Fortinet, Inc.FTNT
NasdaqGS•Technology•Software - Infrastructure
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.
Fortinet, Inc. (FTNT) reported trailing twelve months revenue of $7.11B as of March 2026, a 15.7% increase year-over-year. Quarterly revenue reached $1.85B, reflecting continued top-line momentum.
Fortinet, Inc. generated $1.95B in TTM net income, with quarterly EBITDA of $619.80M. The operating margin expanded from 29.5% to 31.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (31.4%) and net margin (28.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 28.1% a year ago, signaling stronger bottom-line efficiency.
FTNT trades at a P/E of 29.9x (in line with broad market averages) and a P/S of 8.2x. The price-to-book ratio of 59.0x indicates a significant premium over book value.
The company generated $1.01B in free cash flow over the trailing twelve months, a 26.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $9.88B in total assets with $496.80M in long-term debt against $989.70M in stockholders equity for a debt-to-equity ratio of 0.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~31.2%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 191.6% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~28.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~31.0% — no sign of cost or pricing stress.
FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 98.6% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 3.3% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation