Fortinet Inc. (FTNT)

NASDAQ: FTNT · USD

$174

-11.08 (-6.0%)· Recorded snapshot

สำรองภาษาอังกฤษTH

แสดงต้นฉบับภาษาอังกฤษระหว่างที่กำลังแปล

รายงานนี้ยังไม่ได้แปล โปรดรีเฟรชอีกครั้งในไม่กี่นาทีเมื่อคิวการแปลทำงานเสร็จ

StockMarketAgent Research · Analyzed 2026-10-18

Our latest published analysis: FTNT rated Sell

Fortinet Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$69.2 / share

Potential value

$87.3 / share

Upside to FV

-59.1%

from $174

Moat

8/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$124.1B
Revenue (ttm)	7.5B
Net income (ttm)	2.1B
EPS (ttm)	$2.83
Shares out	733.7M
P/E (trailing)	61.5x
P/E (forward)	45.0x
Volume	6,450,359
Beta	1.04

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 7.5B
Net income (ttm): 2.1B
EPS (ttm): $2.83
P/E (trailing): 61.5x
P/E (forward): 45.0x
Market cap: $124.1B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$3.34B	$4.42B	$5.30B	$5.96B	$6.80B	+19.4%
Gross profit	$2.56B	$3.33B	$4.07B	$4.80B	$5.47B	+20.9%
Operating income	$650.4M	$969.6M	$1.24B	$1.80B	$2.08B	+33.8%
Net income	$606.8M	$857.3M	$1.15B	$1.75B	$1.85B	+32.2%
EPS (diluted)	$0.73	$1.06	$1.46	$2.26	$2.42	+34.9%
EBITDA	$727.7M	$1.08B	$1.24B	$2.20B	$2.46B	+35.7%
R&D	$424.2M	$512.4M	$613.8M	$716.8M	$815.5M	+17.8%
SG&A	$143.5M	$169.0M	$211.3M	$237.8M	$233.4M	+12.9%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ARM	Arm Holdings plc	252B	240.8x	48.2x	14.2%	—	+31.0%	ขาย
ASML	ASML Holding N.V.	647.9B	42.6x	14.2x	92.1%	+17.2%	+57.7%	ขาย
DDOG	Datadog, Inc.	100B	567.7x	25.6x	2.9%	+39.0%	+75.6%	ขาย
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	ขาย
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	ถือ
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	ซื้อมาก

Base and Bull scenarios

Bull20%

Price target

$87.28

-48.4% from spot

Strong enterprise firewall refresh cycle combined with rapid cloud SASE subscription adoption drives revenue growth above guided ranges.

Enterprise adoption of SASE accelerates significantly.
Non-GAAP operating margins sustain above 37.0%.

Base55%

Price target

$69.20

-59.1% from spot

Steady growth in security subscriptions counterbalances normalizing hardware appliance demand.

FY2026 revenue grows 19.4% in line with guidance.
Operating margins normalize at 36.0%-36.5%.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($69.20). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.5%	2.8%	3.0%	3.3%	3.5%
8.7%	$74.8	$76.4	$78.1	$80.0	$82.1
9.2%	$70.5	$71.9	$73.3	$74.9	$76.6
9.7%	$66.9	$68.0	$69.2	$70.5	$71.9
10.2%	$63.6	$64.6	$65.6	$66.7	$67.9
10.7%	$60.7	$61.5	$62.4	$63.3	$64.4

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E45.1

P25 n/aP50 n/aP75 n/a

Trailing P/E59.8

P25 n/aP50 n/aP75 n/a

ROE117.4

P25 n/aP50 n/aP75 n/a

ROIC57.9

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All FTNT indicators

Market & fundamental data

Available fields

280

Groups with data

Currency

USD

Showing 280 of 280 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001262039
Company name	Fortinet, Inc.
Country	United States
Country code	US
CUSIP number	34959E109
Earnings date	2026-10-28
Earnings time	amc
Employees	15,472
Employees change	574
Employees growth	3.85%
Enterprise value	$124.1B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	2000
In index	SP500, NASDAQ100
Industry	Software - Infrastructure
IPO date	2009-11-18
Is primary listing	Yes
Is SPAC	No
ISIN number	US34959E1091
Last 10-K release date	2026-02-25
Last earnings date	2026-10-28
Last refreshed	2026-10-28
Last stock split date	2022-06-23
Last stock split type	Forward
Market cap	$127.6B
Market cap category	Large-Cap
Next earnings date	2027-02-04
Options	Yes
Price	$173.92
Price currency	USD
Sector	Technology
SIC code	3577
Stock price date	2026-10-28
Symbol	FTNT
U.S. state	California
Website	https://www.fortinet.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	53.19x
Average P/E ratio (10Y)	102.42x
Average P/E ratio (3Y)	39.11x
Average P/E ratio (5Y)	50.62x
Earnings yield	1.63%
EV/Earnings	58.52x
EV/EBIT	50.93x
EV/EBITDA	47.81x
EV/FCF	39.81x
EV/Sales	16.49x
FCF / EV yield	2.51%
FCF yield	2.44%
Forward EV/Sales	14.56x
Forward P/E	49.53x
Forward P/S	14.97x
Graham number	11.6031
Graham upside	-93.33%
Industry forward P/E	29.48x
Industry P/E	39.18x
Lynch fair value	$70.75
Lynch upside	-59.32%
P/(FCF - SBC) ratio	45.24x
P/(OCF - SBC) ratio	41.16x
P/B ratio	87.5x
P/E ratio	61.46x
P/FCF ratio	40.94x
P/OCF ratio	37.57x
P/S ratio	16.95x
PEG ratio	3.22x
Price / tangible book value	104.89x
Price/EBITDA ratio	49.16x
Sector forward P/E	18.38x
Sector P/E	32.76x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	32.37%
EBITDA margin	34.48%
Effective tax rate	19.16%
FCF margin	41.41%
Gross margin	80.2%
Operating margin	32.37%
Pretax margin	34.85%
Profit margin	28.17%
Profit per employee	$137,067
Profitable quarters	34
Profitable years	18
Revenue per employee	$486,518
ROA	14.17%
ROA (5Y)	11.11%
ROCE	40.49%
ROE	117.44%
ROIC	57.89%
SBC / revenue	3.93%
Tax / revenue	6.68%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	12.81%
EPS growth (Q)	43.86%
EPS growth (QoQ)	13.89%
EPS growth 10Y	81.22%
EPS growth 3Y	28.5%
EPS growth 5Y	35.71%
EPS growth quarters	2
EPS growth years	6
FCF growth	53.34%
FCF growth (Q)	239.88%
FCF growth (QoQ)	-4.06%
FCF growth 3Y	16.37%
FCF growth 5Y	22.97%
Gross profit growth	17.18%
Gross profit growth (Q)	24.95%
Gross profit growth 3Y	16.65%
Gross profit growth 5Y	21.71%
Net income growth	9.34%
Net income growth (Q)	37.76%
Net income growth (QoQ)	13.43%
Net income growth 3Y	26.03%
Net income growth 5Y	32.73%
Net income growth quarters	2
Net income growth years	6
OCF growth	41.45%
OCF growth (Q)	130.94%
OCF growth (QoQ)	-3.11%
OCF growth 10Y	27.37%
OCF growth 3Y	15.51%
OCF growth 5Y	22.1%
Operating income growth	25.16%
Operating income growth (Q)	50.65%
Operating income growth 3Y	27.66%
Operating income growth 5Y	34.15%
Revenue growth	18.77%
Revenue growth (Q)	25.64%
Revenue growth (QoQ)	10.72%
Revenue growth 10Y	20.64%
Revenue growth 3Y	14.71%
Revenue growth 5Y	20.93%
Revenue growth quarters	67
Revenue growth years	19

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-279.1M
Depreciation and amortization	$159.1M
EBIT	$2.4B
EBITDA	$2.6B
EPS	$2.83
FCF per share	$4.25
Financing cash flow	$-3.4B
Free cash flow	$3.1B
Free cash flow minus SBC	$2.8B
Gross profit	$6B
Income taxes	$502.5M
Investing cash flow	$-412.4M
Net borrowing	$-500M
Net cash flow	$-433.6M
Net income	$2.1B
Operating cash flow minus SBC	$3.1B
Operating income	$2.4B
Revenue	$7.5B
Stock-based compensation	$296.1M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	5.98
Book value per share	$2.11
Debt / EBITDA	0.21
Debt / equity	0.36
Debt / FCF	0.18
Goodwill	$257.4M
Interest coverage	135.37
Long-term assets	$4.7B
Long-term liabilities	$4.5B
Net cash (debt)	$3.5B
Net cash / market cap	2.75%
Net cash growth	0.98%
Net debt / EBITDA	-1.35
Net debt / equity	-2.26
Net debt / FCF	-1.13
Piotroski F-Score	5
Property, plant and equipment	$1.7B
Shareholders' equity	$1.6B
Tangible book value	$1.2B
Tangible book value per share	$1.66
Total assets	$10.9B
Total cash	$4.1B
Total debt	$561.4M
Total liabilities	$9.3B
WACC	9.92%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.7
Current assets	$6.2B
Current liabilities	$4.8B
Current ratio	1.28
Inventory turnover	3.58
Net working capital	$-2.7B
Quick ratio	1.14
Working capital	$1.4B
Working capital turnover	5.13

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	3.4%
Dividend yield	0%
Shareholder yield	3.4%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	2,876.26%
10Y return CAGR	40.41%
10Y total return	2,876.26%
150-day SMA	$143.36
15Y price change	3,996.64%
15Y return CAGR	28.08%
15Y total return	3,996.64%
1D price change	-5.99%
1M price change	2.64%
1M total return	2.64%
1W price change	4.16%
1W total return	4.16%
1Y price change	108.75%
1Y return CAGR	108.85%
1Y total return	108.75%
20-day SMA	$182.14
200-day SMA	$127.80
3M price change	16.84%
3M total return	16.84%
3Y price change	216.46%
3Y return CAGR	46.8%
3Y total return	216.46%
50-day SMA	$171.99
50-day SMA vs 200-day SMA	50over200
52-week high	$197.13
52-week high date	2026-10-13
52-week low	$73.55
52-week low date	2026-01-20
5Y price change	177.66%
5Y return CAGR	22.66%
5Y total return	177.66%
6M price change	107.82%
6M total return	107.82%
After-hours change	1.19%
After-hours close	$173.92
After-hours price	$175.99
All-time high	$197.13
All-time high date	2026-10-13
All-time low	$1.47
All-time low date	2010-07-13
Average true range (ATR)	$6.84
Average volume	3.7M
Beta (1Y)	1.12
Beta (2Y)	1.3
Beta (5Y)	1.04
Change from 52-week high	-11.77%
Change from 52-week low	136.47%
Change from all-time high	-9.68%
Change from all-time low	11,995.11%
Change from open	-5.68%
Day's gap	-0.33%
Dollar volume	$1.1B
High price	$184.52
Low price	$173.19
Monthly RSI	80.8
Open price	$184.39
Position in 52-week range	6.44%
Premarket change	-1.32%
Premarket close	$185.00
Premarket price	$182.55
Premarket volume	46.6K
Previous close	$185.00
Price vs 150-day SMA	24.19%
Price vs 20-day SMA	-2.25%
Price vs 200-day SMA	39.31%
Price vs 50-day SMA	3.52%
Relative volume	1.76
RSI	49.98
Sharpe ratio	1.82
Sharpe ratio (3Y)	1.03
Sharpe ratio (5Y)	0.58
Sortino ratio	3.31
Sortino ratio (3Y)	1.74
Sortino ratio (5Y)	0.94
Volume	6.5M
Weekly RSI	63.26
YTD price change	124.2%
YTD total return	124.2%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	618.9M
Float percentage	84.35%
Shares change (QoQ)	-0.39%
Shares change (YoY)	-3.4%
Shares held by insiders	15.56%
Shares held by institutions	72.52%
Shares outstanding	733.7M
Short % of float	2.02%
Short % of shares	1.7%
Short ratio	2.9 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	386

Deeper analysis on FTNT

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this FTNT report

What is the latest published FTNT stock rating?

Fortinet Inc. is shown with Sell in the latest published report, analyzed 2026-10-18. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full FTNT analysis?

The full latest published report, analyzed 2026-10-18, lives at /stocks/FTNT/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for FTNT?

The latest published report analyzed 2026-10-18 gives FTNT a fair value of USD 69 and a potential value of USD 87. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the FTNT page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-18). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellFTNT · Fair value $69.2-59.1%

Read full analysis →

Fortinet Inc. (FTNT)

Our latest published analysis: FTNT rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · FTNT

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All FTNT indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on FTNT

Frequently asked questions

ประวัติการจัดอันดับ

Category	Score	Reading
Valuation	1.5
Management	8.5
Balance Sheet	6.0
Profitability	8.5
Revenue Growth	7.5
Risk Assessment	6.5
Competitive Moat	8.0
Earnings Quality	9.0
Capital Efficiency	7.5