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Fortinet (FTNT) stock

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NASDAQ: FTNT Nasdaq Systems Software Next results ~February 4, 2027

B+ Fundamentals grade

Fortinet is a US-listed company in the systems software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Cash-flow model

Base case. Range ~$100–$170 across our lower- and higher-growth cases (12.7%–22.7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 4% below our base value.

Price used: $126.21, November 2, 2026

Fortinet valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Fortinet files

10-Q filed October 30: Fortinet

Model value +10.1%

Revenue for the twelve months to September 2026 was $7.88bn, up 20.2% on a year earlier, faster than the 18.8% growth a quarter earlier. Free-cash-flow margin rose to 43.5% from 30.9% a year earlier. The diluted share count is down 3.7% on a year earlier, which lifts each remaining share. Its fundamentals grade moves from B+ to A. Our model value rises from $118 to $129 a share, against a share price of $136. The rating stays Hold.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Fortinet

Fortinet's revenue reached $7.88bn in the twelve months to June 2026, a 20.2% rise on the year before and an acceleration from the 18.8% pace recorded a quarter earlier. Margins also improved: free cash flow as a share of revenue climbed to 43.5%, up from 30.9% a year earlier. Share buybacks have played their part too, with the diluted count down 3.7% on a year ago, lifting the value attributable to each remaining share. Despite these gains, our model value sits little changed at $118 a share, well below the current price of $135. That gap between a stronger business and a fuller valuation leads us to move the rating from Sell to Hold.

10-Q on SEC EDGAR

Where Fortinet stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $7.53bn, up 18.8% on a year earlier, faster than 15.7% a quarter earlier. Free-cash-flow margin rose to 41.4% from 32.1% a year earlier. The diluted share count is down 3.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $121 a share, against a share price of $171. At that price, our model says the market is pricing in about 23.3% a year of cash-flow growth for five years, faster than the 17.6% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Fortinet's trailing-twelve-month revenue grew 20.2% year on year, with a free-cash-flow margin of 43.5%. Where it stands out: free-cash-flow margin of 43.5% ranks 2 of 34 systems software companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$100–$170 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 69.2% while net income grew 21.8%: a 47pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 20.2% over the last 12 months, against a median of 16.9% for systems software companies we cover.
  • High operating margin. 33.0% of revenue is left as operating profit, against a median of 3.8% for systems software companies we cover.
  • Strong cash generation. 43.5% of revenue turned into free cash flow, against a median of 17.3% for systems software companies we cover.
  • Shrinking share count. Diluted shares fell 3.7% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $3.3bn.

Things to watch

  • High earnings multiple. The shares trade at 41 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 49% and a beta of 1.0 against the S&P 500.
  • Insiders selling. 4 insiders sold $136M of stock over the past 365 days and none bought (100% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$0.91 against an average estimate of $0.86: beat by 6.0%
Revenue
$2.08bn, up 20.5% on a year earlier
Share reaction
-24.8% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
2026 revenue guidance growth 20% (2026); revenue $2.16bn to $2.25bn (fourth quarter of 2026)
Next report
October 28, 2026; average EPS estimate $0.94

Fortinet's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-7.3%
  • 1 week-31.2%
  • 1 month-30.3%
  • This year+58.9%
  • 1 year+46.0%
  • 5 years+91.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.9B
Operating margin
33.0%
Net margin
29.0%
EPS (TTM, diluted)
$3.07

Growth

Revenue growth
+20.2%
Change in growth rate
+1.5 pts
Share count change
−3.7%

Cash

Free cash flow (TTM)
$3.4B
FCF margin
43.5%
Stock pay % of revenue
3.9%

Earnings

Last results
October 28, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Insider trade
  5. Insider trade
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Fortinet valuation models and calculator

What the price is pricing in

The share price implies about 16.2% a year of cash-flow growth for five years.That is close to the 18.7% a year revenue growth Fortinet has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in16.2%
  • Last 12 months20.2%
  • 3 years a year15.1%
  • 5 years a year18.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($130.32, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$130
Price used
$130.32close November 3, 2026
Implied change
▲ +0%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Fortinet's free cash flow after stock-based pay with after-tax interest added back ($2.5B, FY2026 Q3 TTM), growing 13.6% and 15.2% in the next two years (forecasts, guidance and its record), then back to 17.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$100–~$170 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Fortinet's free cash flow after stock-based pay ( $2.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Fortinet as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$100–$170 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$64 ~$45–$140 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$30 ~$26–$35 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$89 ~$30–$130 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Fortinet with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ +39%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $55$72$95$125$165$216
8.5% $43$56$72$94$122$159
10% $36$46$59$75$97$124

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$6.23$6.02$8.74$14.09$21.35$29.71$71.88$48.89$58.53$94.48$79.41$126.21
Market value$5.5bn$5.3bn$7.8bn$12.3bn$18.7bn$24.9bn$60.0bn$39.4bn$46.1bn$72.9bn$60.7bn$93.8bn
+ Net debt (− = net cash)−$543m−$709m−$811m−$1.1bn−$1.2bn−$1.1bn−$319m−$683m−$398m−$1.9bn−$1.5bn−$3.3bn
Enterprise value$4.9bn$4.6bn$7.0bn$11.2bn$17.5bn$23.8bn$59.7bn$38.7bn$45.7bn$71.1bn$59.2bn$90.6bn
Multiples
Price / sales 5.4x4.2x5.2x6.8x8.6x9.6x18.0x8.9x8.7x12.2x8.9x11.9x
Price / earnings n/m164.9xn/m36.6x56.3x51.0x98.9x45.9x40.2x41.8x32.8x41.1x
Price / free cash flow 22.4x19.1x16.9x20.9x26.1x26.0x49.9x27.2x26.6x38.8x27.3x27.3x
EV / EBITDA 106.5x50.3x42.2x38.5x42.3x39.7x81.3x36.0x33.8x36.9x26.5x33.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

82 /100

Strong moat

How hard Fortinet's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 31.8% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 76.7%, moving by 2.2 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 19.9%; its worst year was 7.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 33.4% of revenue.

  • Discipline 15 / 20

    The diluted share count fell 15.1% over five years; stock-based pay has been a median 5.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (86 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.57 +29% $8.2bn +20%
Next $3.87 +9% $9.1bn +11%

Next year's EPS estimate has moved +3.2% in 90 days, across 43 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.8% on 90 days ago. In the last 30 days, 0 analysts raised Fortinet's forecast and 0 cut it.

Consensus EPS forecast Fortinet, last 90 days
$3.40 $3.60 $3.80 $4.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.44 Current fiscal year, 60 days ago: $3.44 Current fiscal year, 30 days ago: $3.45 Current fiscal year, 7 days ago: $3.45 Current fiscal year, Now: $3.57 $3.57 Next fiscal year, 90 days ago: $3.75 Next fiscal year, 60 days ago: $3.76 Next fiscal year, 30 days ago: $3.78 Next fiscal year, 7 days ago: $3.79 Next fiscal year, Now: $3.87 $3.87

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.44$3.75
60 days ago $3.44$3.76
30 days ago $3.45$3.78
7 days ago $3.45$3.79
Now $3.57$3.87

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.86 $0.91 +6.0%
Jun 2026 $0.75 $0.90 +20.5%
Mar 2026 $0.62 $0.82 +32.6%
Dec 2025 $0.74 $0.81 +8.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • 2026 revenue guidance 2026 about 20% growth Raised
    “Raises 2026 revenue guidance to 20% year over year growth” source
  • Revenue fiscal year 2026 $8.125bn to $8.215bn Raised
    “Revenue in the range of $8.125 billion to $8.215 billion” source
  • Revenue fourth quarter of 2026 $2.155bn to $2.245bn
    “Revenue in the range of $2.155 billion to $2.245 billion” source
  • Diluted non-GAAP net income per share fiscal year 2026 $3.54 to $3.58 Non-GAAP Raised vs 3.41 to 3.47
    “Diluted non-GAAP net income per share in the range of $3.54 to $3.58, assuming a non-GAAP effective tax rate of 18%.” source
  • Diluted non-GAAP net income per share fourth quarter of 2026 $0.93 to $0.95 Non-GAAP
    “Diluted non-GAAP net income per share in the range of $0.93 to $0.95, assuming a non-GAAP effective tax rate of 18%.” source
  • Non-GAAP gross margin fiscal year 2026 79.7% to 80.3% Non-GAAP Narrowed vs 79 to 81
    “Non-GAAP gross margin in the range of 79.7% to 80.3%” source
Show 10 more items
  • Non-GAAP operating margin fiscal year 2026 36.5% to 37.5% Non-GAAP Raised vs 35 to 37
    “Non-GAAP operating margin in the range of 36.5% to 37.5%” source
  • Non-GAAP gross margin fourth quarter of 2026 78% to 80% Non-GAAP
    “Non-GAAP gross margin in the range of 78.0% to 80.0%” source
  • Non-GAAP operating margin fourth quarter of 2026 35.5% to 37.5% Non-GAAP
    “Non-GAAP operating margin in the range of 35.5% to 37.5%” source
  • Service revenue fiscal year 2026 $5.15bn to $5.17bn Lowered vs 5.18bn to 5.22bn
    “Service revenue in the range of $5.150 billion to $5.170 billion” source
  • Billings fiscal year 2026 $9.568bn to $9.718bn Non-GAAP Raised
    “Billings in the range of $9.568 billion to $9.718 billion” source
  • Non-GAAP effective tax rate fiscal year 2026 about 18% Non-GAAP Maintained vs about 18
    “Diluted non-GAAP net income per share in the range of $3.54 to $3.58, assuming a non-GAAP effective tax rate of 18%.” source
  • Diluted share count fiscal year 2026 741m to 743m Non-GAAP Lowered vs 741m to 745m
    “This assumes a diluted share count of 741 million to 743 million.” source
  • Billings fourth quarter of 2026 $2.775bn to $2.925bn Non-GAAP
    “Billings in the range of $2.775 billion to $2.925 billion” source
  • Non-GAAP effective tax rate fourth quarter of 2026 about 18% Non-GAAP
    “Diluted non-GAAP net income per share in the range of $0.93 to $0.95, assuming a non-GAAP effective tax rate of 18%.” source
  • Diluted share count fourth quarter of 2026 741m to 745m Non-GAAP
    “This assumes a diluted share count of 741 million to 745 million.” source

How earlier guidance turned out

  • Revenue, third quarter of 2026 guided $2.01bn to $2.1bn Within range: $2.0784bn
  • Revenue, second quarter of 2026 guided $1.83bn to $1.93bn Above range: $2.0479bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Fortinet's revenue by +13.6% next year and +15.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+12.6%, weight 49%) , management guidance (+12.5%, weight 31%) and the company's own record (+17.7%, weight 21%) . How the weights are set.

Analyst recommendations

43 analysts, Oct 2026
Buy716%
Hold3070%
Sell614%

Monthly trend

  1. Oct 2026630443
  2. Sep 202683144
  3. Aug 2026102944
  4. Jul 2026102944

Counts of recommendations published by analysts covering Fortinet, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.0%
of tradable shares
Days to cover
3.12
at average volume
Short interest, 1 month
−12%
to October 15, 2026
Held by institutions
72%
of shares
Held by insiders
17.4%
of shares
Employees
15,109
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +46.0%

$86.43 on October 31, 2025 to $126.21

ThenNowEffect
Revenue (last 12 months) $6.3bn $7.5bn +18.8%
Net margin 30.6% 28.2% −7.9%
P/E multiple 34.5x 44.5x +29.0%
Share count 774m 748m +3.5%

Biggest factor: p/e multiple.

Last 3 years +150.0%

$50.48 on November 3, 2023 to $126.21

ThenNowEffect
Revenue (last 12 months) $5.0bn $7.5bn +50.9%
Net margin 21.2% 28.2% +32.6%
P/E multiple 37.9x 44.5x +17.5%
Share count 795m 748m +6.3%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FTNT+142%−32%+20%+61%−16%+59%
Industry peers (median)+21%−48%+33%+22%+0%+25%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FTNT75%42%58%58%50%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FTNT−17%−36%−38%−24%−35%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 38% from July 17, 2023 to November 7, 2023. Getting back needed a 62% gain, reached on October 9, 2024, 337 days after the low.

Price behaviour

52-week range
$75.23 – $194.75
From 52-week high
−35.2%
vs 50-day average
−26.1%
vs 200-day average
−1.9%
Volatility (1 year)
49%
Beta vs S&P 500
1.04

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±11.8%
After a week
7 up, 4 down
typical move ±12.1%
After a month
7 up, 4 down
typical move ±16.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −24.8% 0.0% — —
July 29, 2026 +2.8% +0.1% +9.4% +15.2%
May 6, 2026 +20.1% +1.1% +30.9% +60.9%
February 5, 2026 +2.0% +0.6% +3.9% +3.3%
November 5, 2025 −5.5% −0.7% −3.6% +2.0%
August 6, 2025 −21.7% +0.7% −17.5% −18.1%
May 7, 2025 −8.8% +1.1% −3.6% −2.1%
February 6, 2025 +2.5% −0.6% +4.7% −8.6%
November 7, 2024 +13.8% +1.2% +16.8% +20.0%
August 6, 2024 +26.3% +0.2% +29.1% +36.8%
May 2, 2024 −7.3% +2.2% −8.5% −7.4%
February 6, 2024 +6.0% +1.1% +5.0% +10.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Fortinet’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.75× the last 60 days’ realised volatility , richer than 3% of the 229 stocks we screen today.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

FTNT Fortinet Grade B+ $128.34

Sell the $125 put expiring December 4, 2026 (32 days) for $6.10 a share — $610 per contract.

Previous session · Bid $6.10, ask $7.15, quoted Mon 2 Nov, 17:23 New York time with FTNT at $128.34. Option prices move with the shares: check the live chain at your broker before trading.

  • If FTNT ends above $125: you keep the $610 — 4.9% on the $12,500 set aside, or 55.7% a year at that pace.
  • If it ends below $125: you buy 100 shares at an effective $118.9, 7% below today's price and 9% below our value of ~$130.
$610 $0 −$2.4k Break-even $118.9 Price $128.34 Our value $130
Profit or loss per contract at expiry, by share price.
Premium
$610
Annualised
55.7%
Break-even
$118.9
Max gain
$610
Chance of buying
~39%
FTNT Fortinet Grade B+ $128.34

Own 100 shares, sell the $140 call expiring November 27, 2026 (25 days) for $1.94 a share — $194 per contract.

Previous session · Bid $1.94, ask $2.46, quoted Mon 2 Nov, 17:23 New York time with FTNT at $128.34. Option prices move with the shares: check the live chain at your broker before trading.

  • If FTNT ends below $140: you keep your shares and the $194 — 1.5% extra on the position, 22.1% a year at that pace.
  • If it ends above $140: your shares are sold at $140, a total return of 10.6% including the premium — at or above our value of ~$130.
$1.4k $0 −$2.5k Break-even $126.4 Price $128.34 Our value $130
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$194
Annualised
22.1%
Break-even
$126.4
Max gain
$1,360
Chance of selling
~29%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Fortinet in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Fortinet
$5B $6B $7B $8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5.3B Revenue (TTM), FY24 Q1: $5.4B Revenue (TTM), FY24 Q2: $5.5B Revenue (TTM), FY24 Q3: $5.7B Revenue (TTM), FY24 Q4: $6B Revenue (TTM), FY25 Q1: $6.1B Revenue (TTM), FY25 Q2: $6.3B Revenue (TTM), FY25 Q3: $6.6B Revenue (TTM), FY25 Q4: $6.8B Revenue (TTM), FY26 Q1: $7.1B Revenue (TTM), FY26 Q2: $7.5B Revenue (TTM), FY26 Q3: $7.9B $7.9B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5.3B
FY24 Q1 $5.4B
FY24 Q2 $5.5B
FY24 Q3 $5.7B
FY24 Q4 $6B
FY25 Q1 $6.1B
FY25 Q2 $6.3B
FY25 Q3 $6.6B
FY25 Q4 $6.8B
FY26 Q1 $7.1B
FY26 Q2 $7.5B
FY26 Q3 $7.9B
Revenue growth, TTM YoY Fortinet
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 20.1% Revenue growth, TTM YoY, FY24 Q1: 14.2% Revenue growth, TTM YoY, FY24 Q2: 11.0% Revenue growth, TTM YoY, FY24 Q3: 10.4% Revenue growth, TTM YoY, FY24 Q4: 12.3% Revenue growth, TTM YoY, FY25 Q1: 13.8% Revenue growth, TTM YoY, FY25 Q2: 14.5% Revenue growth, TTM YoY, FY25 Q3: 14.8% Revenue growth, TTM YoY, FY25 Q4: 14.2% Revenue growth, TTM YoY, FY26 Q1: 15.7% Revenue growth, TTM YoY, FY26 Q2: 18.8% Revenue growth, TTM YoY, FY26 Q3: 20.2% 20.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 20.1%
FY24 Q1 14.2%
FY24 Q2 11.0%
FY24 Q3 10.4%
FY24 Q4 12.3%
FY25 Q1 13.8%
FY25 Q2 14.5%
FY25 Q3 14.8%
FY25 Q4 14.2%
FY26 Q1 15.7%
FY26 Q2 18.8%
FY26 Q3 20.2%
Operating margin (TTM) Fortinet
20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 23.4% Operating margin (TTM), FY24 Q1: 23.9% Operating margin (TTM), FY24 Q2: 26.1% Operating margin (TTM), FY24 Q3: 28.3% Operating margin (TTM), FY24 Q4: 30.3% Operating margin (TTM), FY25 Q1: 31.5% Operating margin (TTM), FY25 Q2: 30.9% Operating margin (TTM), FY25 Q3: 31.0% Operating margin (TTM), FY25 Q4: 30.7% Operating margin (TTM), FY26 Q1: 31.1% Operating margin (TTM), FY26 Q2: 32.4% Operating margin (TTM), FY26 Q3: 33.0% 33.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 23.4%
FY24 Q1 23.9%
FY24 Q2 26.1%
FY24 Q3 28.3%
FY24 Q4 30.3%
FY25 Q1 31.5%
FY25 Q2 30.9%
FY25 Q3 31.0%
FY25 Q4 30.7%
FY26 Q1 31.1%
FY26 Q2 32.4%
FY26 Q3 33.0%
FCF margin (TTM) Fortinet
25% 30% 35% 40% 45% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 32.6% FCF margin (TTM), FY24 Q1: 31.4% FCF margin (TTM), FY24 Q2: 28.4% FCF margin (TTM), FY24 Q3: 29.1% FCF margin (TTM), FY24 Q4: 31.6% FCF margin (TTM), FY25 Q1: 33.7% FCF margin (TTM), FY25 Q2: 32.1% FCF margin (TTM), FY25 Q3: 30.9% FCF margin (TTM), FY25 Q4: 32.7% FCF margin (TTM), FY26 Q1: 34.3% FCF margin (TTM), FY26 Q2: 41.4% FCF margin (TTM), FY26 Q3: 43.5% 43.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 32.6%
FY24 Q1 31.4%
FY24 Q2 28.4%
FY24 Q3 29.1%
FY24 Q4 31.6%
FY25 Q1 33.7%
FY25 Q2 32.1%
FY25 Q3 30.9%
FY25 Q4 32.7%
FY26 Q1 34.3%
FY26 Q2 41.4%
FY26 Q3 43.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Fortinet took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $6.8B
  2. Other income $208M · 3.1%
  3. Cost of revenue $1.3B · 19.5%
  4. Gross profit $5.5B · 80.5%
  5. Research and development $816M · 12.0%
  6. Selling, general and admin $2.6B · 38.0%
  7. Operating income $2.1B · 30.7%
  8. Income tax $439M · 6.5%
  9. Net income $1.9B · 27.3%

Shares of revenue. Source: Fortinet's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 252 325 434 534 615 770 1,009 1,275 1,495 1,805 2,163 2,594 3,342 4,417 5,305 5,956 6,800 7,881
Gross profit 182 239 320 386 435 539 722 938 1,110 1,354 1,657 2,024 2,559 3,333 4,068 4,798 5,471 6,285
EBITDA 31 61 96 112 88 81 46 91 165 290 413 601 735 1,074 1,355 1,926 2,237 2,741
Operating income 25 55 89 100 72 59 15 43 110 234 351 532 650 970 1,241 1,803 2,085 2,599
Net income 60 41 62 67 44 25 8 32 31 335 332 489 607 857 1,148 1,745 1,853 2,282
Diluted EPS $0.08 $0.05 $0.08 $0.08 $0.05 $0.03 $0.01 $0.04 $0.04 $0.38 $0.38 $0.58 $0.73 $1.06 $1.46 $2.26 $2.42 $3.07
Growth (year on year)
Revenue — +28.8% +33.5% +23.1% +15.3% +25.2% +31.0% +26.4% +17.2% +20.7% +19.9% +19.9% +28.8% +32.2% +20.1% +12.3% +14.2% +20.2%
EBITDA — +95.2% +57.1% +16.8% −21.7% −7.3% −42.9% +96.7% +80.9% +75.5% +42.2% +45.6% +22.3% +46.1% +26.1% +42.2% +16.1% +25.7%
Operating income — +118.4% +60.6% +13.0% −28.3% −17.7% −74.9% — +155.9% +113.5% +49.7% +51.5% +22.3% +49.1% +28.0% +45.3% +15.6% +27.8%
Net income — −31.5% +51.5% +7.0% −33.8% −42.8% −68.5% — −2.5% +966.6% −1.0% +47.3% +24.2% +41.3% +33.9% +52.0% +6.2% +21.8%
Diluted EPS — −33.3% +46.2% +5.3% −35.0% −42.3% −66.7% — 0.0% +966.7% −1.0% +52.6% +25.9% +45.2% +37.7% +54.8% +7.1% +26.4%
Margins
Gross margin 72.2% 73.8% 73.8% 72.4% 70.6% 70.0% 71.6% 73.5% 74.2% 75.0% 76.6% 78.0% 76.6% 75.4% 76.7% 80.6% 80.5% 79.7%
EBITDA margin 12.4% 18.8% 22.1% 21.0% 14.3% 10.6% 4.6% 7.2% 11.1% 16.1% 19.1% 23.1% 22.0% 24.3% 25.5% 32.3% 32.9% 34.8%
Operating margin 10.0% 17.0% 20.5% 18.8% 11.7% 7.7% 1.5% 3.4% 7.3% 13.0% 16.2% 20.5% 19.5% 21.9% 23.4% 30.3% 30.7% 33.0%
Net margin 23.9% 12.7% 14.4% 12.5% 7.2% 3.3% 0.8% 2.5% 2.1% 18.6% 15.3% 18.8% 18.2% 19.4% 21.6% 29.3% 27.3% 29.0%
Free-cash-flow margin 22.8% 30.7% 29.8% 30.3% 21.7% 21.3% 24.3% 21.8% 30.7% 32.5% 33.1% 36.9% 36.0% 32.8% 32.6% 31.6% 32.7% 43.5%
Cash flow
Cash from operations 62 103 133 184 147 197 283 346 594 639 808 1,084 1,500 1,731 1,936 2,258 2,591 3,687
Capital spending 5 4 4 22 14 32 37 67 135 53 92 126 296 281 204 379 365 256
Free cash flow 57 100 129 162 134 164 245 279 459 586 716 958 1,204 1,449 1,731 1,879 2,226 3,431
Stock-based pay 7 9 19 31 44 59 95 122 137 163 174 192 208 217 249 258 280 308
Free cash flow after stock pay 50 90 110 131 90 105 150 156 322 423 542 766 996 1,232 1,482 1,621 1,946 3,124
Balance sheet
Cash 212 67 72 123 116 283 543 709 811 1,112 1,223 1,062 1,319 1,683 1,398 2,876 2,495 3,751
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 1,000 1,000 1,000 1,000 1,000 500
Net debt (negative = net cash) −212 −67 −72 −123 −116 −283 −543 −709 −811 −1,112 −1,223 −1,062 −319 −683 −398 −1,876 −1,495 −3,251
Diluted shares 652m 782m 819m 832m 841m 846m 881m 882m 891m 871m 875m 838m 835m 805m 788m 772m 765m 743m
Returned to shareholders
Buybacks 3 0 0 0 34 44 60 111 446 212 145 1,080 742 1,991 1,501 1 2,290 1,030
Total returned 3 0 0 0 34 44 60 111 446 212 145 1,080 742 1,991 1,501 1 2,290 1,030

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · September 30, 2026
What it owns · $11.9bn
Short-term assets $7.1bnLonger-term assets $4.8bn
What it owes, and who funded it · $11.9bn
Short-term liabilities $5.1bnLonger-term liabilities $4.6bnShareholders' equity $2.2bn
  • Short-term assets cover short-term liabilities $7.1bn of assets due within a year against $5.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.1bn short-term assets against $4.6bn of longer-dated liabilities.
  • More cash than debt $3.8bn of cash against $497m of debt.
  • Debt below 40% of shareholders' equity Debt is 22% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 454% to 22% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.7bn of operating cash flow against $497m of debt.
  • Operating profit covers interest at least five times over Operating income of $2.6bn against $15m of interest.

From Fortinet's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1B
Returned to shareholders
30%
of free cash flow
Buybacks, last 3 fiscal years
$3.8B
Diluted share count
−3.7%
year over year
Total shareholder yield
1.1%
dividends 0.0% + buybacks 1.1% of market value
R&D spending
10.9%
of revenue
Days sales outstanding
68 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Last 12 months unless stated FTNT PANW GEN DOX NOW PAGS Median
Revenue, last 12 months $7.9bn $11.5bn $5.2bn $4.5bn $15.4bn $3.7bn $1.1bn
Revenue growth, last 12 months 20.2% 24.5% 16.9% −9.4% 21.8% 4.3% 16.9%
Revenue growth, 3-year average 15.1% 18.5% 11.7% −0.3% 22.1% — 16.1%
Revenue growth, latest quarter 20.5% 34.5% 12.2% −9.0% 20.5% — 19.6%
Gross margin 79.7% 70.4% 77.4% 38.0% 73.1% 49.0% 69.6%
Operating margin 33.0% 6.1% 41.8% 16.1% 9.7% — 3.7%
Operating margin, 3-year average 30.8% 9.4% 39.8% 14.0% 11.9% — 4.0%
Net margin 29.0% 2.7% 23.1% 12.5% 9.4% 10.4% 2.4%
Cash from operations / revenue 46.8% 39.7% 34.0% 16.5% 34.6% 37.1% 16.6%
Free-cash-flow margin 43.5% 35.8% 33.7% 14.2% 30.8% 32.0% 15.0%
Free-cash-flow margin, 3-year average 34.5% 37.4% 39.3% 16.3% 31.2% 16.3% 18.8%
Stock pay / revenue 3.9% 15.8% 4.3% 2.3% 15.1% 0.5% 8.2%
Change in share count −3.7% 7.8% −2.4% −3.8% 0.9% −6.8% 2.7%

Median of all 37 companies we cover in systems software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

37 systems software companies
Measure Company Peer median Rank
Revenue growth Growth 20.2% 16.9% 16 of 37
Change in growth rate Growth +1.5pp -0.3pp 15 of 37
Gross margin Profitability 79.7% 70.4% 8 of 32
Operating margin Profitability 33.0% 3.8% 3 of 34
Net margin Profitability 29.0% 2.4% 5 of 37
Free-cash-flow margin Cash generation 43.5% 17.3% 2 of 34
Stock pay as % of revenue Cash generation 3.9% 8.5% 13 of 36
Long-term debt as % of assets Balance sheet 4.2% 4.3% 11 of 23
Change in share count Balance sheet -3.7% 3.1% 4 of 34
Days sales outstanding Balance sheet 68 days 72 days 14 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Services $4.6B 67.4% ▲ 13.2%
Security Subscription $2.6B 57.5% ▲ 13.7%
Technical Support and Other $1.9B 42.5% ▲ 12.6%
Products $2.2B 32.6% ▲ 16.2%
Geography
Region Revenue Share YoY
Europe Middle East and Africa $2.8B 41.7% ▲ 18.3%
Americas $2.7B 39.7% ▲ 10.6%
United States $1.9B 71.5% ▲ 8.5%
Other Americas $771M 28.5% ▲ 16.2%
Asia Pacific and Japan $1.3B 18.6% ▲ 13.2%

From Fortinet's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$77.2B
Institutions reporting
1,564
Shares held vs prior quarter
▲ 1.9%
Positions opened / closed
329 / 95

Top buyers and sellers, Q2 2026: 818 institutions bought and 648 sold ; the biggest buyer was Jane Street Group, LLC (+3.9M shares) and the biggest seller Van Eck Associates Corp (−5.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $9.6B 62.2M 12.4% ▲ 0.4%
Vanguard Capital Management LLC $6.2B 40.7M 8.1% ▲ 2.3%
State Street Corp $4.6B 29.6M 5.9% ▲ 2.4%
Vanguard Portfolio Management LLC $3.8B 24.8M 4.9% ▼ 0.8%
Invesco Ltd. $3.8B 24.6M 4.9% ▼ 3.6%
Geode Capital Management, LLC $2.7B 17.4M 3.5% ▼ 0.1%
Norges Bank $1.9B 12.4M 2.5% —
First Trust Advisors LP $1.7B 10.8M 2.2% ▼ 6.0%
Arrowstreet Capital, Limited Partnership $1.6B 10.1M 2.0% ▲ 4.9%
Bank Of New York Mellon Corp $1.4B 9.3M 1.9% ▼ 30.0%
AQR Capital Management LLC $1.3B 8.7M 1.7% ▲ 11.6%
Morgan Stanley $1.3B 8.6M 1.7% ▼ 3.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Fortinet's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $136M 58 trades by 4 insiders · 100% under pre-set plans
Net ▼ $136M net selling
Insider Date Trade Shares Price Value
Ohlgart Christiane Chief Financial Officer September 24, 2026 Sell pre-set plan 48 $180.00 $8,640
Whittle John CHIEF OPERATING OFFICER September 15, 2026 Sell pre-set plan 2,835 $168.74 $478,378
Whittle John CHIEF OPERATING OFFICER September 14, 2026 Sell pre-set plan 1,158 $166.02 $192,248
Whittle John CHIEF OPERATING OFFICER September 14, 2026 Sell pre-set plan 52,707 $165.43 $8.7M
Ohlgart Christiane Chief Financial Officer August 4, 2026 Sell pre-set plan 387 $164.59 $63,696
Xie Ken PRESIDENT & CEO August 3, 2026 Sell pre-set plan 162 $164.49 $26,647
Xie Ken PRESIDENT & CEO August 3, 2026 Sell pre-set plan 47,943 $163.91 $7.9M
Xie Ken PRESIDENT & CEO August 3, 2026 Sell pre-set plan 67,971 $163.08 $11.1M
Xie Ken PRESIDENT & CEO August 3, 2026 Sell pre-set plan 7,350 $161.82 $1.2M
Xie Ken PRESIDENT & CEO August 3, 2026 Sell pre-set plan 19,647 $160.82 $3.2M
Xie Ken PRESIDENT & CEO August 3, 2026 Sell pre-set plan 18,409 $160.14 $2.9M
Xie Michael VP, ENGINEERING & CTO August 3, 2026 Sell pre-set plan 800 $163.98 $131,181

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 32 trades and filings

In the last 12 months, 2 members of Congress disclosed 1 purchase and 2 sales of Fortinet shares.

  • Dan Newhouse(R-WA 4):Sale (partial), $1,001 - $15,000, traded July 10, 2026, filed July 17, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded April 14, 2026, filed May 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 13, 2026, filed April 7, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • May 6, 2026
  • February 5, 2026
  • November 5, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Fortinet was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Fortinet in brief

What does Fortinet do?
Fortinet is a US-listed company in the systems software industry. Its financial year ends in December.
What is Fortinet's stock ticker?
Fortinet trades under the ticker FTNT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Fortinet's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Fortinet reported revenue of $7.9B, 20.2% higher than a year earlier, according to its SEC filings.
What is Fortinet's free cash flow?
Fortinet's free-cash-flow margin is 43.5% of revenue over the trailing twelve months, ranking 2 of the 34 systems software companies we cover.
What is Fortinet's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Fortinet's free cash flow after stock-based pay gives ~$130 per share in the base case, and ~$100–$170 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Fortinet's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Fortinet buying back stock, and does it pay a dividend?
Fortinet spent $1B on share repurchases over the trailing twelve months, and its diluted share count fell 3.7% over the year.
What is Fortinet's market cap?
On November 2, 2026, Fortinet's market capitalisation was about $93.8B, with a price-to-earnings ratio of 41.1 and net debt of -$3.3B. Market figures come from third-party market data and may be delayed.
How much debt does Fortinet have?
Fortinet's debt-to-equity ratio is 22.1%, from its latest balance sheet (454.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Fortinet's competitors?
In our Systems Software peer group, the companies closest to Fortinet are Palo Alto Networks, Gen Digital Inc., Amdocs LTD, ServiceNow and Pagseguro Digital Ltd. The side-by-side comparison below sets their revenue, margins and growth against Fortinet's.
Are insiders buying or selling Fortinet stock?
Over the last 12 months, Fortinet's directors and officers reported 0 open-market purchases and 58 sales on Form 4. The insider trading page charts every trade.
When is Fortinet's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Fortinet announces its own schedule.