Fortinet (FTNT)
NASDAQInformation TechnologySoftware - InfrastructureSnapshot 2026-10-30
$136.08-2.17%
Close 2026-10-30 · 1-day change
NASDAQInformation TechnologySoftware - InfrastructureSnapshot 2026-10-30
Research Workspace
Put FTNT beside peers and holdings, graph the same metric, and keep your notes with the evidence.
Daily closes. Earnings/event dots are placed inline.
Industries move in repeating boom-and-bust cycles. This shows where this stock’s industry sits in that cycle, stage by stage (recovery → expansion → supercycle → steady → deceleration → contraction), from its fundamentals (orders, revenue, capital spending), not the stock’s price.
A booming industry is a tailwind for the names in it; a contracting one is a headwind. Companies in the same industry tend to rise and fall together with the cycle, the way a tide lifts and lowers every boat in the harbor at once, so a large part of a stock’s swing can come from where its industry sits rather than from the company itself. It’s context for reading the company’s results, not a buy/sell call. Full explanation →
Systems Software: fringe margins under pressure (2q confirmed)
The stage band shows the industry’s cycle over the chart’s timeline (each color a stage); a ▼ marks a quarter its growth inflected down — amber is an unconfirmed watch, red is confirmed the next quarter. Use “Overlay cycle on chart” to tint the price chart by stage. The industry’s fundamentals, not a signal on this stock.
Primary pillar under pressure — EPS reaches about $3.13: Diluted EPS: $0.86 per share.
View ThesisRevenue growth is accelerating — up about 20% over the past year.
View GrowthRanks among the strongest in its industry on quality — around the top 19%.
View QualityManagement screens strong on capital allocation, earnings delivery, margins, the balance sheet.
View ManagementExpectations look high — the market is pricing in about 30% growth a year, above the roughly 13% analysts expect, leaving little room for error.
View ValuationThis stock is volatile — it swings about 2% on a typical day and fell roughly 30% in its worst 12-month stretch.
View RiskFortinet’s revenue-and-billings growth is the core case, though latest revenue growth slowed from the prior quarter. Q3 revenue grew 20% year over year, and adjusted earnings beat estimates. Fortinet trades at 40× P/E versus the 47× peer median; market expectations look full. The latest product revenue growth slowed, and the service revenue forecast missed estimates. Our model puts the next-quarter miss probability near 15%. The EPS pillar is under pressure: reported diluted EPS was $0.86 per share. Peer multiples imply a price about 30% below where it trades; the thesis is on watch.
Trailing returns as of 2026-10-30. FTNT is total return (includes dividends); the S&P 500 benchmark is price return (the index excludes dividends).
Based on 46 analysts currently covering FTNT (as of Oct 2026).
Based on 23 Wall Street analysts offering 12-month price targets for FTNT in the last 4 months.
Continue this research
Compare FTNT with peers and holdings, graph the same reported metric, keep your questions beside the evidence, and return when the facts change.
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| Compare | Company | Living FV | P/E | Revenue % | Quality |
|---|---|---|---|---|---|
| FTNT Selected company | Graph | Compare | Trend | Review | |
| Peer Add a competitor | Graph | Compare | Trend | Review | |
| Holding Compare a holding | Graph | Compare | Trend | Review |
Selected metric trend
Quarterly · checked companies · value or % of revenue
A consensus fair price across 12 valuation methods, at three horizons. As of 2026-10-30. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
Today's peer multiple on trailing earnings, with no growth credited. This is the headline read.
Adds projected growth, so it leans optimistic by design. Read it as upside context, not a base case.
A price-focused, side-by-side fair-value read versus Systems Software — fair value, gap to price, and forward P/E.
Our valuation methods disagree too much on this name right now. Rather than print a number we don't believe, we're holding it back until they converge.
Compare the value case
Put FTNT next to peers and holdings, compare Living FV and multiples, then graph the driver behind the difference.
Advances: Grow revenue and billings
Quarterly revenue and earnings beat estimates and grew year over year, supporting business momentum.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
End-of-day figures as of 2026-10-30. EPS is implied from price ÷ P/E. Not investment advice.
Current $136.08
The last 12 months of price, then the range of analyst 12-month targets from today’s $136.08.
Analyst ratings and price targets are third-party Wall Street estimates, not QuarterlyIQ’s view. Not investment advice.
A long-thesis check that carries the widest uncertainty of the three horizons.
Top 10% on quality vs scored peers
A second lens on the 12-month fair value: for companies that score high on measured quality (profitability, balance-sheet safety, earnings stability), this read trusts more of today's profit margins instead of averaging them toward their multi-year history the way the headline number does. Shown alongside the fair value above, not in place of it. A diagnostic, not a price target or a buy/sell signal.
Direction of the business behind the multiple. Bands are backend reads; trailing-12-month basis.
Threatens: Grow revenue and billings
Service revenue forecast miss signals a growth headwind and pressures cybersecurity peers.
Threatens: Grow revenue and billings
Service revenue forecast miss signals weaker growth and weighs on company outlook.
Advances: Grow revenue and billings
Higher guidance and substantial billings outlook confirm improving growth expectations.
Advances: Grow revenue and billings
Official earnings-call disclosures provide evidence on growth and management execution.
Advances: Expand AI-driven security and SASE Firewall innovation
AI-driven security demand aligns with innovation expansion objective.
Advances: Expand AI-driven security and SASE Firewall innovation
Momentum in security platform supports AI-driven innovation goals.
CMMC Level 2 certification strengthens eligibility for federal security opportunities.
