Inside the research
Fortinet, Inc.
FTNT Research profile · latest available data
Price overview
$173.46
▼ -5.21 (-2.9%)
| 52w hi | $178.74 |
|---|---|
| 52w lo | $75.23 |
| Vol | 2.51M |
| As of | 25 Sep 2026 |
The Verdict
Our score +0.60
| Short | +0.21 |
|---|---|
| Medium | +0.89 |
| Long | +0.79 |
computed 2026-09-27
Key fundamentals
Fortinet, Inc.
Technology · Software - Infrastructure
| Market cap | $127.27B |
|---|---|
| Enterprise value | $123.76B |
| Trailing P/E | 61.29x |
| Forward P/E | 45.92x |
| EV / EBITDA | 47.68x |
| P / S (ttm) | 16.91x |
| Profit margin | 28.2% |
| Return on equity | 117.4% |
| Revenue growth | +25.6% |
| Earnings growth | +43.9% |
| Debt / equity | 36.19 |
Layer Breakdown
| Layer | Raw | Contribution |
|---|---|---|
| Fundamental | +0.28 | |
| Sector | +0.19 | |
| Technical | +0.27 | |
| Earnings | +0.00 | |
| Sentiment | +0.00 |
macro × 1.00 · 2026-09-27
Business overview
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.
Risk Metrics
| Beta vs SPX | 1.15 |
|---|---|
| Corr SPX | 0.43 |
| Annual vol | 42.5% |
| Annual ret | +49.9% |
| Sharpe | 1.17 |
| Max DD | -35.1% |
Window: 504 trading days (504 obs)
Analyst Coverage
| Mean PT | $105.50 |
|---|---|
| High / Low | $130.00 / $70.00 |
| Median | $109.00 |
| Analysts | 36 |
| Strong Buy | 0 | |
|---|---|---|
| Buy | 10 | |
| Hold | 29 | |
| Sell | 3 | |
| Strong Sell | 1 |
Recent rating actions
| 2026-05-08 | Susquehanna | → Neutral |
| 2026-05-08 | Citigroup | → Neutral |
| 2026-05-08 | Barclays | → Equal-Weight |
| 2026-05-07 | Wells Fargo | → Underweight |
| 2026-05-07 | UBS | → Neutral |
| 2026-05-07 | Truist Securities | → Buy |
Material Events
| Date | Event | 8-K |
|---|---|---|
| 2026-07-29 | Earnings Release, Exhibits | read |
| 2026-06-16 | Shareholder Vote | read |
| 2026-05-06 | Earnings Release, Exhibits | read |
| 2026-02-05 | Earnings Release, Exhibits | read |
| 2025-11-05 | Earnings Release, Exhibits | read |
| 2025-08-22 | Other Material Event | read |
| 2025-08-06 | Earnings Release, Exhibits | read |
| 2025-06-18 | Shareholder Vote | read |
| 2025-05-07 | Earnings Release, Exhibits | read |
| 2025-02-06 | Earnings Release, Officer / Director Change… | read |
| 2024-11-12 | Officer / Director Change, Exhibits | read |
| 2024-11-07 | Earnings Release, Exhibits | read |
Insider Trades
| Date | Insider | Role | Action | Shares | Value |
|---|---|---|---|---|---|
| 2026-08-03 | Xie Ken | Director, Officer, PRESID | Sell | 18.41K | $2.95M |
| 2026-08-03 | Xie Ken | Director, Officer, PRESID | Sell | 67.97K | $11.08M |
| 2026-08-03 | Xie Michael | Director, Officer, VP, EN | Sell | 1.42K | $231.79K |
| 2026-08-03 | Xie Ken | Director, Officer, PRESID | Option exercise | 155.00K | $3.55M |
| 2026-08-03 | Xie Ken | Director, Officer, PRESID | Sell | 19.65K | $3.16M |
| 2026-08-03 | Xie Ken | Director, Officer, PRESID | Sell | 7.35K | $1.19M |
| 2026-08-03 | Xie Michael | Director, Officer, VP, EN | Sell | 700 | $112.25K |
| 2026-08-03 | Xie Michael | Director, Officer, VP, EN | Sell | 200 | $32.35K |
| 2026-08-03 | Xie Michael | Director, Officer, VP, EN | Sell | 800 | $131.18K |
| 2026-08-03 | Xie Ken | Director, Officer, PRESID | Sell | 47.94K | $7.86M |
Flow & Concentration
| Insider 180d net | -$27.61M |
|---|---|
| Insider buys / sells | 0 / 20 |
| Insider bias | Sellers |
| 13F holders | 8 |
| Top-5 share | 96.0% |
| HHI | 3,819 (concentrated) |
Top Holders
| Holder | Value | Shares |
|---|---|---|
| State Street Corp | $4.55B | 29.63M |
| AQR Capital Management | $1.33B | 8.67M |
| Citadel Advisors | $680.65M | 4.43M |
| Capital Research / Capital World | $492.81M | 3.21M |
| Fidelity / FMR LLC | $474.28M | 3.09M |
| Millennium Management | $310.49M | 2.02M |
| Renaissance Technologies | $4.72M | 30.70K |
| T. Rowe Price Group | $248.39K | 1.62M |
As of 2026-06-30
SEC Filings
The Long Run
FY 2012–2025 · 14 years
| Line | Latest | CAGR | Trend |
|---|---|---|---|
| Revenue | $5.30B | +24.0% | |
| Gross profit | $5.47B | +27.2% | |
| Operating income | $1.24B | +27.0% | |
| Net income | $1.15B | +25.1% | |
| Cash from ops | $2.26B | +26.8% |
Indices
Recent Sessions
| Date | Open | High | Low | Close | Vol |
|---|---|---|---|---|---|
| Sep 25 | $177.30 | $177.78 | $172.83 | $173.46 | 2.51M |
| Sep 24 | $178.65 | $181.37 | $176.76 | $178.67 | 3.76M |
| Sep 23 | $176.47 | $179.35 | $173.37 | $178.74 | 3.41M |
| Sep 22 | $176.09 | $176.09 | $170.23 | $174.26 | 4.11M |
| Sep 21 | $170.19 | $175.69 | $167.41 | $175.23 | 3.18M |
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