At a glance
Fortinet Inc is worth $92.73B, about 52 times its fiscal 2025 earnings. Revenue grew 14.2% to $6.80B in fiscal 2025, with 27.3% kept as profit; over 5 years it has grown 21.3% a year. It pays no dividend; it spent $6.52B buying back its shares over FY2021–FY2025. The stock returned +46.0% over the past year with dividends reinvested and +14.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.5% in the 2020 crash (S&P 500: 33.7%) and 30.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 7 months after the lows.
The business in plain English
Fortinet sells cybersecurity and networking products that protect company networks, devices and data. Its FortiGate firewalls come as physical devices or as cloud software, and they screen network traffic for threats. They run on Fortinet's own operating system, FortiOS, and the hardware uses custom chips the company designs to speed up security work. Its more than 50 products fall into three groups: secure networking, unified SASE (secure access service edge, which delivers security from the cloud to remote workers and branch offices) and AI-driven tools for security operations teams.
Customers include businesses in financial services, retail, healthcare and operational technology (the systems that run factories, utilities and transportation). Service providers and government agencies buy too, in more than 100 countries. Many purchases go through distributors and resellers. In 2025, Fortinet reported revenue of $6.80 billion and net income of $1.85 billion. Security subscriptions, such as FortiGuard threat-protection services, made up 38.7% of revenue. Product sales made up 32.6%, and technical support and other services 28.6%. Subscription and support contracts can renew year after year, which tends to make revenue steadier than one-time hardware sales.
By region, Europe, the Middle East and Africa supplied 41.7% of 2025 revenue, the United States 28.4%, Asia-Pacific 18.6% and the rest of the Americas 11.3%. Fortinet is based in Sunnyvale, California, but it earns most of its revenue abroad.
Price history
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FTNT +46.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Security subscription | $2.63B | 38.7% |
| Product | $2.22B | 32.6% |
| Technical support and other | $1.95B | 28.6% |
By geography
| EMEA | $2.83B | 41.7% |
| United States | $1.93B | 28.4% |
| APAC | $1.26B | 18.6% |
| Other Americas | $770.9M | 11.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.08B, up 20.5% from a year earlier, and net income was $635.5M (+34.1%).
- For fiscal 2025, revenue was $6.80B (+14.2% year over year; +21.3% a year from FY2020 to FY2025) with a 27.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +21.3% good |
|---|---|
| Operating margin | 30.7% good |
| Free cash flow margin | 32.7% good |
| Return on equity (FY2025) | 149.8% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 17.8% good |
| Net cash (cash minus debt) | $3.77B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.59B | $488.5M | $957.8M |
| FY2021 | $3.34B | $606.8M | $1.20B |
| FY2022 | $4.42B | $857.3M | $1.45B |
| FY2023 | $5.30B | $1.15B | $1.73B |
| FY2024 | $5.96B | $1.75B | $1.88B |
| FY2025 | $6.80B | $1.85B | $2.23B |
Valuation snapshot
| Market value | $92.73B |
|---|---|
| P/E ratio | 52.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Fortinet’s market value went from $5.21B at the end of 2016 to $92.73B on Nov 2, 2026, about 17.8 times as much; since the end of 2025 it is up 57%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $92.73B | +57.0% |
| 2025 | $59.05B | -18.5% |
| 2024 | $72.41B | +61.1% |
| 2023 | $44.95B | +17.7% |
| 2022 | $38.19B | -35.0% |
| 2021 | $58.76B | +143.7% |
| 2020 | $24.11B | +32.0% |
| 2019 | $18.26B | +52.2% |
| 2018 | $12.00B | +57.9% |
| 2017 | $7.60B | +45.8% |
| 2016 | $5.21B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FTNT price data to Nov 2, 2026 | +58.9% | +46.0% | +29.9% | +14.0% | +35.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +58.9% |
| 2025 | -15.9% |
| 2024 | +61.4% |
| 2023 | +19.7% |
| 2022 | -32.0% |
| 2021 | +142.0% |
| 2020 | +39.1% |
| 2019 | +51.6% |
| 2018 | +61.2% |
| 2017 | +45.0% |
| 2016 | -3.4% |
| 2015 | +1.7% |
| 2014 | +60.3% |
| 2013 | -9.0% |
| 2012 | -3.6% |
| 2011 | +34.8% |
| 2010 | +84.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 27.9% over that stretch · deepest drop along the way 36.5%, back to its old high 1.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.6% over that stretch · deepest drop along the way 30.6%, back to its old high 7.2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 15 sales ($36.2M), 15 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | Ken Xie PRESIDENT & CEO, Director | sell (plan) | $11.1M |
| Sep 14, 2026 | John Whittle CHIEF OPERATING OFFICER | sell (plan) | $8.7M |
| Aug 3, 2026 | Ken Xie PRESIDENT & CEO, Director | sell (plan) | $7.9M |
| Aug 3, 2026 | Ken Xie PRESIDENT & CEO, Director | sell (plan) | $3.2M |
| Aug 3, 2026 | Ken Xie PRESIDENT & CEO, Director | sell (plan) | $2.9M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.21% | Mar 31, 2026 |
ETFs with the most weight in FTNT
| BUG Global X Cybersecurity ETF | 7.14% |
| WCBR WisdomTree Cybersecurity Fund | 5.2% |
| HACK Amplify Cybersecurity ETF | 5.15% |
| SPAM Themes Cybersecurity ETF | 4.75% |
| PSWD Xtrackers Cybersecurity Select Equity ETF | 4.59% |
| QQQG Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF | 4.31% |
| IHAK iShares Cybersecurity & Tech ETF | 4.22% |
| AMID Argent Mid Cap ETF | 3.96% |
What could go wrong
- Flaws in its own security products. Fortinet sells products meant to keep attackers out. A critical vulnerability, a missed attack or misuse of its products could hurt customers, damage its reputation and cut sales.
- Intense competition and bundled rivals. Competition is intense. Some buyers may see one vendor's all-in-one platform as weaker than separate specialist tools. Networking gear makers could also build similar security features into equipment customers already own.
- Reliance on outside manufacturers and parts. Several outside manufacturers build Fortinet's hardware. Component shortages, tariffs or tensions between China and Taiwan could delay shipments, raise costs and reduce profit margins.
- Most sales come from outside the US. The United States supplied 28.4% of 2025 revenue, and Europe, the Middle East and Africa supplied 41.7%. Currency swings, trade disputes, sanctions and export controls can all hurt international sales.
- Lumpy, hard-to-predict quarterly results. Many shipments land near quarter-end, so a few delayed orders can cause a shortfall. Fortinet also gives some North American distributors credits if it cuts prices on stock they still hold.
- A volatile stock at a high price. Fortinet warns its share price may swing widely. The stock lost about 32% in 2022 and 16% in 2025. It traded near 76 times 2025 earnings as of October 27, 2026.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
Fortinet does not pay a dividend, so it offers no regular income. Shareholders would need to sell shares to turn gains into cash. Instead, the company returns cash through buybacks, which means buying its own shares on the market. It spent $6.52 billion on buybacks from fiscal 2021 to 2025. That included $2.29 billion in 2025, slightly more than that year's free cash flow of $2.23 billion (free cash flow is the cash left after running the business and investing in property and equipment). The amounts vary: buybacks were just $0.6 million in 2024. Shares outstanding fell 10.2% between July 2021 and July 2026.
The stock has fallen hard in downturns. In the 2020 COVID crash it dropped 36.5% from February 19 to March 16, 2020, then recovered by May 7. In the 2022 market slump it fell 30.6% and needed about seven months after its October 12, 2022, low to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Fortinet make money?
Fortinet makes money by selling cybersecurity hardware, software and services to businesses, service providers and governments in more than 100 countries. In 2025, security subscriptions, such as FortiGuard threat-protection services, brought in 38.7% of its $6.80 billion in revenue. Product sales, including FortiGate firewalls, added 32.6%, and technical support and other services added 28.6%. Most revenue came from outside the United States. Europe, the Middle East and Africa was the largest region at 41.7%.
Does Fortinet pay a dividend?
No. Fortinet paid no dividends from fiscal 2021 through 2025. Instead, it returns cash to shareholders through share buybacks, and it spent $6.52 billion on them over those five years. Buybacks shrink the share count, which can raise each remaining share's slice of profits. But they do not put cash in an investor's account. Anyone wanting regular income from Fortinet would have to sell shares.
Is Fortinet profitable?
Yes. In 2025, Fortinet earned net income of $1.85 billion on revenue of $6.80 billion, a net profit margin of 27.3%. Free cash flow, the cash left after running the business and investing in property and equipment, was $2.23 billion. As of June 30, 2026, it held $3.33 billion in cash and investments against $497 million of debt. Profit grew more slowly than sales in 2025: net income rose 6.2% while revenue rose 14.2%.
What is Fortinet's P/E ratio?
About 76 as of October 27, 2026. That figure is based on 2025 earnings of $2.42 per share and a market value of roughly $136 billion. The price-to-earnings (P/E) ratio shows how many dollars investors pay for each dollar of yearly profit, so a figure this high reflects big expectations for growth. Revenue rose 25.6% from a year earlier in the quarter ended June 30, 2026. If growth slows, highly valued stocks can fall sharply.
Which ETFs hold Fortinet stock?
Fortinet is held by 258 ETFs. Cybersecurity funds give it the heaviest weights, led by Global X Cybersecurity ETF (BUG) at 7.14%, WisdomTree Cybersecurity Fund (WCBR) at 5.2% and Amplify Cybersecurity ETF (HACK) at 5.15%. Owning Fortinet through a fund spreads risk across other companies, though themed funds like these still focus on one industry. Weights shift as prices move. Separately, Vanguard Capital Management reported holding 6.21% of Fortinet's shares as of March 31, 2026.