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Fortinet

FTNT

Fortinet is a global leader in cybersecurity that drives the convergence of networking and security through its integrated platform, the Fortinet Security Fabric.

Market cap
$109.85B+38.2%
Revenue$7.1B+15.8%
Net income$2.0B+4.0%
Free cash flow$2.4B+17.8%
EPS (diluted)$2.58+6.2%
Trailing twelve months · change vs. prior year

Earnings

Next report

Aug 5, 2026 (in a month)
Revenue estimate$1.9B
EPS estimate$0.74

Financials

Q1 2026

Income statement

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Revenue$1.8B+20.1%
Gross profit$1.5B+19.1%
Operating income$580.0M+27.8%
Net income$534.5M+23.3%
EPS (diluted)$0.72+28.6%

Balance sheet

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Cash & equivalents$2.2B-38.2%
Total debt$567.2M-47.3%
Total equity$989.7M-49.6%
Total assets$9.9B-5.0%

Cash flow

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Operating cash flow$1.1B+24.8%
CapEx$70.6M+6.2%
Free cash flow$1.0B+26.3%

Valuation & ratios

Valuation

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Market cap$106.44B+38.2%
Enterprise value$104.78B+46.4%
P/E54.5×+15.1×
P/S15×+2.9×

Profitability

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Gross margin80.3%-1.0pp
Operating margin31.1%-0.4pp
Net margin27.5%-3.1pp
FCF margin34.3%+0.6pp

Returns & leverage

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Return on equity132.4%
Debt / equity0.6×0.0×
Current ratio1.2×-0.2×

Segments

By geography

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EMEA$784.8M+24.9%
APAC$325.0M+15.5%
Other Americas$213.3M+22.3%

By product

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Security subscription$694.0M+11.4%
Technical support and other$510.5M+11.6%

By segment

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Reportable Segment$1.8B+20.1%

Competitors

Profile

Fortinet is a global leader in cybersecurity that drives the convergence of networking and security through its integrated platform, the Fortinet Security Fabric. The company provides high-performance security solutions across diverse environments, including branch, campus, data center, and cloud, leveraging proprietary ASIC technology and a unified operating system. Its core value proposition centers on reducing complexity and improving risk mitigation for enterprises, service providers, and government organizations.

Competitive position

A leading provider of integrated cybersecurity platforms distinguished by proprietary ASIC hardware acceleration and a unified operating system (FortiOS).

GeographiesUnited States, Canada, Europe, Middle East, Africa, Asia-Pacific
Customer segmentsEnterprise, Government, Service Providers, SME
Business modelSubscription SaaS, Hardware Appliances, Professional Services, Licensing
SuppliersContract Manufacturers (Accton, Wistron, Senao), Semiconductor Foundries (TSMC), Component Suppliers (Intel, AMD, Broadcom, Marvell, Qualcomm, Samsung), Cloud Infrastructure Providers (AWS, Azure, Google Cloud)
CustomersIT Distributors, Value-Added Resellers (VARs), Managed Security Service Providers (MSSPs), Direct Enterprise Customers
Listed2009
Employees13.5K
CEOKen Xie
FilingsSEC EDGAR

Questions, answered.

What is Fortinet's market cap?
Fortinet (FTNT) has a market capitalization of $109.85B and trades on NASDAQ.
What is Fortinet's revenue and profitability?
Fortinet generated $7.1B in trailing twelve-month revenue with net income of $2.0B, representing a net margin of 27.5%. Gross margin stands at 80.3%, with free cash flow of $2.4B. These figures are based on the Q1 2026 filing.
Who are Fortinet's competitors?
Fortinet's key competitors include Palo Alto Networks, Inc., Cisco Systems, Inc., Zscaler, Inc., and others. These companies compete in similar markets and product categories.
Who does Fortinet partner with?
Fortinet's notable partners include Amazon Web Services, Microsoft Azure, Google Cloud, and others.
Where is Fortinet headquartered?
Fortinet is headquartered in United States of America and employs approximately 13,522 people. It has been publicly traded since 2009.