Key facts
- 52-week range (closes)
- $75.23 – $194.75 Lowest close Feb 24, 2026, highest Oct 9, 2026; 251 daily closes to Oct 13, 2026 from Dalsna Finance's price archive
- Fiscal year ends
- December Fiscal 2025 ended Dec 31, 2025, from SEC filings
- In the S&P 500 since
- Oct 11, 2018, replacing Envision Healthcare (EVHC) · EVHC was acquired by KKR. · All S&P 500 changes
- In the Nasdaq-100 since
- Dec 20, 2021, replacing CDW (CDW), Fox Corporation (FOXA), Fox Corporation (FOX), Cerner (CERN), Check Point (CHKP), Trip.com (TCOM) and Incyte (INCY) · Annual index reconstitution. · Annual index reconstitution. Cerner was acquired by Oracle Corporation and rebranded as Oracle Health. · All Nasdaq-100 changes
- Analyst coverage
- 2 open price targets from 2 firms: Cantor Fitzgerald, Truist Securities Approved targets tracked here; see the analyst section below
Fortinet (FTNT) is trading down at $170.93 (-0.33%) on NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Information Technology sector.
Analyst price targets on FTNT
Current price targets from 2 firms average $184, ranging from $183 to $185 — 8% above the current $171. Each is tracked to its date and scored the same way a member's call is.
- Cantor Fitzgerald $154 → $185 by Jul 2027 Jul 30, 2026 via Investing.com · Cantor Fitzgerald's track record
- Truist Securities $154 → $183 by Jul 2027 Jul 30, 2026 via Investing.com · Truist Securities's track record
Targets published by research firms, extracted from the news, checked against independent reporting, and linked to their source. Where a firm did not state a horizon the target is tracked as 12 months, the industry convention; the rows where the firm set its own horizon are marked. Reported here as facts about what was published — not recommendations from Dalsna Finance, and no firm listed is affiliated with this site.
Fortinet revenue & net income history (FY2016–FY2025)
| FY2016Dec 2016 | FY2017Dec 2017 | FY2018Dec 2018 | FY2019Dec 2019 | FY2020Dec 2020 | FY2021Dec 2021 | FY2022Dec 2022 | FY2023Dec 2023 | FY2024Dec 2024 | FY2025Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.28B | $1.49B | $1.80B | $2.16B | $2.59B | $3.34B | $4.42B | $5.30B | $5.96B | $6.80B |
| Growth (year over year) | +26.4% | +17.2% | +20.7% | +19.9% | +19.9% | +28.8% | +32.2% | +20.1% | +12.3% | +14.2% |
| Gross profit | $937.6M | $1.11B | $1.35B | $1.66B | $2.02B | $2.56B | $3.33B | $4.07B | $4.80B | $5.47B |
| Gross margin | 73.5% | 74.2% | 75.0% | 76.6% | 78.0% | 76.6% | 75.4% | 76.7% | 80.6% | 80.5% |
| Operating income | $42.9M | $109.8M | $234.4M | $351.0M | $531.8M | $650.4M | $969.6M | $1.24B | $1.80B | $2.08B |
| Operating margin | 3.4% | 7.3% | 13.0% | 16.2% | 20.5% | 19.5% | 21.9% | 23.4% | 30.3% | 30.7% |
| Net income | $32.2M | $31.4M | $334.9M | $331.7M | $488.5M | $606.8M | $857.3M | $1.15B | $1.75B | $1.85B |
| Net margin | 2.5% | 2.1% | 18.6% | 15.3% | 18.8% | 18.2% | 19.4% | 21.6% | 29.3% | 27.3% |
| EPS (diluted) | $0.04 | $0.04 | $0.38 | $0.38 | $0.58 | $0.73 | $1.06 | $1.46 | $2.26 | $2.42 |
| Balance sheet | ||||||||||
| Cash and equivalents | $709.0M | $811.0M | $1.11B | $1.22B | $1.06B | $1.32B | $1.68B | $1.40B | $2.88B | $2.50B |
| Total assets | $2.14B | $2.26B | $3.08B | $3.88B | $4.04B | $5.92B | $6.23B | $7.26B | $9.76B | $10.4B |
| Total liabilities | $1.30B | $1.67B | $2.07B | $2.54B | $3.19B | $5.12B | $6.51B | $7.72B | $8.27B | $9.15B |
| Long-term debt | — | — | — | — | $0 | $988.4M | $990.4M | $992.3M | $994.3M | $496.6M |
| Shareholders' equity | $837.7M | $602.0M | $1.03B | $1.34B | $856.0M | $781.7M | −$281.6M | −$463.4M | $1.49B | $1.24B |
| Cash flow | ||||||||||
| Operating cash flow | $345.7M | $594.4M | $638.9M | $808.0M | $1.08B | $1.50B | $1.73B | $1.94B | $2.26B | $2.59B |
| Capital expenditure | $67.2M | $135.3M | $53.0M | $92.2M | $125.9M | $295.9M | $281.2M | $204.1M | $378.9M | $364.8M |
| Free cash flow | $278.5M | $459.1M | $585.9M | $715.8M | $957.8M | $1.20B | $1.45B | $1.73B | $1.88B | $2.23B |
| Share buybacks | $110.8M | $446.3M | $211.8M | $145.1M | $1.08B | $741.8M | $1.99B | $1.50B | $600.0K | $2.29B |
| Q3 FY24Sep 2024 | Q4 FY24†Dec 2024 | Q1 FY25Mar 2025 | Q2 FY25Jun 2025 | Q3 FY25Sep 2025 | Q4 FY25†Dec 2025 | Q1 FY26Mar 2026 | Q2 FY26Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $1.51B | $1.66B | $1.54B | $1.63B | $1.72B | $1.91B | $1.85B | $2.05B |
| Growth (year over year) | +13.0% | +17.3% | +13.8% | +13.6% | +14.4% | +14.8% | +20.1% | +25.6% |
| Gross profit | $1.24B | $1.35B | $1.25B | $1.32B | $1.39B | $1.52B | $1.49B | $1.64B |
| Gross margin | 82.5% | 81.1% | 81.0% | 80.7% | 80.8% | 79.6% | 80.3% | 80.2% |
| Operating income | $470.9M | $574.1M | $453.8M | $458.0M | $547.3M | $625.6M | $580.0M | $689.3M |
| Operating margin | 31.2% | 34.6% | 29.5% | 28.1% | 31.7% | 32.8% | 31.4% | 33.7% |
| Net income | $539.9M | $526.2M | $433.4M | $440.1M | $473.9M | $506.0M | $534.5M | $606.3M |
| Net margin | 35.8% | 31.7% | 28.1% | 27.0% | 27.5% | 26.6% | 28.9% | 29.6% |
| EPS (diluted) | $0.70 | $0.68 | $0.56 | $0.57 | $0.62 | $0.67 | $0.72 | $0.82 |
| Balance sheet | ||||||||
| Cash and equivalents | $2.49B | $2.88B | $3.60B | $3.37B | $2.00B | $2.50B | $2.22B | $2.93B |
| Total assets | $8.85B | $9.76B | $10.4B | $10.6B | $9.36B | $10.4B | $9.88B | $10.9B |
| Total liabilities | $7.94B | $8.27B | $8.44B | $8.58B | $8.63B | $9.15B | $8.89B | $9.31B |
| Long-term debt | $993.8M | $994.3M | $496.2M | $496.3M | $496.5M | $496.6M | $496.8M | $496.9M |
| Shareholders' equity | $908.1M | $1.49B | $1.96B | $2.06B | $735.1M | $1.24B | $989.7M | $1.55B |
| Cash flow | ||||||||
| Operating cash flow | $608.1M | $477.6M | $863.3M | $451.9M | $655.2M | $620.2M | $1.08B | $1.04B |
| Capital expenditure | $36.3M | $97.6M | $66.5M | $167.8M | $87.7M | $42.8M | $70.6M | $78.0M |
| Free cash flow | $571.8M | $380.0M | $796.8M | $284.1M | $567.5M | $577.4M | $1.01B | $965.6M |
| Share buybacks | $600.0K | $0 | $0 | $401.1M | $1.83B | $57.2M | $823.0M | $149.8M |
From Fortinet's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →
Fortinet vs the Information Technology sector and the S&P 500
Fortinet's latest reported figures next to the median of the other 75 S&P 500 Information Technology companies and of the other 502 S&P 500 companies; each median is taken over the companies with a comparable figure (counts in the footnote). A median is the middle value, not an average, so one very large company does not move it.
| Measure | Fortinet | Information Technology (75 other S&P 500 companies) | S&P 500 (502 other companies) |
|---|---|---|---|
| Revenue growth, latest fiscal year | +14.2% | +13.7% | +7.0% |
| Net margin, latest fiscal year | 27.3% | 16.5% | 12.9% |
| Share price change, 1 year | +101.4% | +13.1% | +7.5% |
Fortinet: fiscal year ended December 2025, from its 10-K and 10-Q filings with the SEC. Medians computed October 20, 2026 from each company's latest annual filing (fiscal years ending between July 2025 and September 2026) and our price archive. Prices for every company, Fortinet included, are the last regular-session prices of October 20, 2026; the 1-year change compares that price with each company's last close on or before October 20, 2025. Net margin and price change are our calculations from reported figures. Each median counts only the companies with a comparable figure (sector / S&P 500): revenue growth 75/496, net margin 75/496, 1-year price change 67/488; the reasons below can overlap. 14 are left out of the price figure because our archive holds no comparable close for them. The S&P 500 price figure is the middle company's change, not the index's return.
About Fortinet
Fortinet, Inc. is an American cybersecurity company headquartered in Sunnyvale, California. It develops and sells security products including firewalls, endpoint security and intrusion detection systems. Fortinet has offices in the US, Canada, and UK.
- Headquarters
- Sunnyvale, California From SEC filings, Oct 2026
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