Fortinet

FTNT

Software - Infrastructure · Technology

Price

$161.61

+0.83 (+0.52%)

Market Cap

$118.40B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count falling — buybacks

−10.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 835.5M (2021) → 748.0M (2025)

Fortinet, Inc. provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration. The company also provides FortiSwitch product family that offers secure swit

Winston Score History

Politician Trades

33 trades / 12mo

18 Congressional buys and 15 sells on FTNT in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-1.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$816M/ year

↑ Rising (+14% vs prior year)

12.0% of revenue

Below sector average (15%)

Investing heavily in future products and technology

Insider Activity

15.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$2.5B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Fortinet is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

79.6%

Premium pricing power — 79.6% gross margin

Operating Margin

32.8%

Excellent — 32.8% operating margin

ROCE

28.0%

Exceptional — 28.0% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales YoY

+14.2%

Fast-growing sales (14.2% YoY)

EPS YoY

+6.6%

Modest earnings growth (6.6% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

140%

Turns 140% of profit into real cash

FCF Margin

32.7%

Converts sales into free cash efficiently (32.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.81

Moderate — manageable debt (0.81)

Interest Cover

103.58x

Comfortably covers interest (103.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

66.2x

Expensive — P/E 66.2

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+24.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (66.2 → 41.7)

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Dividends

Not applicable for this business.

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