Fortinet, Inc. (FTNT)
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No price history available.
Key financial summary
Financials in USD| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Total revenue | $m | 2,594 | 3,342 | 4,417 | 5,305 | 5,956 | 6,800 | 7,527 | 8,118 |
| Operating profit | $m | 2,082 | 2,441 | ||||||
| Net profit | $m | 489 | 607 | 857 | 1,148 | 1,745 | 1,853 | 2,121 | 2,563 |
| EPS reported | $ | 2.43 | 2.84 | ||||||
| Operating cashflow per share | $ | 3.49 | 4.61 | ||||||
| Capex per share | $ | 0.49 | 0.38 | ||||||
| FCF per share | $ | 3.00 | 4.24 | ||||||
| Free cash flow | $m | 2,226 | 3,117 | ||||||
| Net debt | $m | -2,586 | -3,573 | ||||||
| Book value equity | $m | 1,238 | 1,551 | ||||||
| Book value per share | $ | 1.65 | 2.09 | ||||||
| Number of shares | m | 748 | 741.3 | ||||||
| DPS (TTM paid) | $ | 0.00 | 0.00 |
Financial summary
Financials in USD| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Value | |||||||||
| P/E TTM | x | 32.68 | 61.08 | ||||||
| P/B LTM | x | 47.68 | 38.04 | ||||||
| P/S LTM | x | 8.68 | 7.84 | ||||||
| P/FCF LTM | x | 26.51 | 18.93 | ||||||
| EV/EBITDA LTM | x | 23.33 | 19.88 | ||||||
| EV/Sales LTM | x | 8.46 | 15.27 | ||||||
| Earnings Yield LTM | % | +3.06% | +1.64% | ||||||
| FCF Yield | % | +3.77% | +5.28% | ||||||
| Quality | |||||||||
| ROE | % | +149.77% | +187.95% | ||||||
| ROIC | % | +28.75% | +32.78% | ||||||
| Operating margin | % | +30.62% | +32.43% | ||||||
| Gross margin | % | +80.84% | +80.38% | ||||||
| FCF/Sales | % | +32.73% | +41.41% | ||||||
| Growth and momentum | |||||||||
| EPS Growth YoY | % | +7.52% | +25.66% | ||||||
| Sales Growth YoY | % | +14.17% | +26.39% | ||||||
| Net Income Growth YoY | % | +6.20% | +21.52% | ||||||
| FCF Growth | % | +18.44% | +65.87% | ||||||
| Operating Profit Growth | % | +15.45% | +35.34% | ||||||
| Dividend and capital structure | |||||||||
| Dividend Yield | % | 0.00% | 0.00% | ||||||
| Dividend Growth | % | - | - | ||||||
| Payout Ratio | % | 0.00% | 0.00% | ||||||
| FCF/Debt | x | 2.23 | 6.27 | ||||||
| Net Debt/EBITDA | x | -0.61 | -0.84 | ||||||
| EBIT/Net interest | x | 103.58 | 135.60 | ||||||
| Net debt/market cap | % | +1.69% | +0.42% | ||||||
| Net debt/Equity | x | -2.09 | -2.30 | ||||||
| Gross debt/equity | x | 0.81 | 0.32 | ||||||
Price target estimates
Based on consensus from external analysts. Not Kvantra's opinion.
Ratings
Based on consensus from external analysts. Not Kvantra's opinion.
ESG
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| ESG-score | |||
| Environmental score | |||
| Social score | |||
| Governance score | |||
| Risk rating |
Company overview
Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network (VPN) services, application control, web filtering, anti-spam measures, and wide area network (WAN) acceleration. Beyond its flagship product, Fortinet provides a diverse portfolio of specialized security tools. These range from FortiSwitch for secure network switching and FortiAP for robust wireless connectivity, to FortiExtender, a versatile hardware appliance. For centralized network visibility and control, clients utilize FortiAnalyzer for logging, analysis, and reporting, and FortiManager for scalable administration of FortiGate devices. The company further fortifies digital defenses with FortiWeb (web application firewalls), FortiMail (secure email gateways), and FortiSandbox technology, which offers proactive threat detection and mitigation. Endpoint protection is a key focus, delivered through FortiClient (featuring pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall) and the advanced FortiEDR/XDR suite, which leverages machine learning for anti-malware execution and real-time post-infection defense. Additionally, FortiToken and FortiAuthenticator product families provide essential multi-factor authentication to safeguard systems and data. Fortinet's service offerings include security subscriptions, technical support, professional consulting, and training programs. Its robust security technologies are distributed both directly to end-users and through an extensive network of channel partners. The company serves a wide array of sectors, including telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare. Headquartered in Sunnyvale, California, Fortinet, Inc. was established in 2000 and maintains a strategic alliance with Linksys.
Similar companies
For informational purposes only. Kvantra provides data and quantitative analysis, not investment advice. KvantraRank is a mechanical model output. Analyst price targets and ratings are sourced from third parties and are not Kvantra recommendations. Past performance does not guarantee future results; all investments carry risk.
No price history available.
Consensus from external analysts. Not Kvantra's opinion.
Based on consensus from external analysts. Not Kvantra's opinion.
Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network (VPN) services, application control, web filtering, anti-spam measures, and wide area network (WAN) acceleration. Beyond its flagship product, Fortinet provides a diverse portfolio of specialized security tools. These range from FortiSwitch for secure network switching and FortiAP for robust wireless connectivity, to FortiExtender, a versatile hardware appliance. For centralized network visibility and control, clients utilize FortiAnalyzer for logging, analysis, and reporting, and FortiManager for scalable administration of FortiGate devices. The company further fortifies digital defenses with FortiWeb (web application firewalls), FortiMail (secure email gateways), and FortiSandbox technology, which offers proactive threat detection and mitigation. Endpoint protection is a key focus, delivered through FortiClient (featuring pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall) and the advanced FortiEDR/XDR suite, which leverages machine learning for anti-malware execution and real-time post-infection defense. Additionally, FortiToken and FortiAuthenticator product families provide essential multi-factor authentication to safeguard systems and data. Fortinet's service offerings include security subscriptions, technical support, professional consulting, and training programs. Its robust security technologies are distributed both directly to end-users and through an extensive network of channel partners. The company serves a wide array of sectors, including telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare. Headquartered in Sunnyvale, California, Fortinet, Inc. was established in 2000 and maintains a strategic alliance with Linksys.
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