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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
$128.11+1.90(0.02%)After hours
Market Cap
$94.82B
P/E
41.5x
P/S
12.0x
P/B
42.2x

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: 96/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (21/25).

Profitability25/25
Growth25/25
Balance Sheet & Red Flags21/25
Cash & Earnings Quality25/25
Strengths
Growing revenueRising free cash flowStrong marginsHigh ROE

No red flags in the last 8 quarters.

Valuation vs. 5-year range

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

P/E · 41.5x5y range 29.9x – 96.6x
P/E 41.5x · near its 20-quarter median

Currently near its 20-quarter median.

P/S · 12.0x5y range 8.2x – 17.5x
P/S 12.0x · near its 20-quarter median

Currently near its 20-quarter median.

P/B · 42.2x5y range 37.7x – 4521.3x
P/B 42.2x · below its 15-quarter median

Currently below its 15-quarter median.

Price & Volume
Market Cap $94.82B

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue
$7.88B
7Q
Q. Revenue
$2.08B
2Q
TTM EBITDA
$2.76B
7Q
TTM Op. Income
$2.60B
7Q
Q. Op. Income
$704.30M
2Q
TTM Net Income
$2.28B
3Q
Q. Net Income
$635.50M
6Q
EPS
$0.87
6Q
Shares Out.
$734.20M
3%
$7.88B in TTM revenue grew 20.2% YoY, reaching $2.08B last quarter. TTM EBITDA of $2.76B and TTM operating income of $2.60B show growth is flowing through to the bottom line. TTM net income of $2.28B 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
79.0%
2Q
EBITDA Margin
35.8%
2Q
Op. Margin
33.9%
2Q
Net Margin
30.6%
3Q
Op. margin of 33.9% is up 2.2% YoY — cost efficiency is improving. Net margin at 30.6% and gross margin of 79.0% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

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

P/E Ratio
41.5x
22%
P/S Ratio
12.0x
23%
P/B Ratio
42.2x
51%
At 41.5x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 12.0x and P/B of 42.2x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 22% — an improving trend.

Assets & Liabilities

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

Total Assets
$11.94B
2Q
Cash
$3.75B
2Q
Long-Term Debt
$497.10M
6Q
Book Value
$2.25B
2Q
D/E Ratio
0.2
2Q
Debt/EBITDA
0.7
2Q
With $11.94B in assets and $497.10M in long-term debt, D/E is 0.2and book value is $2.25B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

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

Op. Cash Flow
$946.00M
2Q
TTM Free Cash Flow
$3.43B
4Q
FCF Margin
43.5%
4Q
FCF / Net Income
1.5
5Q
TTM FCF of $3.43B on $946.00M 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 4 consecutive quarters — an improving trend.

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