Stocks · Technology · Software - Infrastructure
Fortinet, Inc. FTNT
$180.95 +1.25% Close, Oct 2, 2026 · NASDAQ · Market cap $132.77B
Strong growthHigh qualityStrong trendLow risk
Next earnings report: Oct 28, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Over the past year the stock returned +112.4%, ahead of the S&P 500 by 97.4 percentage points.
- Earnings beat analyst estimates in each of the last 14 quarters (average surprise over the last four: +19.9%).
- The stock is in an uptrend: above its 200-day average for 112 trading days, with the 50-day average above the 200-day.
PromtFinance scores
Each score is a percentile within the Technology sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Top 36%
- EPS growth (TTM, YoY)Top 50%
- FCF growth (TTM, YoY)Top 26%
- Revenue growth, 3-year CAGRTop 27%
- Revenue growth accelerationTop 30%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalTop 4%
- Gross marginTop 9%
- Operating marginTop 7%
- Cash conversion (OCF / net income)Bottom 46%
- Accruals (lower is better)Top 30%
- Net debt / EBITDA (lower is better)Top 29%
- Interest coverTop 5%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldTop 45%
- Free-cash-flow yieldBottom 46%
- EBITDA / enterprise valueBottom 43%
- Sales / enterprise valueBottom 13%
- P/E vs own 5-year history (lower is better)Bottom 34%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthTop 13%
- 6-month returnTop 9%
- 1-year return vs S&P 500Top 12%
- Distance from 52-week highTop 2%
- Trend checklist (0–4)Top 18%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersTop 28%
- Consecutive EPS beatsTop 9%
- Share of analysts rating BuyBottom 19%
- Upside to consensus price targetBottom 7%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Top 23%
- Maximum drawdown, 3 yearsTop 7%
- Beta vs S&P 500 (lower is better)Top 39%
- Net debt / EBITDA (lower is better)Top 29%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 15.7% | 18.8% | ↑ |
| EPS growth (YoY) | 6.6% | 13.1% | ↑ |
| Gross margin | 81.5% | 80.4% | ↓ |
| Operating margin | 30.9% | 32.4% | ↑ |
| FCF margin | 32.1% | 41.4% | ↑ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 18.8% | 15.7% | ↑ | Top 36% |
| EPS growth (TTM, YoY) | 13.1% | 6.6% | ↑ | Top 50% |
| Gross margin | 80.4% | 81.5% | ↓ | Top 9% |
| Operating margin | 32.4% | 30.9% | ↑ | Top 7% |
| Net margin | 28.2% | 30.6% | ↓ | — |
| Free-cash-flow margin | 41.4% | 32.1% | ↑ | — |
| Return on invested capital | 32.8% | — | Top 4% | |
| Revenue growth, 3-year CAGR | 15.5% | — | Top 27% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 1.60×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -11.7%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 3.9%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- +1.0 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- -0.84×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 135.6×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.00%
- Net buyback yield (TTM)
- 2.10%
- Shareholder yield
- 2.10%
- Share count change, 1 year
- -4.3%
- Share count change, 3-year CAGR
- -2.3%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Jul 30, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 14
- Beats in the last 8 reports
- 8 of 8
- Average EPS surprise, last 4
- +19.9%
- Average 2-day reaction, last 8
- +0.4%
- Positive 20 days after report
- 4 of 8
Analysts
- Consensus price target
- $158.64
- Target vs current price
- -12.3%
- Analysts with a rating
- 69
- Share rating Buy or Strong Buy
- 42%
- Consensus rating
- Hold
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 29, 2026 | +20.6% | +2.2% | +12.2% | +2.5% | — |
| May 6, 2026 | +32.5% | +0.0% | +26.6% | +62.9% | +80.1% |
| Feb 5, 2026 | +9.0% | -2.7% | +8.3% | +4.1% | +6.4% |
| Nov 5, 2025 | +17.3% | +0.9% | -1.8% | -2.9% | -4.6% |
| Aug 6, 2025 | +8.5% | +0.4% | -18.4% | -20.4% | -12.5% |
| May 7, 2025 | +9.2% | -0.4% | -2.0% | -5.2% | -9.1% |
| Feb 6, 2025 | +23.3% | -0.3% | +2.5% | -3.2% | +1.1% |
| Nov 7, 2024 | +21.2% | +3.5% | +21.0% | +21.8% | +29.9% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 29, 2026 | $0.90 | $0.75 | +20.6% | $2.05B |
| May 6, 2026 | $0.82 | $0.62 | +32.5% | $1.85B |
| Feb 5, 2026 | $0.81 | $0.74 | +9.0% | $1.91B |
| Nov 5, 2025 | $0.74 | $0.63 | +17.3% | $1.72B |
| Aug 6, 2025 | $0.64 | $0.59 | +8.5% | $1.63B |
| May 7, 2025 | $0.58 | $0.53 | +9.2% | $1.54B |
| Feb 6, 2025 | $0.74 | $0.60 | +23.3% | $1.66B |
| Nov 7, 2024 | $0.63 | $0.52 | +21.2% | $1.51B |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 63.7× | 47.2× | 76th | Top 45% |
| P/E (forward) | 52.5× | — | — | — |
| EV / EBITDA | 45.0× | — | — | Bottom 43% |
| EV / Sales | 17.31× | — | — | Bottom 13% |
| Free-cash-flow yield | 2.35% | — | — | Bottom 46% |
| Earnings yield | 1.57% | — | — | Top 45% |
P/E over the past five years
Range 29.6× – 106.4× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- +112.4%
- Earnings per share growth (TTM)
- +13.1%
- Change in P/E multiple
- +83.2%
Most of the move came from a change in the valuation multiple.
Technical state
Trend checklist
- ✓ Price above 20-day average
- ✓ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✓ MACD histogram positive
Trend quality
- Days above the 50-day average
- 15
- Days above the 200-day average
- 112
- 50-day average slope (20 days)
- +3.1%
- 200-day average slope (20 days)
- +8.1%
- Distance from 50-day average
- +10.6%
- Distance from 200-day average
- +52.6%
- RSI (14)
- 64.2
- Relative volume
- 0.86×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 43.7%
- Volatility vs own 5-year history
- 53th percentile · Normal for this stock
- Beta vs S&P 500 (2 years, weekly)
- 1.24
- Correlation with S&P 500
- 0.42
- Current drawdown from 1-year high
- +0.0%
- Maximum drawdown, 3 years
- -35.1%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Jul 17, 2023 | Nov 7, 2023 | -38.3% | 80 days | 231 days (Oct 9, 2024) |
| Dec 27, 2021 | Nov 3, 2022 | -37.5% | 216 days | 153 days (Jun 15, 2023) |
| Feb 19, 2025 | Aug 8, 2025 | -35.1% | 118 days | 189 days (May 11, 2026) |
| Nov 8, 2021 | Dec 6, 2021 | -16.8% | 19 days | 14 days (Dec 27, 2021) |
| Oct 20, 2020 | Oct 30, 2020 | -16.7% | 8 days | 32 days (Dec 16, 2020) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $132.77B
- P/E (TTM)
- 63.7
- EPS, diluted (TTM)
- $2.84
- Revenue (TTM)
- $7.53B
- 52-week range
- $73.55 – $183.09
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $3.34B | $4.42B | $5.30B | $5.96B | $6.80B |
| Gross profit | $2.56B | $3.33B | $4.07B | $4.80B | $5.50B |
| Operating income | $650.4M | $969.6M | $1.24B | $1.80B | $2.08B |
| Net income | $606.8M | $857.3M | $1.15B | $1.75B | $1.85B |
| EPS (diluted) | $0.73 | $1.06 | $1.46 | $2.26 | $2.43 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.51B | $1.66B | $1.54B | $1.63B | $1.72B | $1.91B | $1.85B | $2.05B |
| Net income | $539.9M | $526.2M | $433.4M | $440.1M | $473.9M | $506.0M | $534.5M | $606.3M |
| EPS (diluted) | $0.70 | $0.68 | $0.56 | $0.57 | $0.62 | $0.68 | $0.72 | $0.82 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $1.50B | $1.73B | $1.94B | $2.26B | $2.59B |
| Capital expenditure | -$295.9M | -$281.2M | -$204.1M | -$378.9M | -$364.8M |
| Free cash flow | $1.20B | $1.45B | $1.73B | $1.88B | $2.23B |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Net share buybacks | -$715.8M | -$1.97B | -$1.46B | $62.5M | -$2.25B |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $4.07B
- Total assets
- $10.86B
- Total liabilities
- $9.31B
- Total debt
- $496.9M
- Net debt
- -$2.44B
- Shareholders’ equity
- $1.55B
As of Jun 30, 2026 (filed Jul 30, 2026).
Short interest
- Shares sold short
- 13,718,909
- Days to cover
- 3.53
- Change vs previous report
- +1.2%
FINRA short interest, settlement date Sep 15, 2026.
Stock splits
- Jun 23, 2022
- 5-for-1
- Jun 2, 2011
- 2-for-1