Fortinet (FTNT)
NASDAQInformation TechnologySoftware - InfrastructureSnapshot 2026-11-05
$122.51-5.32%
Close 2026-11-05 · 1-day change
NASDAQInformation TechnologySoftware - InfrastructureSnapshot 2026-11-05
QuarterlyIQ Insights · FTNT
How strong the business is — where it ranks within its sector on capital efficiency and cash generation, and how well management has been executing.
How this business ranks within information technology on a research-validated quality screen. As of 2026-11-05.
The screen ranks FTNT against its sector on four durable signals: share dilution, return on capital, free-cash-flow yield, and FCF margin. Historically the highest-quality names tended toward better typical outcomes and fewer bad years over multi-year holds (strongest at three years, modest at one), and that pattern showed up even before the price moved. It characterizes business quality, not price direction.
Each leg is a sector-relative percentile (higher is better); 3 of 4 legs were available for this name. The composite is built from these four; the raw value follows each percentile for context.
A forward quality tilt, not a price prediction, and context for your own research rather than a recommendation. Not investment advice.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Information Technology names rated strong grew net income 65% of the time over the next year (vs 52% for the rest of the cohort, n=6380).
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Met or beat guidance 100% of the last 8 guided quarters · 17.5% avg surprise
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Document Press Release Fortinet Reports Strong Third Quarter 2026 Financial Results Raises 2026 revenue guidance to 20% year over year growth Highlights • Revenue grew 20% year over year to $2.08 bil…
Stated in 5 of 8 supplied quarters. Management reported: “Document Press Release Fortinet Reports Strong Third Quarter 2026 Financial Results Raises 2026 revenue guidance to 20% year over year growth Highlights • Revenue grew 20% year over year to $2.08 billion • Product revenue grew 37% year over year to $765 million • Billings grew 29% year over year to $2.34 billion 1 • GAAP operating margin of 34% • Non-GAAP operating margin of 38% 1 • GAAP earnings per share of $0.86 • Non-GAAP earnings per share of $0.91 1 • Operating cash flow of $946 million • Free cash flow of $865 million 1 • Share repurchase authorization increased by $1.2 billion; remaining authorization of $2 billion SUNNYVALE, Calif.” Revenue was $2.078 billion in 2026-Q3.
“Document Press Release Fortinet Reports Strong Third Quarter 2026 Financial Results Raises 2026 revenue guidance to 20% year over year growth Highlights • Revenue grew 20% year over year to $2.08 bil…”
“Document Press Release Fortinet Reports Strong First Quarter 2026 Financial Results Exceeds high end of first quarter guidance on revenue and profitability Raises 2026 revenue guidance to 15% year ov…”
“Document Press Release Fortinet Reports Second Quarter 2025 Financial Results Highlights • Revenue grew 14% year over year to $1.63 billion • Billings grew 15% year over year to $1.78 billion 1 • Uni…”
““We continue to accelerate our growth strategy by investing in the rapidly expanding Unified SASE and Security Operations markets, while strengthening our leadership in Secure Networking.”
““We continue to execute our strategy of investing in the high-growth Unified SASE and Security Operations markets, while strengthening our position in Secure Networking.”
“Our strong momentum is driven by our continued leadership in the AI era.
Stated in 2 of 8 supplied quarters. Management reported: ““Our strong momentum is driven by our continued leadership in the AI era.” “As AI introduces entirely new attack surfaces, Network Security remains the critical foundation of AI Security.”
““Our strong momentum is driven by our continued leadership in the AI era.”
Document Press Release Fortinet Reports Strong Third Quarter 2026 Financial Results Raises 2026 revenue guidance to 20% year over year growth Highlights • Revenue grew 20% year over year to $2.08 bil…
Stated in 2 of 8 supplied quarters. Management reported: “Document Press Release Fortinet Reports Strong Third Quarter 2026 Financial Results Raises 2026 revenue guidance to 20% year over year growth Highlights • Revenue grew 20% year over year to $2.08 billion • Product revenue grew 37% year over year to $765 million • Billings grew 29% year over year to $2.34 billion 1 • GAAP operating margin of 34% • Non-GAAP operating margin of 38% 1 • GAAP earnings per share of $0.86 • Non-GAAP earnings per share of $0.91 1 • Operating cash flow of $946 million • Free cash flow of $865 million 1 • Share repurchase authorization increased by $1.2 billion; remaining authorization of $2 billion SUNNYVALE, Calif.” Operating cash flow was $1.077 billion in 2026-Q1.
“We continue to execute our strategy by accelerating our investments in high-growth Unified SASE and Security Operations markets, delivering strong momentum while further strengthening our Secure Net…
Stated in 4 of 8 supplied quarters. Management reported: ““We continue to execute our strategy by accelerating our investments in high-growth Unified SASE and Security Operations markets, delivering strong momentum while further strengthening our Secure Networking leadership.” “As the #1 firewall leader with a 55% unit market share, Fortinet is well-positioned to extend that leadership into SASE, driven by our rapidly expanding SASE adoption and growing customer demand.”
Diversify and strengthen the global supply chain through manufacturing operations and external development partnerships.
Over the trailing year it converted 1.88x of net income into operating cash flow. Historically, Information Technology names rated neutral grew net income 57% of the time over the next year (vs 52% for the rest of the cohort, n=4167).
Most sensitive to the broad stock market.
Not enough signal to read sensitivity to the US dollar, long-term interest rates, real (inflation-adjusted) rates, Fed net liquidity (low R² over the window).
5 material management or governance events in the past 24 months, led by executive changes. Historically, Information Technology names rated stable grew net income 57% of the time over the next year (vs 54% for the rest of the cohort, n=6074).
Not investment advice. As of 2026-11-05.
“Leveraging our deep expertise in networking and security convergence, a strong track record of AI-driven innovation, and seamless product development and integration through our FortiOS operating sys…”
“Document Press Release Fortinet Reports Strong Third Quarter 2026 Financial Results Raises 2026 revenue guidance to 20% year over year growth Highlights • Revenue grew 20% year over year to $2.08 bil…”
“Document Press Release Fortinet Reports Strong First Quarter 2026 Financial Results Exceeds high end of first quarter guidance on revenue and profitability Raises 2026 revenue guidance to 15% year ov…”
““We continue to execute our strategy by accelerating our investments in high-growth Unified SASE and Security Operations markets, delivering strong momentum while further strengthening our Secure Net…”
“Document Press Release Fortinet Reports Second Quarter 2025 Financial Results Highlights • Revenue grew 14% year over year to $1.63 billion • Billings grew 15% year over year to $1.78 billion 1 • Uni…”
““We continue to accelerate our growth strategy by investing in the rapidly expanding Unified SASE and Security Operations markets, while strengthening our leadership in Secure Networking.”
““We continue to execute our strategy of investing in the high-growth Unified SASE and Security Operations markets, while strengthening our position in Secure Networking.”