Stock Analysis
Fortinet, Inc.FTNT
P/E 58.52×· 5Y range 29.15–110.80×· 72th percentile of history
Sector: Technology · Industry: Computer Peripheral Equipment, Nec
AnalystsHold52 analystsP/E 58.5× sits at the 72nd percentile of its 5.0978781656399725-year history.
Cash covers 725% of debt · Q2 2026.
PMP Verdict
High quality, fairly valued
Strengths
- Growth90
- Financial Health87
Strong fundamentals at a reasonable valuation.
Market context
-7.0% today· Z 4.2σ· RVOL 1.5×· Wells Fargo maintained its Underweight rating on Fortinet despite raising its price target to $160.
Bull Case
- ✓Piotroski F-Score 7/9 — high earnings quality
- ✓Altman Z 8.9 — safe-zone balance sheet
- ✓ROE 136.7% — efficient capital deployment
- ✓Revenue CAGR 19.4% — durable top-line growth
- ✓Interest coverage 103.7× — debt well covered
Why is FTNT moving?
SectorWells Fargo maintained its Underweight rating on Fortinet despite raising its price target to $160.
Profile
Strong growth, financial health, earnings quality and profitability; valuation lags behind.
How is each axis scored?
- Valuation15/100 · Weak
- P/E vs own history (72th pct)5/25
- FCF yield (2.5%)5/25
- P/S (16.4x)5/25
- EV/EBIT (49.1x)0/25
- Growth90/100 · Strong
- Revenue CAGR (19.4%)20/25
- Net income CAGR (32.2%)25/25
- EPS CAGR 5Y (35.2%)25/25
- Fwd implied growth (23.3%)20/25
- Profitability75/100 · Strong
- ROIC (n/a)0/25
- ROE (136.7%)25/25
- Net margin (28.2%)25/25
- Operating margin (32.4%)25/25
- Financial Health87/100 · Strong
- Altman Z (8.89)25/25
- Current ratio (1.28)12/25
- Interest coverage (103.7x)25/25
- Net cash / debt (Net cash)25/25
- Quality84/100 · Strong
- Piotroski F (7/9)22/25
- Beneish M (-2.59)25/25
- FCF conversion (147%)25/25
- Margin stability (σ 9.6%)12/25
- Moat62/100 · Moderate
- ROIC >12% years (n/a)0/25
- Median gross margin (76.6%)25/25
- FCF-positive years (10/10 yrs)25/25
- Worst-year net margin (worst 2.1%)12/25
About Fortinet, Inc.
Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. Show more
The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 800,000 customers across the world.
Headquarters: SUNNYVALE, CA · Employees: 15,472 · Website ↗
Price History
Weekly Candlestick Chart — up to 5Y
Key Metrics
Financial snapshot · Tap any metric for its definition and grade
TTM Snapshot
trailing twelve months · YoYValuation
15EP/E (TTM)58.2xD
Grade D: ExpensivePrice / TTM EPS (own statements) — vs own 5Y history: 29.1x–110.8x · 72nd pct
P/FCF43.0xC
Grade C: ExpensivePrice / Free Cash Flow per share (Finnhub). Inverse of FCF yield — negative when FCF is negative
FCF Yield2.5%C
Grade C: LowTTM (OCF − CapEx) / Market Cap — vs own 5Y history: 1.9%–5.3% · 29th pct
P/S (TTM)16.38xD
Grade D: ExpensivePrice / TTM Revenue (own statements) — vs own 5Y history: 7.6x–19.6x · 90th pct
EV/EBIT49.1xD
Grade D: ExpensiveEnterprise value / TTM EBIT (D&A not in our data) — capital-structure neutral — vs own 5Y history: 24.5x–98.1x · 67th pct
EV/Sales17.5xD
Grade D: Very expensiveEnterprise Value / TTM Revenue (Finnhub) — capital-structure neutral sales multiple
Forward P/E47.2xD
Grade D: ExpensivePrice / next-year EPS estimate — shows whether the TTM multiple is rich or just front-loading growth
P/B Ratio79.51xD
Grade D: Very expensivePrice to Book Value. Neg. equity = heavy buybacks
PEG Ratio3.53D
Grade D: ExpensiveFinnhub PEG — their P/E basis ÷ expected EPS growth. Suppressed when their P/E diverges >2× from our TTM P/E (different basis)
Dividend Yield—
TTM dividend yield (Finnhub) — annual dividends / price. None = no dividend; very high yield can signal distress
Payout Ratio—
Dividends / Net Income (Finnhub) — share of earnings paid out; >90% or negative = unsustainable
Profitability
75B+ROIC—
NOPAT (EBIT less ~21% tax) / invested capital (equity + debt − cash). Flagship quality metric — durable >15% signals a moat
ROE136.7%A
Grade A: StrongReturn on Equity. Neg. equity = heavy buybacks
ROA20.9%A
Grade A: StrongReturn on Assets (Finnhub) — Net Income / Total Assets; how efficiently assets produce profit
Net Margin28.2%A
Grade A: HighNet Income / Revenue
Operating Margin32.4%A
Grade A: HighTTM EBIT / TTM Revenue
Gross Margin80.2%A
Grade A: PremiumGross Profit / Revenue
FCF Margin41.4%A
Grade A: HighFCF / Revenue
True FCF Margin37.5%A
Grade A: HighTTM (OCF − CapEx − SBC) / TTM Revenue — SBC treated as a real cost
Growth
90A+Revenue CAGR19.4%A
Grade A: HighCompound annual revenue growth (up to 5Y depending on data availability)
Net Income CAGR32.2%A
Grade A: HighCompound annual net income growth (up to 5Y depending on data availability)
EPS CAGR (5Y)35.2%A
Grade A: HighCompound annual EPS growth over up to 5Y of per-share earnings (own statements). Null when either endpoint EPS ≤ 0
Implied EPS Growth23.3%C
Grade C: MedAnalyst forward EPS (normalized basis) vs our GAAP TTM EPS — different bases, so extreme values usually mark cyclically depressed TTM earnings, not real growth
Dilution (5Y)-12.0%A
Grade A: BuybacksShare count change over 5Y
SBC / Net Income14.0%C
Grade C: MedStock-based comp/Net income. >30% = dilution risk
SBC / Revenue3.9%C
Grade C: MedTTM stock-based comp / TTM Revenue
Financial Health
87AAltman Z-Score8.89A
Grade A: SafeBankruptcy risk. >3 Safe, <1.8 Distress
Current Ratio1.28xC
Grade C: OkCurrent Assets/Liabilities
Quick Ratio1.14xA
Grade A: High(Current Assets − Inventory) / Current Liabilities (Finnhub) — stricter liquidity test, excludes inventory
Interest Coverage103.7xA
Grade A: StrongEBIT/Interest. >10 Strong
Debt RepaymentNet CashA
Grade A: FastYears to repay net debt via FCF
Net Debt/EBITNet CashA
Grade A: LowLeverage. <2x Low, >4x High
Debt/Equity0.36xA
Grade A: LowDebt / Equity: <1 Conservative, >2 Risky. Not meaningful with non-positive equity; shown as unavailable rather than low debt.
Cash / Debt7.25xA
Grade A: CoveredCash covers how much of total debt. >1 = could repay all debt from cash
Quality
84APiotroski F-Score7/9A
Grade A: StrongFinancial strength 0–9. >7 Strong
Beneish M-Score-2.59A
Grade A: SafeEarnings manipulation risk. < -2.22 Safe
FCF Conversion147.0%A
Grade A: StrongFCF / Net Income
Margin Stability9.6%C
Grade C: AverageEBIT margin std deviation. Lower = stable
Capex / Revenue3.7%A
Grade A: Asset-lightTTM CapEx / TTM Revenue — high % = capital-hungry business
Asset Turnover0.74xC
Grade C: AverageRevenue / Total Assets (Finnhub) — how efficiently the asset base generates sales
Insider Transactions
SEC Form 4 · 8 recordsP/S codes are the directional signal; grants, option exercises and tax withholding carry none. Form 4 doesn't flag 10b5-1 plans — scheduled sales may appear within open-market sells.
| Trade date | Insider | Transaction | Shares | Filed |
|---|---|---|---|---|
Kan Derek T. Filed | Kan Derek T. | Option exercise | -459 | |
Kan Derek T. Filed | Kan Derek T. | Option exercise | +459 | |
Napolitano Janet Filed | Napolitano Janet | Option exercise | -459 | |
Napolitano Janet Filed | Napolitano Janet | Option exercise | +459 | |
STAVRIDIS JAMES G. Filed | STAVRIDIS JAMES G. | Option exercise | -459 |
Show 3 more filingsShow fewer filings
| Trade date | Insider | Transaction | Shares | Filed |
|---|---|---|---|---|
STAVRIDIS JAMES G. Filed | STAVRIDIS JAMES G. | Option exercise | +459 | |
Sim Judith Filed | Sim Judith | Option exercise | -459 | |
Sim Judith Filed | Sim Judith | Option exercise | +459 |
Option exercise (M) rows report a derivative leg, not an open-market sale — a paired negative entry is the option position being consumed.
More metrics — Moat, Per Share, Balance Sheet, MarketHide additional metrics
Moat
62BROIC >12% Years—
Share of completed fiscal years with ROIC > 12% — measures multi-year capital-return durability
Gross Margin (Med.)76.6%A
Grade A: DurableMedian annual gross margin across available fiscal years — pricing-power durability
FCF-Positive Years10/10 yrsA
Grade A: DurableShare of completed fiscal years with positive free cash flow
Net Margin Floor2.1%C
Grade C: ModerateWeakest annual net margin across completed fiscal years — recession/downcycle resilience
Per Share
EPS (TTM)$2.89
Own TTM net income / shares — same earnings basis as P/E
Cash / Share$5.55
Cash & short-term investments per share (Finnhub)
Book Value / Share$2.11
Shareholders' equity per share (Finnhub). Negative = accumulated losses / heavy buybacks
Balance Sheet
Total Debt$561.40M
Total debt obligations (short + long term)
Cash & Equiv.$4.07B
Cash and short-term investments
Net Debt$-3.51BA
Grade A: Net CashTotal Debt minus Cash. Negative = Net Cash position
Total Equity$1.55B
Shareholders' equity (book value)
Asset / Liability1.17xC
Grade C: AdequateTotal Assets / Total Liabilities
Market
Market Cap$123.33B
Current Market Capitalization
Beta1.00B
Grade B: MarketPrice sensitivity vs the market (Finnhub) — 1.0 moves with market, >1.2 amplifies swings
How grades work: each metric is graded A–D against fixed thresholds (tap a row for the meaning). Card grades map the pillar score to A+–E — a card grade is that pillar's own score, not an average of the rows shown.
Financials as of Jun 2026 · Ratio snapshot Oct 17, 2026
Key Insights: Fortinet, Inc. (FTNT)
FTNT is down 7.03% at the last close — Wells Fargo maintained its Underweight rating on Fortinet despite raising its price target to $160.. Fortinet, Inc. meets 7 of 9 Piotroski F-Score criteria, placing its fundamental strength in the top tier of US-listed stocks. Altman Z-Score of 8.89 sits comfortably in the safe zone (≥ 2.99), indicating low bankruptcy risk. Beneish M-Score of -2.59 suggests a low likelihood of earnings manipulation. Revenue has compounded at roughly 19% annually, with net income growing about 32% per year — a strong growth profile.
- Fortinet, Inc. converts about 41% of revenue into free cash flow — strong cash generation.
- Company is effectively debt-free after netting cash.
- At a valuation score of 15/100, FTNT trades at a premium to its historical multiples (P/E 58.2).
- Return on equity of 136.7% is well above the market average.
See how FTNT ranks on the Capex Tracker — top 50 capital spenders compared.
Recent Market Moves
See all FTNT moves →| Date | Session | Price | Move | Z-Score |
|---|---|---|---|---|
| Oct 16 | Regular | 168.77 | -7.22% | -4.00 |
| Oct 16 | After-hours | 168.08 | -7.60% | -4.21 |
| Oct 14 | Regular | 184.55 | -3.26% | -2.20 |
| Oct 14 | After-hours | 184.02 | -3.53% | -2.36 |
Frequently Asked Questions about FTNT
What is the current Fortinet, Inc. (FTNT) stock price?
FTNT is trading at $169.13 at the last market close, down 7.03% on the session. PreMarketPrice tracks FTNT pre-market, intraday and after-hours prices.
Is FTNT stock a buy right now?
PreMarketPrice's quantitative model rates Fortinet, Inc.'s financial health at 87/100. This is a data-driven snapshot of fundamentals, not investment advice.
Is FTNT stock overvalued?
Fortinet, Inc. trades at a trailing P/E of 58.2 and our valuation score rates it 15/100 (higher = cheaper vs. its own history). See the Valuation History and Key Metrics sections for forward P/E, EV/EBITDA and PEG context.
When does Fortinet, Inc. report earnings?
No confirmed earnings date is currently scheduled for FTNT. The Earnings section lists recent reports and updates as dates are announced.
What sector does Fortinet, Inc. operate in?
Fortinet, Inc. operates in the Technology sector, within the Computer Peripheral Equipment, Nec industry. The Related Stocks section lists sector peers for comparison.
What does Fortinet, Inc. do?
Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations.
About Fortinet, Inc. (FTNT) Stock
Fortinet, Inc. (FTNT) is a US-listed stock operating in the Technology sector, specifically the Computer Peripheral Equipment, Nec industry. As of the latest update, Fortinet, Inc. is trading at $169.13, down 7.03% on the day with a market capitalization of $123.3 billion. The financial health score for FTNT is 87/100, which indicates excellent financial strength based on profitability, leverage, liquidity, and growth metrics. This page provides real-time pre-market pricing, earnings calendar, financial health analysis, and valuation metrics for FTNT stock.
FTNT Stock Analysis & Key Metrics
On PreMarketPrice, you can track Fortinet, Inc. (FTNT) across multiple dimensions:
- Pre-market price & movement: Real-time FTNT stock price with percentage change, updated continuously during pre-market and regular trading hours.
- Valuation & P/E history: Historical P/E, P/S, and P/B ratios for FTNT with trend analysis and normalized valuation multiples.
- Financial statements: Revenue, net income, assets, liabilities, and equity for Fortinet, Inc. across multiple reporting periods.
- Financial health score: A composite score of 87/100 based on Altman Z-Score, Piotroski F-Score, profitability, and leverage metrics for FTNT.
- Sector peers: Compare FTNT against 5 other technology stocks on key financial metrics.
Is FTNT a Good Stock to Buy?
This page provides data-driven analysis to help you evaluate Fortinet, Inc. (FTNT) as an investment. The financial health score of 87/100 suggests excellent financial fundamentals. Valuation metrics show whether the stock is trading above or below its historical average.However, this is not financial advice — always do your own research before investing.
Data on this page is sourced from real-time market feeds, Polygon.io, and Finnhub.Fortinet, Inc. (FTNT) trades on NYSE/NASDAQ. Pre-market trading occurs 4:00 AM – 9:30 AM ET. Regular market hours are 9:30 AM – 4:00 PM ET.