Fortinet, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Security subscription was 39% and Product was 33% of revenue; Product fell from 36% in the fiscal year to Dec 2023.

In the fiscal year to Dec 2025, EMEA was 42% and United States was 28% of revenue; EMEA rose from 39% in the fiscal year to Dec 2023.

Quarters: Fortinet, Inc.'s SEC filings, named by the month they end. Fiscal years: Fortinet, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $27.3 ends up as net income. Net margin rose from 19.4% to 27.3% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Fortinet, Inc.'s annual reports to the SEC; quarters: SEC filings.

Growth and margins together

Rule of 40 score 64.0 (growth 20.5% + FCF margin 43.5%): strong, clears the 40 line. Stock pay is 3.9% of revenue; counted as a cost, it brings the FCF margin down to 39.6%.

Fortinet trades at 11.5× revenue on 20.5% growth. PLTR grows fastest of its peers, 95.9%, and costs 55.3×.

Growth: revenue in the quarter ended Sep 2026 against the quarter ended Sep 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Sep 2026. From SEC filings.

Customers and suppliers

In its latest annual report Fortinet buys from Accton, IBASE, Micro-Star and 15 more; sells to Arrow Electronics, Exclusive, Ingram Micro and 1 more.

Their suppliers

ASE Technology ASXto AMD, Broadcom +1

UMC UMCto AMD, Intel

GlobalFoundries GFSto AMD, Qualcomm

Amkor Technology AMKRto Broadcom, Qualcomm

Hon Hai Precision Industry 2317.TWto Broadcom

ASML ASMLto Intel, Micron Technology

Silicon Motion Technology SIMOto Micron Technology

Applied Materials AMATto Micron Technology

Arm ARMto Qualcomm

KLA KLACto TSMC

Lam Research LRCXto TSMC, Micron Technology

Onto Innovation ONTOto TSMC

Show 12

Suppliers

AMD AMD

Broadcom AVGO

Intel INTC

Marvell Technology MRVL

Micron Technology MU

Qualcomm QCOM

TSMC TSM

WDC WDC

Accton

ADATA 3260.TWO

IBASE

Micro-Star

Renesas

Samsung 005930.KS

Senao

Toshiba

Toshiba America

Wistron 3231.TW

+10 more

 

FTNTFortinet

Customers

Arrow Electronics ARW

Ingram Micro INGM

TD Synnex SNX

Exclusive

Their customers

Penguin Solutions PENGfrom TD Synnex

Show 1

Fortinet's 10-Q for the quarter to Sep 2026 gives three customers' shares of its revenue: Distributor A (27%), Distributor B (14%) and Distributor C (12%).

From Fortinet, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Changes since the previous annual report (10-K filed Feb 21, 2025)

Equinix EQIXNo longer named (was a supplier)

Only the companies Fortinet names in its 10-K filed Feb 25, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

EV/revenue of 11.5x, below the peer median of 22.9x.

EV/revenue below the peer median of 22.9x: cheaper than its peers.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $145, 12% above the current price; 19% of 43 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 8 analysts (19%). Sell or Strong Sell: 5.

Over the past year the average of the analysts' latest price targets went from $86.30 to $154.76 (+79%), while FTNT went from $81.03 to $129.54 (+60%). In the past three months targets were raised 8 times and cut 15 times. 4 upgrades and 4 downgrades over the year; the latest: Morgan Stanley moved it to Equal-Weight from Underweight on Jul 21, 2026.

The day after each of these reports the stock moved +2.0% (Dec 2025, beat); +20.1% (Mar 2026, beat); +2.8% (Jun 2026, beat); −24.8% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.94 a share, 16% more than the $0.81 of a year earlier, and revenue of $2.2B, up 16% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $3.90 a share, 9% more than the year before's estimate of $3.56, and revenue of $9.1B, up 11% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $3.4B in free cash flow over the year, of which $1.0B went back to shareholders (dividends plus buybacks), leaving $2.4B in the company.

Fortinet had 743M diluted shares in the quarter ended Sep 2026, 2.4% fewer than a year earlier, and 2.0% fewer each year on average since Jun 2022. It spent $1.0B on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 26.3% and its net income rose 21.8%: fewer shares added about 5 points.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.2, short-term debt is manageable; debt-to-equity 0.8, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 6 funds whose copy leaves FTNT out (on the exchange, not in the app yet): Fundsmith, Norges Bank, Mirae Asset Global Investments, Swiss National Bank, Canada Pension Plan Investment Board, Rob Bresnahan and 1 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 11 held FTNT at the end of their latest quarter (for most, Q2 2026). Over that quarter 5 added shares, 5 cut and 1 bought new. The largest of them is Norges Bank, 12.45M shares worth $1.9B at Jun 30, 2026, 14.3% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of FTNT at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $143M of FTNT on the open market in the 12 months to Nov 12, 2026; none bought. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was Ken Xie (President & CEO; director), who sold $85.3M in 29 sales.

From the Form 4s filed with the SEC about Fortinet, Inc. (70 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 119 other transactions (option exercises, shares withheld for tax and gifts).