---
title: Fortinet (FTNT) — software card
canonical: https://sweetvaluelab.com/tools/software/ftnt
ticker: FTNT
tier: Large
as_of: 2026-10-16
---
# Fortinet (FTNT) — software card

Fortinet, Large, grows revenue 18.8% on a 80.4% gross margin and a 41.4% free-cash-flow margin (37.5% after stock-based compensation), and trades at 16.2× trailing revenue. Prices as of Oct 16, 2026; trailing-twelve-month figures through Aug 31, 2026.

## The card

| Figure | FTNT | Large average (14) |
| --- | ---: | ---: |
| Price | $169.13 |  |
| Revenue (TTM) | $7.5B |  |
| Revenue growth | 18.8% | 26.9% |
| Revenue growth, prior year | 14.5% |  |
| Gross margin | 80.4% | 75.0% |
| Operating margin | 32.4% |  |
| Free cash flow (TTM) | $3.1B |  |
| FCF margin | 41.4% | 32.2% |
| FCF margin after SBC | 37.5% |  |
| Stock-based compensation (TTM) | $296.7M |  |
| SBC / revenue | 3.9% | 15.3% |
| Rule of 40 | 6018 | 5913 |
| Diluted shares, YoY | -4.3% |
| Buybacks (TTM) | $2.9B |  |
| Market value | $125.4B |  |
| Net cash | $3.6B |  |
| Enterprise value | $121.8B |  |
| EV / revenue | 16.2× | 19.0× |
| EV / gross profit | 20.1× |  |
| EV / FCF | 39.1× |  |
| P/E | 59.6 |  |

## Lights

No light is on.

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Source: https://sweetvaluelab.com/tools/software/ftnt (SweetValueLab, free, no account). Quarterly statements from Financial Modeling Prep, closes from the daily price cache; the engine's rules are on the board page. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.