Why did Fortinet (FTNT) stock move recently?

On 9/2/2026, Fortinet moved -4.5% — Fortinet shares fell ~4.5% in sympathy with sector-wide selling in cybersecurity/software infrastructure stocks after peer Palo Alto Networks reported Q4 results that beat revenue but missed elevated expectations on key growth metrics like Next-Generation Security ARR, prompting valuation repricing and profit-taking in high-valuation names following Fortinet's prior rally. This is MarketChacha's decoded reason from filings and credible news; it is education, not buy/sell advice.

Is Fortinet (FTNT) overvalued or fairly valued?

MarketChacha shows Fortinet's valuation in context — a trailing P/E of about 62.5, a forward P/E of about 45.1, a price-to-book of about 80.7 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Fortinet's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.43×) from reported figures — education, not a rating.

What is Fortinet's revenue?

Fortinet reported revenue of $6.8B for FY2025, with net profit of $1.9B, per official filings.

What is the share price of Fortinet (FTNT)?

Fortinet last traded at $170.75 (-0.4% on the day), as of 10/20/2026 — a delayed quote shown for education, not investment advice.

Fortinet

FTNT · NASDAQ · Technology · United States

Snapshot

TickerFTNT

ExchangeNASDAQ

SectorTechnology

IndustrySoftware - Infrastructure

CountryUnited States

Employees15,472

HeadquartersSunnyvale, United States

Websitewww.fortinet.com

Filings tracked12

About Fortinet

Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. The company offers FortiOS, a unified operating system designed to address cybersecurity threats; FortiASIC application-specific integrated circuit (ASIC)-based security processing units; FortiCloud, a private cloud software as a service platform; FortiAI, which provides a dual-layered defense across the Fortinet Security Fabric; FortiEndpoint, which converges secure connectivity, endpoint protection, and capabilities into a single agent; and OT Security, which protect the engineered systems that underpin infrastructure and supply chains. It also provides secure networking solutions that focus on the convergence of networking and security; network firewall solutions comprising FortiGate data centers, hyperscale, and distributed firewalls; wireless local area network solutions; and secure connectivity solutions. In addition, the company offers the Fortinet Unified Secure Access Service Edge solutions that include firewall, software-defined wide-area network, secure web gateway, cloud access services broker, data loss prevention, and zero trust network access; and web application firewalls, cloud network security with virtualized firewalls, cloud-native firewalls, cloud-native application protection, and code security. Further, it provides AI-driven security operation solutions, which include a suite of cybersecurity solutions, as well as FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP, and FortiRecon. Additionally, the company offers FortiGuard Labs, a cybersecurity threat intelligence and research organization; FortiGuard and Other Security Services, a suite of AI-powered security capabilities that consists of FortiGuard application, content, device, NOC/SOC, and web security services; and FortiCare technical support services. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.

Who owns it

Insiders17.4%
Institutions71.5%
Public & other11.1%

2,302 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.8.48%
Vanguard Capital Management LLC5.54%
State Street Corporation4.04%
Vanguard Portfolio Management LLC3.39%
Invesco Ltd.3.36%
Geode Capital Management, LLC2.38%
NORGES BANK1.70%
First Trust Advisors LP1.47%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion1.43×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend21.6% → 27.3%

Margin has expanded by about 5.6 points — the business is getting more profitable.

Return on equity149.8%

Latest ROE of 149.8% — capital is generating a healthy return.

Growth qualityrev 13% · PAT 27%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $2.2B · EPS 0.88

Est. earnings growth +8.2%

Next fiscal year

Rev $9.0B · EPS 3.78

Est. earnings growth +9.4%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$6.8B

Net margin

27.3%

ROE

149.8%

Revenue CAGR (2y)

+13.2%

Profit CAGR (2y)

+27.1%

EPS (FY2025)

2.42

Net profit (FY2025)

$1.9B

Ask MarketChacha about FTNT

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Why it moved

Sep 2, 2026
Fortinet shares fell ~4.5% in sympathy with sector-wide selling in cybersecurity/software infrastructure stocks after peer Palo Alto Networks reported Q4 results that beat revenue but missed elevated expectations on key growth metrics like Next-Generation Security ARR, prompting valuation repricing and profit-taking in high-valuation names following Fortinet's prior rally.
source 1 ↗source 2 ↗source 3 ↗· confidence: high
Sep 1, 2026
Fortinet fell on profit-taking after a multi-week rally to record highs driven by strong Q2 results and raised full-year 2026 guidance; the pullback reflects valuation reassessment rather than any operational issues.
source 1 ↗source 2 ↗· confidence: high
Aug 4, 2026
Fortinet rose on continued momentum from its late-July Q2 earnings beat and raised full-year 2026 revenue guidance, plus new AI-driven firewall products highlighting cybersecurity demand.
source 1 ↗source 2 ↗· confidence: high

Daily moves with the verified reason behind them. Education only — not investment advice.

On MarketChacha

Posts about FTNT

Palo Alto (PANW) is down ~8% on a clean beat — the margin guide is whyc/usmarkets · 9/2/2026▲ 0

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$6.8B	$1.9B	2.42	27.3%	149.8%
FY2024	$6.0B	$1.7B	2.26	29.3%	116.8%
FY2023	$5.3B	$1.1B	1.46	21.6%	—

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$2.0B	$606.3M	0.82	29.6%
2026Q1	$1.8B	$534.5M	0.72	28.9%
2025Q3	$1.7B	$473.9M	0.62	27.5%
2025Q2	$1.6B	$440.1M	0.57	27.0%
2025Q1	$1.5B	$433.4M	0.56	28.1%
2024Q3	$1.5B	$539.9M	0.70	35.8%
2024Q2	$1.4B	$379.8M	0.49	26.5%
2024Q1	$1.4B	$299.3M	0.39	22.1%
2023Q3	$1.3B	$322.9M	0.41	24.2%
2023Q2	$1.3B	$266.3M	0.33	20.6%
2023Q1	$1.3B	$247.7M	0.31	19.6%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-Q — FORM 10-Q
SEC7/30/2026
8-K — Results of operations, Exhibits
SEC7/29/2026material
8-K — Shareholder vote results
SEC6/16/2026material
10-Q — FORM 10-Q
SEC5/8/2026
8-K — Results of operations, Exhibits
SEC5/6/2026material
10-K — FORM 10-K
SEC2/25/2026
8-K — Results of operations, Exhibits
SEC2/5/2026material

2025

10-Q — FORM 10-Q
SEC11/7/2025
8-K — Results of operations, Exhibits
SEC11/5/2025material
8-K — Other events
SEC8/22/2025material
10-Q — FORM 10-Q
SEC8/8/2025
8-K — Results of operations, Exhibits
SEC8/6/2025material

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.