# Fortinet, Inc. (FTNT) — Stock CV

Fortinet, Inc. is a $143B technology company. Revenue grew 18.8% over the last year, it keeps 28¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 67.4× earnings — in the most expensive third of its own history.

> Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business.

## Identity

- **Ticker**: FTNT
- **Sector**: Technology
- **Industry**: Computer Peripheral Equipment, Nec
- **Headquarters**: SUNNYVALE, CA
- **Employees**: 15 472
- **Website**: https://www.fortinet.com
- **Market cap**: $143B
- **Last price**: $194.75
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $7.53B
- **Net income**: $2.12B
- **Free cash flow**: $3.12B
- **Net cash**: $3.09B
- **P/E**: 67.4
- **Revenue growth (YoY)**: 18.8%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 10 |
| Growth | 95 |
| Profitability | 75 |
| Health | 87 |
| Quality | 84 |
| Moat | 62 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [x] Revenue growing — +18.8% YoY
- [x] Profitable — $2.12B TTM
- [x] Profit growing — +31.6% YoY
- [x] Generates cash — $3.12B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $143B market cap
- [x] Not printing shares — -8.8% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 10.2 — safe
- [ ] Valuation not extreme — P/E 67.4

## Experience (career milestones)

- **FY2025** — Best year on record: $1.85B net income
- **2025** — A critical vulnerability (CVE-2025-64446, 9.1 CVSS) became public affecting FortiWeb Web…
- **2020** — Fortinet released FortiAI, a threat-detection program that uses artificial intelligence
- **2017** — Later in 2017, Fortinet created a standalone subsidiary, Fortinet Federal, to develop cybersecurity products for…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $1.28B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2016** — Fortinet launched a Network Security Academy to help fill open cybersecurity jobs in the U.S
- **2009** — Fortinet had an initial public offering, opening on the NASDAQ Global Market under the ticker…
- **2009** — Also in 2009, CRN Magazine s survey-based annual report card placed Fortinet first in network security hardware, up…
- **2005** — Fortinet created the FortiGuard Labs internal security research team
- **2003** — Fortinet's first channel program was established in October 2003
- **2002** — Fortinet introduced its first product, FortiGate, in 2002, followed by anti-spam and anti-virus software
- **2000** — Ken Xie and his brother Michael Xie co-founded Appligation, Inc

## Strengths

- High gross margin (80.2%)
- Strongly profitable — 28.2% net margin
- Revenue growing 18.8% year over year
- Strong cash conversion — FCF is 41.4% of revenue
- Net cash position after subtracting debt from cash

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.34B | $607M | $1.20B |
| FY2022 | $4.42B | $857M | $1.45B |
| FY2023 | $5.30B | $1.15B | $1.73B |
| FY2024 | $5.96B | $1.75B | $1.88B |
| FY2025 | $6.80B | $1.85B | $2.23B |

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Source: https://stockcv.com/FTNT — derived from company filings; may be delayed or incomplete. Information, not investment advice.