Fortinet (FTNT): analysis in plain words
Is Fortinet cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Fortinet (FTNT) is listed on the Nasdaq and we classify it in software and cloud. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Fortinet according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Fortinet (FTNT) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $129.39 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 42.3x | Price over earnings per share |
| Revenue growth | +20.5% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 29.0% | Profit for every 100 of sales |
| Net debt / EBITDA | Net cash (more cash than debt) | Years of operating profit to repay debt |
| Dividend yield | 0.00% | Annual dividend over price |
| Market cap | $95.1 billion | What the stock market values it at |
The Fortinet figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any FTNT figure that is not available shows as N/A: we do not estimate it.
How Fortinet makes money
Fortinet sells FortiGate firewalls, powered by its own custom chips, plus the security services that run on them. Revenue is split between product, meaning the hardware, and service, its larger line, which covers security subscriptions and technical support. Customers include enterprises, carriers and governments across the Americas, Europe and Asia.
Over the last 12 months, Fortinet brought in revenue of $7.9 billion. For every 100 it sells, Fortinet keeps 79.8 after the direct cost of what it sells (gross margin) and 33.8 after all operating costs (operating margin).
Fortinet against its sector
To know whether a Fortinet figure is high or low you have to put it next to similar companies. This table compares Fortinet with the median of the 19 software and cloud companies Fintols covers, with data as of November 4, 2026.
| Figure | Fortinet | software and cloud median |
|---|---|---|
| P/E | 42.3x | 29.0x (19) |
| Revenue growth | +20.5% | +20.5% (25) |
| Net margin | 29.0% | 16.0% (25) |
| Dividend yield | 0.00% | 0.00% (25) |
| Net debt / EBITDA | -1.5x | 0.1x (23) |
In short, against the typical software and cloud company, Fortinet trades on a higher P/E, earns a wider margin and carries less debt. By size, Fortinet ranks number 13 of 22 software and cloud companies quoted in USD on Fintols.
The bull case for Fortinet
What works in favour of Fortinet, according to its figures as of November 4, 2026:
- Fortinet keeps 29.0 of every 100 it sells as net profit, against 16.0 for the median software and cloud company: a margin like that leaves money to invest, buy back shares or pay dividends.
- Fortinet earns 153.1% a year on its shareholders' money (return on equity).
- Fortinet grew sales +20.5% in its latest quarter against the same quarter a year earlier, while the median software and cloud company Fintols tracks grew +20.5%.
The main risk for Fortinet
Fortinet stock sits 34% below its 52-week high ($197.13): the market has cut its expectations, and it is worth understanding why first.
On top of that: the price already assumes a lot: Fortinet trades at 42.3x its last 12 months of earnings, against 29.0x for the software and cloud median. If growth disappoints, the multiple can shrink and the share price with it.
And, like the rest of software and cloud, Fortinet is exposed to a competitor or AI making what it sells cheaper and forcing price cuts.
Frequently asked questions about Fortinet
Is it a good time to buy Fortinet stock?
Fintols does not tell you whether to buy or sell Fortinet, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Fortinet stock trades at $129.39, 34% below its 52-week high ($197.13) and 76% above its low ($73.55). Its P/E is 42.3x against a software and cloud median of 29.0x, and 33.2x on the earnings analysts expect over the next 12 months. With Fortinet, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Fortinet pay a dividend?
No. As of November 4, 2026, Fortinet does not pay a dividend: what it earns stays in the company to grow, invest or, where it does so, buy back shares. Anyone buying Fortinet today is counting on the share price rising, not on income.
Is Fortinet stock expensive?
It depends on what you compare it with. On P/E, Fortinet trades at 42.3x its last 12 months of earnings: more expensive than the software and cloud median (29.0x). Including its debt, Fortinet is valued at 32.6x its EBITDA (EV/EBITDA). A high P/E alone does not make Fortinet expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Fortinet's competitors?
On Fintols we compare Fortinet with Palantir, Palo Alto Networks and CrowdStrike, which are also in software and cloud. As of November 4, 2026, Palantir is worth $413.7 billion and trades on a P/E of 120.9; Palo Alto Networks is worth $284.9 billion; CrowdStrike is worth $246.8 billion. Each has a side-by-side comparison with Fortinet below.
Fortinet competitors
- Palantir (PLTR) analysis · Fortinet vs Palantir comparison
- Palo Alto Networks (PANW) analysis · Fortinet vs Palo Alto Networks comparison
- CrowdStrike (CRWD) analysis · Fortinet vs CrowdStrike comparison
To understand Fortinet better
- Economic Moats Explained: From Warren Buffett to AI
- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like Fortinet: software and cloud stocks and S&P 500 companies. Open the full FTNT analysis with its valuation and scenarios. Educational content about Fortinet, not investment advice.