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Fortinet Inc FTNT

Morningstar Rating
$58.58 +0.64 (1.10%)
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Company Report

Fortinet Remains a Cybersecurity Giant With Solutions Spanning Multiple Segments

We see Fortinet as a leader in the security space with solutions ranging from network security firewalls to security operations. As we look at the firm’s market opportunity, we believe Fortinet stands to materially benefit as secular tailwinds in security and vendor consolidation increase its value proposition to its clients. In our view, the firm’s established customer switching costs, buttressed by its increasingly potent network effect, will allow Fortinet to continuously gain and expand the number of clients and has already enabled it to build a wide economic moat around its business.

Price vs Fair Value

FTNT is trading at a 323% premium.
Price
$57.94
Fair Value
$53.00
Uncertainty
High
1-Star Price
$372.54
5-Star Price
$53.50
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Fortinet has strong secular tailwinds as endpoint security, cloud security, and the convergence of networking and security are projected to grow rapidly.

Bears

Large public cloud vendors often offer their own cybersecurity solutions, which could hamper Fortinet’s growth opportunities.

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News

Trading Information

Previous Close Price
$57.94
Day Range
$57.8158.64
52-Week Range
$44.1881.24
Bid/Ask
$57.75 / $61.25
Market Cap
$44.75 Bil
Volume/Avg
5.6 Mil / 5.2 Mil

Key Statistics

Price/Earnings (Normalized)
33.50
Price/Sales
8.40
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield
3.31%

Company Profile

Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 700,000 customers across the world.
Sector
Technology
Industry
Software - Infrastructure
Stock Style Box
Mid Growth
Total Number of Employees
13,522

Competitors

Valuation

Metric
FTNT
PANW
CSCO
Price/Earnings (Normalized)
33.5055.5411.68
Price/Book Value
22.514.11
Price/Sales
8.4014.143.44
Price/Cash Flow
24.5145.8911.63
Price/Earnings
FTNT
PANW
CSCO

Financial Strength

Metric
FTNT
PANW
CSCO
Quick Ratio
1.060.730.68
Current Ratio
1.200.840.89
Interest Coverage
60.5697.9319.46
Quick Ratio
FTNT
PANW
CSCO

Profitability

Metric
FTNT
PANW
CSCO
Return on Assets (Normalized)
18.38%11.97%15.60%
Return on Equity (Normalized)
68.27%36.40%
Return on Invested Capital (Normalized)
131.43%31.97%26.89%
Return on Assets
FTNT
PANW
CSCO
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