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.
It is a $143B technology company. Revenue grew 18.8% over the last year, it keeps 28¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 67.4× earnings — in the most expensive third of its own history.
- Website
- fortinet.com
- Location
- Sunnyvale, CA
- Employees
- 15 472
- Sector
- Technology
- Founded
- 2003
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong growth, profitability, health and quality; Valuation lags behind.
Valuation10
- P/E vs own history82th pct · 0/25
- FCF yield2.2% · 5/25
- P/S19.0x · 5/25
- EV/EBITDA54.0x · 0/25
Growth95
- Revenue CAGR19.4% · 20/25
- Net income CAGR32.2% · 25/25
- EPS CAGR ~5Y33.0% · 25/25
- Fwd implied growth42.8% · 25/25
Profitability75
- ROICn/a · 0/25
- ROE187.9% · 25/25
- Net margin28.2% · 25/25
- Operating margin32.4% · 25/25
Health87
- Altman Z10.16 · 25/25
- Current ratio1.28 · 12/25
- Interest coverage184.8x · 25/25
- Net cash / debtNet cash · 25/25
Quality84
- Piotroski F7/9 · 22/25
- Beneish M-2.59 · 25/25
- FCF conversion147% · 25/25
- Margin stabilityσ 9.6% · 12/25
Moat62
- ROIC >12% yearsn/a · 0/25
- Median gross margin76.6% · 25/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 2.1% · 12/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$1.85B net income
- 2025MilestoneA critical vulnerability (CVE-2025-64446, 9.1 CVSS) became public affecting FortiWeb Web…
- 2020ProductFortinet released FortiAI, a threat-detection program that uses artificial intelligence
- 2017ProductLater in 2017, Fortinet created a standalone subsidiary, Fortinet Federal, to develop cybersecurity products for…
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$1.28B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2016ProductFortinet launched a Network Security Academy to help fill open cybersecurity jobs in the U.S
- 2009IPOFortinet had an initial public offering, opening on the NASDAQ Global Market under the ticker…
- 2009MilestoneAlso in 2009, CRN Magazine s survey-based annual report card placed Fortinet first in network security hardware, up…
- 2005ProductFortinet created the FortiGuard Labs internal security research team
- 2003FoundedFortinet's first channel program was established in October 2003
- 2002ProductFortinet introduced its first product, FortiGate, in 2002, followed by anti-spam and anti-virus software
- 2000MilestoneKen Xie and his brother Michael Xie co-founded Appligation, Inc
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (80.2%)
- Strongly profitable — 28.2% net margin
- Revenue growing 18.8% year over year
- Strong cash conversion — FCF is 41.4% of revenue
- Net cash position after subtracting debt from cash
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+18.8% YoY
- Profitable — makes more than it spends$2.12B TTM
- Profit growing — earnings are higher than last year+31.6% YoY
- Generates cash — cash left after running and investing$3.12B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$143B market cap
- Not printing shares — share count not ballooning — you keep your slice-8.8% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 10.2 — safe
- Pays a dividend — returns cash to shareholdersno data
- Valuation not extreme — price not wildly above earningsP/E 67.4
Peer comparisonFortinet, Inc. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| FTNT this company | $142.9B | 67.4 | +18.8% | 28.2% | Strong |
| NVDA Nvidia Corp | $5.5T | 28.6 | +83.4% | 63.7% | Mixed |
| AAPL Apple Inc. | $4.9T | 38.1 | +14.2% | 27.6% | Strong |
| GOOGL Alphabet Inc. | $4.3T | 17.6 | +20.1% | 54.8% | Mixed |
| MSFT Microsoft Corp | $4.0T | 29.7 | +17.8% | 40.3% | Strong |
| SPCX Space Exploration Technologies Corp. | $2.1T | — | +33.2% | -34.0% | Strained |
| META Meta Platforms, Inc. | $1.8T | 26.9 | +27.7% | 29.8% | Mixed |
Head-to-head: FTNT vs NVDA · FTNT vs AAPL · FTNT vs GOOGL
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/FTNT
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of FTNT on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $194.75 · market cap $143B.