Fundamental analysis · SEC EDGAR · TTM through 30/06/2026
FTNT · Nasdaq · Technology
Fundamental quality
93
out of 100
Fortinet, Inc. fits the profile of a quality compounder: it pairs high return on capital (ROE 136.7%) with wide margins (net margin 28.2%) and a business that keeps growing (21.4% a year). On fundamental quality it scores 93 out of 100, profiling it as a company with solid fundamentals. Whether it's cheap or expensive depends on the current price, which you can compute in the tool.
Fortinet sells network security: its FortiGate firewalls protect the perimeter of hundreds of thousands of companies, with the twist that it designs its own chips to do it faster and cheaper than rivals.
EPS growth: 33.4% · Revenue growth: 21.4%
Net margin: 28.2% · ROE: 136.7%
Net debt/EBITDA: -0.94x · FCF: 41.4%
Source: SEC EDGAR · TTM through 30/06/2026
The score combines growth, profitability and financial strength, and here its pillars hold up evenly.
Percentile against the other 101 Technology companies in our coverage: how far it beats them on each metric (100 = best in sector).
Computed from the daily dataset scores. A high percentile places the company among the best in its sector on that metric; it is not a buy recommendation.
Key concepts
What do these metrics mean? Fundamental analysis · What is the P/E · What is EPS · What is ROE · Net & gross margin · Free cash flow
| Year | Revenue | Net income | Free cash flow | Net debt |
|---|---|---|---|---|
| 2020 | 2,594 | 489 | 958 | -1,062 |
| 2021 | 3,342 | 607 | 1,204 | -331 |
| 2022 | 4,417 | 857 | 1,449 | -692 |
| 2023 | 5,305 | 1,148 | 1,731 | -406 |
| 2024 | 5,956 | 1,745 | 1,879 | -1,882 |
| 2025 | 6,800 | 1,853 | 2,226 | -1,499 |
Between 2020 and 2025, revenue went from $2,594M to $6,800M (+162%) and net income went from $489M to $1,853M (+279%). Meanwhile, its margins have widened (from 19% to 27%).
Annual figures in millions of U.S. dollars ($M) per SEC filings. Net debt is total debt minus cash.
Latest results
Figures for the half-year ended June 30, 2026, versus the half-year ended June 30, 2025 (SEC filings):
Compared with the previous close (March 31, 2026), this is what moved in its accounts:
Automatic comparison between the two most recent periods filed with the SEC. One quarter doesn't make a trend: read it alongside the historical evolution above.
This company doesn't pay a dividend: it reinvests all its earnings back into the business.
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Is Fortinet, Inc. cheap or expensive?
That depends on the current price. Look it up, enter it in the tool and get the full valuation verdict (P/E against its sector).
Compute the valuation →Is Fortinet, Inc. a good company to invest in?
In terms of business quality, Fortinet, Inc. scores 93 out of 100 in our analysis, placing it as a company of high fundamental quality. That said, this isn't a recommendation: whether it's a good investment also depends on its current price and your goals.
Is Fortinet, Inc. a profitable company?
Very. Fortinet, Inc. shows a net margin of 28.2% and an ROE of 136.7%, typical of a highly profitable business.
Does Fortinet, Inc. have a lot of debt?
No. Fortinet, Inc. has a net cash position: more cash than debt.
Is Fortinet, Inc. growing?
Its revenue has grown 21.4% annualized in recent years and its earnings per share 33.4%, and without interruption since 2020.
Does Fortinet, Inc. generate cash?
Yes. It converts about 41.4% of its revenue into free cash flow, and has done so positively year after year.
The thresholds are general and the system doesn't judge qualitative factors. See the full methodology and use this analysis as a first filter, never as a final decision.
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Who's behind the methodology and model · how the score is computed
Data: see Fortinet, Inc.'s filings on EDGAR
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