SuperworthFortinet FTNT
- Market cap
- $132.1B
- PE
- 63.4×
- 10y median 56.4×
- Forward PE
- 51.1×
- 10y median 39.9×
- Price to sales
- 17.5×
- EV/EBIT
- 52.6×
- Revenue, 12 months
- $7.5B
- +19% on a year ago
- Net margin
- 28.2%
- Free cash flow yield
- 2.4%
Fortinet trades at 63.4× trailing earnings, near its ten-year median. Revenue was $7.5B over the last twelve months, up 19% on a year earlier with a 28% net margin.
Charts
Financials
| Income statement | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1.3B+16% | $1.4B+10% | $1.4B+7% | $1.4B+11% | $1.5B+13% | $1.7B+17% | $1.5B+14% | $1.6B+14% | $1.7B+14% | $1.9B+15% | $1.8B+20% | $2B+26% | |
| Cost of revenue | $317.7M+12% | $315.9M+6% | $304.7M−1% | $275M−7% | $263.4M−17% | $314.5M−0% | $293.1M−4% | $314.9M+15% | $331.7M+26% | $389.2M+24% | $364.5M+24% | $404.7M+29% |
| Gross profit | $1B+17% | $1.1B+12% | $1B+10% | $1.2B+16% | $1.2B+22% | $1.3B+22% | $1.2B+19% | $1.3B+13% | $1.4B+12% | $1.5B+13% | $1.5B+19% | $1.6B+25% |
| R&D | $156.9M+17% | $152.5M+18% | $173M+15% | $165.4M+8% | $187.3M+19% | $191.1M+25% | $198.6M+15% | $209.5M+27% | $202.4M+8% | $205M+7% | $214M+8% | $225M+7% |
| SG&A | $557.9M+19% | $562.5M+13% | $555.5M+5% | $557.9M−1% | $587.6M+5% | $581.6M+3% | $600.5M+8% | $648.9M+16% | $644.9M+10% | $686.6M+18% | $692.5M+15% | $730.2M+13% |
| $303.2M+14% | $385.4M+8% | $321.2M+17% | $437.2M+57% | $470.9M+55% | $574.1M+49% | $453.8M+41% | $458M+5% | $547.3M+16% | $625.6M+9% | $580M+28% | $689.3M+51% | |
| Interest expense | $5.4M+20% | $5.4M+20% | $5.1M+2% | $5M−4% | $5M−7% | $4.9M−9% | $4.9M−4% | $4.6M−8% | $6.2M+24% | $4.4M−10% | $4.2M−14% | $3.2M−30% |
| Pre-tax income | $327.8M+24% | $415.6M+13% | $345.4M+19% | $468.3M+57% | $626.4M+91% | $618.4M+49% | $519.3M+50% | $517.3M+11% | $594.8M−5% | $650.8M+5% | $656.6M+26% | $720.2M+39% |
| −$300K | $95.2M+935% | $39.5M+85% | $76.5M+177% | $81.2M | $86.7M−9% | $96.5M+144% | $77.1M+1% | $120.7M+49% | $144.8M+67% | $122M+26% | $115M+49% | |
| Net income | $322.9M+39% | $310.9M−1% | $299.3M+21% | $379.8M+43% | $539.9M+67% | $526.2M+69% | $433.4M+45% | $440.1M+16% | $473.9M−12% | $506M−4% | $534.5M+23% | $606.3M+38% |
| $0.41+41% | $0.40+0% | $0.39+26% | $0.49+49% | $0.70+71% | $0.68+70% | $0.56+44% | $0.57+16% | $0.62−11% | $0.68+0% | $0.72+29% | $0.82+44% | |
| 791.2M−1% | 772.3M−3% | 770.5M−3% | 769.9M−3% | 771.9M−2% | 775.2M+0% | 776.8M+1% | 772.7M+0% | 761.2M−1% | 748M−4% | 742.8M−4% | 739.9M−4% |
Net income: 13 periods, Q4 FY12 to Q4 FY25: printed in the fourth-quarter results release.
EPS, diluted: 3 periods, Q4 FY10 to Q4 FY19: quarter's net income to common over its shares, to the cent. 13 periods, Q4 FY12 to Q4 FY25: printed in the fourth-quarter results release.
Diluted shares: Q4 FY10 and Q4 FY11: share-days: the 12-month average less the 9-month, weighted by days. 14 periods, Q4 FY12 to Q4 FY25: printed in the fourth-quarter results release.
From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.
Estimates
Next earnings report: .
| Quarter | Revenue | Range | EPS | Range | Analysts |
|---|---|---|---|---|---|
| Q3 FY26 | $2.1B | $2.1B to $2.1B | $0.86 | $0.85 to $0.87 | 25 |
| Q4 FY26 | $2.2B | $2.1B to $2.2B | $0.88 | $0.85 to $0.90 | 25 |
| Q1 FY27 | $2.1B | $2B to $2.2B | $0.84 | $0.83 to $0.89 | 11 |
| Q2 FY27 | $2.2B | $2.2B to $2.3B | $0.94 | $0.92 to $1.00 | 11 |
| Q3 FY27 | $2.3B | $2.3B to $2.4B | $0.97 | $0.94 to $1.02 | 11 |
| Q4 FY27 | $2.4B | $2.4B to $2.5B | $1.02 | $0.99 to $1.08 | 11 |
| Q1 FY28 | $2.3B | $2.3B to $2.4B | $0.95 | $0.93 to $1.00 | 12 |
| Q2 FY28 | $2.5B | $2.4B to $2.6B | $1.05 | $1.03 to $1.11 | 12 |
Peers
Companies in Software - Infrastructure nearest Fortinet's size, closest first.
| Company | Market cap | PE | Its 10y median PE | Fwd PE | P/S | Revenue growth | Net margin |
|---|---|---|---|---|---|---|---|
| FTNTFortinet | $132.1B | 63.4× | 56.4× | 51.1× | 17.5× | +19% | 28.2% |
| NETCloudflare | $116B | n/m | n/a | 220× | 46.2× | +34% | −8.2% |
| SNPSSynopsys | $82.4B | 76.0× | 54.3× | 24.5× | 8.8× | +46% | 11.4% |
| CRWDCrowdStrike | $263.7B | n/m | 438× | 182× | 48.9× | +24% | 0.8% |
| PANWPalo Alto Networks | $311.3B | n/m | 111× | 90.9× | 27.1× | +24% | 2.7% |
| XYZBlock | $45.9B | 137× | 82.4× | 16.7× | 1.8× | +5% | 1.4% |
| ORCLOracle | $381.5B | 19.8× | 27.3× | 14.8× | 5.3× | +22% | 26.4% |
| ZSZscaler | $41.6B | n/m | n/a | 52.3× | 12.4× | +25% | −1.9% |
| TWLOTwilio | $40.2B | 36.5× | 299× | 42.3× | 7.2× | +18% | 20.6% |
| OKTAOkta | $37.2B | 128× | 100× | 52.2× | 12.1× | +11% | 9.6% |
| PLTRPalantir Technologies | $472.8B | 168× | 252× | 104× | 76.8× | +79% | 49.0% |
| Peer median | $99.2B | 102× | 106× | 52.2× | 12.3× | +24% | 6.2% |
Investors who own it
Investors we follow who held Fortinet at the end of Jun 30, 2026, from their 13F filings.
- Terry SmithFundsmith4.1% of portfoliotrimmed
More on Fortinet
Each number over time
- PE ratio
- Forward PE
- Price to sales ratio
- EV/EBIT
- Price to free cash flow
- Price to book ratio
- Market cap
- Revenue
- EPS
- Free cash flow
- Profit margin
- Shares outstanding
Where it ranks
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About
- Industry
- Software - Infrastructure
- Sector
- Technology
Valuation data, not investment advice. Prices as of .