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
Vol2.51M
As of25 Sep 2026

The Verdict

Buy

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/E61.29x
Forward P/E45.92x
EV / EBITDA47.68x
P / S (ttm)16.91x
Profit margin28.2%
Return on equity117.4%
Revenue growth+25.6%
Earnings growth+43.9%
Debt / equity36.19

Layer Breakdown

LayerRawContribution
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.

United States · www.fortinet.com

Risk Metrics

Beta vs SPX1.15
Corr SPX0.43
Annual vol42.5%
Annual ret+49.9%
Sharpe1.17
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
Analysts36
Strong Buy0
Buy10
Hold29
Sell3
Strong Sell1

Recent rating actions

2026-05-08Susquehanna→ Neutral
2026-05-08Citigroup→ Neutral
2026-05-08Barclays→ Equal-Weight
2026-05-07Wells Fargo→ Underweight
2026-05-07UBS→ Neutral
2026-05-07Truist Securities→ Buy

Material Events

DateEvent8-K
2026-07-29Earnings Release, Exhibitsread
2026-06-16Shareholder Voteread
2026-05-06Earnings Release, Exhibitsread
2026-02-05Earnings Release, Exhibitsread
2025-11-05Earnings Release, Exhibitsread
2025-08-22Other Material Eventread
2025-08-06Earnings Release, Exhibitsread
2025-06-18Shareholder Voteread
2025-05-07Earnings Release, Exhibitsread
2025-02-06Earnings Release, Officer / Director Change…read
2024-11-12Officer / Director Change, Exhibitsread
2024-11-07Earnings Release, Exhibitsread

Insider Trades

DateInsiderRoleActionSharesValue
2026-08-03Xie KenDirector, Officer, PRESIDSell18.41K$2.95M
2026-08-03Xie KenDirector, Officer, PRESIDSell67.97K$11.08M
2026-08-03Xie MichaelDirector, Officer, VP, ENSell1.42K$231.79K
2026-08-03Xie KenDirector, Officer, PRESIDOption exercise155.00K$3.55M
2026-08-03Xie KenDirector, Officer, PRESIDSell19.65K$3.16M
2026-08-03Xie KenDirector, Officer, PRESIDSell7.35K$1.19M
2026-08-03Xie MichaelDirector, Officer, VP, ENSell700$112.25K
2026-08-03Xie MichaelDirector, Officer, VP, ENSell200$32.35K
2026-08-03Xie MichaelDirector, Officer, VP, ENSell800$131.18K
2026-08-03Xie KenDirector, Officer, PRESIDSell47.94K$7.86M

Flow & Concentration

Insider 180d net-$27.61M
Insider buys / sells0 / 20
Insider biasSellers
13F holders8
Top-5 share96.0%
HHI3,819 (concentrated)

Top Holders

HolderValueShares
State Street Corp$4.55B29.63M
AQR Capital Management$1.33B8.67M
Citadel Advisors$680.65M4.43M
Capital Research / Capital World$492.81M3.21M
Fidelity / FMR LLC$474.28M3.09M
Millennium Management$310.49M2.02M
Renaissance Technologies$4.72M30.70K
T. Rowe Price Group$248.39K1.62M

As of 2026-06-30

SEC Filings

DateFormDoc
2026-08-134view
2026-08-134view
2026-08-134view
2026-08-134view
2026-08-134view
2026-08-134view
2026-08-134view
2026-08-044view
2026-08-044view
2026-08-044view
2026-08-044view
2026-07-3010-Qview
2026-07-298-Kview
2026-06-183view
2026-06-168-Kview

The Long Run

FY 2012–2025 · 14 years

LineLatestCAGRTrend
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

NASDAQ-100S&P 500

Recent Sessions

DateOpenHighLowCloseVol
Sep 25$177.30$177.78$172.83$173.462.51M
Sep 24$178.65$181.37$176.76$178.673.76M
Sep 23$176.47$179.35$173.37$178.743.41M
Sep 22$176.09$176.09$170.23$174.264.11M
Sep 21$170.19$175.69$167.41$175.233.18M

Understand the score. Research layers are inputs to a model, and the available data has limits.

Read the methodology →