Fortinet, Inc.

NasdaqGS:FTNT Stock Report

Market Cap: US$74.7b

Fortinet Future Growth

Future criteria checks 3/6

Fortinet is forecast to grow earnings and revenue by 11.3% and 11.8% per annum respectively. EPS is expected to grow by 10.4% per annum. Return on equity is forecast to be 34.6% in 3 years.

Key information

11.3%

Earnings growth rate

10.4%

EPS growth rate

Software earnings growth16.9%
Revenue growth rate11.8%
Future return on equity34.6%
Analyst coverage

Good

Last updated02 Jan 2025

Recent future growth updates

Results: Fortinet, Inc. Beat Earnings Expectations And Analysts Now Have New Forecasts

Nov 12
Results: Fortinet, Inc. Beat Earnings Expectations And Analysts Now Have New Forecasts

Earnings Beat: Fortinet, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

May 09
Earnings Beat: Fortinet, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Fortinet, Inc. (NASDAQ:FTNT) Just Reported And Analysts Have Been Lifting Their Price Targets

Feb 08
Fortinet, Inc. (NASDAQ:FTNT) Just Reported And Analysts Have Been Lifting Their Price Targets

Recent updates

Fortinet: Solid Growth But Overvalued After Recent Run

Dec 19

Fortinet: Cybersecurity Could Be A Critical Theme In 2025 And I Am Still Bullish

Dec 13

When Should You Buy Fortinet, Inc. (NASDAQ:FTNT)?

Dec 09
When Should You Buy Fortinet, Inc. (NASDAQ:FTNT)?

Is Fortinet (NASDAQ:FTNT) Using Too Much Debt?

Nov 25
Is Fortinet (NASDAQ:FTNT) Using Too Much Debt?

Results: Fortinet, Inc. Beat Earnings Expectations And Analysts Now Have New Forecasts

Nov 12
Results: Fortinet, Inc. Beat Earnings Expectations And Analysts Now Have New Forecasts

Fortinet: The Good News Keeps Coming

Nov 12

Is Fortinet, Inc. (NASDAQ:FTNT) Trading At A 36% Discount?

Nov 04
Is Fortinet, Inc. (NASDAQ:FTNT) Trading At A 36% Discount?

Does Fortinet (NASDAQ:FTNT) Deserve A Spot On Your Watchlist?

Oct 21
Does Fortinet (NASDAQ:FTNT) Deserve A Spot On Your Watchlist?

Fortinet: On The Road To Recovery (Rating Upgrade)

Oct 10

Returns On Capital Are A Standout For Fortinet (NASDAQ:FTNT)

Sep 23
Returns On Capital Are A Standout For Fortinet (NASDAQ:FTNT)

Fortinet: A Strategic Investment Opportunity In The Cybersecurity Sector

Sep 15

Fortinet: Margins On Steroids (Rating Upgrade)

Sep 09

Market Participants Recognise Fortinet, Inc.'s (NASDAQ:FTNT) Earnings Pushing Shares 32% Higher

Aug 27
Market Participants Recognise Fortinet, Inc.'s (NASDAQ:FTNT) Earnings Pushing Shares 32% Higher

Is Fortinet (NASDAQ:FTNT) A Risky Investment?

Aug 22
Is Fortinet (NASDAQ:FTNT) A Risky Investment?

At US$68.68, Is It Time To Put Fortinet, Inc. (NASDAQ:FTNT) On Your Watch List?

Aug 09
At US$68.68, Is It Time To Put Fortinet, Inc. (NASDAQ:FTNT) On Your Watch List?

Fortinet Earnings: Solid As A Firewall, 20x Operating Profits (Rating Upgrade)

Aug 07

Fortinet Q2 Preview: Billings Slowdown Overshadows SASE Progress (Ratings Downgrade)

Aug 01

Fortinet, Inc. (NASDAQ:FTNT) Shares Could Be 41% Below Their Intrinsic Value Estimate

Jul 26
Fortinet, Inc. (NASDAQ:FTNT) Shares Could Be 41% Below Their Intrinsic Value Estimate

Do Fortinet's (NASDAQ:FTNT) Earnings Warrant Your Attention?

Jul 11
Do Fortinet's (NASDAQ:FTNT) Earnings Warrant Your Attention?

Fortinet Could Be One Of The Most Undervalued Cybersecurity Plays

Jul 09

Fortinet: Nearing The Trough

Jun 28

Fortinet, Inc.'s (NASDAQ:FTNT) Business Is Trailing The Market But Its Shares Aren't

Jun 09
Fortinet, Inc.'s (NASDAQ:FTNT) Business Is Trailing The Market But Its Shares Aren't

Fortinet: Slow Growth Continues To Impact

Jun 06

Fortinet: Growth And Cash Flow Headwinds

May 31

Earnings Beat: Fortinet, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

May 09
Earnings Beat: Fortinet, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Fortinet: Market Overreaction Seems Unwarranted

May 08

Why The 35% Return On Capital At Fortinet (NASDAQ:FTNT) Should Have Your Attention

Apr 29
Why The 35% Return On Capital At Fortinet (NASDAQ:FTNT) Should Have Your Attention

Fortinet Q1 Earnings Preview: It's All About SASE

Apr 26

Are Investors Undervaluing Fortinet, Inc. (NASDAQ:FTNT) By 32%?

Apr 13
Are Investors Undervaluing Fortinet, Inc. (NASDAQ:FTNT) By 32%?

Do Fortinet's (NASDAQ:FTNT) Earnings Warrant Your Attention?

Mar 28
Do Fortinet's (NASDAQ:FTNT) Earnings Warrant Your Attention?

Fortinet: Soft Demand Creating Elevated Stock Risk

Mar 25

Fortinet: Adapting To New Dynamics Of Cybersecurity Industry

Mar 12

At US$66.96, Is It Time To Put Fortinet, Inc. (NASDAQ:FTNT) On Your Watch List?

Feb 23
At US$66.96, Is It Time To Put Fortinet, Inc. (NASDAQ:FTNT) On Your Watch List?

Fortinet: Excellent Business To Surf The Secular Trend, But Valuations Remain Enriched

Feb 13

Fortinet, Inc. (NASDAQ:FTNT) Just Reported And Analysts Have Been Lifting Their Price Targets

Feb 08
Fortinet, Inc. (NASDAQ:FTNT) Just Reported And Analysts Have Been Lifting Their Price Targets

Fortinet: Don't Wait Until This Cybersecurity Leader Regains Its All-Time Highs

Feb 03

There's Reason For Concern Over Fortinet, Inc.'s (NASDAQ:FTNT) Price

Jan 21
There's Reason For Concern Over Fortinet, Inc.'s (NASDAQ:FTNT) Price

Fortinet, Inc.'s (NASDAQ:FTNT) Intrinsic Value Is Potentially 34% Above Its Share Price

Jan 08
Fortinet, Inc.'s (NASDAQ:FTNT) Intrinsic Value Is Potentially 34% Above Its Share Price

Earnings and Revenue Growth Forecasts

NasdaqGS:FTNT - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20278,8802,3653,1003,6536
12/31/20267,5161,9352,5842,97728
12/31/20256,6191,6862,2092,56741
12/31/20245,8801,6291,8842,26340
9/30/20245,7111,5301,6641,972N/A
6/30/20245,5371,3131,5731,915N/A
3/31/20245,3961,1991,6932,088N/A
12/31/20235,3051,1481,7311,936N/A
9/30/20235,1731,1512,0642,272N/A
6/30/20234,9881,0591,9782,204N/A
3/31/20234,7259671,8232,012N/A
12/31/20224,4178571,4491,731N/A
9/30/20224,0987431,1681,569N/A
6/30/20223,8166741,1021,485N/A
3/31/20223,5876381,2141,580N/A
12/31/20213,3426071,2041,500N/A
9/30/20213,1275551,2531,429N/A
6/30/20212,9115151,1081,251N/A
3/31/20212,7274919301,080N/A
12/31/20202,5944899581,084N/A
9/30/20202,465460837978N/A
6/30/20202,362417855978N/A
3/31/20202,268378817926N/A
12/31/20192,163332716808N/A
9/30/20192,052396741798N/A
6/30/20191,958375696753N/A
3/31/20191,875349649701N/A
12/31/20181,805335586639N/A
9/30/20181,711121561616N/A
6/30/20181,63189N/A602N/A
3/31/20181,55362N/A604N/A
12/31/20171,49531N/A594N/A
9/30/20171,44186N/A538N/A
6/30/20171,38365N/A452N/A
3/31/20171,33141N/A375N/A
12/31/20161,27532N/A346N/A
9/30/20161,2094N/A313N/A
6/30/20161,1536N/A302N/A
3/31/20161,0819N/A319N/A
12/31/20151,0098N/A283N/A
9/30/201593717N/A249N/A
6/30/201587013N/A241N/A
3/31/201581419N/A200N/A
12/31/201477025N/A197N/A
9/30/201472431N/A208N/A
6/30/201468538N/A177N/A
3/31/201464840N/A170N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: FTNT's forecast earnings growth (11.3% per year) is above the savings rate (2.6%).

Earnings vs Market: FTNT's earnings (11.3% per year) are forecast to grow slower than the US market (15% per year).

High Growth Earnings: FTNT's earnings are forecast to grow, but not significantly.

Revenue vs Market: FTNT's revenue (11.8% per year) is forecast to grow faster than the US market (9% per year).

High Growth Revenue: FTNT's revenue (11.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: FTNT's Return on Equity is forecast to be high in 3 years time (34.6%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/05 02:16
End of Day Share Price 2025/01/03 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Fortinet, Inc. is covered by 82 analysts. 41 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Shrenik KothariBaird
Ishan MajumdarBaptista Research
Danny KaplanBarclays