Fortinet (FTNT) stock
Information Technology · Systems Software
Fortinet (FTNT) is a Systems Software company in the Information Technology sector, headquartered in Sunnyvale, California. As of October 23, 2026, FTNT closed at $179.99, a market capitalization of $132.06 billion, the 94th largest company in the S&P 500. Over the last twelve months it generated $7.53 billion in revenue (+26% year over year) and $3.12 billion in free cash flow. The stock trades at 63.6x trailing earnings and 47.5x forward earnings.
- 1-year total return: +111.9% (dividends reinvested)
- 5-year return: +21.8% a year
- 52-week range: $73.55 – $197.13
- Gross margin 80.2%, operating margin 33.6%
- FI Handbook report card: B across 10 metrics
- 29th largest of 75 Information Technology stocks in the S&P 500
FTNT price chart
1Y price change: +111.9% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| FTNT | +0.7% | +126.7% | +111.9% | +47.5% | +21.8% | +39.7% | +31.9% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2009.
FTNT key statistics
- Market cap
- $132.1B
- #94 in S&P 500
- P/E (TTM)
- 63.6x
- Forward P/E
- 47.5x
- EPS (TTM)
- $2.83
- Revenue (TTM)
- $7.5B
- +26%
- Free cash flow
- $3.1B
- Gross margin
- 80.2%
- Operating margin
- 33.6%
- Return on equity
- 117.4%
- Dividend yield
- None
- 52-week range
- $73.55 – $197.13
- Beta
- 1.04
- Price / sales
- 17.5x
- EV / EBITDA
- 49.5x
- Debt / equity
- 0.36x
- Employees
- 15,472
FTNT report card
BTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth25.6%A
- Gross margin80.2%A
- Operating margin33.6%A
- FCF margin41.4%A
- Return on equity117.4%A
- Net debt / EBITDA-1.4xA
- Forward P/E47.5xF
- PEG ratio1.9xC
- Shareholder yield1.7%C
- Share count change / yr-1.8%B
Fortinet financials
Revenue went from $1.3B in fiscal 2016 to $6.8B in fiscal 2025, growing 20.4% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.5B | $1.8B | $2.2B | $2.6B | $3.3B | $4.4B | $5.3B | $6.0B | $6.8B |
| Gross profit | $937.6M | $1.1B | $1.4B | $1.7B | $2.0B | $2.6B | $3.3B | $4.1B | $4.8B | $5.5B |
| Operating income | $42.9M | $109.8M | $234.4M | $351.0M | $531.8M | $650.4M | $969.6M | $1.2B | $1.8B | $2.1B |
| Net income | $32.2M | $31.4M | $334.9M | $331.7M | $488.5M | $606.8M | $857.3M | $1.1B | $1.7B | $1.9B |
| EPS (diluted) | $0.04 | $0.04 | $0.38 | $0.38 | $0.58 | $0.73 | $1.06 | $1.46 | $2.26 | $2.42 |
| Free cash flow | $278.5M | $459.1M | $585.9M | $715.8M | $957.8M | $1.2B | $1.4B | $1.7B | $1.9B | $2.2B |
| Buybacks | $110.8M | $446.3M | $211.8M | $145.1M | $1.1B | $741.8M | $2.0B | $1.5B | $600.0K | $2.3B |
| Diluted shares | 881.5M | 890.5M | 871.0M | 875.0M | 838.3M | 835.3M | 805.3M | 788.2M | 771.9M | 764.6M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into FTNT?
A reverse DCF asks what growth the current price requires. With an enterprise value of $128.6B and $3.1B of trailing free cash flow, Fortinet needs to grow free cash flow about 29.3% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 18.4% a year over the last five years.
P/E ratio history
Current 74.4x vs. median 71.5x (10th–90th percentile 40.0x–353.7x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
FTNT analyst price targets
37 analysts' average 12-month target is $169.31 (-6% vs. $179.99). Targets range from $107.00 to $225.00. 18% rate it a buy.
FTNT earnings
Next report: October 28, 2026. Fortinet has beaten EPS estimates 8 quarters in a row. Last quarter's revenue was $2.0B (+26% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 29, 2026 | $0.75 | $0.90 | +20.5% |
| May 6, 2026 | $0.62 | $0.82 | +32.6% |
| Feb 5, 2026 | $0.74 | $0.81 | +8.9% |
| Nov 5, 2025 | $0.63 | $0.74 | +16.9% |
| Aug 6, 2025 | $0.59 | $0.64 | +8.3% |
| May 7, 2025 | $0.53 | $0.58 | +9.0% |
| Feb 6, 2025 | $0.61 | $0.74 | +21.9% |
| Nov 7, 2024 | $0.52 | $0.63 | +21.5% |
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FTNT news
- Fortinet growth outlook for 2027 becomes key test for investors, says Jefferies · Oct 23, 2026
- Exploring Analyst Estimates for Fortinet (FTNT) Q3 Earnings, Beyond Revenue and EPS · Oct 23, 2026
- Fortinet (FTNT) vs. CSCO and PANW: Can Its Hardware-Software Advantage Support Long-Term Growth? · Oct 22, 2026
- Cequence Security Appoints Russ Schafer as CMO Amid Record Quarter, Expanding Customer Base, and Surging AI Security Demand · Oct 22, 2026
- What to Expect From Fortinet’s Next Quarterly Earnings Report · Oct 22, 2026
FTNT stock FAQ
What is FTNT's market cap?
Fortinet's market capitalization is $132.06 billion as of October 23, 2026, ranking 94th in the S&P 500.
What is FTNT's P/E ratio?
FTNT trades at a trailing price-to-earnings ratio of 63.6x and a forward P/E of 47.5x. Its median P/E over the period we track is 71.5x.
Does FTNT pay a dividend?
No. Fortinet does not currently pay a regular cash dividend.
How much has FTNT stock returned?
Including reinvested dividends, FTNT returned +111.9% over one year, +21.8% a year over five years, +39.7% a year over ten years through October 23, 2026.
Is FTNT stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Fortinet must grow free cash flow about 29% a year for the next decade. Its free cash flow grew 18% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the FTNT price target?
37 analysts cover FTNT with an average 12-month price target of $169.31, -6% from the current price. 18% of them rate it a buy.
When does FTNT report earnings?
Fortinet is expected to report earnings on October 28, 2026. It has beaten EPS estimates 8 quarters in a row.
How many employees does Fortinet have?
Fortinet has about 15,472 full-time employees, or $486,518 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology