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Fortinet (FTNT) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Fortinet
NasdaqGS•Technology•Software - Infrastructure
$172.58+0.81(<0.01%)After hours
Market Cap
$126.67B
P/E
59.7x
P/S
16.8x
P/B
81.7x

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.

A

How this company scores

ExcellentMetricSide Score: 89/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (16/25).

Profitability25/25
Growth23/25
Balance Sheet & Red Flags16/25
Cash & Earnings Quality25/25
Strengths
Growing revenueRising free cash flowStrong marginsHigh ROE

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 59.7x5y range 29.9x – 96.6x
P/E 59.7x · above its 20-quarter median

Currently above its 20-quarter median.

P/S · 16.8x5y range 8.2x – 17.5x
P/S 16.8x · above its 20-quarter median

Currently above its 20-quarter median.

P/B · 81.7x5y range 37.7x – 4521.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Leverage Risk

Watch

Debt-to-equity has risen 33.0% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume
Market Cap $126.67B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$7.53B
7Q
Q. Revenue
$2.05B
26%
TTM EBITDA
$2.60B
7Q
TTM Op. Income
$2.44B
7Q
Q. Op. Income
$689.30M
51%
TTM Net Income
$2.12B
2Q
Q. Net Income
$606.30M
5Q
EPS
$0.83
5Q
Shares Out.
$733.10M
5Q
$7.53B in TTM revenue grew 18.8% YoY, reaching $2.05B last quarter. TTM EBITDA of $2.60B and TTM operating income of $2.44B show growth is flowing through to the bottom line. TTM net income of $2.12B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
80.2%
1%
EBITDA Margin
35.7%
17%
Op. Margin
33.7%
20%
Net Margin
29.6%
2Q
Op. margin of 33.7% is up 5.6% YoY — cost efficiency is improving. Net margin at 29.6% and gross margin of 80.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 20% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
59.7x
43%
P/S Ratio
16.8x
32%
P/B Ratio
81.7x
2Q
At 59.7x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 16.8x and P/B of 81.7x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 43% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$10.86B
2%
Cash
$2.93B
13%
Long-Term Debt
$496.90M
5Q
Book Value
$1.55B
25%
D/E Ratio
0.3
33%
Debt/EBITDA
0.7
32%
With $10.86B in assets and $496.90M in long-term debt, D/E is 0.3and book value is $1.55B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 33% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$1.04B
131%
TTM Free Cash Flow
$3.12B
3Q
FCF Margin
41.4%
3Q
FCF / Net Income
1.5
4Q
TTM FCF of $3.12B on $1.04B in operating cash flow. The FCF / Net Income ratio of 1.5x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.

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· near its 15-quarter median

Currently near its 15-quarter median.