FTNT
Fortinet, Inc.Evidence as of 2026-09-02Overview · Fortinet, Inc.
Fortinet, Inc. provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration. The company also provides FortiSwitch product family that offers secure swi…
Management team
- Mr. Robert May · Executive Vice President of Technology & Product ManagementFind on LinkedIn
- Mr. Matthew Pley · Executive Vice President of America SalesFind on LinkedIn
- Mr. John Whittle · COO & Corporate SecretaryFind on LinkedIn
- Mr. Patrice Perche · Executive VP of Support & Chief Revenue OfficerFind on LinkedIn
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Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it — not a rating or a recommendation.
+0.5 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled — the rest of the page is the evidence behind it.
What the evidence shows
The evidence balance is Constructive (+0.5 of a possible +2; was +0.5 before debate) with high confidence. Revenue rose from $ 1,539,700,000 in fiscal Q1 2025 (fiscal quarter ended 2025-05-07) to $ 2,047,900,000 in Q2 2026 (fiscal quarter ended 2026-07-28), while gross margin held roughly steady near 80% (about 81.0% → 80.3% → 80.2% across the cited quarters). Operating margin expanded over the series: roughly 28.1% in fiscal Q2 2025 (fiscal quarter ended 2025-08-05) to about 31.4% in Q1 2026 (fiscal quarter ended 2026-05-04) and 33.7% in Q2 2026 (fiscal quarter ended 2026-07-28). The company reduced outstanding common shares from 768,974,062 (as of 2025-02-18) to 733,713,653 (as of 2026-07-28) and recorded $ 823,000,000 of repurchases in Q1 2026 (fiscal quarter ended 2026-05-04); reported long‑term debt declined from $ 994,300,000 (as of 2024-12-31) to $ 496,900,000 (as of 2026-06-30).
What the debate changed
The desk did not drop any surviving claims; nothing was removed in debate. The one claim that was weakened concerned the characterization of accelerating quarter‑over‑quarter revenue gains in the most recent quarter: the assertion that revenue rose $ 124,700,000 from Q3 2025 (fiscal quarter ended 2025-11-04) to Q1 2026 (fiscal quarter ended 2026-05-04) and then rose $ 198,300,000 to Q2 2026 (fiscal quarter ended 2026-07-28) was retained but flagged as weakened, which tempers how strongly the desk leans on acceleration as a decisive input. Other items — patent counts, product technology descriptions, management’s liquidity statement, momentum and volatility metrics, ETF holdings and clustered insider Form 4s — survived the review unchanged.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else — no outside knowledge, no browsing — so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC — revenue, margins, income, debt and share count, quarter by quarter — and reports which way the trend is running.
Revenue increased from $1,539,700,000 in fiscal Q1 2025 (2025-01-01 to 2025-03-31) to $2,047,900,000 in fiscal Q2 2026 (2026-04-01 to 2026-06-30).
XBRL companyfacts · 0001262039-25-000017Quarter-over-quarter revenue gains accelerated in the most recent quarter: revenue rose $124,700,000 from $1,724,900,000 in fiscal Q3 2025 (2024-07-01 to 2024-09-30) to $1,849,600,000 in fiscal Q1 2026 (2026-01-01 to 2026-03-31), then rose $198,300,000 to $2,047,900,000 in fiscal Q2 2026 (2026-04-01 to 2026-06-30).
XBRL companyfacts · 0001262039-25-000039weakened in debateReads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full — its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet — its risk analysis fills in once that lands.
The Management Discussion and Analysis section (filed 2026-07-30) lists a broad set of forward-looking expectations, including continued growth and market share gains; variability in sales between quarters; impacts from macroeconomic and geopolitical factors; supply chain constraints including memory chip availability; and expectations for gross margins and operating margins for 2026.
Management's discussion · filed 2026-07-30In the same 10-Q (filed 2026-07-30) management characterizes specific growth drivers as "drivers of long-term growth and operating leverage, such as pricing of our products and services, sales productivity, pipeline and capacity, functionality, value and technology improvements in our product and service offerings."
Management's discussion · filed 2026-07-30Reads the signal panel above — momentum, volatility, drawdown, relative strength and beta — and ranks each against the whole research universe rather than judging it in isolation.
Momentum over the 6-month period is +99.6% and ranks in the 97th percentile of the 547-stock research universe on 2026-09-01.
Moneyta signal set · 2026-09-01weakened in debate6-month relative strength versus SPY is +87.3% and ranks in the 97th percentile of the 547-stock research universe on 2026-09-01.
Moneyta signal set · 2026-09-01weakened in debateReads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
Fortinet appears as a holding in at least 11 ETFs in the provided snapshot, with reported weights ranging from 0.11% to 0.64% of the respective funds.
ETF constituents · market dataThe largest reported ETF weight in the snapshot is 0.64% of the XLK fund (as of 2026-09-02T01:55:42.282643+00:00).
ETF constituents · market dataReads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
A headline reports Fortinet shares fell 5.3% and that GF Value called the stock overvalued.
News · gurufocus.com · 2026-09-01A GuruFocus DCF-style headline presents an intrinsic value of $102 versus a market price of $171.
News · gurufocus.com · 2026-09-01Reads parsed Forms 3/4/5 — who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
Ken Xie (PRESIDENT & CEO) reported an open-market sale of 67,971 shares valued at "$11.1M" on 2026-08-03; the filing states the trades were made under a 10b5-1 plan.
Form 4 · Xie Ken (PRESIDENT & CEO) · $3.5M code M · 2026-08-03Ken Xie (PRESIDENT & CEO) reported additional sales on 2026-08-03 including 19,647 shares for "$3.2M" and 47,943 shares for "$7.9M" in the same filing.
Form 4 · Xie Ken (PRESIDENT & CEO) · $3.5M code M · 2026-08-03Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The reported price-to-earnings (trailing twelve months) is 59.29.
Valuation inputs · SEC XBRL + stored EOD closeMarket capitalization is reported as 118,751,554,738.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score — the argument is shown, not hidden, so you can judge the reasoning yourself.
The evidence set shows sustained and accelerating top-line growth with revenue rising from $1.54B in Q1 2025 to $2.048B in Q2 2026 and sequential quarter-over-quarter gains that accelerated into the most recent quarter. Profitability metrics are improving alongside revenue: gross margin has stayed roughly stable around ~80% while operating margin expanded from ~28% to ~33.7% over the quarters shown, which coincides with a meaningful share-count reduction and an $823M repurchase in Q1 2026 that concentrates earnings per share. The company materially reduced long-term debt and reports strong operating cash flow (TTM $3.45B) and stated liquidity to cover operations, while filings highlight product/technology assets (FortiOS, FortiASIC, FortiCloud, FortiAI), a broad global customer base and patent estate that underpin the growth and operating-leverage narrative. Market signals show very strong momentum and relative strength versus the market over 6 months, and multiple news items point to corporate initiatives (training institute, AI security) tied to the growth narrative and an upwardly revised outlook; these pieces collectively support a favorable read against bear observations about valuation and short-term volatility.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.33
39 surviving claims rest on 18 distinct sources; the heaviest analyst carries 18% of them, and 95% of what the desk raised survived the debate.
The surviving set rests on a moderate breadth of sources but a relatively small number of analysts carry a noticeable share of the weights; that raises caution about over-relying on any single viewpoint. High survival through debate means the desk found the claims durable, but source-concentration and analyst-dependence imply this read should be treated as informative rather than definitive.
Peer context · computed, not argued
12-1 momentum ranks 4th of 21 in Software—Infrastructure (as of 2026-09-01).
6-month relative strength ranks 3rd of 21 in Software—Infrastructure (as of 2026-09-01).
90-day volatility ranks 17th of 21 in Software—Infrastructure (as of 2026-09-01).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment — when the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here — no outside knowledge, no browsing — and each card shows who read it and what it contributed to the score.
16 filings· 3 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data — not retyped or estimated.
Read by Mercer+1.3 to the score
11 documents· 1 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes+1.0 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash+0.3 to the score
2 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.5 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
4 filings· 1 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state — stated and inferred flags kept apart.
Read by Talbot−0.8 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only — it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal — the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
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The full terminal on FTNT Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations.