Fortinet vs Palo Alto Networks FTNT vs PANW

Fortinet and Palo Alto Networks on one sheet: valuation multiples, growth, margins, debt, dividends and returns, each section labelled with the period it covers, from the companies' filings. Add or remove a stock above the sheet; the link holds the set.

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FTNTPANW

Often compared:+ CRWD

What differs most

generated from the numbers below

Return on equity: Fortinet 136.7%, Palo Alto Networks 1.1%.
Trailing P/E: Palo Alto Networks 887.4×, Fortinet 64.6×.
Net margin: Fortinet 28.2%, Palo Alto Networks 2.7%.
Operating margin: Fortinet 32.4%, Palo Alto Networks 6.1%.

Price return

2025-10-26 → 2026-10-26

FTNT+114.3%

PANW+79.8%

Prices at the close on 2026-10-26

$183.33

$390.46

Profile

latest

Sector

Technology

Industry

Software - Infrastructure

Market value

$134.51B

$319.40B

Enterprise value

$132.07B

$319.38B

Employees

15,472

21,921

Revenue per employee (TTM)

$487K

$524K

Our models

nightlythe valuation on each stock's page

Price vs model

165% overvalued vs model

1274% overvalued vs model

Model range

$48.18–136

$19.21–66.15

Models in the headline

FCF growth priced in, at a 10% return

30.2%

35.6%

Every model, its assumptions and its range: FTNT valuation · PANW valuation. The growth priced in, at any return: FTNT reverse DCF · PANW reverse DCF.

Trading

close 2026-10-26

Last close

$183.33

$390.46

52-week high

$194.75

$419.91

52-week low

$75.23

$141.67

Price vs 52-week high

−5.9%

−7.0%

Price vs 52-week low

+143.7%

+175.6%

Average daily volume / shares

0.6%

0.8%

Beta

1.04

0.93

Returns

to 2026-10-26

1 month

+5.7%

+4.2%

3 months

+20.3%

+20.6%

6 months

+117.4%

+118.7%

Year to date

+130.9%

+112.0%

1 year

+114.3%

+79.8%

1 year, dividends added

+114.3%

+79.8%

2 years

+128.2%

+113.1%

Valuation

FTNT price × TTM to Jun 2026 · PANW price × FY2026

P/E (TTM)

64.6×

887.4×

P/E on consensus EPS (next FY)

53.1×

93.3×

Price / sales

17.9×

27.8×

EV / sales

17.5×

27.8×

EV / EBITDA

47.0×

229.6×

Price / book

86.7×

11.6×

Price / free cash flow (FY)

60.4×

77.7×

Free-cash-flow yield (FY)

1.7%

1.3%

Growth

FTNT TTM and FY2025 · PANW TTM and FY2026

Revenue growth (TTM)

—

+8.2%

Revenue growth, consensus next FY

+19.5%

+23.4%

Revenue, 3-year CAGR

15.5%

18.5%

Revenue, 5-year CAGR

21.3%

22.0%

EPS growth (TTM)

—

−61.7%

EPS growth, consensus next FY

+42.1%

+851.0%

EPS, 3-year CAGR

31.9%

−11.7%

Free cash flow, 3-year CAGR

15.4%

16.1%

Diluted shares, 3-year change

−7.1%

+11.6%

Profitability

FTNT TTM to Jun 2026 · PANW FY2026

Gross margin (FY)†

80.8%

70.4%

Operating margin

32.4%

6.1%

EBITDA margin

37.3%

12.1%

Net margin

28.2%

2.7%

Free-cash-flow margin (FY)

32.7%

35.8%

Return on equity

136.7%

1.1%

Return on assets

19.5%

0.6%

Asset turnover

0.69

0.24

† Gross margin (FY): As filed. Companies draw the cost-of-revenue line in different places, so gross margins of two companies in one industry can differ for that reason alone; operating margin does not depend on where the line is drawn.

Balance sheet

FTNT MRQ Jun 2026 · PANW MRQ Jul 2026

Cash

$2.93B

$2.51B

Total debt

$496.9M

$2.50B

Net debt

−$2.44B

−$14.0M

Debt / equity

0.3×

0.1×

Net debt / EBITDA (TTM)

-0.9×

-0.0×

Interest coverage (FY)

103.6×

0.0×

Current ratio (FY)

1.17

0.87

Dividends

trailing 12 months

Dividend yield

0.0%

Dividends per share

$0.00

Payout ratio (of TTM EPS)

—

Dividend per share, 5-year CAGR

—

Frequency

—

Ownership and activity

last 90 days · latest 13F

Tracked superinvestors holding (13F)

Insider open-market buys (Form 4)

Insider sales (Form 4)

$9.4M

$20.8M

Analyst upgrades

Analyst downgrades

Statements

FTNT income TTM to Jun 2026 · cash flow FY2025 · PANW income FY2026 · cash flow FY2026

Revenue

$7.53B

$11.48B

EBITDA

$2.81B

$1.39B

Operating income

$2.44B

$695.0M

Net income

$2.12B

$307.0M

EPS (diluted)

$2.84

$0.44

Operating cash flow

$2.59B

$4.55B

Capital expenditure

−$364.8M

−$440.0M

Free cash flow

$2.23B

$4.11B

Dividends paid

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Statements, prices, dividends and consensus estimates from Financial Modeling Prep; insider trades from Form 4 and holdings from 13F. Refreshed nightly. A comparison of filed numbers, not a recommendation to buy, sell or hold any security.