Fortinet vs Palo Alto Networks (FTNT vs PANW)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
Palo Alto Networks is the larger company by revenue ($11.5B vs $6.8B) and market value ($279.8B vs $124.1B). Palo Alto Networks has grown revenue faster over the last 4 fiscal years (+108.7% cumulative vs +103.4%). Fortinet runs the higher operating margin (30.7% vs 6.1%).
About Fortinet
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.
About Palo Alto Networks
Palo Alto Networks Inc provides cybersecurity solutions to enterprises, organizations, service providers, and government entities. Its main products include network security platforms such as Secure Access Service Edge (SASE), next-generation firewalls, and cloud-delivered security services that protect users, networks, clouds, and endpoints. The company also offers AI-powered security operations and threat intelligence services to help customers detect, prevent, and respond to cyber threats.
Head to head (FTNT FY2025 vs PANW FY2026)
| Metric | FTNTFY2025 | PANWFY2026 |
|---|---|---|
| Revenue | $6.80B | $11.48B |
| Revenue growth (YoY) | 14.2% | 24.5% |
| Gross margin | 80.5% | 70.4% |
| Operating margin | 30.7% | 6.1% |
| Net margin | 27.3% | 2.7% |
| Net income | $1.85B | $307.0M |
| Diluted EPS | $2.42 | $0.40 |
| FCF margin | 32.7% | 35.8% |
| ROE | 149.8% | 1.1% |
| Long-term debt / equity | 0.40× | — |
| Market cap | $124.09B | $279.76B |
| P/E | 59.8× | — |
Fundamentals are from each company’s SEC filings (FTNT FY2025, PANW FY2026). ROE is net income over fiscal-year-end equity; long-term debt / equity counts non-current term debt only. P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
Five-year trend (as reported)
| FTNT by fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | $3.34B | $4.42B | $5.30B | $5.96B | $6.80B |
| Net income | $606.8M | $857.3M | $1.15B | $1.75B | $1.85B |
| Operating margin | 19.5% | 21.9% | 23.4% | 30.3% | 30.7% |
| PANW by fiscal year | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Revenue | $5.50B | $6.89B | $8.03B | $9.22B | $11.48B |
| Net income | $-267.0M | $439.7M | $2.58B | $1.13B | $307.0M |
| Operating margin | -3.4% | 5.6% | 8.5% | 13.5% | 6.1% |
Fortinet and Palo Alto Networks use different fiscal calendars (FTNT's FY2025 ended 2025-12-31, PANW's FY2026 ended 2026-07-31), so their fiscal years are shown separately rather than forced into one timeline.
Peer standing
Where each company ranks among the 627 Technology companies, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.
| Metric | FTNT | PANW |
|---|---|---|
| Gross margin | 80.5%92nd percentile of 512 | 70.4%74th percentile of 512 |
| Operating margin | 30.7%94th percentile of 564 | 6.1%59th percentile of 564 |
| Net margin | 27.3%91st percentile of 577 | 2.7%51st percentile of 577 |
| FCF margin | 32.7%92nd percentile of 545 | 35.8%95th percentile of 545 |
| Revenue growth (YoY) | +14.2%62nd percentile of 618 | +24.5%78th percentile of 618 |
| ROE | 149.8%98th percentile of 546 | 1.1%46th percentile of 546 |
| Short interest (days to cover) | 2.92d44th percentile of 624 | 3.37d50th percentile of 624 |
Short interest
| FINRA settlement data | FTNT | PANW |
|---|---|---|
| Shares sold short | 12.5M | 21.6M |
| Change vs prior settlement | -8.9% | -1.2% |
| Days to cover | 2.92 | 3.37 |
| As of settlement | 2026-09-30 | 2026-09-30 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Insider activity (last 90 days)
| Form 4 activity (codes P/S) | FTNT | PANW |
|---|---|---|
| Buys | 0 | 0 |
| Sells | 15 ($36.2M) | 28 ($20.8M) |
Non-derivative purchases (code P) and sales (code S) reported on SEC Form 4, which may be open-market or private (grants, exercises and tax withholding excluded). For context, about 15% of covered companies saw any reported insider purchase (code P) in a 90-day window.
Held by the same investors
5 tracked 13F managers hold both Fortinet and Palo Alto Networks as of their latest quarterly filings: AQR Capital Management, Citadel Advisors, D. E. Shaw, Gotham Asset Management, Millennium Management. See which superinvestors hold your own portfolio with the smart money checker.
Go deeper
Track FTNT and PANW
Get an alert when either company files something material, see which superinvestors own them, and ask their filings a question with cited answers.
Start monitoring freeIncludes one free filing-grounded research answer. Or check your whole portfolio, no account needed.
Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.