FTNT
Fortinet, Inc.

Fortinet, Inc.FTNT

Technology · Software - Infrastructure
178.74USD
+2.00%
Sep 24, 2026
FTNT overview ready
Direct provider of secure networking and OT-security infrastructure for critical industries
Direct platform provider of secure networking and OT-security infrastructure.
Strong narrative exposure
Exposed to the Enterprise Cybersecurity Modernization narrative through Operational Technology and Critical Infrastructure Security — infrastructure supplier.
Price action is under distribution
Longer-term context reads mature trend, with a near-term setup of daily advance.
Demanding valuation
The price embeds expectations that run ahead of what comparable businesses command.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Intense competition in cybersecurity market.
Market Sep 23Filing Jun 30Price action Sep 23Research Jul 29

Conviction Level

NarrativeHeat8.0ThemeHeat7.5PriceAction5.1Valuation2.8CompanyPosition9.3
Price
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Price Action

Price action is under distribution
Longer-term context reads mature trend, with a near-term setup of daily advance.
EntryHealthy but extended

The long-term trend remains healthy, but price is substantially extended from major structural anchors and has not produced a meaningful reset. The current trend is strong, while the fresh-entry location is less attractive.

Key Financials

Market Cap
$131.1B
Avg Volume (60D)
5.0M
60 sessions
Revenue Growth YoY
+14.2%
FY2025 vs FY2024
Gross Margin
+80.2%
Trailing twelve months
Operating Margin
+32.4%
Trailing twelve months
Free Cash Flow Yield
+2.4%
Distance from 200DMA
+55.7%
Next Earnings
2026-11-04
P/E
61.8x
EV / EBITDA
49.5x
EV / Sales
17.1x
Market metrics as of Sep 23, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Fundamentals & Valuation

All three valuation perspectives agree this company is expensive.
Fortinet, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of what comparable businesses command. It trades at a 2.4% free-cash-flow yield and 49.5x EBITDA, which require sustained delivery to be justified.

Company Research

Thesis
Direct platform provider of secure networking and OT-security infrastructure. The company has a strong adjacent fit through a credible unlisted sibling theme: OT and critical-infrastructure security.
Opportunity
Moderate opportunity
Industrial, utility, transportation, energy, and other critical-infrastructure operators are modernizing security for converged IT/OT networks, legacy control systems, remote connectivity, segmentation, and cyber-resilience requirements.
Key risk
Intense competition in cybersecurity market.

Narrative & Theme

Direct platform provider of secure networking and OT-security infrastructure
Enterprise Cybersecurity Modernization
Part of Operational Technology and Critical Infrastructure Security, with strong fit.
The company has a strong adjacent fit through a credible unlisted sibling theme: OT and critical-infrastructure security.
Narrative HeatHeating up8.0 / 10
Theme HeatHeating up7.5 / 10

Business & Markets

Technology · Software - Infrastructure
What they do

Fortinet, Inc. provides cybersecurity solutions by integrating networking and security technologies through a unified operating system and specialized hardware to protect digital environments worldwide.

How it earns

The company primarily generates revenue through subscription-based services and product sales.

Products & services
FortiOS unified operating system
FortiASIC security processing units
FortiCloud SaaS platform
FortiAI dual-layered defense
FortiEndpoint endpoint protection
OT Security for engineered systems
Customers & end markets
Enterprises
Service providers
Government organizations
Market position

Fortinet is a leader in the cybersecurity infrastructure market with a broad product portfolio and strong technology integration.

Demand drivers
Low cyclicality

Cybersecurity demand is relatively stable and driven by ongoing security needs rather than economic cycles.