FTNT

Fortinet, Inc.

$171.50

+1.40% 2026-10-19

Information TechnologyS&P 500

1M 3M 6M 1Y 2Y

FTNTSPY

-11.1%

+1.0%

+6.9%

+107.6%

YTD

+116.0%

+105.5%

Grades vs sector

Momentum

84th pct in sector

A-

12-1 return: +106.8%
Percentile within its GICS sector across the S&P 1500.

Growth

69th pct in sector

Revenue growth (YoY): +25.6%
Percentile within its GICS sector across the S&P 1500.

Value

11th pct in sector

D-

Forward E/P: 2.2% · EBITDA/EV: 2.2%
Percentile within its GICS sector across the S&P 1500.

Profitability

92nd pct in sector

Profit margin: +28.2% · Return on equity: +117.4%
Percentile within its GICS sector across the S&P 1500.

Revisions

no data

–

EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Held by 1 of 3 live models: Momentum Blend.

Momentum Blend

5.4% of the book · Leaders sleeve

Held Momentum Top 15

rank 21 of 499 · 12-1 momentum % 103.3

Quality Growth

not ranked (outside this model's universe or screens)

Why it's in Momentum Blend

In the Leaders sleeve: a fast grower breaking out near its highs after an earnings-style gap.

What would knock it out: Exits if it closes below its stop of $103.46; last close $171.50, 66% above it.

Key stats

Market cap$125.8B

P/E (trailing)60.6

P/E (forward)45.4

52-week range73.55 – 197.13

Revenue growth (YoY, latest qtr)+25.6%

Dividend yield0.00%

Analyst consensusHold (37)

Mean price target$167.91 (-2%)

Valuation & fundamentals

Bottom line

Leans expensive

Model read-out from the numbers below, not advice. Score -1 (DCF counts double).

•DCF (base case)above the price by 10%

▼Forward P/E vs sector45.4x vs median 16.9x

•Piotroski F-score6/9

▲Altman Z9.7 (safe)

▲Net debt / EBITDA-1.4x

•Analyst target-2% (37 analysts)

Discounted cash flow

Bear

$102

-40%

growth 12% · disc. 10.4% · term. 2.0%

Base

$188

+10%

growth 21% · disc. 9.4% · term. 2.5%

Bull

$314

+83%

growth 26% · disc. 8.4% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal

Today's price assumes free cash flow grows about 14% a year for 10 years.

Implied

+14%/yr

FCF, last 3 yrs

+14%/yr

FCF, last 5 yrs

+19%/yr

Revenue, last 3 yrs

+15%/yr

Revenue, last 5 yrs

+21%/yr

Same inputs as the DCF above: trailing free cash flow 3.4B, 9.4% discount rate, 2.5% growth after year 10, net cash and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.

Edit assumptions · recalculates instantly

Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-06-30). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.04 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Information Technology

P/E (trailing)

sector median 35.9× · 78th pct

60.6×
pricier

Forward P/E

sector median 16.9× · 95th pct

45.4×
pricier

EV / EBITDA

sector median 20.8× · 85th pct

47.0×
pricier

Price / sales

sector median 4.6× · 90th pct

16.7×
pricier

Price / book

sector median 5.1× · 98th pct

81.1×
pricier

FCF yield

sector median 3.5% · 42nd pct

2.7%
pricier

Forward EPS $3.78 vs trailing $2.83 (+33% expected growth). Forward P/E uses analysts' next-12-month estimate.

Backlog (remaining performance obligations)

RPO

$7.7B

as of 2026-06-30

vs a year ago

+16%

YoY

× TTM revenue

1.03×

coverage

24-09

24-12

25-03

25-06

25-09

25-12

26-03

26-06

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin

80.2%

Operating margin

32.4%

FCF margin

45.1%

Net margin

28.2%

Return on equity

136.7%

Return on invested capital

–

Net debt / EBITDA

-1.4×

Current ratio

1.3×

Interest cover

–

Cash conversion (OCF/NI)

1.6×

Piotroski F-score 6/9 · last two fiscal years

✓ Positive net income✓ Positive operating cash flow✗ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✗ Current ratio improved✓ No share dilution✗ Gross margin improved✓ Asset turnover improved

Altman Z-score 9.7 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target

$168

-2%

Analysts

Hold

Range

$104–$225

low – high

● price · ◆ mean target

Annual history

FY	Revenue	Net income	Free cash flow
2025	$6.8B	$1.9B	$2.6B
2024	$6.0B	$1.7B	$2.3B
2023	$5.3B	$1.1B	$1.9B
2022	$4.4B	$857.3M	$1.7B
2021	$3.3B	$606.8M	$1.5B
2020	$2.6B	$488.5M	$1.1B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +15.5%.

Earnings

Next report: 2026-10-28 · after close · EPS est 0.86

EstimateActual (beat)Actual (miss)

Report	EPS est	Actual	Surprise
2026-07-29	0.75	0.90	+20.5%
2026-05-06	0.62	0.82	+32.6%
2026-02-05	0.74	0.81	+8.9%
2025-11-05	0.63	0.74	+16.9%
2025-08-06	0.59	0.64	+8.3%
2025-05-07	0.53	0.58	+9.0%
2025-02-06	0.61	0.74	+21.9%
2024-11-07	0.52	0.63	+21.5%

Quarterly revenue

Quarter	Revenue	YoY
2026-06-30	$2.0B	+25.6%
2026-03-31	$1.8B	–
2025-12-31	$1.9B	–
2025-09-30	$1.7B	–
2025-06-30	$1.6B	–

Analyst actions

Mizuho

2026-10-15 · main

Underperform → Underperform
PT $160

Wells Fargo

2026-10-15 · main

Underweight → Underweight
PT $160

TD Cowen

2026-10-13 · main

Buy → Buy
PT $225

Barclays

2026-10-12 · main

Equal-Weight → Equal-Weight
PT $210

RBC Capital

2026-10-12 · main

Sector Perform → Sector Perform
PT $205

Amerx

2026-10-08 · init

→ Overweight
PT $240

Insider trades

Ohlgart Christiane

Chief Financial Officer · 2026-09-24

SELL
$8.6K

Whittle John

CHIEF OPERATING OFFICER · 2026-09-15

SELL
$478.4K

Whittle John

CHIEF OPERATING OFFICER · 2026-09-14

SELL
$8.7M

Whittle John

CHIEF OPERATING OFFICER · 2026-09-14

SELL
$192.2K

Ohlgart Christiane

Chief Financial Officer · 2026-08-04

SELL
$63.7K

Xie Michael

Director, VP, ENGINEERING & CTO · 2026-08-03

SELL
$112.3K

Xie Michael

Director, VP, ENGINEERING & CTO · 2026-08-03

SELL
$32.4K

Xie Michael

Director, VP, ENGINEERING & CTO · 2026-08-03

SELL
$231.8K

Xie Michael

Director, VP, ENGINEERING & CTO · 2026-08-03

SELL
$131.2K

Xie Ken

Director, PRESIDENT & CEO · 2026-08-03

SELL
$2.9M

Xie Ken

Director, PRESIDENT & CEO · 2026-08-03

SELL
$3.2M

Xie Ken

Director, PRESIDENT & CEO · 2026-08-03

SELL
$1.2M

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Stats refreshed 2026-10-19 17:47:03 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

coteau

Hypothetical research for education, not investment advice. Data: Yahoo Finance (via yfinance, delayed), SEC EDGAR.

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