Fortinet (FTNT) Stock Overview
Provides cybersecurity and convergence of networking and security solutions worldwide. More details
| Snowflake Score | |
|---|---|
| Valuation | 2/6 |
| Future Growth | 2/6 |
| Past Performance | 3/6 |
| Financial Health | 5/6 |
| Dividends | 0/6 |
Rewards
Risk Analysis
No risks detected for FTNT from our risk checks.
FTNT Community Fair Values
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Analyst Price Targets
Top Community Narratives
JO
Jolt_Communications
Community ContributorUS$6.85FV • 64.1% undervalued intrinsic discount
73.0%Revenue growth p.a.
3.1k
7
0
74
Fortinet, Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$86.29 |
| 52 Week High | US$109.33 |
| 52 Week Low | US$70.12 |
| Beta | 1.0 |
| 1 Month Change | 6.33% |
| 3 Month Change | 6.19% |
| 1 Year Change | -18.73% |
| 3 Year Change | 33.60% |
| 5 Year Change | 103.74% |
| Change since IPO | 5,091.94% |
Recent News & Updates
FTNT: AI Security Platform And Share Buybacks Will Drive Future Upside
Analysts have nudged their fair value estimate for Fortinet to $89.00, reflecting a blend of tempered revenue growth expectations, a slightly higher assumed discount rate, and modestly stronger margin and P/E assumptions that align with the recent mix of target hikes and a few cautious downgrades across the Street. Analyst Commentary Recent research on Fortinet presents a mixed picture, with several firms adjusting price targets and ratings around concerns on hardware exposure, execution, and the broader cybersecurity sector reaction to AI developments, while others point to what they view as attractive entry points and constructive setups into earnings.Fortinet's Competitive Moat Is Being Tested
Apr 07
FTNT: Hardware Dependence And Softer 2026 Refresh Expectations Will Restrain Returns
Analysts have nudged Fortinet's implied fair value to about $68, reflecting modest tweaks to growth, margin, and discount rate assumptions. Recent price target moves balance concerns over hardware dependence and firewall refresh cycles with views that broader cybersecurity demand remains intact despite AI related volatility.Recent updates
FTNT: AI Security Platform And Share Buybacks Will Drive Future Upside
Analysts have nudged their fair value estimate for Fortinet to $89.00, reflecting a blend of tempered revenue growth expectations, a slightly higher assumed discount rate, and modestly stronger margin and P/E assumptions that align with the recent mix of target hikes and a few cautious downgrades across the Street. Analyst Commentary Recent research on Fortinet presents a mixed picture, with several firms adjusting price targets and ratings around concerns on hardware exposure, execution, and the broader cybersecurity sector reaction to AI developments, while others point to what they view as attractive entry points and constructive setups into earnings.Fortinet's Competitive Moat Is Being Tested
Apr 07FTNT: Hardware Dependence And Softer 2026 Refresh Expectations Will Restrain Returns
Analysts have nudged Fortinet's implied fair value to about $68, reflecting modest tweaks to growth, margin, and discount rate assumptions. Recent price target moves balance concerns over hardware dependence and firewall refresh cycles with views that broader cybersecurity demand remains intact despite AI related volatility.FTNT: Hardware Reliance And Softer 2026 Refresh Cycle Will Pressure Returns
Analysts have modestly adjusted the Fortinet price target to $68.00, reflecting a slightly higher discount rate and fine tuned views on revenue growth, profit margins, and future P/E assumptions amid mixed research commentary on hardware exposure and valuation across the Street. Analyst Commentary Recent research on Fortinet has been mixed, with a cluster of price target changes and rating moves that highlight both valuation sensitivities and execution questions around the current hardware mix and future growth profile.
Fortinet, Inc. (FTNT): Navigating the Firewall Refresh Cycle and the SASE AI Pivot
Fortinet, Inc. (FTNT) concluded the March 13, 2026, trading session at $83.44 USD on the NASDAQ.FTNT: Hardware Dependence And Fading Refresh Cycle Will Pressure Future Returns
We are trimming our Fortinet fair value estimate to $68.00 from $70.25 as analysts factor in slower expected revenue growth, ongoing firewall hardware refresh risk, and a lower future P/E multiple around 25.6x, partly offset by a higher projected profit margin near 25.7%. Analyst Commentary Recent research has highlighted a more cautious tone around Fortinet, with several bearish analysts flagging risks around hardware reliance, growth sustainability, and valuation.
FTNT: Earnings Execution And Buybacks Will Support Future Upside
Analysts have nudged their fair value estimate for Fortinet higher by about $1 to roughly $109, reflecting a mix of tempered revenue growth expectations, slightly higher assumed P/E multiples, and firmer profit margin assumptions that align with the wave of recent price target increases across the Street. Analyst Commentary Bullish analysts have been active on Fortinet, with a cluster of recent research updates pointing to higher price targets, rating upgrades, and a more constructive stance on the share setup into upcoming results.FTNT: Earnings Execution And China Risk Insulation Will Support Future Upside
The analyst price target for Fortinet edges up to about $108 from roughly $108 previously, as analysts balance mixed rating actions and trimmed Street targets against slightly firmer assumptions on revenue growth, discount rate and future P/E in updated models. Analyst Commentary Recent research on Fortinet reflects a mixed backdrop, but there are clear pockets of optimism that speak to how some on the Street are framing the risk and reward.FTNT: Hardware Refresh Caution Will Contrast With Stronger Margins And Buybacks
Analysts have nudged their implied fair value for Fortinet lower from about $110 to $108, as a reduced future P/E assumption and more cautious views on hardware refresh demand offset still solid revenue and billings metrics reflected in recent research updates. Analyst Commentary Recent research has been mixed, but there are still clear pockets of optimism around Fortinet that center on execution, earnings quality, and how those feed into valuation support.FTNT: AI Data Center Security Partnerships Will Drive Future Upside Potential
Analysts have trimmed their price targets on Fortinet toward the high $80s to low $100s, with the updated fair value estimate holding near $87.04 as they factor in recent Q3 metrics such as 18% Product revenue growth, 14% Billings growth, and slightly refined assumptions for discount rate, revenue growth, margins, and future P/E. Analyst Commentary Recent Street research has shifted to a more balanced stance on Fortinet, with price targets clustering in the high $80s to low $100s range and at least one downgrade to a neutral rating.FTNT: AI Data Center Push And Legal Overhang Will Shape Shares
Analysts have slightly lowered their price target on Fortinet, trimming fair value by about $0.40 to roughly $87.04. They cited a more cautious stance following recent downgrades and tempered growth expectations, despite solid Q3 metrics and improved guidance.FTNT: Firewall Cycle, AI Initiatives And Lawsuit Will Shape Stock Path
Analysts have modestly reduced their price target on Fortinet to about $87 per share. This reflects more cautious views on the stock's risk profile and future earnings multiples, despite solid recent revenue and margin performance.FTNT: Firewall Refresh Cycle Maturity Will Influence Stock Performance Ahead
Analysts have slightly lowered their fair value estimate for Fortinet to $87.45 from $88.30, citing modestly reduced growth projections and tempered expectations following recent industry downgrades and updates to price targets. Analyst Commentary Recent street research on Fortinet reflects a mix of cautious and optimistic outlooks, as analysts assess the company's performance and future prospects in light of industry trends and earnings results.FTNT: Firewall Refresh Cycle And Market Dynamics Will Shape Medium-Term Prospects
Fortinet's analyst price target has been revised downward, dropping from approximately $90.32 to $88.30. Analysts cite tempered expectations for core firewall growth and evolving revenue and margin forecasts, despite some improvements in guidance.Fortinet, Inc. (NASDAQ:FTNT) Shares May Have Slumped 26% But Getting In Cheap Is Still Unlikely
Aug 20
The Architect of Integrated, High-Performance Security
When compared to other competitors, Fortinet's valuation makes a lot of sense. Fortinet is a model of profitability and operational efficiency.Digital Transformation Will Expand Integrated Cybersecurity Solutions
Fortinet’s fair value estimate has been significantly lowered, primarily due to a notable contraction in its forward P/E multiple despite stable revenue growth forecasts, resulting in the consensus price target dropping from $109.88 to $93.46. What's in the News Fortinet announced a major expansion of its FortiCloud platform, introducing FortiIdentity (cloud-native identity management), FortiDrive (secure storage), and FortiConnect (protected communications), all natively integrated with its Security Fabric, furthering its unified platform strategy and supporting hybrid workforces with global infrastructure investments (Key Developments, 2025-08-06).Fortinet, Inc. Just Recorded A 13% EPS Beat: Here's What Analysts Are Forecasting Next
Aug 08
The silent guardian of the internet and one of the most profitable names in cybersecurity.
Fortinet delivered yet another textbook beat on both top-line and bottom-line in Q2, still rocking the cybersecurity party. But the market’s stomach for forward guidance is as fickle as my mood before coffee, a slightly cautious outlook = big price pullback.Is It Too Late To Consider Buying Fortinet, Inc. (NASDAQ:FTNT)?
Aug 01Here's Why Fortinet (NASDAQ:FTNT) Has Caught The Eye Of Investors
Jul 19A Look At The Fair Value Of Fortinet, Inc. (NASDAQ:FTNT)
Jul 02Optimistic Investors Push Fortinet, Inc. (NASDAQ:FTNT) Shares Up 25% But Growth Is Lacking
May 04Fortinet: Three Major Growth Catalysts
Apr 25Fortinet: Capitalizing On Hardware Firewall Upgrades For Future Growth
Feb 26As Billings Growth Turns Negative, I'm Bearish On Fortinet
Jan 22Fortinet: Solid Growth But Overvalued After Recent Run
Dec 19Fortinet: Cybersecurity Could Be A Critical Theme In 2025 And I Am Still Bullish
Dec 13Fortinet: The Good News Keeps Coming
Nov 12Shareholder Returns
| FTNT | US Software | US Market | |
|---|---|---|---|
| 7D | 2.3% | -0.6% | 0.8% |
| 1Y | -18.7% | -8.3% | 27.7% |
Return vs Industry: FTNT underperformed the US Software industry which returned -8.3% over the past year.
Return vs Market: FTNT underperformed the US Market which returned 27.7% over the past year.
Price Volatility
| FTNT volatility | |
|---|---|
| FTNT Average Weekly Movement | 5.3% |
| Software Industry Average Movement | 10.2% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.2% |
| 10% least volatile stocks in US Market | 3.3% |
Stable Share Price: FTNT has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: FTNT's weekly volatility (5%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2000 | 15,109 | Ken Xie | www.fortinet.com |
Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. The company offers FortiOS, a unified operating system designed to address cybersecurity threats; FortiASIC application-specific integrated circuit (ASIC)-based security processing units; FortiCloud, a private cloud software as a service platform; FortiAI, which provides a dual-layered defense across the Fortinet Security Fabric; FortiEndpoint, which converges secure connectivity, endpoint protection, and capabilities into a single agent; and OT Security, which protect the engineered systems that underpin infrastructure and supply chains. It also provides secure networking solutions that focus on the convergence of networking and security; network firewall solutions comprising FortiGate data centers, hyperscale, and distributed firewalls; wireless local area network solutions; and secure connectivity solutions.
Fortinet, Inc. Fundamentals Summary
| FTNT fundamental statistics | |
|---|---|
| Market cap | US$61.72b |
| Earnings (TTM) | US$1.85b |
| Revenue (TTM) | US$6.80b |
34.1x
P/E Ratio9.3x
P/S RatioIs FTNT overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| FTNT income statement (TTM) | |
|---|---|
| Revenue | US$6.80b |
| Cost of Revenue | US$1.33b |
| Gross Profit | US$5.47b |
| Other Expenses | US$3.62b |
| Earnings | US$1.85b |
Last Reported Earnings
Dec 31, 2025
Next Earnings Date
May 06, 2026
| Earnings per share (EPS) | 2.53 |
| Gross Margin | 80.46% |
| Net Profit Margin | 27.26% |
| Debt/Equity Ratio | 80.5% |
How did FTNT perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/01 17:06 |
| End of Day Share Price | 2026/05/01 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Fortinet, Inc. is covered by 68 analysts. 42 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Ellie Bagshaw | Arete Research Services LLP |
| Shrenik Kothari | Baird |
| Danny Kaplan | Barclays |