Analyze Portfolio
Nasdaq · Technology

Fortinet, Inc. (FTNT)

As-reported financials and recent SEC filings for Fortinet, Inc., latest fiscal period FY2025. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Fortinet, Inc.

Fortinet, Inc. provides cybersecurity solutions that integrate networking and security through its Fortinet Security Fabric platform. The company offers products such as FortiOS, a unified operating system for network and security management, FortiASIC hardware for enhanced performance, and FortiCloud, a global cloud infrastructure. Fortinet serves enterprises across various industries, including financial services, healthcare, retail, and government organizations, delivering secure networking, unified Secure Access Service Edge (SASE), and AI-driven security operations.

Snapshot

Revenue
$6.80B
Revenue growth (YoY)
14.2%
Net income
$1.85B
Diluted EPS
$2.42
Gross margin
80.5%
Operating margin
30.7%
Net margin
27.3%
FCF margin
32.7%
ROE
149.8%
P/E (TTM)
59.1×
Market cap
$111.64B
Debt / equity
0.4×

Fundamentals are from SEC filings. P/E and market cap are derived from recent market prices, refreshed on a rolling basis (typically within the past week).

What changed at Fortinet

  • Revenue grew 14.2% to $6.8B in FY2025, in line with the 12.3% the year before.
  • Operating margin is 30.7% in FY2025, +11.2 pp against 19.5% in FY2021.
  • Most recent quarter Q1 FY2026: revenue $1.8B, up 20.1% from Q1 FY2025.
  • Free cash flow was $2.2B in FY2025, 32.7% of revenue.
  • Net income rose 6.2% to $1.9B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Fortinet’s fundamentals sit among the 625 Technology companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin80.5%
92nd percentile of 507
Operating margin30.7%
94th percentile of 562
Net margin27.3%
91st percentile of 576
FCF margin32.7%
93rd percentile of 541
Revenue growth (YoY)+14.2%
62nd percentile of 616
ROE149.8%
99th percentile of 536
P/E (TTM)59.1×
73rd percentile of 332
Debt / equity0.40×
53rd percentile of 276
Short interest3.13d
43rd percentile of 623

Fortinet’s return on equity of 149.8% ranks in the 99th percentile of the 536 Technology companies reporting it. Fortinet’s operating margin of 30.7% ranks in the 94th percentile of the 562 Technology companies reporting it. Fortinet’s FCF margin of 32.7% ranks in the 93rd percentile of the 541 Technology companies reporting it.

No open-market insider buys in the last 90 days; 29 insider sales totaling $43.7M. For context, about 16% of companies in the universe saw any open-market insider buying in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 1 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F (latest Q1 2026).

Conviction investors
1
+6 quant / multi-strat
Initiated / added
2
0 new, 2 added
Reduced / exited
6
5 trimmed, 1 exited
Combined position
$1.06B
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ1 2026$627.9M7.8MAdded
D. E. ShawquantQ1 2026$234.3M2.9MAdded
Two Sigma InvestmentsquantQ1 2026$91.9M1.1MReduced
Citadel AdvisorsquantQ1 2026$84.0M1.0MReduced
Gotham Asset ManagementQ1 2026$13.3M162.8KReduced
Renaissance TechnologiesquantQ1 2026$5.0M61.4KReduced
Millennium ManagementquantQ1 2026$2.3M27.7KReduced

No longer held by: Bridgewater Associates (as of Q1 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
open-market
Bought (90d)
open-market value
Sells (90d)
29
$43.7M
Signal
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-06-03
Xie MichaelVP, ENGINEERING & CTOSell2.3K$146.55$342K
2026-06-03
Xie MichaelVP, ENGINEERING & CTOSell564$147.71$83K
2026-06-03
Xie MichaelVP, ENGINEERING & CTOSell464$144.46$67K
2026-06-03
Xie MichaelVP, ENGINEERING & CTOSell410$145.72$60K
2026-06-03
Xie MichaelVP, ENGINEERING & CTOSell132$148.30$20K
2026-06-02
filed 2026-06-03
Xie KenPRESIDENT & CEOSell39.9K$144.29$5.8M
2026-06-02
filed 2026-06-03
Xie KenPRESIDENT & CEOSell37.5K$146.36$5.5M
2026-06-02
filed 2026-06-03
Xie KenPRESIDENT & CEOSell19.9K$143.43$2.8M
2026-06-02
filed 2026-06-03
Xie KenPRESIDENT & CEOSell18.5K$148.24$2.7M
2026-06-02
filed 2026-06-03
Xie KenPRESIDENT & CEOSell13.8K$147.37$2.0M
2026-06-02
filed 2026-06-03
Xie KenPRESIDENT & CEOSell12.8K$145.04$1.9M
2026-06-02
filed 2026-06-03
Xie KenPRESIDENT & CEOSell9.6K$142.37$1.4M

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
14.5M
settled 2026-07-15
Change vs prior
-3.8%
vs previous settlement
Days to cover
3.13
at avg daily volume
Avg daily volume
4.6M
FINRA reported
SettlementShares shortChangeDays to cover
2026-07-1514.5M-3.8%3.13
2026-06-3015.1M-19.9%1.98
2026-06-1518.8M+11.5%2.89
2026-05-2916.9M-14.2%2.75
2026-05-1519.6M+2.9%2.83
2026-04-3019.1M-1.4%3.95
2026-04-1519.4M+2.4%3.14
2026-03-3118.9M-1.3%2.92

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$6.80B$5.96B$5.30B$4.42B$3.34B
Gross profit$5.47B$4.80B$4.07B$3.33B$2.56B
Operating income$2.08B$1.80B$1.24B$969.6M$650.4M
Net income$1.85B$1.75B$1.15B$857.3M$606.8M
Diluted EPS$2.42$2.26$1.46$1.06$0.73

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$2.59B$2.26B$1.94B$1.73B$1.50B
Capital expenditure$364.8M$378.9M$204.1M$281.2M$295.9M
Free cash flow$2.23B$1.88B$1.73B$1.45B$1.20B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q1 FY2026$1.85B20.1%$534.5M$0.72
Q4 FY2025$1.91B14.8%$506.0M$0.68
Q3 FY2025$1.72B14.4%$473.9M$0.62
Q2 FY2025$1.63B13.6%$440.1M$0.57
Q1 FY2025$1.54B13.8%$433.4M$0.56
Q4 FY2024$1.66B17.3%$526.2M$0.68
Q3 FY2024$1.51B13.0%$539.9M$0.70
Q2 FY2024$1.43B10.9%$379.8M$0.49

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorTechnology
SIC industryComputer Peripheral Equipment, NEC
Fiscal year endDecember 31
Latest fiscal periodFY2025
SEC filings since2017
SEC CIK1262039

Recent SEC filings

10-K2026-02-25
View on EDGAR →
10-K2025-02-21
View on EDGAR →
10-Q2026-05-08
View on EDGAR →
10-Q2025-11-07
View on EDGAR →
10-Q2025-08-08
View on EDGAR →
10-Q2025-05-08
View on EDGAR →
8-K2026-06-16
View on EDGAR →
8-K2026-05-06
View on EDGAR →

Largest Technology peers

All Technology companies →

FTNT head to head

Monitor FTNT

Get an alert when Fortinet files something material, see which superinvestors own it, and ask its filings a question with cited answers.

Monitor FTNT free

Includes one free filing-grounded research answer. Or check your whole portfolio, no account needed.

Data sourced from SEC EDGAR (public domain). Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.