Fortinet (FTNT) Stock Insights
FTNT$178.05-6.95 -3.76%
$130.64B
Market Cap
64.10
P/E
51.56
Forward P/E
51
Score
Fortinet (FTNT) Stock Insights
FTNT price $178.05 -6.95 -3.76%
- Ticker
- FTNT
- Price
- $178.05
- Change
- -6.95 -3.76%
- Market cap ?
- $130.64B
- P/E ?
- 64.10
- Forward P/E ?
- 51.56
- Dividend yield ?
- 0.00%
- Beta ?
- 1.04
- Sector
- Technology
- Industry
- Software - Infrastructure
- Stocklytics score
- 51
- Value
- 14
- Quality
- 80
- Growth
- 58
Stocklytics score rationale: value 14, quality 80, growth 58.
Financials
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| 1275400000 | 1494900000 | 1804600000 | 2163000000 | 2594400000 | 3342200000 | 4417400000 | 5304800000 | 5955800000 | 6799600000 |
Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall…
Fair value
FTNT fair value $107.26. Price $178.05. Price is 66% above fair value.
Above fair value, and more expensive than usual. A larger premium than on more than 99% of days in the past 5 years.
Fair value is an estimate of what one share is worth if future cash flows arrive as modeled. It is not a forecast of the share price. How discounted cash flow works.
Calculated with a 10-year free-cash-flow discount. Starting free cash flow 3.12B. Growth 6.24%. When analyst earnings forecasts are available, free cash flow in those years is forecast earnings times the company's usual conversion of earnings into free cash flow, kept between 60% and 130%. Years with fewer than 3 analyst estimates are left out. Growth then fades in a straight line to terminal growth by year 10, starting from the last well-covered year's growth, or from the pace across those years when the final year slows sharply, kept between 0% and 20%. Without those forecasts, year-1 growth is analyst revenue growth for the next full fiscal year, or 5-year historical revenue growth when that forecast is missing, held for five years, then fading in a straight line to terminal growth by year 10. Terminal growth 3.00%. Discount rate 10.00% (beta 1.0). Beta is kept between 0.8 and 2.0, which on its own would make the discount rate 8.7% to 15.3%. The rate is then capped at 12%. A cap is used because a discount above 12% pushes higher-beta stocks further from the price. The discount rate stays at least 5 percentage points above terminal growth. Shares 733.71M. Net debt -1.50B. The earnings value is next-12-months earnings per share, or trailing earnings when that forecast is missing, times the stock's own 10-year median P/E, kept between 8 and 40. Fewer than five years of history uses the sector's typical P/E. Fair value is the average of the cash-flow value and the earnings value when both exist. Model uncertainty is high when fair value is more than 60% from the price, or when most of the cash-flow value sits after year 10.
Model uncertainty high for this stock
Earnings
| Date | EPS actual | EPS estimate | Revenue | Revenue estimate |
|---|---|---|---|---|
| 2026-10-28 | — | 0.86 | — | 2.06B |
| 2026-07-29 | 0.90 | 0.75 | 2.05B | 1.89B |
| 2026-05-06 | 0.82 | 0.62 | 1.85B | 1.73B |
| 2026-02-05 | 0.81 | 0.74 | 1.91B | 1.86B |
| 2025-11-05 | 0.74 | 0.63 | 1.72B | 1.70B |
| 2025-08-06 | 0.64 | 0.59 | 1.63B | 1.63B |
| 2025-05-07 | 0.58 | 0.53 | 1.54B | 1.54B |
| 2025-02-06 | 0.74 | 0.60 | 1.66B | 1.59B |
| 2024-11-07 | 0.63 | 0.52 | 1.51B | 1.48B |
| 2024-08-06 | 0.57 | 0.41 | 1.43B | 1.40B |
| 2024-05-02 | 0.43 | 0.38 | 1.35B | 1.34B |
| 2024-02-06 | 0.51 | 0.43 | 1.42B | 1.41B |
| 2023-11-02 | 0.41 | 0.36 | 1.33B | 1.35B |
| 2023-08-03 | 0.38 | 0.34 | 1.29B | 1.30B |
| 2023-05-04 | 0.34 | 0.29 | 1.26B | 1.20B |
| 2023-02-07 | 0.44 | 0.39 | 1.28B | 1.30B |
| 2022-11-02 | 0.33 | 0.27 | 1.15B | 1.12B |
| 2022-08-03 | 0.24 | 0.22 | 1.03B | 1.03B |
| 2022-05-04 | 0.19 | 0.16 | 954.80M | 884.93M |
| 2022-02-03 | 0.25 | 0.23 | 963.60M | 960.24M |
| 2021-11-04 | 0.20 | 0.19 | 867.20M | 810.54M |
| 2021-07-29 | 0.19 | 0.18 | 801.10M | 801.10M |
| 2021-04-29 | 0.16 | 0.15 | 710.30M | 681.27M |
| 2021-02-04 | 0.21 | 0.19 | 748.00M | 678.60M |
| 2020-10-29 | 0.18 | 0.16 | 651.10M | 577.02M |
| 2020-08-06 | 0.16 | 0.13 | 615.50M | 487.90M |
| 2020-05-06 | 0.12 | 0.10 | 576.90M | 490.37M |
| 2020-02-06 | 0.15 | 0.14 | 614.40M | 565.89M |
| 2019-10-31 | 0.13 | 0.11 | 547.50M | 457.61M |
| 2019-08-01 | 0.12 | 0.10 | 521.70M | 449.74M |
| 2019-05-02 | 0.09 | 0.08 | 472.60M | 400.68M |
| 2019-02-06 | 0.12 | 0.10 | 507.00M | 446.85M |
| 2018-11-01 | 0.09 | 0.08 | 453.90M | 389.06M |
| 2018-08-01 | 0.08 | 0.07 | 441.30M | 387.48M |
| 2018-05-03 | 0.07 | 0.05 | 399.00M | 290.18M |
| 2018-02-05 | 0.06 | 0.06 | 416.67M | 377.63M |
| 2017-10-26 | 0.06 | 0.05 | 374.22M | 307.38M |
| 2017-07-26 | 0.05 | 0.04 | 363.47M | 269.26M |
| 2017-04-27 | 0.03 | 0.03 | 340.58M | 300.53M |
| 2017-02-02 | 0.06 | 0.04 | 362.83M | 253.96M |
Dividends
Yield 0.00%. Payout ratio 0.00%. Frequency —.
Safety score 37/100 · Watch. Payout ratio is 0% of earnings. Free-cash-flow coverage is not available, so this part stays neutral. No dividend history was found. There is no dividend yield.
| Ex-date | Dividend | Record | Payment | Frequency |
|---|---|---|---|---|
| No data yet. | ||||
Insider trades
| Date | Insider | Action | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-30 | STAVRIDIS JAMES G. | Buy | 459 | — | — |
| 2026-09-30 | STAVRIDIS JAMES G. | Sell | 459 | — | — |
| 2026-09-30 | GOLDMAN KENNETH A | Buy | 459 | — | — |
| 2026-09-30 | GOLDMAN KENNETH A | Sell | 459 | — | — |
| 2026-09-30 | Hu Jean X. | Buy | 459 | — | — |
| 2026-09-30 | Hu Jean X. | Sell | 459 | — | — |
| 2026-09-30 | Kan Derek T. | Sell | 459 | — | — |
| 2026-09-30 | Kan Derek T. | Buy | 459 | — | — |
| 2026-09-30 | Napolitano Janet | Buy | 459 | — | — |
| 2026-09-30 | Napolitano Janet | Sell | 459 | — | — |
| 2026-09-30 | Hsieh Ming | Buy | 459 | — | — |
| 2026-09-30 | Hsieh Ming | Sell | 459 | — | — |
| 2026-09-30 | Sim Judith | Buy | 459 | — | — |
| 2026-09-30 | Sim Judith | Sell | 459 | — | — |
| 2026-09-24 | Ohlgart Christiane | Sell | 48 | $180.00 | 8.64K |
| 2026-09-15 | Whittle John | Buy | 2.83K | $62.11 | 176.08K |
| 2026-09-15 | Whittle John | Sell | 2.83K | $168.74 | 478.38K |
| 2026-09-15 | Whittle John | Sell | 2.83K | $62.11 | 176.08K |
| 2026-09-14 | Whittle John | Buy | 53.87K | $62.11 | 3.35M |
| 2026-09-14 | Whittle John | Sell | 52.71K | $165.43 | 8.72M |
| 2026-09-14 | Whittle John | Sell | 1.16K | $166.02 | 192.25K |
| 2026-09-14 | Whittle John | Sell | 53.87K | $62.11 | 3.35M |
| 2026-08-12 | STAVRIDIS JAMES G. | Buy | 1.84K | — | — |
| 2026-08-12 | Sim Judith | Buy | 1.84K | — | — |
| 2026-08-12 | GOLDMAN KENNETH A | Buy | 1.84K | — | — |
| 2026-08-12 | Hu Jean X. | Buy | 1.84K | — | — |
| 2026-08-12 | Napolitano Janet | Buy | 1.84K | — | — |
| 2026-08-12 | Hsieh Ming | Buy | 1.84K | — | — |
| 2026-08-12 | Kan Derek T. | Buy | 1.84K | — | — |
| 2026-08-04 | Ohlgart Christiane | Sell | 387 | $164.59 | 63.70K |
| 2026-08-03 | Xie Michael | Sell | 700 | $160.36 | 112.25K |
| 2026-08-03 | Xie Michael | Sell | 200 | $161.75 | 32.35K |
| 2026-08-03 | Xie Michael | Sell | 1.42K | $163.12 | 231.79K |
| 2026-08-03 | Xie Michael | Sell | 800 | $163.98 | 131.18K |
| 2026-08-03 | Xie Ken | Buy | 155.00K | $22.90 | 3.55M |
| 2026-08-03 | Xie Ken | Sell | 18.41K | $160.14 | 2.95M |
| 2026-08-03 | Xie Ken | Sell | 19.65K | $160.82 | 3.16M |
| 2026-08-03 | Xie Ken | Sell | 7.35K | $161.82 | 1.19M |
| 2026-08-03 | Xie Ken | Sell | 67.97K | $163.08 | 11.08M |
| 2026-08-03 | Xie Ken | Sell | 47.94K | $163.91 | 7.86M |
| 2026-08-03 | Xie Ken | Sell | 162 | $164.49 | 26.65K |
| 2026-08-03 | Xie Ken | Sell | 155.00K | $22.90 | 3.55M |
| 2026-08-01 | Whittle John | Buy | 1.14K | — | — |
| 2026-08-01 | Whittle John | Buy | 1.83K | — | — |
| 2026-08-01 | Whittle John | Sell | 2.31K | $161.95 | 374.10K |
| 2026-08-01 | Whittle John | Buy | 1.61K | — | — |
| 2026-08-01 | Whittle John | Sell | 1.14K | — | — |
| 2026-08-01 | Whittle John | Sell | 1.83K | — | — |
| 2026-08-01 | Whittle John | Sell | 1.61K | — | — |
| 2026-08-01 | Xie Michael | Buy | 1.30K | — | — |
| 2026-08-01 | Xie Michael | Buy | 2.24K | — | — |
| 2026-08-01 | Xie Michael | Sell | 3.19K | $161.95 | 515.81K |
| 2026-08-01 | Xie Michael | Buy | 2.76K | — | — |
| 2026-08-01 | Xie Michael | Sell | 2.24K | — | — |
| 2026-08-01 | Xie Michael | Sell | 1.30K | — | — |
| 2026-08-01 | Xie Michael | Sell | 2.76K | — | — |
| 2026-08-01 | Xie Ken | Buy | 2.27K | — | — |
| 2026-08-01 | Xie Ken | Buy | 4.56K | — | — |
| 2026-08-01 | Xie Ken | Sell | 6.61K | $161.95 | 1.07M |
| 2026-08-01 | Xie Ken | Buy | 6.26K | — | — |
| 2026-08-01 | Xie Ken | Sell | 4.56K | — | — |
| 2026-08-01 | Xie Ken | Sell | 2.27K | — | — |
| 2026-08-01 | Xie Ken | Sell | 6.26K | — | — |
| 2026-08-01 | Ohlgart Christiane | Buy | 300 | — | — |
| 2026-08-01 | Ohlgart Christiane | Sell | 581 | $161.95 | 94.09K |
| 2026-08-01 | Ohlgart Christiane | Buy | 650 | — | — |
| 2026-08-01 | Ohlgart Christiane | Buy | 684 | — | — |
| 2026-08-01 | Ohlgart Christiane | Sell | 650 | — | — |
| 2026-08-01 | Ohlgart Christiane | Sell | 684 | — | — |
| 2026-08-01 | Ohlgart Christiane | Sell | 300 | — | — |
| 2026-06-12 | Kan Derek T. | Other | 0 | — | — |
| 2026-06-11 | Hsieh Ming | Buy | 650 | — | — |
| 2026-06-11 | Hsieh Ming | Sell | 650 | — | — |
| 2026-06-11 | Napolitano Janet | Buy | 650 | — | — |
| 2026-06-11 | Napolitano Janet | Sell | 650 | — | — |
| 2026-06-11 | Sim Judith | Buy | 650 | — | — |
| 2026-06-11 | Sim Judith | Sell | 650 | — | — |
| 2026-06-11 | STAVRIDIS JAMES G. | Buy | 650 | — | — |
| 2026-06-11 | STAVRIDIS JAMES G. | Sell | 650 | — | — |
| 2026-06-11 | Hu Jean X. | Buy | 650 | — | — |
| 2026-06-11 | Hu Jean X. | Sell | 650 | — | — |
| 2026-06-11 | GOLDMAN KENNETH A | Buy | 650 | — | — |
| 2026-06-11 | GOLDMAN KENNETH A | Sell | 650 | — | — |
| 2026-06-04 | Xie Michael | Sell | 2.50K | — | — |
| 2026-06-04 | Xie Michael | Sell | 2.25K | — | — |
| 2026-06-04 | Xie Michael | Sell | 500 | — | — |
| 2026-06-03 | Xie Michael | Sell | 464 | $144.46 | 67.03K |
| 2026-06-03 | Xie Michael | Sell | 410 | $145.72 | 59.74K |
| 2026-06-03 | Xie Michael | Sell | 2.34K | $146.55 | 342.49K |
| 2026-06-03 | Xie Michael | Sell | 564 | $147.71 | 83.31K |
| 2026-06-03 | Xie Michael | Sell | 132 | $148.30 | 19.58K |
| 2026-06-02 | Xie Ken | Buy | 155.00K | $22.90 | 3.55M |
| 2026-06-02 | Xie Ken | Sell | 9.64K | $142.37 | 1.37M |
| 2026-06-02 | Xie Ken | Sell | 19.87K | $143.43 | 2.85M |
| 2026-06-02 | Xie Ken | Sell | 39.85K | $144.29 | 5.75M |
| 2026-06-02 | Xie Ken | Sell | 12.82K | $145.04 | 1.86M |
| 2026-06-02 | Xie Ken | Sell | 37.54K | $146.36 | 5.49M |
| 2026-06-02 | Xie Ken | Sell | 13.79K | $147.37 | 2.03M |
| 2026-06-02 | Xie Ken | Sell | 18.49K | $148.24 | 2.74M |
| 2026-06-02 | Xie Ken | Sell | 8.63K | $148.94 | 1.28M |
Institutional holders
Latest filed quarter: Q2 2026.
Institutions holding: 1.67K, holders +267 vs prior quarter. Ownership 68.87%.
| Holder | Shares | Change | Change % | Value |
|---|---|---|---|---|
| BLACKROCK, INC. | 62.24M | 273.49K | +0.44% | 9.56B |
| VANGUARD CAPITAL MANAGEMENT LLC | 40.66M | 909.18K | +2.29% | 6.25B |
| STATE STREET CORP | 29.63M | 701.02K | +2.42% | 4.55B |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 24.84M | -193.00K | -0.77% | 3.82B |
| INVESCO LTD. | 24.62M | 9.09M | +58.55% | 3.78B |
| GEODE CAPITAL MANAGEMENT, LLC | 17.44M | -21.98K | -0.13% | 2.68B |
| NORGES BANK | 12.45M | 12.45M | New | 1.91B |
| FIRST TRUST ADVISORS LP | 10.82M | -690.36K | -6.00% | 1.66B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 10.13M | 476.32K | +4.94% | 1.56B |
| BANK OF NEW YORK MELLON CORP | 9.33M | -4.01M | -30.04% | 1.43B |
| AQR CAPITAL MANAGEMENT LLC | 8.67M | 901.80K | +11.60% | 1.33B |
| MORGAN STANLEY | 8.56M | -282.65K | -3.20% | 1.32B |
| GOLDMAN SACHS GROUP INC | 8.10M | 7.41M | +1066.00% | 1.24B |
| NORDEA INVESTMENT MANAGEMENT AB | 6.78M | -131.60K | -1.90% | 1.03B |
| LEGAL & GENERAL GROUP PLC | 6.37M | -104.42K | -1.61% | 979.06M |
| UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC | 6.31M | -1.24M | -16.44% | 969.73M |
| NORTHERN TRUST CORP | 6.28M | 57.26K | +0.92% | 964.60M |
| JPMORGAN CHASE & CO | 4.99M | 257.03K | +5.43% | 775.48M |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 4.97M | 280.86K | +5.99% | 763.06M |
| SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. | 4.97M | 4.97M | New | 763.06M |
| D. E. SHAW & CO., INC. | 4.85M | 1.98M | +69.14% | 745.03M |
| AMUNDI | 4.73M | 889.66K | +23.15% | 727.08M |
| ACADIAN ASSET MANAGEMENT LLC | 4.42M | 3.00M | +210.81% | 679.24M |
| DIMENSIONAL FUND ADVISORS LP | 4.29M | -96.72K | -2.21% | 658.32M |
| BANK OF AMERICA CORP /DE/ | 4.28M | -368.52K | -7.93% | 656.85M |
Insights
- Revenue by product
- Revenue by region
| Period | Value |
|---|---|
| FY2012 | Product: 5411000.0, Service: 348548000.0 |
| FY2013 | Product: 2915000.0, Service: 425266000.0 |
| FY2014 | Product: 4642000.0, Service: 554115000.0 |
| FY2018 | Security Subscription: 606100000.0, Technical Support and Other: 520700000.0 |
| FY2019 | Product: 788500000.0, Security Subscription: 750900000.0, Technical Support and Other: 616800000.0 |
| FY2020 | Product: 916400000.0, Security Subscription: 918700000.0, Technical Support and Other: 759300000.0 |
| FY2021 | Product: 1255000000.0, Security Subscription: 1125000000.0, Technical Support and Other: 962200000.0 |
| FY2022 | Product: 1780500000.0, Security Subscription: 1427000000.0, Technical Support and Other: 1209900000.0 |
| FY2023 | Product: 1927300000.0, Security Subscription: 1898100000.0, Technical Support and Other: 1479400000.0 |
| FY2024 | Product: 1908700000.0, Security Subscription: 2316700000.0, Technical Support and Other: 1730400000.0 |
| FY2025 | Product: 2218400000.0, Security Subscription: 2633200000.0, Technical Support and Other: 1948000000.0 |
| Period | Value |
|---|---|
| FY2012 | Americas: 217056000.0, Asia Pacific and Japan: 132408000.0, Europe, Middle East and Africa: 184175000.0 |
| FY2013 | Americas: 252786000.0, Asia Pacific and Japan: 153532000.0, Europe, Middle East and Africa: 208979000.0 |
| FY2014 | Americas: 324659000.0, Asia Pacific and Japan: 175168000.0, Europe, Middle East and Africa: 270537000.0 |
| FY2015 | Americas: 435282000.0, Asia Pacific and Japan: 207968000.0, Europe, Middle East and Africa: 366018000.0 |
| FY2016 | Americas: 536706000.0, Asia Pacific and Japan: 261344000.0, Europe, Middle East and Africa: 477393000.0 |
| FY2017 | Americas: 642331000.0, Asia Pacific and Japan: 298030000.0, Europe, Middle East and Africa: 554569000.0 |
| FY2018 | Americas: 762900000.0, Asia Pacific and Japan: 360300000.0, Europe, Middle East and Africa: 678000000.0 |
| FY2019 | Americas: 917300000.0, Asia Pacific and Japan: 425000000.0, Europe, Middle East and Africa: 813900000.0 |
| FY2020 | Americas: 1077200000.0, Asia Pacific and Japan: 525300000.0, Europe, Middle East and Africa: 991900000.0 |
| FY2021 | Americas: 1358800000.0, Asia Pacific and Japan: 707500000.0, Europe, Middle East and Africa: 1275900000.0 |
| FY2022 | Americas: 1785000000.0, Asia Pacific and Japan: 940600000.0, Europe, Middle East and Africa: 1691800000.0 |
| FY2023 | Americas: 2175200000.0, Asia Pacific and Japan: 1056700000.0, Europe, Middle East and Africa: 2072900000.0 |
| FY2024 | Americas: 2442200000.0, Asia Pacific and Japan: 1117400000.0, Europe, Middle East and Africa: 2396200000.0 |
| FY2025 | Americas: 2700400000.0, Asia Pacific and Japan: 1264900000.0, Europe, Middle East and Africa: 2834300000.0 |
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