Fortinet (FTNT)
Builds FortiGate firewalls and integrated networking, SASE, and security operations software.
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Builds FortiGate firewalls and a broader cybersecurity platform spanning secure networking, Unified SASE, and security operations. Revenue comes from appliances and software plus recurring FortiGuard security subscriptions and FortiCare support, with services forming the larger stream and sales routed mainly through channel partners.
Builds cybersecurity products around the Fortinet Security Fabric, spanning Secure Networking, Unified SASE, and AI-Driven Security Operations. FortiGate firewalls, FortiSwitch networking gear, FortiSASE, and FortiAnalyzer share FortiOS; proprietary FortiASIC processors accelerate appliance-based security. The portfolio also covers endpoint, cloud-application, and operational-technology security.
Sells physical and virtual appliances, software licenses, SaaS and cloud-delivered services, FortiGuard security subscriptions, and FortiCare technical support. Subscriptions and support are recognized over contract terms, making services the larger revenue stream.
Serves enterprises, service providers, managed security providers, and governments worldwide, with most revenue generated outside the United States. Sales rely primarily on a two-tier distributor and reseller channel, while security-appliance manufacturing is outsourced and concentrated in Taiwan.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 17, 2026 | Bernstein | Reiterate | Rating: —Target: $83 | Target: $145 |
| Sep 10, 2026 | Wedbush | Downgrade | Target: $350 | Target: $155 |
| Jul 31, 2026 | Susquehanna | Reiterate | Rating: —Target: $115 | Target: $160 |
| Jul 30, 2026 | RBC Capital | Reiterate | Rating: —Target: $160 | Target: $185 |
| Jul 30, 2026 | Robert W. Baird | Target | Target: $120 | Target: $165 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $4.07B · Total debt $496.9M · Total assets $10.86B · Shareholders' equity $1.55B
- Revenue
- $2.05B
- Operating income
- $689.3M
- Net income
- $606.3M
No dividends on record.
| Institutions | 69.34% | 508.74M shares | |
|---|---|---|---|
| 1,666 holders · as of Jun 30, 2026 | |||
| Insiders | 7.37% | 54.11M shares | |
| 12 holders · as of Sep 16, 2026 | |||
| Other | 23.29% | 170.86M shares | |
| remainder | |||
733.71M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 8.48% | 62.24M | as of Jun 30, 2026 |
Ken XieInsiderdirector, officer: PRESIDENT & CEO | 7.28% | 53.45M | filed Aug 4, 2026 |
Vanguard Capital Management LLCInstitution | 5.54% | 40.66M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.04% | 29.63M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 3.39% | 24.84M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2026 | John Whittle | officer: CHIEF OPERATING OFFICER | −2,835 | $168.74 |
| Sep 14, 2026 | John Whittle | officer: CHIEF OPERATING OFFICER | −53,865 | $165.44 |
| Aug 4, 2026 | Christiane Ohlgart | officer: Chief Financial Officer | −387 | $164.59 |
| Aug 3, 2026 | Ken Xie | director, officer: PRESIDENT & CEO | −161,482 | $162.66 |
| Aug 3, 2026 | Michael Xie | director, officer: VP, ENGINEERING & CTO | −3,121 | $162.63 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Fortinet | $172.37 | −1.63% | $128.57B | 61.7 | 48.9 | 17.1 | +25.6% |
| Palo Alto Networks | $367.32 | −1.20% | $302.98B | 844.9 | 87.7 | 26.4 | +34.5% |
| Cisco Systems | $106.77 | −4.21% | $439.31B | 33.5 | 20.9 | 6.9 | +17.6% |
| Check Point Software Technologies | $131.21 | −2.26% | $13.71B | 13.7 | 12.2 | 5.0 | +1.3% |
| Zscaler | $206.62 | −0.25% | $33.49B | — | 42.4 | 10.0 | +24.9% |
| CrowdStrike | $246.73 | −1.05% | $253.90B | 7,104.0 | 175.1 | 47.1 | +25.8% |
| Microsoft | $495.11 | −1.29% | $3.72T | 27.9 | 25.3 | 11.2 | +17.8% |
| F5 | $450.11 | +0.00% | $25.39B | 35.9 | 25.9 | 7.7 | +10.9% |
| Median | 34.7 | 25.9 | 10.0 | +17.8% |