Fortinet vs Gen Digital
Fortinet is the larger business, with $6.80bn of revenue in fiscal 2025 against $5.00bn for Gen Digital (1.4 times as much). Gen Digital grew faster (27.1% against 14.2%). Fortinet kept more of each dollar of sales as profit: a net margin of 27.3% against 19.5%. Fortinet carries less debt relative to equity (80.8% against 316.9%).
| Latest fiscal year | FortinetFTNT, 2025 | Gen DigitalGEN, 2026 |
|---|---|---|
| Revenue | $6.80bn | $5.00bn |
| Revenue growth | 14.2% | 27.1% |
| Net income | $1.85bn | $973m |
| Operating margin | 30.7% | 42.4% |
| Net margin | 27.3% | 19.5% |
| Return on equity | 135.7% | 39.9% |
| Free cash flow | $2.23bn | $1.52bn |
| Cash | $2.50bn | $411m |
| Total debt | $1.00bn | $8.28bn |
| Debt to equity | 80.8% | 316.9% |
| Dividend per share | — | $0.50 |
| Dividend yield | — | 1.8% |
| Share buybacks | $2.29bn | $634m |
| Employees | 14,138 | 3,900 |
| Market value | $92.71bn | $17.72bn |
| Price vs our value range | Within our value range | Below our value range |
| Moat score | 82 (Strong) | 70 (Strong) |
| Insider trades, 12 months | 0 buys, 58 sales | 2 buys, 10 sales |