Fortinet, Inc. (FTNT)
POSITIVEFundamental
71
Kurs
$153.39
Marktkapitalisierung
$111.52B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Fortinet builds the hardware and software that protect corporate networks: firewalls, switches and wireless access points designed around its own custom security chips, plus a growing set of cloud-delivered security services. Its pitch is convergence: instead of stitching together separate point products from many vendors, customers run a single operating system, FortiOS, across the whole security and networking stack, from a single firewall in a branch office to a large data centre.
Wie das Geld verdient wird
Product revenue is a one-time sale of security appliances — mostly firewalls — plus term licenses for software running on them. Service revenue, now the larger and steadier piece, comes from ongoing subscriptions: support contracts, threat-intelligence updates from its FortiGuard labs, and cloud-delivered security services like SASE that customers pay for continuously rather than once. Fortinet sells almost entirely through distributors and resellers rather than a large direct sales force, which keeps its own overhead low but concentrates revenue collection risk in a handful of channel partners.
Umsatz nach Segment
Ongoing subscriptions for support, threat intelligence and cloud security services — the larger, steadier and higher-margin half of revenue.
One-time sale of security appliances, mostly firewalls, plus term software licenses; growth here signals new hardware refresh cycles.
Wettbewerbsvorteil
Kostenvorteil · SchmalFortinet designs its own security processors, FortiASIC, instead of relying on general-purpose chips the way most competitors do, which lets its appliances handle more network traffic per dollar of hardware cost. Combined with one unified operating system across the whole product line, that gives it a cost and simplicity edge over vendors selling a patchwork of acquired products, though Cisco, Palo Alto Networks and Check Point compete hard on the same pitch.
Was die Nachfrage antreibt
Mäßig zyklischNetwork security spending is fairly resilient because a breach is expensive and often mandatory to fix, but Fortinet still sells a meaningful share of its revenue as one-time hardware purchases, which are easier for a customer to delay than a subscription renewal. A slowdown in enterprise IT budgets shows up first in new hardware orders and only later, if at all, in the subscription base.
Wichtigste Risiken
- Revenue collection concentrated in a few distributors — Six distributors account for 67% of accounts receivable; a payment problem, contract loss or credit issue at any one of them would have an outsized effect on collections and working capital.
- Security flaws in its own products — As a security vendor, a serious vulnerability discovered in Fortinet's own firewalls or software would be doubly damaging: it exposes customers directly and undermines the trust the whole business is sold on.
- Hardware orders can be deferred — A meaningful share of revenue is one-time appliance sales, which customers can postpone in a budget-constrained year far more easily than a recurring subscription, making product revenue the more volatile half of the business.
- Crowded, well-funded competitive field — Cisco, Palo Alto Networks, Check Point and cloud-native security vendors are all pursuing the same platform-convergence strategy, competing on price and features for the same enterprise security budgets.
Kundenkonzentration
Fortinet does not sell directly to most end customers: six distributors account for 67% of accounts receivable, so cash collection and channel relationships are concentrated in a small number of intermediaries even though end-customer demand is broad.
Die Argumente dafür
Buyers argue that Fortinet's custom security chips and single operating system give it a genuine cost and simplicity edge that a company assembling security tools through acquisitions cannot easily match, and that its large installed base of appliances is a natural on-ramp to selling higher-margin subscription services.
Die Argumente dagegen
Sellers worry that a meaningful share of revenue is one-time hardware sales that customers can defer, that revenue collection runs through a small number of distributors, and that Cisco, Palo Alto Networks and other well-funded rivals are chasing the same platform-convergence strategy with comparable resources.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Bilanz & Liquidität
Umsatz
$7.53B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$2.12B
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$2.23B
Gesamtes Eigenkapital
$1.24B
Gesamtverbindlichkeiten
$9.15B
Current Ratio
1.28
Zinsdeckungsgrad
135.68
Schulden/EBITDA
0.25
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$167.27
Aktueller Kurs
$153.39
Sicherheitsmarge
+8.3%
Innerer-Wert-Spanne
$139.58 - $194.95
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
53.71
ROE
149.8%
P/B-Verhältnis
71.90
P/FCF
35.78
Bruttomarge
80.2%
ROIC
32.1%
Rentabilitäts-Radar
Value Creation (Economic Moat)
ROIC
32.1%
WACC
10.1%
ROIC − WACC
+21.9 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamentalanalyse-Kriterien
Bestanden (20)
- EPS shows upward trend
- EPS CAGR 12.08%
- Price CAGR 38.24%
- ROIC 32.1%
- Gross Margin 80.2%
- Operating Margin 32.4%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 187.9%
- Revenue Growth 5Y 21.3%
- Earnings Surprise avg 17.6%
- PEG Ratio 1.71
- Earnings Quality (OCF/NI) 1.60
- Share Dilution -0.8%
- Piotroski F-Score 5/9
Nicht bestanden (7)
- P/FCF 35.78
- P/B Ratio 71.90
- Debt/Equity ratio
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 33% Buy
- Net Margin Trend 28.2% vs 30.6%
Nicht verfügbar (1)
- Dividend Payout NaN%
Piotroski F-Score
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Ken Xie | Co-Founder, Chairman & CEO | 62 |
| Mr. Michael Xie | Co-Founder, President, CTO & Director | 56 |
| Ms. Christiane Ohlgart | Chief Accounting Officer, CFO and Principal Financial & Accounting Officer | 57 |
| Mr. John Whittle J.D. | Chief Operating Officer | 56 |
| Mr. Anthony Luscri | Vice President of Investor Relations | - |
| Mr. Anthony James | Executive Vice President of Marketing | - |
| Mr. Robert May | Executive Vice President of Technology & Product Management | - |
| Mr. Joe Sarno | Executive Vice President of International Sales | - |
| Mr. Carl Windsor | Chief Information Security Officer | - |
| Mr. Trevor Pagliara | Executive Vice President of US Sales | - |
Prüfungsrisiko
1
Vorstandsrisiko
7
Vergütungsrisiko
8
Aktionärsrechterisiko
5
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for FTNT, sourced from Markets Gazette.
- 6/17/2026POSITIVE$100 Invested In Fortinet 10 Years Ago Would Be Worth This Much Today
An investment of $100 in Fortinet Inc. a decade ago would have yielded substantial returns, growing to an estimated $1,500 today. This performance underscores the company's significant growth trajectory and market position in cybersecurity over the past ten years. Such a return highlights Fortinet's ability to consistently outperform broader market indices and deliver value to its shareholders, driven by strong demand for its security solutions and effective business execution.
- 5/28/2026POSITIVEIf You Invested $1000 In Fortinet Stock 10 Years Ago, You Would Have This Much Today
An investment of $1,000 in Fortinet Inc. stock a decade ago would have yielded a substantial return, illustrating the company's long-term growth trajectory. While specific figures are not provided in this snippet, the premise suggests significant outperformance compared to broader market indices. This historical performance underscores Fortinet's consistent execution in the cybersecurity sector, characterized by innovation and market share gains. Investors considering the stock should note this past performance as an indicator of potential future value creation, contingent on continued strategic execution and market dynamics.
- 5/14/2026POSITIVEFortinet Stock's Momentum Score Skyrockets As AI-Driven Q1 Beat Ignites Rally
Fortinet Inc. (FTNT) has seen its Momentum Score surge to 82.53, reflecting a robust Q1 performance and a significant 48% year-to-date gain. This upward trajectory is attributed to strong operational execution and the strategic advantage derived from AI integration within its cybersecurity solutions. The company's ability to capitalize on AI tailwinds, coupled with consistent positive analyst ratings from firms like Wedbush, Wells Fargo, and Raymond James, suggests sustained investor confidence and potential for further stock appreciation. This performance indicates Fortinet is well-positioned in the evolving cybersecurity landscape.
- 5/7/2026POSITIVEFortinet Stock Surges After Q1 Beat, Strong Q2 Guidance
Fortinet Inc. shares experienced a significant surge following the company's announcement of better-than-expected first-quarter financial results. The cybersecurity firm also provided an optimistic outlook for the second quarter and raised its full-year 2026 financial projections. This positive performance indicates strong demand for Fortinet's solutions and effective execution by management, potentially signaling continued growth and market share gains for the company. Investors are likely to view these developments favorably, anticipating further stock appreciation.
- 5/6/2026POSITIVEFortinet’s stock rockets as earnings help dispel fears of AI disruption
Fortinet's stock experienced a significant surge following its latest earnings report, which successfully allayed investor concerns about potential disruptions from artificial intelligence. The company highlighted that an "increasingly complex threat environment" is actually driving robust demand for its cybersecurity solutions. This narrative suggests that rather than being a threat, the evolving digital landscape is creating new opportunities for Fortinet's products. The positive market reaction indicates that investors are regaining confidence in the company's ability to navigate technological shifts and capitalize on growing cybersecurity needs.
- 4/13/2026NEUTRALHere's How Much You Would Have Made Owning Fortinet Stock In The Last 15 Years
An analysis of Fortinet Inc. stock performance over the past 15 years reveals a significant historical return for investors. While specific figures are not detailed in the provided snippet, the title implies substantial gains, suggesting a strong track record of growth and value creation for shareholders. This historical perspective is crucial for investors evaluating the company's long-term potential and its resilience through various market cycles. The article likely delves into the factors contributing to this performance, such as product innovation, market expansion, and strategic execution.
- 3/27/2026POSITIVEIf You Invested $1000 In Fortinet Stock 5 Years Ago, You Would Have This Much Today
An investment of $1,000 in Fortinet Inc. (FTNT) five years ago would have yielded a substantial return, demonstrating the company's strong performance in the cybersecurity sector. While specific figures are not provided in the summary, the implication of significant growth suggests that Fortinet has consistently outperformed market expectations. This historical performance indicates robust revenue generation, successful product innovation, and effective market penetration, making it a potentially attractive long-term holding for investors focused on technology and cybersecurity.
- 3/27/2026NEGATIVEFortinet Stock Falls As Anthropic AI Leak Pressures Cybersecurity Stocks
Fortinet Inc. shares experienced a decline on Friday, mirroring a broader downturn in the cybersecurity sector. This pressure stems from recent reports of a significant data exposure incident at Anthropic, a prominent AI company. The leak has amplified concerns regarding the security of artificial intelligence systems and the potential vulnerabilities within the cybersecurity infrastructure that protects them. Investors are reassessing the risk landscape for companies operating in this space, leading to a sell-off as the market digests the implications of these AI security worries.
- 2/25/2026POSITIVEIf You Invested $100 In Fortinet Stock 15 Years Ago, You Would Have This Much Today
A retrospective analysis of Fortinet Inc. stock performance highlights significant long-term growth potential for investors. While the exact figures for a hypothetical $100 investment made 15 years ago are not detailed in the provided snippet, the title itself strongly implies a substantial return. This type of news underscores Fortinet's ability, as a leader in cybersecurity, to consistently generate value over an extended period, reflecting its robust market position and the increasing demand for its cybersecurity solutions. For investors, this emphasizes the importance of considering companies with strong fundamentals and a proven growth trajectory, particularly in strategic sectors like technology and security.
via Markets Gazette