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Company Analysis

Fortinet, Inc. FTNT

A comprehensive view of key metrics, scores, and financial health for Fortinet, Inc.

Overview of Fortinet, Inc.

FTNT NMS
Technology Software - Infrastructure Framework: Software & SaaS Large Cap
Fortinet, Inc. (FTNT), is a Large Cap company, in the Software - Infrastructure industry, last closed at $126.21, about 66.4% overvalued vs fair value, +56.7% 1Y return, placing in the top 10% of its sector.
Metrics P/E 32.8× Rev Growth 14.2% ROE 135.7% Gross Margin 80.5%
USD 126.21
-7.25%
(Delayed)
• Vol 90d: 59.1%
52-Week Range
Market Cap
$92.73B
Enterprise Value
$90.29B
Overall Score
View breakdown
Overall
Growth
Good
Profitability
Excellent
Health
Fair
Efficiency
Good
Valuation
Good
Growth
Good
Profitability
Excellent
Health
Fair
Efficiency
Good
Valuation
Good
Completeness: 88%
Confidence: 93%
Updated: Oct 31
Top Beats

Quick Facts

Website https://www.fortinet.com
HQ Sunnyvale, CA
Employees 15,109
Fiscal year Dec 31

Next Events

No upcoming events available.

Fair Value Snapshot

Bear Base Bull
$39
$42
$46
Current: $126.21 -66% vs base

Engine Room Money Flow™

Large Cap

Software & SaaS - Where revenue goes and how value is created

Flow Steps
Total Revenue
$6.8B
14.2%%
Gross Profit
$5.5B
14%%
Operating Income (GAAP)
$2.1B
15.6%%
Operating Cash Flow
$2.6B
14.7%%
Money Flow Bridge
Flow Direction: Money moves from left to right
Components: Breakdown shows composition of each stage
Industry-Specific: Software & SaaS

Quality & Reliability Indicators

Gross Margin
80.5%
Excellent

Gross Profit / Revenue — pricing power and product moat (SaaS benchmark: >70%)

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Where It Leaks

Cash Flow Health healthy
Strong cash conversion with minimal leakage across profit-to-cash-to-value chain.
1
Active Leaks
1/1
Improving
0
High Impact
0
Critical
Moat Analysis Software & SaaS Specialized

Competitive Advantage Assessment

Evaluating Fortinet, Inc.'s durable competitive advantages across 6 defense dimensions

Overall Moat Strength
70
/100
Moderate
Scores based on quantitative metrics and qualitative factors
Full moat analysis

Key strengths

  • Premium Software Margins Gross margin quality is strong versus peers (score 0.92), consistent with premium software economics.
  • Revenue Converts Cleanly to Cash Cash conversion is strong (score 0.94), showing scalable economics.

Key risks

  • FCF Trend Is Softening FCF trend is weak (score 0.31), suggesting cash scalability is deteriorating.
  • Returns Lack Durability Return durability is weak (score 0.18), reducing confidence in moat durability.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Strong
85
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Recurring Revenue Stickiness

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Signals, strengths and risks for Innovation Engine

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Signals, strengths and risks for Cash Scalability

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Balance Sheet Resilience

Trade-Off Ledger™

Where management spends the performance budget - Growth, Profitability, or Safety

Software SaaS vs Industry Peers 96% Coverage
Trade-Off Triangle Visualization A ternary plot showing FTNT's balance between Growth (28.8%), Profitability (42.6%), and Safety (28.6%). Growth 29% Safety 29% Profitability 43%

Click axes to expand details. Marker shows current allocation.

3-Year Trend Analysis Locked
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Growth

60th percentile vs peers
61
Key Signals
Rev Growth YoY 14.2% 60p Revenue CAGR 3Y 15.5% 66p Def Rev Growth 11.9% 58p Buyback % -3.1% 83p EPS Growth YoY 7.2% 38p
Strengths
  • Gross Profit Margin in top 20% of peers (80.5%, 86th percentile)
  • Rule of 40 in top 20% of peers (46.9%, 84th percentile)
  • FCF Margin in top 20% of peers (32.7%, 92th percentile)
  • Interest Coverage Ratio in top 20% of peers (114.54, 93th percentile)
Risks

No significant risks identified for this axis.

Profitability

90th percentile vs peers
90
Key Signals
Strengths
Risks
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Safety

60th percentile vs peers
60
Key Signals
Strengths
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Two Futures

Scenario-based fair value ranges for Fortinet, Inc..

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Unable to Compute Fair Value

This company cannot be valued using standard models.

What this means: The Scenario Theatre requires financial data (revenue, cash flow, shares outstanding) to calculate fair value estimates. This data may be unavailable for:

  • Recently listed companies (IPOs, SPACs)
  • Shell companies or holding companies
  • Companies that haven't filed recent financials
  • Foreign companies with limited data coverage
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Bear
-
- - -
- upside
-
Base
$42.45
- - -
-66.4% vs current
Snapshot base estimate
Bull
-
- - -
- upside
-
Fair Value Range Current: $-
$- $- $-
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