Fortinet, Inc.
FTNTNASDAQ
$172.79
Last price · USD
- Market cap
- $129.2B
- P/E
- 71.1x
- EV / EBITDA
- 51.8x
- P/S
- 19.0x
- FCF yield
- 1.7%
- Div. yield
- 0.00%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
Revenue
$6.80B
+14.2%
4Y CAGR +19.4%
Gross profit
$5.50B
+14.6%
4Y CAGR +21.1%
Operating income
$2.08B
+15.4%
4Y CAGR +33.8%
Net income
$1.85B
+6.2%
4Y CAGR +32.2%
EPS (diluted)
$2.43
+7.5%
4Y CAGR +35.1%
Free cash flow
$2.23B
+18.4%
4Y CAGR +16.6%
Revenue & net income
Fiscal 2021–2025 · USD
RevenueNet income
Valuation
At $172.79 · FY2025 fundamentals
- Market cap
- $129.2B
- Enterprise value
- $127.7B
- P/E
- 71.1x
- P/S
- 19.0x
- P/B
- 104.4x
- EV / EBITDA
- 51.8x
- EV / Sales
- 18.8x
- Earnings yield
- 1.4%
- FCF yield
- 1.7%
- Shareholder yield
- 1.8%
Profitability
Margins as a share of revenue
| Metric | Latest | 4Y ago | Trend |
|---|---|---|---|
| Gross margin | 80.8%+4.3pp | 76.6% | |
| Operating margin | 30.6%+11.2pp | 19.5% | |
| EBITDA margin | 36.2%+14.5pp | 21.8% | |
| Net margin | 27.3%+9.1pp | 18.2% | |
| FCF margin | 32.7%-3.3pp | 36.0% |
Returns & financial health
FY2025 with 4-year trend
| Metric | Latest | 4Y ago | Trend |
|---|---|---|---|
| Return on equity | 149.8% | 77.6% | |
| Return on invested capital | — | 140.9% | — |
| Return on assets | 17.8% | 10.3% | |
| Debt / equity | 0.81x | 1.26x | |
| Net debt / EBITDA | -0.61x | -0.45x | |
| Current ratio | 1.17x | 1.55x |
Cash & equivalents
$2.50B
Total debt
$996M
Capital allocation
How FTNT used its cash in FY2025
- Operating cash flow
- $2.59B
- Capital expenditure
- $365M
- Dividends paid
- $0.00
- Share repurchases
- $2.29B
- Stock-based compensation
- $280M
- Diluted shares
- 748.0M
- Share count change (4Y)
- -10.5%
Analyst estimates
Consensus for upcoming fiscal years
| Fiscal year | Revenue | Growth | EPS | Growth |
|---|---|---|---|---|
| FY2025 actual | $6.80B | $2.43 | ||
| FY2026E25 analysts | $8.12B | +19.5% | $3.45 | +42.1% |
| FY2027E26 analysts | $9.04B | +11.3% | $3.78 | +9.4% |
| FY2028E10 analysts | $10.04B | +11.0% | $4.27 | +13.1% |
About Fortinet, Inc.
Technology · Software - Infrastructure
Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities.
fortinet.com- Sector
- Technology
- Industry
- Software - Infrastructure
- CEO
- Ken Xie
- Employees
- 15,472
- Headquarters
- Sunnyvale, CA, US
- IPO date
- 2009-11-18
Fortinet, Inc. (FTNT) — frequently asked questions
Answered from the company's SEC filings
Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions.
Explore the full income statement, balance sheet and cash flow statement. Not investment advice.