Fortinet (FTNT)
NASDAQInformation TechnologySoftware - InfrastructureSnapshot 2026-09-15
$172.37+1.29%
Close 2026-09-15 · 1-day change
NASDAQInformation TechnologySoftware - InfrastructureSnapshot 2026-09-15
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: FY26 EPS guidance $3.41-$3.47 vs ~$3.13 target.
View ThesisRevenue growth is accelerating — up about 19% over the past year.
View GrowthRanks among the strongest in its industry on quality — around the top 22%.
View QualityManagement screens strong on capital allocation, earnings delivery, margins, the balance sheet.
View ManagementExpectations look high — the market is pricing in about 26% growth a year, above the roughly 15% analysts expect, leaving little room for error.
View ValuationModerate volatility — typically moves about 2% a day.
View RiskFortinet's growth in AI-driven security and SASE Firewall innovation supports its valuation. Revenue grew 26% year over year, and the last quarter beat expectations. It trades at 55× P/E versus a 43× peer median, indicating it looks expensive on this basis. If FTNT cuts guidance on the next call, that could negatively impact the stock. Peer multiples imply a price about 24% below where it trades. The thesis is on watch due to pressure on earnings guidance.
Trailing returns as of 2026-09-15. 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 Sep 2026).
Based on 21 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 10 valuation methods, at three horizons. As of 2026-09-15. 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: Expand AI-driven security and SASE Firewall innovation
AI-driven security demand aligns with innovation expansion objective.
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 2026-09-15. EPS is implied from price ÷ P/E. Not investment advice.
Current $172.37
The last 12 months of price, then the range of analyst 12-month targets from today’s $172.37.
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.
Advances: Expand AI-driven security and SASE Firewall innovation
Momentum in security platform supports AI-driven innovation goals.
Advances: Expand AI-driven security and SASE Firewall innovation
CMMC certification enhances Fortinet's AI-driven security offerings.
Advances: Expand AI-driven security and SASE Firewall innovation
Surging demand supports AI-driven security innovation.
Advances: Expand AI-driven security and SASE Firewall innovation
AI sales push aligns with innovation expansion objective.
Advances: Increase annual revenue to $8.02-$8.18B in 2026
Increased guidance supports revenue growth objective.
Advances: Expand AI-driven security and SASE Firewall innovation
New AI-focused firewall aligns with innovation goals.
Advances: Expand AI-driven security and SASE Firewall innovation
Fortinet's focus on AI-driven security aligns with innovation goals.