CrowdStrike vs Fortinet
Fortinet is the larger business, with $6.80bn of revenue in fiscal 2025 against $4.81bn for CrowdStrike (1.4 times as much). CrowdStrike grew faster (21.7% against 14.2%). Fortinet kept more of each dollar of sales as profit: a net margin of 27.3% against -3.4%. CrowdStrike carries less debt relative to equity (16.8% against 80.8%).
| Latest fiscal year | CrowdStrikeCRWD, 2026 | FortinetFTNT, 2025 |
|---|---|---|
| Revenue | $4.81bn | $6.80bn |
| Revenue growth | 21.7% | 14.2% |
| Net income | −$163m | $1.85bn |
| Operating margin | -6.1% | 30.7% |
| Net margin | -3.4% | 27.3% |
| Return on equity | -4.2% | 135.7% |
| Free cash flow | $1.31bn | $2.23bn |
| Cash | $5.23bn | $2.50bn |
| Total debt | $745m | $1.00bn |
| Debt to equity | 16.8% | 80.8% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $2.29bn |
| Employees | 10,698 | 14,138 |
| Market value | $255.46bn | $93.68bn |
| Price vs our value range | Above our value range | Within our value range |
| Moat score | 64 (Moderate) | 82 (Strong) |
| Insider trades, 12 months | 0 buys, 2253 sales | 0 buys, 58 sales |