Fortinet vs Palo Alto Networks
Palo Alto Networks is the larger business, with $11.48bn of revenue in fiscal 2026 against $6.80bn for Fortinet (1.7 times as much). Palo Alto Networks grew faster (24.5% against 14.2%). Fortinet kept more of each dollar of sales as profit: a net margin of 27.3% against 2.7%. Palo Alto Networks carries less debt relative to equity (6.5% against 80.8%).
| Latest fiscal year | FortinetFTNT, 2025 | Palo Alto NetworksPANW, 2026 |
|---|---|---|
| Revenue | $6.80bn | $11.48bn |
| Revenue growth | 14.2% | 24.5% |
| Net income | $1.85bn | $307m |
| Operating margin | 30.7% | 6.1% |
| Net margin | 27.3% | 2.7% |
| Return on equity | 135.7% | 1.7% |
| Free cash flow | $2.23bn | $4.11bn |
| Cash | $2.50bn | $2.51bn |
| Total debt | $1.00bn | $1.77bn |
| Debt to equity | 80.8% | 6.5% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $2.29bn | $1.00bn |
| Employees | 14,138 | — |
| Market value | $93.68bn | $285.89bn |
| Price vs our value range | Within our value range | Above our value range |
| Moat score | 82 (Strong) | 65 (Moderate) |
| Insider trades, 12 months | 0 buys, 58 sales | 2 buys, 101 sales |