 43 |
| Next fiscal year (ends 2027-12-31) | $3.79 | $3.43 | +10.6% | $9.05B | 43 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-28): ±11.8%; last 8 reports averaged ±9.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 100.2% | ±11.8% |
| 2026-11-06 | 14 | 80.5% | ±13.0% |
| 2026-11-13 | 21 | 70.2% | ±13.8% |
| 2026-11-20 | 28 | 64.5% | ±14.4% |
| 2026-11-27 | 35 | 60.5% | ±15.2% |
| 2026-12-04 | 42 | 56.8% | ±15.6% |
| 2026-12-18 | 56 | 55.0% | ±17.4% |
| 2027-01-15 | 84 | 51.0% | ±19.7% |