A Business at a Glance
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Fortinet is a leader in cybersecurity, driving the convergence of networking and security. Our mission is to secure people, devices and data everywhere. Our integrated platform, the Fortinet Security Fabric, spans secure networking, unified Secure Access Service Edge (“SASE”) and artificial intelligence (“AI”)-driven security operations (“SecOps”). As of December 31, 2025, our end-customers were located in over 100 countries and included enterprises across a wide variety of market verticals, including financial services, retail, healthcare and operational technology (“OT”) market verticals, communication and security service providers, and government organizations. As a global company headquartered in Sunnyvale, California, our research and development is centered in the United States and Canada with a global footprint of support and centers of excellence around the world. As of December 31, 2025, we held 1,064 U.S.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.8B | 6.8B | 6.0B | 5.3B | 4.4B | 3.3B |
| Net Income | 1.9B | 1.9B | 1.7B | 1.1B | 857M | 607M |
| EPS | $2.42 | $2.42 | $2.26 | $1.46 | $1.06 | $0.73 |
| Free Cash Flow | 2.2B | 2.2B | 1.9B | 1.7B | 1.4B | 1.2B |
| ROIC | 707.6% | 123.3% | 104.1% | 15.3% | 15.1% | 81.3% |
| Gross Margin | 51.5% | 51.5% | 53.0% | 76.7% | 75.4% | 76.6% |
| Debt/Equity | 1.21 | 1.21 | 0.67 | -2.14 | -3.52 | 1.26 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 2.1B | 2.1B | 1.8B | 1.2B | 970M | 650M |
| Operating Margin | 30.7% | 30.7% | 30.3% | 23.4% | 21.9% | 19.5% |
| ROE | 149.8% | 135.7% | 116.8% | -247.7% | -304.4% | 77.6% |
| Shares Outstanding | 766M | 766M | 772M | 786M | 809M | 831M |
Fortinet, Inc. passes 7 of 9 quality checks, indicating strong fundamentals.
Fortinet, Inc. trades at 32.5x trailing earnings, compared to its 15-year median P/E of 42.5x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 27.1x vs a median of 26.5x. The company's 5-year average ROIC is 67.8% with a gross margin of 66.6%. Total shareholder yield (buybacks) is 3.8%. At current prices, the estimated annualized return to fair value is +24.2%.
Fortinet, Inc. (FTNT) has a current P/E ratio of 32.5, compared to its historical median P/E of 42.5. The stock is currently considered Cheap based on its historical valuation range.
Fortinet, Inc. (FTNT) has a 5-year average return on invested capital (ROIC) of 67.8%. This indicates strong capital allocation and a potential competitive advantage.
Fortinet, Inc. (FTNT) has a market capitalization of $60.3B. It is classified as a large-cap stock.
Fortinet, Inc. (FTNT) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.80%.
Based on historical P/E analysis, Fortinet, Inc. (FTNT) appears cheap. The current P/E of 32.5 is 23% below its historical median of 42.5. The estimated fair value CAGR (P/E method) is 37.2%.
Fortinet, Inc. (FTNT) operates in the Computer Peripheral Equipment, Nec industry, within the Technology sector.
Fortinet, Inc. (FTNT) reported annual revenue of $6.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Fortinet, Inc. (FTNT) has a net profit margin of 27.3%. This is a strong margin indicating high profitability.
Fortinet, Inc. (FTNT) generated $2.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Fortinet, Inc. (FTNT) has a debt-to-equity ratio of 1.21. This indicates moderate leverage.
Fortinet, Inc. (FTNT) reported earnings per share (EPS) of $2.42 in its most recent fiscal year.
Fortinet, Inc. (FTNT) has a return on equity (ROE) of 135.7%. This indicates the company generates strong returns for shareholders.
Fortinet, Inc. (FTNT) has a 5-year average gross margin of 66.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for Fortinet, Inc. (FTNT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Fortinet, Inc. (FTNT) has a book value per share of $1.62, based on its most recent annual SEC filing.