FTNT Chart
About

Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. The company offers FortiOS, a unified operating system designed to address cybersecurity threats; FortiASIC application-specific integrated circuit (ASIC)-based security processing units; FortiCloud, a private cloud software as a service platform; FortiAI, which provides a dual-layered defense across the Fortinet Security Fabric; FortiEndpoint, which converges secure connectivity, endpoint protection, and capabilities into a single agent; and OT Security, which protect the engineered systems that underpin infrastructure and supply chains. It also provides secure networking solutions that focus on the convergence of networking and security; network firewall solutions comprising FortiGate data centers, hyperscale, and distributed firewalls; wireless local area network solutions; and secure connectivity solutions. In addition, the company offers 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. Further, it provides AI-driven security operation solutions, which include a suite of cybersecurity solutions, as well as FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP, and FortiRecon. Additionally, the company offers FortiGuard Labs, a cybersecurity threat intelligence and research organization; FortiGuard and Other Security Services, a suite of AI-powered security capabilities that consists of FortiGuard application, content, device, NOC/SOC, and web security services; and FortiCare technical support services. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.

Fundamentals
Scroll to Statements
Sector Technology Industry Software - Infrastructur Market Cap 60.31B
Enterprise Value 58.98B Income 1.85B Sales 6.80B
Book/sh 1.67 Cash/sh 4.84 Dividend Yield
Payout 0.00% Employees 15109 IPO
P/E 33.51 Forward P/E 24.51 PEG
P/S 8.87 P/B 48.68 P/C
EV/EBITDA 26.49 EV/Sales 8.67 Quick Ratio 1.05
Current Ratio 1.17 Debt/Eq 85.80 LT Debt/Eq
EPS (ttm) 2.42 EPS next Y 3.31 EPS Growth -1.10%
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 739.92M
Shs Float 622.36M Short Float 2.90% Short Ratio 2.33
Short Interest 52W High 109.33 52W Low 70.12
Beta 1.04 Avg Volume 6.37M Volume 3.09M
Target Price $89.06 Recom Hold Prev Close $83.12
Price $81.10 Change -2.43%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$89.06
Mean price target
2. Current target
$81.40
Latest analyst target
3. DCF / Fair value
$42.50
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$81.40
Low
$64.00
High
$120.00
Mean
$89.06

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-03 init Wells Fargo — → Underweight $64
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
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 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
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 343106 27935333.0 Sale at price 81.01 - 82.28 per share. XIE MICHAEL Chief Technology Officer 2026-02-02 00:00:00 D
4 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
5 29132 nan WHITTLE JOHN Chief Operating Officer 2026-01-30 00:00:00 D
6 3285 nan OHLGART CHRISTIANE MARGRIT Chief Financial Officer 2026-01-30 00:00:00 D
7 649 nan SIM JUDITH KOON LIEN Director 2025-12-31 00:00:00 D
8 649 nan STAVRIDIS JAMES G Director 2025-12-31 00:00:00 D
9 649 nan HU JEAN X Director 2025-12-31 00:00:00 D
Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems0.000.000.000.00
TaxRateForCalcs0.190.140.110.03
NormalizedEBITDA2.45B2.20B1.47B1.08B
TotalUnusualItems106.30M0.000.004.60M
TotalUnusualItemsExcludingGoodwill106.30M0.000.004.60M
NetIncomeFromContinuingOperationNetMinorityInterest1.85B1.75B1.15B857.30M
ReconciledDepreciation152.00M122.80M113.40M104.30M
ReconciledCostOfRevenue1.33B1.16B1.24B1.08B
EBITDA2.45B2.20B1.47B1.08B
EBIT2.30B2.08B1.35B973.50M
NetInterestIncome142.20M135.20M98.70M-600.00K
InterestExpense20.10M20.00M21.00M18.00M
InterestIncome162.30M155.20M119.70M17.40M
NormalizedIncome1.85B1.75B1.15B857.30M
NetIncomeFromContinuingAndDiscontinuedOperation1.85B1.75B1.15B857.30M
TotalExpenses4.71B4.15B4.06B3.45B
TotalOperatingIncomeAsReported2.08B1.80B1.24B969.60M
DilutedAverageShares764.60M771.90M788.20M805.30M
BasicAverageShares758.00M764.40M778.60M791.40M
DilutedEPS2.422.261.461.06
BasicEPS2.452.281.471.08
DilutedNIAvailtoComStockholders1.85B1.75B1.15B856.60M
NetIncomeCommonStockholders1.85B1.75B1.15B856.60M
NetIncome1.85B1.75B1.15B857.30M
MinorityInterests0.000.00700.00K100.00K
NetIncomeIncludingNoncontrollingInterests1.85B1.75B1.15B856.60M
NetIncomeContinuousOperations1.85B1.75B1.15B856.60M
EarningsFromEquityInterestNetOfTax10.30M-29.40M-42.10M-68.10M
TaxProvision439.10M283.90M143.80M30.80M
PretaxIncome2.28B2.06B1.33B955.50M
OtherIncomeExpense55.30M119.90M-6.10M-13.50M
OtherNonOperatingIncomeExpenses55.30M119.90M-6.10M-13.50M
SpecialIncomeCharges106.30M0.000.004.60M
OtherSpecialCharges-4.60M-4.60M-4.60M
RestructuringAndMergernAcquisition-106.30M0.000.00
NetNonOperatingInterestIncomeExpense142.20M135.20M98.70M-600.00K
InterestExpenseNonOperating20.10M20.00M21.00M18.00M
InterestIncomeNonOperating162.30M155.20M119.70M17.40M
OperatingIncome2.08B1.80B1.24B969.60M
OperatingExpense3.39B2.99B2.83B2.36B
OtherOperatingExpenses-10.40M-4.60M-4.60M-4.60M
ResearchAndDevelopment815.50M716.80M613.80M512.40M
SellingGeneralAndAdministration2.58B2.28B2.22B1.86B
SellingAndMarketingExpense2.35B2.04B2.01B1.69B
GeneralAndAdministrativeExpense233.40M237.80M211.30M169.00M
OtherGandA233.40M237.80M211.30M169.00M
GrossProfit5.47B4.80B4.07B3.33B
CostOfRevenue1.33B1.16B1.24B1.08B
TotalRevenue6.80B5.96B5.30B4.42B
OperatingRevenue6.80B5.96B5.30B4.42B
Line Item2025-12-312024-12-312023-12-312022-12-31
OrdinarySharesNumber743.00M767.00M761.00M781.50M
ShareIssued743.00M767.00M761.00M781.50M
TotalDebt996.30M994.30M992.30M990.40M
TangibleBookValue882.80M1.14B-625.20M-465.60M
InvestedCapital2.23B2.49B528.90M708.80M
WorkingCapital866.20M1.91B709.30M732.00M
NetTangibleAssets882.80M1.14B-625.20M-465.60M
CommonStockEquity1.24B1.49B-463.40M-281.60M
TotalCapitalization1.73B2.49B528.90M708.80M
TotalEquityGrossMinorityInterest1.24B1.49B-463.40M-281.60M
MinorityInterest0.0016.70M
StockholdersEquity1.24B1.49B-463.40M-281.60M
GainsLossesNotAffectingRetainedEarnings-25.40M-26.10M-18.90M-20.20M
OtherEquityAdjustments-25.40M-26.10M-18.90M-20.20M
RetainedEarnings-507.90M-117.10M-1.86B-1.55B
AdditionalPaidInCapital1.77B1.64B1.42B1.28B
CapitalStock700.00K800.00K800.00K800.00K
CommonStock700.00K800.00K800.00K800.00K
TotalLiabilitiesNetMinorityInterest9.15B8.27B7.72B6.51B
TotalNonCurrentLiabilitiesNetMinorityInterest4.12B4.21B4.00B3.43B
OtherNonCurrentLiabilities141.30M129.60M124.70M149.80M
TradeandOtherPayablesNonCurrent67.80M79.50M
NonCurrentDeferredLiabilities3.48B3.08B2.89B2.29B
NonCurrentDeferredRevenue3.48B3.08B2.89B2.29B
LongTermDebtAndCapitalLeaseObligation496.60M994.30M992.30M990.40M
LongTermDebt496.60M994.30M992.30M990.40M
CurrentLiabilities5.03B4.06B3.72B3.08B
CurrentDeferredLiabilities3.64B3.28B2.85B2.35B
CurrentDeferredRevenue3.64B3.28B2.85B2.35B
CurrentDebtAndCapitalLeaseObligation499.70M
CurrentDebt499.70M
OtherCurrentBorrowings499.70M
PayablesAndAccruedExpenses898.30M784.50M870.30M729.10M
CurrentAccruedExpenses667.50M593.60M666.00M485.70M
Payables230.80M190.90M204.30M243.40M
AccountsPayable230.80M190.90M204.30M243.40M
TotalAssets10.39B9.76B7.26B6.23B
TotalNonCurrentAssets4.49B3.79B2.83B2.42B
OtherNonCurrentAssets125.20M133.20M150.00M202.00M
NonCurrentDeferredAssets2.05B1.96B1.47B1.09B
NonCurrentDeferredTaxesAssets1.31B1.34B868.80M569.40M
InvestmentsAndAdvances339.70M0.000.0045.50M
InvestmentinFinancialAssets339.70M0.000.0045.50M
AvailableForSaleSecurities339.70M45.50M440.80M
GoodwillAndOtherIntangibleAssets354.70M350.40M161.80M184.00M
OtherIntangibleAssets97.30M115.00M35.30M56.00M
Goodwill257.40M235.40M126.50M128.00M
NetPPE1.62B1.35B1.04B898.50M
AccumulatedDepreciation-481.90M-416.10M-353.00M-280.20M
GrossPPE2.10B1.77B1.40B1.18B
Leases58.50M64.30M61.40M53.50M
ConstructionInProgress74.60M52.00M63.30M51.70M
OtherProperties24.10M31.80M30.80M19.20M
MachineryFurnitureEquipment377.30M315.50M294.70M254.00M
BuildingsAndImprovements974.00M801.40M595.50M490.30M
LandAndImprovements592.40M500.60M351.70M310.00M
Properties0.000.000.000.00
CurrentAssets5.90B5.97B4.43B3.81B
OtherCurrentAssets227.00M126.10M101.10M73.10M
PrepaidAssets65.40M
Inventory399.50M315.50M484.80M264.60M
FinishedGoods334.60M220.50M385.00M206.30M
WorkInProcess3.00M4.10M7.70M12.00M
RawMaterials61.90M90.90M92.10M46.30M
Receivables1.69B1.46B1.40B1.26B
AccountsReceivable1.69B1.46B1.40B1.26B
AllowanceForDoubtfulAccountsReceivable-7.40M-5.90M-8.20M-3.60M
GrossAccountsReceivable1.70B1.47B1.41B1.27B
CashCashEquivalentsAndShortTermInvestments3.58B4.07B2.44B2.21B
OtherShortTermInvestments1.09B1.19B1.04B528.10M
CashAndCashEquivalents2.50B2.88B1.40B1.68B
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow2.23B1.88B1.73B1.45B
RepurchaseOfCapitalStock-2.29B-600.00K-1.50B-1.99B
RepaymentOfDebt0.000.00-19.50M
IssuanceOfDebt0.000.00989.40M
IssuanceOfCapitalStock44.70M63.10M43.80M26.10M
CapitalExpenditure-364.80M-378.90M-204.10M-281.20M
IncomeTaxPaidSupplementalData451.50M578.90M426.30M260.20M
EndCashPosition2.50B2.88B1.40B1.68B
BeginningCashPosition2.88B1.40B1.68B1.32B
EffectOfExchangeRateChanges-600.00K-2.60M-800.00K-400.00K
ChangesInCash-380.00M1.48B-284.20M364.20M
FinancingCashFlow-2.37B-50.10M-1.57B-2.13B
CashFlowFromContinuingFinancingActivities-2.37B-50.10M-1.57B-2.13B
NetOtherFinancingCharges-126.40M-112.60M-113.70M-165.20M
NetCommonStockIssuance-2.25B62.50M-1.46B-1.97B
CommonStockPayments-2.29B-600.00K-1.50B-1.99B
CommonStockIssuance44.70M63.10M43.80M26.10M
NetIssuancePaymentsOfDebt0.000.00969.90M
NetLongTermDebtIssuance0.000.00969.90M
LongTermDebtPayments0.000.00-19.50M
LongTermDebtIssuance0.000.00989.40M
InvestingCashFlow-599.10M-727.40M-649.30M763.90M
CashFlowFromContinuingInvestingActivities-599.10M-727.40M-649.30M763.90M
NetOtherInvestingChanges100.00K100.00K300.00K400.00K
NetInvestmentPurchaseAndSale-192.80M-73.10M-437.00M1.08B
SaleOfInvestment1.80B1.89B1.42B1.47B
PurchaseOfInvestment-2.00B-1.97B-1.86B-389.10M
NetBusinessPurchaseAndSale-41.60M-275.50M-8.50M-30.80M
PurchaseOfBusiness-41.60M-275.50M-8.50M-30.80M
NetPPEPurchaseAndSale-364.80M-378.90M-204.10M-281.20M
PurchaseOfPPE-364.80M-378.90M-204.10M-281.20M
OperatingCashFlow2.59B2.26B1.94B1.73B
CashFlowFromContinuingOperatingActivities2.59B2.26B1.94B1.73B
ChangeInWorkingCapital55.80M-20.60M126.10M233.00M
ChangeInOtherWorkingCapital371.40M43.50M439.90M632.90M
ChangeInOtherCurrentLiabilities6.80M-8.30M-21.70M23.50M
ChangeInOtherCurrentAssets-16.20M-11.00M17.70M-35.30M
ChangeInPayablesAndAccruedExpense96.20M-116.90M117.70M185.40M
ChangeInAccruedExpense68.30M-106.70M160.80M80.20M
ChangeInPayable27.90M-10.20M-43.10M105.20M
ChangeInAccountPayable27.90M-10.20M-43.10M105.20M
ChangeInPrepaidAssets-95.90M-13.70M-27.60M-7.70M
ChangeInInventory-90.60M131.20M-253.50M-109.10M
ChangeInReceivables-215.90M-45.40M-146.40M-456.70M
ChangesInAccountReceivables-215.90M-45.40M-146.40M-456.70M
OtherNonCashItems283.60M201.60M326.90M246.90M
StockBasedCompensation279.50M257.90M249.00M217.30M
AmortizationOfSecurities-33.70M-48.80M-27.70M4.40M
DepreciationAmortizationDepletion152.00M122.80M113.40M104.30M
DepreciationAndAmortization152.00M122.80M113.40M104.30M
AmortizationCashFlow50.70M23.10M18.90M23.30M
AmortizationOfIntangibles50.70M23.10M18.90M23.30M
Depreciation101.30M99.70M94.50M81.00M
OperatingGainsLosses29.40M42.10M68.10M7.60M
EarningsLossesFromEquityInvestments29.40M42.10M68.10M7.60M
NetIncomeFromContinuingOperations1.85B1.75B1.15B856.60M
SEC Filings

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

Public Trades for FTNT
Date User Broker Pattern Type Position Size Entry Price Trade P&L Status