Stock AnalizFortinet, Inc. FTNT
Computer peripheral equipment · IPO 2009 · data as of November 13, 2026
Fortinet, Inc. (FTNT) is a technology company listed in the US with a market value of about $93.5B. In the twelve months to September 30, 2026 it had revenue of $7.9B and net income of $2.3B, a net margin of 29.0%.
Its overall Stock Analiz score is 3.6 out of 5 (good). The strongest part is future growth (5/5); the weakest is value (1/5).
Key numbers: a P/E of 41.4, a price to free cash flow of 26.3, 5-year revenue growth of 21% a year, a 5-year average ROIC of 93%. A discounted cash flow model with moderate assumptions puts its intrinsic value about 22% below the current price.
Score: 3.6 / 5
Checks passed
- PEG below 1.5
- Revenue growth above 10% last year
- 3-year revenue growth above 10% a year
- Profit margin improving
- 3-year free cash flow growth above 10% a year
- Strong R&D investment or growth above 20%
- 5-year EPS growth above 10% a year
- 5-year revenue growth above 8% a year
Checks not passed
- P/E below 25
- P/E below the industry median
- P/FCF below 20
- Price below intrinsic value (DCF, moderate assumptions)
- Liabilities below 60% of assets
- Pays a dividend
- Dividend 3 years in a row
Valuation
Growth and quality
Financials, last 10 years
| Fiscal year | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.9B | $6.8B | $6.0B | $5.3B | $4.4B | $3.3B | $2.6B | $2.2B | $1.8B | $1.5B | $1.3B |
| Net income | $2.3B | $1.9B | $1.7B | $1.1B | $857M | $607M | $488M | $332M | $335M | $31M | $32M |
| Free cash flow | $3.5B | $2.2B | $1.9B | $1.7B | $1.4B | $1.2B | $958M | $716M | $586M | $459M | $278M |
| EPS (diluted) | $3.07 | $2.42 | $2.26 | $1.46 | $1.06 | $0.73 | $0.58 | $0.38 | $0.38 | $0.04 | $0.04 |
| Net margin | 29.0% | 27.3% | 29.3% | 21.6% | 19.4% | 18.2% | 18.8% | 15.3% | 18.6% | 2.1% | 2.5% |
| ROIC | — | 73.1% | 60.4% | 179.8% | 115.3% | 34.4% | 52.8% | 21.7% | 18.1% | 14.4% | 3.8% |
From the company’s 10-K and 10-Q filings with the SEC. TTM = trailing twelve months.
What analysts expect
The average 12-month price target from 37 analysts is $145.03, 14% above the current price; targets range from $110.00 to $190.00; the consensus rating is “Hold”; expected EPS is $3.56 for the fiscal year ending December 31, 2026.
Frequently asked questions
What is Fortinet’s P/E ratio?
About 41.4, based on the last twelve months of diluted earnings per share (forward P/E about 34.0).
Is Fortinet stock undervalued?
Our DCF model with moderate assumptions puts its intrinsic value about 22% below the current market value. A model is a range, not a promise; try your own assumptions in the DCF calculator.
Does Fortinet pay a dividend?
Not currently.
Is Fortinet a good stock to buy?
We do not give buy or sell advice. Fortinet scores 3.6 out of 5 on our five checks (value, growth, track record, financial health and shareholder returns); the checks above show why.
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Generated from SEC filings, analyst consensus estimates and market prices, rebuilt every day. Educational information, not investment advice.