# Fortinet Inc. (FTNT) fundamentals

Data as of 2026-11-04. NASDAQ, United States. Sector: Technology / Software. Price $128.11, market value $94.1 billion.

## Valuation
- **P/E (trailing): 41.9×** (5-yr avg 51.9×, 3-yr avg 38.2×). Fortinet Inc. trades at 41.9× trailing earnings, close to its own five-year average of 51.9×. The Technology median in the September 2026 study was 32.1×. Forward P/E is 32.9×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 4.64**. A PEG of 4.64 means the P/E is high relative to expected earnings growth; the price already assumes a lot.
- **Price / sales: 11.9×**. Each dollar of revenue is priced at 11.9×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 41.9×**. The shares trade at 41.9× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 33.6×**. Enterprise value is 33.6× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 3.6%** (5-yr avg 3.1%). Free cash flow equals 3.6% of the market value, in line with its five-year average of 3.1%.
- **Earnings yield: 2.4%**. The inverse of the P/E: 2.4% of the price is earned each year.

## Profitability
- **Gross margin: 79.7%**. Fortinet Inc. keeps 79.7% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 33.0%**. 33.0% of revenue is left after running the business, an exceptional level.
- **Net margin: 27.3%**. 27.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 149.8%**. A 149.8% return on equity is extremely high; check whether buybacks or debt have shrunk the equity base, which flatters the ratio.
- **Return on invested capital: -785.2%**. Return on all capital, debt included, is -785.2%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 22.0%**. Each dollar of assets produces 22.0% of profit.

## Growth
- **Revenue growth (1 yr): 14.2%** (3-yr 15.5%/yr, 5-yr 21.3%/yr). Revenue grew 14.2% over the last year, against 21.3% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 7.1%** (3-yr 31.7%/yr, 5-yr 33.1%/yr). Earnings per share rose 7.1%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 15.4%/yr**. Free cash flow has compounded at 15.4% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 0.81**. Debt is 0.81 times equity, moderate leverage.
- **Net debt / EBITDA: net cash**. Fortinet Inc. holds more cash than debt.
- **Current ratio: 1.17** (quick 1.17). Current assets cover the next year's liabilities 1.17 times.
- **Altman Z-score: 7.75**. A Z-score of 7.75 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Fortinet Inc. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: hold** (37 analysts). 37 analysts cover Fortinet Inc.; the consensus is hold, with an average price target of $145.96 (+14% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 46.0%** (YTD 58.9%, 3-mo -22.7%). The shares are up 46.0% over twelve months including dividends.
- **From 52-week high: -35.0%** (74.2% above the low). Trading 35% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 24**. An RSI of 24 is oversold; bounces are common, but oversold can stay oversold in a real decline.
- **Beta (1 yr): 1.01** (volatility 49%). Beta of 1.01 against the S&P 500: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=FTNT · Page: https://foliofundamentals.com/stocks/ftnt

Not investment advice.