Amdocs vs Fortinet
Fortinet is the larger business, with $6.80bn of revenue in fiscal 2025 against $4.53bn for Amdocs (1.5 times as much). Fortinet grew faster (14.2% against -9.4%). Fortinet kept more of each dollar of sales as profit: a net margin of 27.3% against 12.5%. Amdocs carries less debt relative to equity (18.9% against 80.8%).
| Latest fiscal year | AmdocsDOX, 2025 | FortinetFTNT, 2025 |
|---|---|---|
| Revenue | $4.53bn | $6.80bn |
| Revenue growth | -9.4% | 14.2% |
| Net income | $565m | $1.85bn |
| Operating margin | 16.1% | 30.7% |
| Net margin | 12.5% | 27.3% |
| Return on equity | 16.4% | 135.7% |
| Free cash flow | $645m | $2.23bn |
| Cash | $325m | $2.50bn |
| Total debt | $647m | $1.00bn |
| Debt to equity | 18.9% | 80.8% |
| Dividend per share | — | — |
| Dividend yield | 3.3% | — |
| Share buybacks | $551m | $2.29bn |
| Employees | — | 14,138 |
| Market value | $6.74bn | $93.68bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | — | 82 (Strong) |
| Insider trades, 12 months | 0 buys, 1 sales | 0 buys, 58 sales |