Fortinet Inc
Research Fortinet Inc (FTNT) on Bullrun: valuation model: 33.6% overvalued, market cap USD 141.54B, P/E 68.0. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerFTNT
- ExchangeNASDAQ
- CountryUnited States
- SectorTechnology
- IndustrySoftware-Infrastructure
- CurrencyUSD
- Valuation signal33.6% overvalued
- Market capUSD 141.54B
- P/E68.0
- Financial periodQ2 2026
- RevenueUSD 2.05B
- Net incomeUSD 606.30M
- Free cash flowUSD 965.60M
- Gross margin80.2%
Valuation Snapshot
Bullrun's latest valuation model marks Fortinet Inc as 33.6% overvalued; latest market cap is USD 141.54B; P/E is 68.0.
Peer valuation comparison
Latest P/E is 67.98x versus a Technology sector median of 28.7x (136.9% above).
Latest P/E is 67.98x versus a United States median of 23.75x (186.3% above).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 6.80B | USD 1.85B | USD 2.23B | 80.5% | 2.42 | USD 2.50B | USD 996.30M | USD 1.24B |
| FY2024 | USD 5.96B | USD 1.75B | USD 1.88B | 80.6% | 2.26 | USD 2.88B | USD 994.30M | USD 1.49B |
| FY2023 | USD 5.30B | USD 1.15B | USD 1.73B | 76.7% | 1.46 | USD 1.40B | USD 992.30M | -USD 463.40M |
| FY2022 | USD 4.42B | USD 857.30M | USD 1.45B | 75.4% | 1.06 | USD 1.68B | USD 990.40M | -USD 281.60M |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-10-12 | USD 141.54B | 68.0 | n/a | n/a |
| 2025 | 2025-12-31 | USD 59.00B | 32.7 | n/a | n/a |
| 2024 | 2024-12-31 | USD 72.47B | 41.8 | n/a | n/a |
| 2023 | 2023-12-29 | USD 44.95B | 40.4 | n/a | n/a |
| 2022 | 2022-12-30 | USD 38.19B | 53.7 | n/a | n/a |
| 2021 | 2021-12-31 | USD 58.22B | 98.5 | n/a | n/a |
About Fortinet Inc
Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. The company offers FortiOS, a unified operating system designed to address cybersecurity threats; FortiASIC application-specific integrated circuit (ASIC)-based security processing units; FortiCloud, a private cloud software as a service platform; FortiAI, which provides a dual-layered defense across the Fortinet Security Fabric;
ETFs that hold Fortinet Inc
Fortinet Inc is one of the ten largest holdings of 24 ETFs that investors in Europe can buy. The 8 most traded of them:
| ETF | Weight | TER |
|---|---|---|
| L&G Cyber Security UCITS ETF | 7.56% | 0.69% |
| First Trust Nasdaq Cybersecurity UCITS ETF Class A USD Accumulation | 9.12% | 0.60% |
| Wisdomtree Issuer Icav - Cybersecurity UCITS ETF | 6.25% | 0.45% |
| Future of Defence UCITS ETF - Accumulating | 5.56% | 0.49% |
| iShares Digital Security UCITS ETF USD Acc | 2.67% | 0.40% |
| Amundi S&P 500 Equal Weight ESG UCITS ETF Acc | 0.37% | 0.18% |
| VanEck Morningstar US ESG Wide Moat UCITS ETF | 2.78% | 0.49% |
| iShares Digitalisation UCITS ETF USD (Acc) | 3.34% | 0.40% |
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Frequently asked questions
Is Fortinet Inc overvalued or undervalued?
Bullrun's valuation model currently marks Fortinet Inc as 33.6% overvalued.
What is Fortinet Inc's market cap?
Fortinet Inc's market capitalization is USD 141.54B.
What is Fortinet Inc's P/E ratio?
Fortinet Inc's price-to-earnings (P/E) ratio is 68.0.
What does Fortinet Inc do?
Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. The company offers FortiOS, a unified operating system designed to address cybersecurity threats; FortiASIC application-specific integrated circuit (ASIC)-based security processing units; FortiCloud, a private cloud software as a service platform; FortiAI, which provides a dual-layered defense across the Fortinet Security Fabric; FortiEndpoint, which converges secure connectivity, endpoint protection, and capabilities into a single agent; and OT Security, which protect the engineered systems.