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FortinetFTNT

Systems Software · Sunnyvale, California · In the S&P 500
High qualityPricier than peers
$136.08−2.17%After hours: $136.44 (+0.26%)At the close, 30 Oct · Prices from CNBC, may be delayed
▲ 61.6% over 1 year
Fortinet over 1 yearDaily close, $, to 30 Oct 2026
$100$150Nov2026MarMayJulSep$136.08$100$150NovMarJul$136.08
Source: Nasdaq daily closes
Market value$99.84B
Price to earnings44.3x
Forward P/E38.0x
Dividend yield–
Year to date+71.4%
One year+61.6%
Next earningsNot scheduled
SectorInformation Technology
52-week range (closes)
$75.23$194.75

Quality and valuation

How Fortinet compares with other information technology stocks. A description, not a recommendation.

Fortinet and 7 systems software peers. Across: valuation (P/E) against the sector. Up: business quality against the sector. Hover or tap a logo for its numbers.

Business quality: stronger than mostValuation: pricier than most

A stronger business than most information technology companies, priced above most of them.

Fortinet trades at 38.0 times the next 12 months of expected earnings, against a median of 22.2x for the 99 information technology stocks we cover. The quality score blends where it ranks on revenue growth, gross margin, operating margin and free-cash-flow margin (net margin for banks and insurers) over the last 12 months, from SEC filings.

  • Revenue grew slower than the sector median: +20.2% vs +20.6%
  • Keeps more of each sale (gross margin): 79.7% vs 61.5%
  • More profitable (operating margin): 33.0% vs 17.0%
  • Turns more of its sales into cash: 43.5% vs 21.7%
FTNT trades at 38.0x forward earnings, above the sector medianForward p/e, Systems Software peers
NOW23.9xMSFT26.5xTWLO33.2xFTNT38.0xZS48.7xPANW87.5xCRWD177.1xRBRK253.4xSector median 22.2xNOW23.9xMSFT26.5xTWLO33.2xFTNT38.0xZS48.7xPANW87.5xCRWD177.1xRBRK253.4xSector median 22.2x
Source: CNBC quotes; Mostly Markets
At 44.2x earnings, FTNT is pricier than its average since Nov 2024Price over the last 12 months of reported (GAAP) diluted EPS
P/EUsual range (±1 s.d.)
40x60xAverage 43.9x2025202644.2x40x60xAverage 43.9x2025202644.2x
Source: Nasdaq prices; SEC filings

Financials

From Fortinet's SEC filings, through the quarter ending 30 Sep 2026. Hover or tap a bar for its value.

Revenue grew 20.5% from a year earlierQuarterly revenue, $bn, latest Q3 ’26
$0bn$1bn$2bnQ4 ’24Q2 ’25Q4 ’25$2.1bnQ3 ’26$0bn$1bn$2bnQ4 ’24Q2 ’25Q4 ’25$2.1bnQ3 ’26
Source: SEC filings
Growth slowed to +20.5% last quarterRevenue growth, year on year, %
0%10%20%Q4 ’24Q2 ’25Q4 ’2520.5%Q3 ’260%10%20%Q4 ’24Q2 ’25Q4 ’2520.5%Q3 ’26
Source: SEC filings
Operating margin was 33.9% last quarterOperating income as a share of revenue, %
0%10%20%30%Q4 ’24Q2 ’25Q4 ’2533.9%Q3 ’260%20%Q4 ’24Q2 ’25Q4 ’2533.9%Q3 ’26
Source: SEC filings
Free cash flow was $3.4 billion over 12 monthsQuarterly free cash flow (operating cash flow minus capex), $bn
$0.0bn$0.5bn$1.0bnQ4 ’24Q2 ’25Q4 ’25$0.9bnQ3 ’26$0.0bn$0.5bn$1.0bnQ4 ’24Q2 ’25Q4 ’25$0.9bnQ3 ’26
Source: SEC filings
Last 12 monthsFTNTSector median
Revenue growth+20.2%+20.6%
Gross margin79.7%61.5%
Operating margin33.0%17.0%
Free cash flow margin43.5%21.7%
Price to earnings44.3x33.1x

Stories on Fortinet

Friday, 30 October
Big movers

Stocks Making the Biggest Moves This Week: Reddit, ServiceNow, F5, Fortinet and Intel

Reddit plunged 36.4% this week on a soft forecast, and ServiceNow, F5, Fortinet, and Intel each lost about a quarter or more of their value after their own disappointing outlooks.

RDDT▼ 29.2%
Five dominoes toppling across a rooftop
Thursday, 29 October
Why it moved

Fortinet (FTNT) Shares Plunge After It Cuts Its Service Revenue Forecast

Fortinet plunged 20.1% on Thursday after cutting its 2026 service revenue forecast to $5.15–5.17 billion, below the $5.2 billion analysts expected, despite a Q3 beat.

FTNT▼ 20.1%
A security operations room

Similar companies

Systems Software, by market value.

CompanyPriceTodayYTDValue
MSFTMicrosoft$521.91−1.55%+7.9%$3.88T
PANWPalo Alto Networks$365.87−3.86%+98.6%$299B
CRWDCrowdStrike$250.43−4.10%+113.7%$256B
NOWServiceNow$105.12−4.15%−31.4%$109B
ZSZscaler$237.83−4.03%+5.7%$38.78B
TWLOTwilio$205.03−15.24%+44.1%$31.49B
RBRKRubrik$124.15−7.09%+62.3%$25.74B
GENGen Digital$29.13+3.30%+7.1%$17.44B