FTNT Chart
About

Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. The company offers secure networking solutions that focus on the convergence of networking and security; network firewall solutions, which consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless local area network solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless LAN access points, and FortiExtender 5G connectivity gateways. It also provides the Fortinet Unified Secure Access Service Edge solutions that include firewall, software-defined wide-area network, secure web gateway, cloud access services broker, data loss prevention, and zero trust network access; and web application firewalls, cloud network security with virtualized firewalls, cloud-native firewalls, cloud-native application protection, and code security. In addition, the company offers artificial intelligence-driven security operation solutions, which provide a suite of cybersecurity solutions that identify, protect, detect, respond, and recover from threats, as well as FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP, and FortiRecon, which help organizations ensure attackers face multiple layers of detection and mitigation across endpoints, networks, and applications. Further, it offers FortiGuard application security, content security, device security, NOC/SOC security, and web security services; FortiCare technical support services; and training and certification programs, as well as operates FortiGuard Lab, a cybersecurity threat intelligence and research organization. The company serves large enterprises, communication service providers, government organizations, and small- to medium-sized enterprises. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.

Fundamentals
Scroll to Statements
Sector Technology Industry Software - Infrastructur Market Cap 57.65B
Enterprise Value 53.32B Income 1.85B Sales 6.80B
Book/sh 1.67 Cash/sh 4.82 Dividend Yield —
Payout 0.00% Employees — IPO —
P/E 31.09 Forward P/E 22.71 PEG —
P/S 8.48 P/B 45.18 P/C —
EV/EBITDA 23.95 EV/Sales 7.84 Quick Ratio 1.05
Current Ratio 1.17 Debt/Eq 80.51 LT Debt/Eq —
EPS (ttm) 2.42 EPS next Y 3.31 EPS Growth 0.10%
Revenue Growth 14.80% Earnings 2026-05-07 ROA 12.87%
ROE 135.72% ROIC — Gross Margin 80.46%
Oper. Margin 32.77% Profit Margin 27.26% Shs Outstand 743.65M
Shs Float 625.63M Short Float 2.87% Short Ratio 2.87
Short Interest — 52W High 111.31 52W Low 70.12
Beta 1.05 Avg Volume 6.44M Volume 10.05M
Target Price $89.82 Recom Hold Prev Close $75.60
Price $75.23 Change -0.49%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$89.82
Mean price target
2. Current target
$75.23
Latest analyst target
3. DCF / Fair value
$43.16
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$75.23
Low
$70.00
High
$120.00
Mean
$89.82

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-09 main Citigroup Neutral → Neutral $90
2026-02-09 main BMO Capital Market Perform → Market Perform $95
2026-02-06 main JP Morgan Underweight → Underweight $73
2026-02-06 main RBC Capital Sector Perform → Sector Perform $90
2026-02-06 main Mizuho Underperform → Underperform $74
2026-02-06 reit Wedbush Outperform → Outperform $90
2026-02-06 main Rosenblatt Buy → Buy $105
2026-02-02 down Scotiabank Sector Outperform → Sector Perform $85
2026-01-30 main JP Morgan Underweight → Underweight $72
2026-01-29 up Rosenblatt Neutral → Buy $100
2026-01-23 up TD Cowen Hold → Buy $100
2026-01-13 main Citigroup Neutral → Neutral $85
2026-01-05 main Piper Sandler Neutral → Neutral $90
2025-12-18 main Morgan Stanley Underweight → Underweight $70
2025-12-17 down JP Morgan Neutral → Underweight $75
2025-11-06 main JP Morgan Neutral → Neutral $85
2025-11-06 main Jefferies Hold → Hold $80
2025-11-06 main UBS Neutral → Neutral $80
2025-11-06 main TD Cowen Hold → Hold $100
2025-11-06 main Baird Neutral → Neutral $86
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 507 40930.0 — Sale at price 80.73 per share. OHLGART CHRISTIANE MARGRIT Chief Financial Officer — 2026-02-03 00:00:00 D
1 343106 27935333.0 — Sale at price 81.01 - 82.28 per share. XIE MICHAEL Chief Technology Officer — 2026-02-02 00:00:00 D
2 365345 5479768.0 — Conversion of Exercise of derivative security at price 16.90 per share. XIE MICHAEL Chief Technology Officer — 2026-02-02 00:00:00 D
3 175737 14308447.0 — Sale at price 81.06 - 82.33 per share. XIE KENNETH QING Chief Executive Officer — 2026-02-02 00:00:00 D
4 222928 2279202.0 — Conversion of Exercise of derivative security at price 16.90 per share. XIE KENNETH QING Chief Executive Officer — 2026-02-02 00:00:00 D
5 3285 nan — — OHLGART CHRISTIANE MARGRIT Chief Financial Officer — 2026-01-30 00:00:00 D
6 29132 nan — — WHITTLE JOHN Chief Operating Officer — 2026-01-30 00:00:00 D
7 649 nan — — GOLDMAN KENNETH ALLEN Director — 2025-12-31 00:00:00 D
8 649 nan — — HSIEH MING Director — 2025-12-31 00:00:00 D
9 649 nan — — NAPOLITANO JANET ANN Director — 2025-12-31 00:00:00 D
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems14.88M0.000.000.00
TaxRateForCalcs0.140.110.030.02
NormalizedEBITDA2.10B1.47B1.08B727.70M
TotalUnusualItems106.30M0.000.004.60M
TotalUnusualItemsExcludingGoodwill106.30M0.000.004.60M
NetIncomeFromContinuingOperationNetMinorityInterest1.75B1.15B857.30M606.80M
ReconciledDepreciation122.80M113.40M104.30M84.40M
ReconciledCostOfRevenue1.16B1.24B1.08B783.00M
EBITDA2.20B1.47B1.08B727.70M
EBIT2.08B1.35B973.50M643.30M
NetInterestIncome135.20M98.70M-600.00K-10.40M
InterestExpense20.00M21.00M18.00M14.90M
InterestIncome155.20M119.70M17.40M4.50M
NormalizedIncome1.65B1.15B857.30M606.80M
NetIncomeFromContinuingAndDiscontinuedOperation1.75B1.15B857.30M606.80M
TotalExpenses4.15B4.06B3.45B2.69B
TotalOperatingIncomeAsReported1.80B1.24B969.60M650.40M
DilutedAverageShares764.60M771.90M788.20M805.30M
BasicAverageShares758.00M764.40M778.60M791.40M
DilutedEPS2.422.261.461.06
BasicEPS2.452.281.471.08
DilutedNIAvailtoComStockholders1.75B1.15B856.60M606.80M
NetIncomeCommonStockholders1.75B1.15B856.60M606.80M
NetIncome1.75B1.15B857.30M606.80M
MinorityInterests0.000.00700.00K100.00K
NetIncomeIncludingNoncontrollingInterests1.75B1.15B856.60M606.70M
NetIncomeContinuousOperations1.75B1.15B856.60M606.70M
EarningsFromEquityInterestNetOfTax-29.40M-42.10M-68.10M-7.60M
TaxProvision283.90M143.80M30.80M14.10M
PretaxIncome2.06B1.33B955.50M628.40M
OtherIncomeExpense119.90M-6.10M-13.50M-11.60M
OtherNonOperatingIncomeExpenses13.60M-6.10M-13.50M-11.60M
SpecialIncomeCharges106.30M0.000.004.60M
OtherSpecialCharges-4.60M-4.60M-4.60M
RestructuringAndMergernAcquisition-106.30M0.000.00
NetNonOperatingInterestIncomeExpense135.20M98.70M-600.00K-10.40M
InterestExpenseNonOperating20.00M21.00M18.00M14.90M
InterestIncomeNonOperating155.20M119.70M17.40M4.50M
OperatingIncome1.80B1.24B969.60M650.40M
OperatingExpense2.99B2.83B2.36B1.91B
OtherOperatingExpenses-4.60M-4.60M-4.60M-4.60M
ResearchAndDevelopment716.80M613.80M512.40M424.20M
SellingGeneralAndAdministration2.28B2.22B1.86B1.49B
SellingAndMarketingExpense2.04B2.01B1.69B1.35B
GeneralAndAdministrativeExpense237.80M211.30M169.00M143.50M
OtherGandA237.80M211.30M169.00M143.50M
GrossProfit4.80B4.07B3.33B2.56B
CostOfRevenue1.16B1.24B1.08B783.00M
TotalRevenue5.96B5.30B4.42B3.34B
OperatingRevenue5.96B5.30B4.42B3.34B
Line Item2024-12-312023-12-312022-12-312021-12-31
OrdinarySharesNumber767.00M761.00M781.50M810.00M
ShareIssued767.00M761.00M781.50M810.00M
TotalDebt994.30M992.30M990.40M988.40M
TangibleBookValue1.14B-625.20M-465.60M593.00M
InvestedCapital2.49B528.90M708.80M1.77B
WorkingCapital1.91B709.30M732.00M1.28B
NetTangibleAssets1.14B-625.20M-465.60M593.00M
CommonStockEquity1.49B-463.40M-281.60M781.70M
TotalCapitalization2.49B528.90M708.80M1.77B
TotalEquityGrossMinorityInterest1.49B-463.40M-281.60M798.40M
MinorityInterest0.0016.70M
StockholdersEquity1.49B-463.40M-281.60M781.70M
GainsLossesNotAffectingRetainedEarnings-26.10M-18.90M-20.20M-4.80M
OtherEquityAdjustments-26.10M-18.90M-20.20M-4.80M
RetainedEarnings-117.10M-1.86B-1.55B-467.90M
AdditionalPaidInCapital1.64B1.42B1.28B1.25B
CapitalStock800.00K800.00K800.00K800.00K
CommonStock800.00K800.00K800.00K800.00K
TotalLiabilitiesNetMinorityInterest8.27B7.72B6.51B5.12B
TotalNonCurrentLiabilitiesNetMinorityInterest4.21B4.00B3.43B2.80B
OtherNonCurrentLiabilities129.60M124.70M149.80M59.20M
TradeandOtherPayablesNonCurrent67.80M79.50M
NonCurrentDeferredLiabilities3.08B2.89B2.29B1.68B
NonCurrentDeferredRevenue3.08B2.89B2.29B1.68B
LongTermDebtAndCapitalLeaseObligation994.30M992.30M990.40M988.40M
LongTermDebt994.30M992.30M990.40M988.40M
CurrentLiabilities4.06B3.72B3.08B2.32B
CurrentDeferredLiabilities3.28B2.85B2.35B1.78B
CurrentDeferredRevenue3.28B2.85B2.35B1.78B
PayablesAndAccruedExpenses784.50M870.30M729.10M540.70M
CurrentAccruedExpenses593.60M666.00M485.70M392.30M
Payables190.90M204.30M243.40M148.40M
AccountsPayable190.90M204.30M243.40M148.40M
TotalAssets9.76B7.26B6.23B5.92B
TotalNonCurrentAssets3.79B2.83B2.42B2.32B
OtherNonCurrentAssets133.20M150.00M202.00M235.80M
NonCurrentDeferredAssets1.96B1.47B1.09B765.60M
NonCurrentDeferredTaxesAssets1.34B868.80M569.40M342.30M
InvestmentsAndAdvances0.0045.50M440.80M
InvestmentinFinancialAssets0.0045.50M440.80M
AvailableForSaleSecurities45.50M440.80M
GoodwillAndOtherIntangibleAssets350.40M161.80M184.00M188.70M
OtherIntangibleAssets115.00M35.30M56.00M63.60M
Goodwill235.40M126.50M128.00M125.10M
NetPPE1.35B1.04B898.50M687.60M
AccumulatedDepreciation-416.10M-353.00M-280.20M-211.70M
GrossPPE1.77B1.40B1.18B899.30M
Leases64.30M61.40M53.50M40.10M
ConstructionInProgress52.00M63.30M51.70M19.90M
OtherProperties31.80M30.80M19.20M15.60M
MachineryFurnitureEquipment315.50M294.70M254.00M203.00M
BuildingsAndImprovements801.40M595.50M490.30M416.20M
LandAndImprovements500.60M351.70M310.00M204.50M
Properties0.000.000.000.00
CurrentAssets5.97B4.43B3.81B3.60B
OtherCurrentAssets126.10M101.10M73.10M65.40M
PrepaidAssets65.40M
Inventory315.50M484.80M264.60M175.80M
FinishedGoods220.50M385.00M206.30M125.80M
WorkInProcess4.10M7.70M12.00M9.80M
RawMaterials90.90M92.10M46.30M40.20M
Receivables1.46B1.40B1.26B807.70M
AccountsReceivable1.46B1.40B1.26B807.70M
AllowanceForDoubtfulAccountsReceivable-5.90M-8.20M-3.60M-2.40M
GrossAccountsReceivable1.47B1.41B1.27B810.10M
CashCashEquivalentsAndShortTermInvestments4.07B2.44B2.21B2.55B
OtherShortTermInvestments1.19B1.04B528.10M1.23B
CashAndCashEquivalents2.88B1.40B1.68B1.32B
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow1.88B1.73B1.45B1.20B
RepurchaseOfCapitalStock-600.00K-1.50B-1.99B-741.80M
RepaymentOfDebt0.000.00-19.50M
IssuanceOfDebt0.000.00989.40M
IssuanceOfCapitalStock63.10M43.80M26.10M26.00M
CapitalExpenditure-378.90M-204.10M-281.20M-295.90M
IncomeTaxPaidSupplementalData578.90M426.30M260.20M127.40M
EndCashPosition2.88B1.40B1.68B1.32B
BeginningCashPosition1.40B1.68B1.32B1.06B
EffectOfExchangeRateChanges-2.60M-800.00K-400.00K-100.00K
ChangesInCash1.48B-284.20M364.20M257.40M
FinancingCashFlow-50.10M-1.57B-2.13B82.80M
CashFlowFromContinuingFinancingActivities-50.10M-1.57B-2.13B82.80M
NetOtherFinancingCharges-112.60M-113.70M-165.20M-171.30M
NetCommonStockIssuance62.50M-1.46B-1.97B-715.80M
CommonStockPayments-600.00K-1.50B-1.99B-741.80M
CommonStockIssuance63.10M43.80M26.10M26.00M
NetIssuancePaymentsOfDebt0.000.00969.90M
NetLongTermDebtIssuance0.000.00969.90M
LongTermDebtPayments0.000.00-19.50M
LongTermDebtIssuance0.000.00989.40M
InvestingCashFlow-727.40M-649.30M763.90M-1.33B
CashFlowFromContinuingInvestingActivities-727.40M-649.30M763.90M-1.33B
NetOtherInvestingChanges100.00K300.00K400.00K
NetInvestmentPurchaseAndSale-73.10M-437.00M1.08B-794.70M
SaleOfInvestment1.89B1.42B1.47B1.56B
PurchaseOfInvestment-1.97B-1.86B-389.10M-2.35B
NetBusinessPurchaseAndSale-275.50M-8.50M-30.80M-234.90M
PurchaseOfBusiness-275.50M-8.50M-30.80M-234.90M
NetPPEPurchaseAndSale-378.90M-204.10M-281.20M-295.90M
PurchaseOfPPE-378.90M-204.10M-281.20M-295.90M
OperatingCashFlow2.26B1.94B1.73B1.50B
CashFlowFromContinuingOperatingActivities2.26B1.94B1.73B1.50B
ChangeInWorkingCapital-20.60M126.10M233.00M402.40M
ChangeInOtherWorkingCapital43.50M439.90M632.90M450.90M
ChangeInOtherCurrentLiabilities-8.30M-21.70M23.50M-700.00K
ChangeInOtherCurrentAssets-11.00M17.70M-35.30M-19.00M
ChangeInPayablesAndAccruedExpense-116.90M117.70M185.40M80.80M
ChangeInAccruedExpense-106.70M160.80M80.20M93.90M
ChangeInPayable-10.20M-43.10M105.20M-13.10M
ChangeInAccountPayable-10.20M-43.10M105.20M-13.10M
ChangeInPrepaidAssets-13.70M-27.60M-7.70M-17.70M
ChangeInInventory131.20M-253.50M-109.10M-19.40M
ChangeInReceivables-45.40M-146.40M-456.70M-72.50M
ChangesInAccountReceivables-45.40M-146.40M-456.70M-72.50M
OtherNonCashItems172.20M284.80M246.90M183.80M
StockBasedCompensation257.90M249.00M217.30M207.90M
AmortizationOfSecurities-48.80M-27.70M4.40M6.90M
DepreciationAmortizationDepletion122.80M113.40M104.30M84.40M
DepreciationAndAmortization122.80M113.40M104.30M84.40M
AmortizationCashFlow23.10M18.90M23.30M18.50M
AmortizationOfIntangibles23.10M18.90M23.30M18.50M
Depreciation99.70M94.50M81.00M65.90M
OperatingGainsLosses29.40M42.10M68.10M7.60M
EarningsLossesFromEquityInvestments29.40M42.10M68.10M7.60M
NetIncomeFromContinuingOperations1.75B1.15B856.60M606.70M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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