Fortinet, Inc. (FTNT)
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.
- Symbol
- FTNT
- Exchange
- Nasdaq
- Sector
- Technology
- Industry
- Software - Infrastructure
- Market cap
- $132.74B
- 52 week range
- 73.55 - 183.09
Valuation
- Share price
- $180.95 (close of 2026-10-02)
- P/E (TTM)
- 63.05x
- Price to book
- 85.58x
- Price to free cash flow
- 42.59x
- Enterprise value
- $130.31B
- Book value per share
- $2.11
Price performance
| Period | Change |
|---|---|
| 1 day | +1.25% |
| 5 days | +4.32% |
| 1 month | +17.09% |
| 3 months | +15.81% |
| 6 months | +119.25% |
| Year to date | +127.87% |
| 1 year | +109.70% |
| 3 years | +208.63% |
| 5 years | +203.61% |
| 10 years | +2348.58% |
| All time | +10800.60% |
Members of Congress who disclosed FTNT trades
Byron Donalds · Lisa McClain · Dan Newhouse · Gilbert Ray Cisneros · Alan Armstrong · Jefferson Shreve · Robert Bresnahan
Super investors holding FTNT
Terry Smith (Fundsmith LLP) · Ken Griffin (Citadel)
Profitability and growth
- Return on equity
- 149.77%
- Return on assets
- 17.84%
- Return on capital employed
- 38.93%
- Gross margin
- 80.46%
- Net margin
- 27.26%
- EBITDA margin
- 32.89%
- Revenue growth
- 14.17%
- Net income growth
- 6.20%
- Free cash flow growth
- 18.44%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 2.35%
- Current ratio
- 1.28x
- Net debt to EBITDA
- -0.87x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $6.80B
- Cost of revenue
- $1.33B
- Gross profit
- $5.47B
- EBITDA
- $2.24B
- Net income
- $1.85B
- Earnings per share
- $2.45
- Research and development
- $815.50M
- Interest expense
- $20.10M
- Shares outstanding
- 758.00M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|---|---|---|---|
| 2025-12-31 | $6.80B | $5.47B | $1.85B | $2.45 |
| 2024-12-31 | $5.96B | $4.80B | $1.75B | $2.28 |
| 2023-12-31 | $5.30B | $4.07B | $1.15B | $1.47 |
| 2022-12-31 | $4.42B | $3.33B | $857.30M | $1.08 |
| 2021-12-31 | $3.34B | $2.56B | $606.80M | $0.74 |
| 2020-12-31 | $2.59B | $2.02B | $488.50M | $0.60 |
| 2019-12-31 | $2.16B | $1.66B | $331.70M | $0.39 |
| 2018-12-31 | $1.80B | $1.35B | $334.90M | $0.40 |
| 2017-12-31 | $1.49B | $1.11B | $31.40M | $0.04 |
| 2016-12-31 | $1.28B | $937.60M | $32.20M | $0.04 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|---|---|---|---|
| 2025-12-31 | 80.46% | 27.26% | 149.77% | - |
| 2024-12-31 | 80.56% | 29.30% | 116.83% | - |
| 2023-12-31 | 76.68% | 21.64% | -247.69% | - |
| 2022-12-31 | 75.44% | 19.41% | -304.44% | - |
| 2021-12-31 | 76.57% | 18.16% | 76.00% | 119.05% |
| 2020-12-31 | 78.03% | 18.83% | 57.07% | - |
| 2019-12-31 | 76.61% | 15.34% | 24.71% | - |
| 2018-12-31 | 75.04% | 18.56% | 32.66% | - |
| 2017-12-31 | 74.23% | 2.10% | 5.22% | - |
| 2016-12-31 | 73.51% | 2.52% | 3.84% | - |
Cash and debt by year
| Period end | Cash | Debt |
|---|---|---|
| 2025-12-31 | $2.50B | $496.60M |
| 2024-12-31 | $2.88B | $994.30M |
| 2023-12-31 | $1.40B | $992.30M |
| 2022-12-31 | $1.68B | $990.40M |
| 2021-12-31 | $1.32B | $988.40M |
| 2020-12-31 | $1.84B | - |
| 2019-12-31 | $2.07B | - |
| 2018-12-31 | $1.65B | - |
| 2017-12-31 | $1.25B | - |
| 2016-12-31 | $1.09B | - |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|---|---|
| 2025-12-31 | $2.23B | $279.50M |
| 2024-12-31 | $1.88B | $257.90M |
| 2023-12-31 | $1.73B | $249.00M |
| 2022-12-31 | $1.45B | $217.30M |
| 2021-12-31 | $1.20B | $207.90M |
| 2020-12-31 | $957.80M | $191.70M |
| 2019-12-31 | $715.80M | $174.10M |
| 2018-12-31 | $585.90M | $162.90M |
| 2017-12-31 | $459.10M | $137.20M |
| 2016-12-31 | $278.50M | $122.40M |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-04
- Consensus EPS estimate
- $0.77
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|---|---|
| 2026-07-29 | Jun/2026 | $0.66 |
| 2026-05-06 | Mar/2026 | $0.53 |
| 2026-02-05 | Dec/2025 | $0.66 |
| 2025-11-05 | Sep/2025 | $0.55 |
| 2025-08-06 | Jun/2025 | $0.51 |
| 2025-05-07 | Mar/2025 | $0.45 |
| 2025-04-30 | - | - |
| 2025-02-06 | Dec/2024 | $0.52 |
Filings and sources
- Company website
- fortinet.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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Understanding these figures
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