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Fortinet Inc(FTNT)
Top performer 
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for FTNT
11/11/2026: FTNT (5-star) is currently NOT-A-BUY. Pass it for now.
Fortinet is a significant player in the cybersecurity sector, known for its integrated network security appliances and platform-based Security Fabric. The company has a leading position in the firewall market and has demonstrated historical success in driving high-margin recurring revenue through its subscription-based services. Its primary growth story revolves around the convergence of networking and security, particularly in SASE and cloud-native solutions. However, the company faces stiff competitive risks from cloud-native software rivals and the inherent volatility of enterprise hardware demand. Investors should monitor its ability to successfully capture market share in cloud security, which is key for long-term growth.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Strong fit | The company consistently grows revenue through expanding its addressable market in high-demand cybersecurity segments. |
| Momentum investor | Strong fit while signal remains positive | Fortinet often exhibits strong price trends during periods of increased enterprise security spending. |
| Value investor | Mixed fit | The stock often trades at a premium multiple, which may limit appeal for traditional value-oriented investors. |
| Dividend investor | Weak fit | Fortinet does not pay a dividend, prioritizing cash deployment for growth and buybacks. |
| Low-risk investor | Mixed fit | While the company is financially stable, the cybersecurity sector and high growth multiples can lead to significant share price volatility. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | Medium / high | High growth expectations can lead to sharp price fluctuations during market corrections. |
| Valuation risk | Medium / high | The stock frequently trades at high P/E multiples, leaving little room for error in earnings reports. |
| Competition risk (Cloud-native platforms) | High | Intense competition from cloud-native players like CrowdStrike could pressure core growth areas. |
| Business quality | Strong | The company has a very strong financial profile with high margins and zero long-term debt. |
| Dividend income | Low / none | Investors seeking immediate cash yield will not find it with this stock. |
| Execution risk | Medium | Successfully transitioning from hardware-first to platform-wide security service adoption remains a critical operational priority. |
Price Behavior
Rolling Over
The price momentum is slowing down and beginning to turn downward.
Choppy
The stock has experienced frequent reversals and pronounced short-term price swings.
Analysis of Past Performance
Type Stock | Historic Profit 103.06% | Avg. Invested days 57 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | Stock Returns Performance  5.0 |
| Profits based on simulation | Last Close 11/11/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Sector & Industry Intelligence
Sector snapshot as of 2026-11-10
Sector
Technology
- Signal
- Caution
- Sentiment
- Near Bearish
- Market state
- Weak Bullish / Near Bearish
- Momentum
- Rapid Breadth Deterioration
- BUY participation
- 27.7%
- Active BUY / eligible
- 33 / 119
- 22-session BUY-count change
- -40
BUY participation is falling rapidly, suggesting elevated market vulnerability.
Industry
Software - Infrastructure
- BUY participation
- 50.0%
- Active BUY / eligible
- 13 / 26
- 22-session BUY-count change
- -5
The sector signal does not change this stock’s BUY, SELL, or PASS advisory.
Key Highlights
Company Size Large-Cap Stock | Market Capitalization 90.79B USD | Price to earnings Ratio 40.38 | 1Y Target Price 145.03 |
Price to earnings Ratio 40.38 | 1Y Target Price 145.03 | ||
Volume (30-day avg) 5.4M shares | Beta 1.04 | 52 Weeks Range 73.55 - 197.13 | Updated Date 11/11/2026 |
52 Weeks Range 73.55 - 197.13 | Updated Date 11/11/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) 3.06 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Product | FortiGate Next-Generation Firewalls and related hardware. | The foundational revenue stream from selling high-performance security hardware. |
| Services | Security subscriptions, FortiGuard updates, and technical support. | The recurring, high-margin revenue base that provides long-term stability. |
| Geography | Global sales across Americas, EMEA, and APAC. | Diversified exposure reduces reliance on any single regional market. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2026-10-28 | When After Market | Estimate 0.77 | Actual 0.86 |
Profitability
Profit Margin 28.96% | Operating Margin (TTM) 33.82% |
Management Effectiveness
Return on Assets (TTM) 15.22% | Return on Equity (TTM) 153.08% |
Valuation
Trailing PE 40.38 | Forward PE 30.58 | Enterprise Value 85.68B | Price to Sales(TTM) 11.52 |
Enterprise Value 85.68B | Price to Sales(TTM) 11.52 | ||
Enterprise Value to Revenue 10.87 | Enterprise Value to EBITDA 28.97 | Shares Outstanding 734.71M | Shares Floating 619.87M |
Shares Outstanding 734.71M | Shares Floating 619.87M | ||
Percent Insiders 17.34 | Percent Institutions 71.75 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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