FTNT
Fortinet, Inc.

Fortinet, Inc.FTNT

Technology · Software - Infrastructure
118.84USD
-3.00%
Nov 09, 2026
FTNT overview ready
Provider of secure networking and OT-security infrastructure for critical operators
Direct platform provider of secure networking and OT-security infrastructure.
Primary theme is weakening
Cybersecurity is weakening (-3.1pp vs SPY over 21 sessions; 8 of 20 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
Fair valuation
The price broadly reflects the level and quality of its cash generation, with upside and risk reasonably balanced.
Unremarkable fundamentals
Primary risk
Intense competition in cybersecurity market.
Market Nov 6Filing Sep 30Price action Nov 8Research Jul 29

Conviction Level

PriceAction3.4BusinessPerformance7.0BusinessQuality9.4Valuation5.7ThemeMomentum3.0Improving — Revenue is growing at a steady pace (+21% year over year). Diluted EPS is up 39% year over year at $0.86. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
CybersecurityWeakening
vs SPY
−3.1pp
Theme return
−8.1%
Beating SPY
8 of 20
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$87.3B
Avg Volume (60D)
4.9M
60 sessions
Revenue Growth YoY
+14.2%
FY2025 vs FY2024
Gross Margin
+79.7%
Trailing twelve months
Operating Margin
+33.0%
Trailing twelve months
Free Cash Flow Yield
+2.8%
Distance from 200DMA
-8.3%
P/E
38.3x
EV / EBITDA
30.5x
EV / Sales
10.7x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Improving

Revenue is growing at a steady pace (+21% year over year). Diluted EPS is up 39% year over year at $0.86.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthGrowing
+21%
$2.08B in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +15%
  2. +20%
  3. +26%
  4. +21%
Earnings growthGrowing
+39%
Diluted EPS $0.86 vs $0.62 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. n/a
  2. +29%
  3. +44%
  4. +39%
Operating marginExpanding
33.9%
+2.2 pp YoY · gross margin 79.0% (-1.8 pp)

Business Quality

9.4 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

All three valuation perspectives agree this company is fair.
Fortinet, Inc. has a Fair valuation stance because the price broadly reflects the level and quality of its cash generation, with upside and risk reasonably balanced.

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.

Economic classification

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Business & Markets

Technology · Software - Infrastructure
What they do

Fortinet, Inc. develops and delivers integrated cybersecurity and networking solutions globally, combining hardware, software, and cloud services to protect enterprise and operational technology environments.

How it earns

The company generates revenue primarily through subscription-based licenses and sales of security hardware and software products.

Products & services
FortiOS unified operating system
FortiASIC security processors
FortiCloud SaaS platform
FortiAI threat detection
FortiEndpoint protection
OT Security solutions
Customers & end markets
Enterprise IT organizations
Industrial and critical infrastructure operators
Market position

Leader in cybersecurity infrastructure with a broad platform addressing both IT and OT security needs.

Demand drivers
Low cyclicality

Driven by ongoing cybersecurity needs and critical infrastructure protection, which are less sensitive to economic cycles.