Fortinet, Inc.: stock overview

FTNTNASDAQTechnology · Computer Peripheral Equipment, NEC

Price

$127.22

November 13, 2026Market cap $94.1B

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  • The full history: 17 fiscal years, from 2009
  • The estimated fair value, with its range and its certainty
  • The full analysis, 18 a month
  • More questions to the chat on its filings
  • Excel with every year
  • An email when it reports, changes its dividend or an officer buys

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In short

Fortinet had revenue of $7.9B over the last 12 months and net income of $2.3B, a net margin of 29.0%. Revenue grew by 21.3% a year on average over the last 5 years. At $127.22 the shares trade at a P/E of 41.2, against a median of 41.8 over the last 5 fiscal years. It holds more cash than debt, by $4.3B. It pays no dividend.

From its SEC filings (latest fiscal year to December 31, 2025) and the price of November 13, 2026.

Its SEC filings
Market cap
$94.1B
740M shares
P/E
41.2
Today41.2
Median41.8
Revenue, 12 months
$7.9B
+21.3% a year over 5 years
Net margin
29.0%
2025: 27.3%, above 99% of its industry

Worth knowing

What a holder would want to hear from the company's SEC filings of the last three years. Each with its filing, without comment.

3 fiscal years in figures

Each fiscal year's figures as the company filed them, and the share price at its end.

2023–2025 fiscal years

+13.2% a year over 2 years

  • 202510-K
    Revenue$6.8B
  • 202410-K
    Revenue$6.0B
  • 202310-K
    Revenue$5.3B

Fiscal years in figures

FTNT's revenue, profit, cash flow and dividend with each year-end price, from 2009 to 2022, 14 more fiscal years

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Key figures

The company's current figures in five groups. Each term is explained behind its ⓘ.

Valuation

Market cap 3-year median: $58.8B
$94.1B
Enterprise value 
$89.8B
P/E 3-year median: 40.1
41.2
EV / EBIT 
34.6
EV / Revenue 
11.4
P/B 
41.9
FCF yield 3-year median: 3.8%
3.7%
Earnings yield 3-year median: 2.5%
2.4%

Profitability

Gross margin 
79.8%
Operating margin 
33.0%
Net margin 3-year median: 27.3%
29.0%
ROIC 
104.0%
ROIC, 5-year average 
90.7%
ROE 
168.8%

Growth

Revenue, yearly change 
+14.2%
EPS, yearly change 
+7.1%
FCF, yearly change 
+18.4%
Revenue, average a year 
+21.3%
EPS, average a year 
+33.1%

The yearly change compares FY2025 with FY2024.

Balance sheet

Cash 
$4.8B
Total debt 
$561M
Of which operating leases 
$63M
Net cash 
$4.3B
Net debt / EBITDA 
-1.6x
Interest cover 
175.6x
Current ratio 
1.40

Balance sheet of September 30, 2026.

Returns to shareholders

Dividend yield 
0.00%
Buybacks 
2.43%
Total returned 
2.43%
Shares, yearly change 
-3.8%
Valuation against its own pastEach fiscal year's P/E, P/FCF and P/B beside today's, and the DCF calculator for the company.Valuation

Against its industry

Where its margins and returns stood in fiscal 2025 among the SEC filers of its industry (SIC code 35).

Gross margin

80.5%

Above 99% of the 115 companies in its industry, and 96% of all.

Operating margin

30.7%

Above 97% of the 138 companies in its industry, and 92% of all.

Net margin

27.3%

Above 99% of the 147 companies in its industry, and 89% of all.

ROE

149.8%

Above 100% of the 136 companies in its industry, and 99% of all.

ROA

17.8%

Above 96% of the 146 companies in its industry, and 96% of all.

Revenue growth

14.2%

Above 75% of the 144 companies in its industry, and 72% of all.

From the yearly figures every company files with the SEC, for those with revenue of at least $25 million. The industry is the first two digits of the SIC code.

The company at the SEC

How it is registered and when its fiscal year ends.

Name at the SEC
Fortinet, Inc.
CIK
1262039
Exchange
NASDAQ
Industry (SIC)
3577 · Computer Peripheral Equipment, NEC
Fiscal year ends
December 31
Latest annual report
December 31, 2025
Reporting currency
USD
Shares
740M

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The full analysis

What do Fortinet's filings show?

These are Fortinet's figures. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

  • A fair value range built from the filings
  • Earnings quality, debt and red flags
  • Insider and institutional moves
  • The case for and the case against

Questions about FTNT

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What is FTNT's market cap?

Fortinet, Inc.'s market cap is $94.1B, at a price of $127.22 on November 13, 2026 and 740M shares.

What is FTNT's P/E?

FTNT's P/E is 41.2, on earnings per share of $3.07 over the last 12 months. The median over the last 5 fiscal years was 41.8.

How much revenue does FTNT have?

Fortinet had revenue of $7.9B over the last 12 months. Over the last 5 years it changed by +21.3% a year on average.

Does FTNT pay a dividend?

No. Fortinet paid no regular dividend over the last 12 months.

Where do the figures come from?

From Fortinet, Inc.'s SEC filings (10-K and 10-Q) and the share price. They hold no analyst estimates and no score, and they are not a recommendation.

Related pages

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

US stocksThe market today, the sectors, the largest companies and the week's results.The market's sectorsThe 11 sectors side by side: returns, share of the market, median P/E and dividend.Compare stocksTwo companies side by side: price over up to ten years, with and without dividends, and every figure.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.

The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.