Fortinet: An Excellent Business Whose Stock Has Run Ahead Of Its Value (Downgrade)
Fortinet (FTNT) is downgraded from bullish to neutral after a 232.7% rally, with valuation now outpacing earnings growth. Q2 ...
Model output · Signal date 2026-10-13
Fortinet, Inc. (FTNT) Stock Forecast Oct. 13, 2026
Analysis updated on Oct. 13, 2026 (UTC) · Alpha · vs marketSwitch to Total · Nasdaq
Rating · 90D
▲ Bullish
Exact rating locked
90-day forecast
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30-day forecast
Alpha
Rank in coverage
Top 35%
of 5379 stocks scored
Rank correlation · 90D
n/a
No per-ticker sample yet
Market Cap
$139.96B
large-cap · #1 of 15 peers
Summary
Fortinet, Inc. (FTNT) stock forecast summary
Our AI ranks Fortinet, Inc. outside the neutral middle of its coverage (a directional signal). Create a free account and follow it to see the exact price target.
Fortinet, Inc. is a large-cap company with a market capitalization of $139.96B. It ranks number 1 by market capitalization among the 15 Computer Peripheral Equipment, NEC issuers in our coverage with a current forecast. Its P/B Ratio of 90.23x is the highest of the 14 peers that report one. Its ROE of 136.7% is the highest of the 12 peers that report one.
A per-ticker accuracy statistic for FTNT is published only once its sample size is known. Across our coverage, the out-of-sample test on 4537 stocks from 2025-01-06 to 2026-06-09 produced a positive net return in 73.7% of rebalance periods (factor-neutral book, net of estimated costs). Full backtest report
Expected return relative to the market over the horizon: a positive alpha means the model expects the stock to beat the market, whatever the market does. Ratings: strong buy ≥ +1.3%, buy ≥ +0.5%, sell < -0.5%, strong sell < -1.6% (top 15%, next 20%, middle 30%, next 20%, bottom 15% of the 2026-10-13 signals)
A free account shows the exact forecast, rating and rank of 3 tickers you follow, FTNT included.
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FTNT price chart and AI forecast
Cross-section · 2026-10-13
How FTNT ranks among 5379 stocks
90D Alpha forecasts of every company scored, cut into five relative ratings at the 15th, 35th, 65th and 85th percentiles (dashed lines).
Fundamentals
Fortinet, Inc. (FTNT) fundamentals
Trailing twelve months. The industry median and the rank (1 = highest) are taken over the Computer Peripheral Equipment, NEC peers listed below that report each metric.
Valuation & Market
| Metric | FTNT | Rank |
|---|---|---|
| Market Cap | $139.96B | 1/15 |
| P/E Ratio | 66.00x | – |
| P/B Ratio | 90.23x | 1/14 |
| EPS | $2.67 | – |
| Book Value/Share | $2.11 | – |
| Revenue/Share | $10.26 | – |
| FCF/Share | $4.25 | – |
Profitability & Margins
| Metric | FTNT | Rank |
|---|---|---|
| ROE | 136.7% | 1/12 |
| ROA | 19.5% | 2/13 |
| ROIC | 40.6% | 1/13 |
| Gross Margin | 80.2% | 1/12 |
| Operating Margin | 32.4% | 1/14 |
| Net Margin | 28.2% | 1/13 |
| EBT Margin | 34.9% | 1/14 |
| Tax Rate | 19.2% | – |
Financial Health
| Metric | FTNT | Rank |
|---|---|---|
| Current Ratio | 1.28x | 12/17 |
| Quick Ratio | 1.19x | 9/15 |
| D/E Ratio | 6.00x | 3/16 |
| Financial Leverage | 7.00x | 3/16 |
| Interest Coverage | 31.1x | 2/13 |
| Working Capital | $1.37B | 2/17 |
Cash Flow
| Metric | FTNT | Rank |
|---|---|---|
| Operating Cash Flow | $3.40B | 1/15 |
| Free Cash Flow | $3.12B | 1/9 |
| Capital Spending | -$279M | 9/9 |
| OCF Growth YoY | 41.5% | 2/7 |
| FCF Growth YoY | 53.3% | 1/6 |
| FCF/Sales | 41.4% | 1/9 |
| CapEx/Sales | 3.7% | 4/9 |
Operational Efficiency
| Metric | FTNT | Rank |
|---|---|---|
| Asset Turnover | 0.69x | 6/11 |
| Receivables Turnover | 5.2x | 6/10 |
| Inventory Turnover | 3.5x | 7/11 |
| Fixed Assets Turnover | 4.4x | 7/11 |
| Days Sales Outstanding | 71 days | 5/10 |
| Days Inventory | 104 days | 5/11 |
| Payables Period | 69 days | 1/10 |
| Cash Conversion Cycle | 106 days | 5/7 |
Income Statement
| Metric | FTNT | Rank |
|---|---|---|
| Total Revenue | $7.53B | 2/11 |
| Operating Income | $2.44B | 1/14 |
| Net Income | $2.12B | 1/13 |
| R&D Expense | $846M | 1/12 |
| SG&A Expense | $3.36B | 1/13 |
| Cost of Goods Sold | $1.49B | 1/11 |
Dividend & Shareholder Information
| Metric | FTNT | Rank |
|---|---|---|
| Shares Outstanding | 734M | – |
Balance Sheet Highlights (USD millions)
| Total Current Assets | $6.21B | 57.2% of assets |
| Cash & Short-term Investments | $2.93B | 27.0% of assets |
| Accounts Receivable | $1.46B | 13.4% of assets |
| Inventory | $426M | 3.9% of assets |
| Total Liabilities | $9.31B | 85.7% of assets |
| Short-term Debt | $4.56B | 42.0% of assets |
Quarterly Financial Reports
FTNT quarterly financials and insider trading
Industry Peers · Computer Peripheral Equipment, NEC
Fortinet, Inc. (FTNT) industry peers
Companies classified under the same SEC industry code as Fortinet, Inc. (Computer Peripheral Equipment, NEC): 17 common-stock issuers with a forecast this week, one row per issuer, largest first. This is a classification match, not a curated list of competitors.
Reveal all forecasts · See exact % predictions for all competitors
Sign up free| Company | 90-Day AI Forecast (Alpha) | Market Cap |
|---|---|---|
| FTNT Fortinet, Inc. | ▲ | $139.96B |
| LOGI Logitech International S.A. | ▶ | $14.72B |
| CRSR Corsair Gaming, Inc. | ▶ | $1.55B |
| EVLV Evolv Technologies Holdings, Inc. | ▶ | $773M |
| MITK Mitek Systems Inc | ▲ | $761M |
| SSYS Stratasys Ltd. | ▶ | $660M |
| XRX Xerox Holdings Corp | ▲ | $356M |
| IMMR Immersion Corp | ▼ | $243M |
| RDCM Radcom Ltd | ▶ | $169M |
| MYND Mynd.Ai, Inc. | ▲ | $127M |
| LINK Interlink Electronics Inc | ▲ | $75M |
| YIBO Planet Image International Ltd | ▲ | $63M |
| INVE Inve Technologies, Inc. | ▶ | $57M |
| TACT Transact Technologies Inc | ▲ | $45M |
| VTIX Virtuix Holdings Inc. | ▼ | $34M |
| AIMD Ainos, Inc. | ▶ | N/A |
| WETH Wetouch Technology Inc. | ▲ | N/A |
Where FTNT sits on the market map
Technology · Computer Peripheral Equipment, NEC
News
Fortinet, Inc. (FTNT) stock news
Fortinet schedules October 28 results: what it means for Fortinet stock
Fortinet Inc. has scheduled its third-quarter 2026 results call for October 28, 2026, giving Fortinet stock a defined ...
Barclays raises target for Fortinet stock from USD 190 to USD 210
Barclays raised its Fortinet price target from USD 190.00 to USD 210.00 on October 12, 2026, while keeping an Equal Weight ...
FAQ
Fortinet, Inc. (FTNT) stock forecast FAQ
What is the Fortinet, Inc. (FTNT) stock forecast?
Our AI ranks Fortinet, Inc. outside the neutral middle of its coverage (a directional signal). Create a free account and follow it to see the exact price target.
How accurate are Fortinet, Inc. stock predictions?
A per-ticker accuracy statistic for FTNT is published only once its sample size is known. Across our coverage, the out-of-sample test on 4537 stocks from 2025-01-06 to 2026-06-09 produced a positive net return in 73.7% of rebalance periods (factor-neutral book, net of estimated costs). Full backtest report
How often are Fortinet, Inc. forecasts updated?
Fortinet, Inc. forecasts are refreshed on trading days as the daily model run completes. The forecast on this page was produced on Oct. 13, 2026.
Which companies are Fortinet, Inc.'s industry peers?
17 issuers in our coverage, FTNT included, share the SEC industry code Computer Peripheral Equipment, NEC. The largest are: Logitech International S.A. (LOGI), Corsair Gaming, Inc. (CRSR), Evolv Technologies Holdings, Inc. (EVLV), Mitek Systems Inc (MITK), Stratasys Ltd. (SSYS), Xerox Holdings Corp (XRX).
This analysis is generated automatically using our proprietary AI systems and should not be considered personalized investment advice. Past performance does not guarantee future results. Always conduct your own research and consider consulting a financial advisor before making investment decisions.