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 855.0×, Fortinet 59.8×.
Net margin: Fortinet 28.2%, Palo Alto Networks 2.7%.
Debt / equity: Fortinet 0.3×, Palo Alto Networks 0.0×.

Price return

2025-10-16 → 2026-10-16

FTNT+103.4%

PANW+66.4%

Prices at the close on 2026-10-16

$169.13

$342.00

Profile

latest

Sector

Technology

Industry

Software - Infrastructure

Market value

$124.09B

$279.76B

Enterprise value

$121.65B

$278.58B

Employees

15,472

21,921

Revenue per employee (TTM)

$487K

$524K

Our models

nightlythe valuation on each stock's page

Price vs model

178% overvalued vs model

972% overvalued vs model

Model range

$41.62–121

$20.11–78.93

Models in the headline

FCF growth priced in, at a 10% return

28.7%

32.9%

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 2026-10-16

Last close

$169.13

$342.00

52-week high

$194.75

$419.91

52-week low

$75.23

$141.67

Price vs 52-week high

−13.2%

−18.6%

Price vs 52-week low

+124.8%

+141.4%

Average daily volume / shares

0.7%

0.8%

Beta

1.04

0.93

Returns

to 2026-10-16

1 month

−1.5%

−9.0%

3 months

+5.2%

−3.4%

6 months

+105.3%

+104.8%

Year to date

+113.0%

+85.7%

1 year

+103.4%

+66.4%

1 year, dividends added

+103.4%

+66.4%

2 years

+106.0%

+83.3%

Valuation

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

P/E (TTM)

59.8×

855.0×

P/E on consensus EPS (next FY)

49.0×

81.7×

Price / sales

16.5×

24.4×

EV / sales

16.2×

24.3×

EV / EBITDA

—

179.7×

Price / book

80.0×

10.1×

Price / free cash flow (FY)

55.8×

68.0×

Free-cash-flow yield (FY)

1.8%

1.5%

Growth

FTNT TTM and FY2025 · PANW TTM and FY2026

Revenue growth (TTM)

—

+8.2%

Revenue growth, consensus next FY

+19.4%

+23.4%

Revenue, 3-year CAGR

15.5%

18.5%

Revenue, 5-year CAGR

21.3%

22.0%

EPS growth (TTM)

—

−67.1%

EPS growth, consensus next FY

+42.7%

+946.4%

EPS, 3-year CAGR

31.7%

−14.5%

Free cash flow, 3-year CAGR

15.4%

16.1%

Diluted shares, 3-year change

−5.1%

+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

—

13.5%

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%

0.7%

Asset turnover

0.69

0.25

† 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 Apr 2026

Cash

$2.93B

$2.36B

Total debt

$496.9M

$1.19B

Net debt

−$2.44B

−$1.17B

Debt / equity

0.3×

0.0×

Net debt / EBITDA (TTM)

—

-0.8×

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

—

$1.55B

Operating income

$2.44B

$695.0M

Net income

$2.12B

$307.0M

EPS (diluted)

$2.83

$0.40

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 from the companies' SEC filings; 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.