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FTNT Fortinet, Inc.

Nasdaq, CIK 0001262039, fiscal year ends 12/31. Last price 179.99 on 2026-10-23, market value 132.1 billion dollars.

Machine-readable: FTNT.json, FTNT.md. Sections: Graham Defensive, Magic Formula, Momentum, Insider, Buffett Quality, Lynch GARP, Graham Enterprising, Piotroski F-Score, earnings record, insiders, filings and links.

Philosophy	Score	Status	Current inputs as of	History used	Price	Verification	Rules
Graham Defensive	49	ok	2025-12-31 stale: Revenue	2014–2025	2026-10-23	0 verified, 22 unverified	method
Magic Formula	35	ok	2026-03-31 stale: operating_income_q	—	2026-10-23	—	method
Momentum	84	ok	2026-10-23	—	2026-10-23	—	method
Insider	0	no open-market transactions in window	2026-10-23	—	—	—	method
Buffett Quality	85	ok	2026-06-30	2016–2025	2026-10-23	0 verified, 44 unverified	method
Lynch GARP	58	ok	2026-06-30	2020–2025	2026-10-23	0 verified, 6 unverified	method
Graham Enterprising	48	ok	2026-06-30	2020–2025	2026-10-23	0 verified, 12 unverified	method
Piotroski F-Score	78	ok	—	2024–2026	—	0 verified, 27 unverified	method

Market value, source trail

market_value = traded_price (price date) / depositary_ratio x latest point-in-time SEC shares outstanding (share-count date shown; from the filing cover page, summed across share classes only where the issuer filing verifies the classes are economically equivalent (rule + evidence URL in the source text), else withheld; priced at the primary listed class, so where other classes trade at a different price the value is an approximation; restated only for issuer-verified splits after the count date); weighted-average share counts are never used

Input	Value	Unit	Period / date	Source
Traded price	179.99	USD per traded unit (share or ADS)	2026-10-23	Yahoo Finance
SEC shares outstanding	733,713,653	underlying shares	2026-07-28	SEC cover page 10-Q 0001262039-26-000021 (733,713,653 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm 0001262039-26-000021
Depositary ratio	1.0	underlying shares per traded unit		domestic 10-K filer; SEC shares are the traded units
Market value price date × latest reported shares	132,061,120,403	USD	2026-10-23 shares at 2026-07-28	179.99 (price 2026-10-23) / 1 x 733,713,653 (shares at 2026-07-28) = 132,061,120,403

Graham Defensive

49 of 100. ok. How this is scored.

Test or factor	Value	Threshold	Points
1 Adequate size	6.8 revenue $B	>= 1	5.0 / 5
2a Current ratio	1.28	>= 2.0	4.2 / 15
2b Long-term debt vs working capital	0.36 LTD / WC	<= 1.0	15.0 / 15
3 Positive earnings each of 10 years	10 of 10	10 of 10	15.0 / 15
4 Dividends every year for 20 years	0 of 20 missing 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025 XBRL check: 0 years agree, 20 unverified	20 of 20	0.0 / 15
5 EPS growth, 3-yr avg now vs 10 yrs ago	0.03 -> 2.05 (+7979%)	>= +33%	10.0 / 10
6 P/E on 3-year average EPS	87.9	<= 15	0.0 / 15
7 P/B <= 1.5, or P/E x P/B <= 22.5	P/B 85.14, product 7487.5	<= 1.5 or <= 22.5	0.0 / 10

Inputs, 24 numbers with their sources

Input	Value	Period	Source	Check
Price (close, per traded unit)	179.99	2026-10-23	Alpaca Market Data (consolidated SIP daily bar)	not cross-checked
Revenue	6799600000.0	2025-12-31 stale	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007	unverified
current_assets	6208300000.0	2026-06-30	SEC XBRL AssetsCurrent 0001262039-26-000021	unverified
current_liabilities	4840800000.0	2026-06-30	SEC XBRL LiabilitiesCurrent 0001262039-26-000021	unverified
lt_debt	496900000.0	2026-06-30	SEC XBRL LongTermDebtNoncurrent 0001262039-26-000021	unverified
equity	1551100000.0	2026-06-30	SEC XBRL StockholdersEquity 0001262039-26-000021	unverified
Net income FY2016	32200000.0	2016-12-31 history	SEC XBRL NetIncomeLoss 0001262039-19-000006	unverified
Net income FY2017	31400000.0	2017-12-31 history	SEC XBRL NetIncomeLoss 0001262039-20-000011	unverified
Net income FY2018	334900000.0	2018-12-31 history	SEC XBRL NetIncomeLoss 0001262039-21-000008	unverified
Net income FY2019	331700000.0	2019-12-31 history	SEC XBRL NetIncomeLoss 0001262039-22-000008	unverified
Net income FY2020	488500000.0	2020-12-31 history	SEC XBRL NetIncomeLoss 0001262039-23-000010	unverified
Net income FY2021	606800000.0	2021-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-24-000014	unverified
Net income FY2022	857300000.0	2022-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-25-000011	unverified
Net income FY2023	1147800000.0	2023-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
Net income FY2024	1745200000.0	2024-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
Net income FY2025	1853400000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
Dividend years (Yahoo)	[]	history	Yahoo Finance dividend history	unverified
EPS diluted FY2014	0.03	2014-12-31 history	SEC XBRL EarningsPerShareDiluted 0001262039-17-000008	unverified
EPS diluted FY2015	0.01	2015-12-31 history	SEC XBRL EarningsPerShareDiluted 0001262039-18-000009	unverified
EPS diluted FY2016	0.036	2016-12-31 history	SEC XBRL EarningsPerShareDiluted 0001262039-19-000006	unverified
EPS diluted FY2023	1.46	2023-12-31 history	SEC XBRL EarningsPerShareDiluted 0001262039-26-000007	unverified
EPS diluted FY2024	2.26	2024-12-31 history	SEC XBRL EarningsPerShareDiluted 0001262039-26-000007	unverified
EPS diluted FY2025	2.42	2025-12-31 history	SEC XBRL EarningsPerShareDiluted 0001262039-26-000007	unverified
Shares outstanding	733713653.0	2026-07-28	SEC cover page 10-Q 0001262039-26-000021 (733,713,653 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm 0001262039-26-000021	not cross-checked

Magic Formula

35 of 100. ok. How this is scored.

Test or factor	Value	Threshold	Points
Earnings yield (EBIT/EV) EBIT trailing twelve months; EV = market cap + debt (496,900,000) - cash	1.88 % (rank 178)
Return on capital (EBIT/(NWC+PPE)) net working capital 1,367,500,000 used as reported	79.63 % (rank 47)
Combined rank	225

Inputs, 14 numbers with their sources

Input	Value	Period	Source	Check
operating_income	2084700000.0	2025-12-31 history	SEC XBRL OperatingIncomeLoss 0001262039-26-000007	not cross-checked
operating_income_q	580000000.0	2026-03-31 stale	SEC XBRL OperatingIncomeLoss (quarter CY2026Q1) 0001262039-26-000013	not cross-checked
operating_income_q	453800000.0	2025-03-31 history	SEC XBRL OperatingIncomeLoss (quarter CY2025Q1) 0001262039-26-000013	not cross-checked
operating_income_q	689300000.0	2026-06-30	SEC XBRL OperatingIncomeLoss (quarter CY2026Q2) 0001262039-26-000021	not cross-checked
operating_income_q	458000000.0	2025-06-30 history	SEC XBRL OperatingIncomeLoss (quarter CY2025Q2) 0001262039-26-000021	not cross-checked
current_assets	6208300000.0	2026-06-30	SEC XBRL AssetsCurrent 0001262039-26-000021	not cross-checked
current_liabilities	4840800000.0	2026-06-30	SEC XBRL LiabilitiesCurrent 0001262039-26-000021	not cross-checked
cash	2934900000.0	2026-06-30	SEC XBRL CashAndCashEquivalentsAtCarryingValue 0001262039-26-000021	not cross-checked
ppe_net	1699500000.0	2026-06-30	SEC XBRL PropertyPlantAndEquipmentNet 0001262039-26-000021	not cross-checked
lt_debt	496900000.0	2026-06-30	SEC XBRL LongTermDebtNoncurrent 0001262039-26-000021	not cross-checked
debt_lt_current	0.0	2026-06-30	SEC XBRL LongTermDebtCurrent 0001262039-26-000021	not cross-checked
shares_out	733713653.0	2026-07-28	SEC cover page 10-Q 0001262039-26-000021 (733,713,653 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm 0001262039-26-000021	not cross-checked
Price (close)	179.99	2026-10-23	Yahoo Finance / Alpaca Market Data	not cross-checked
note	debt = LongTermDebtNoncurrent + LongTermDebtCurrent			not cross-checked

Momentum

84 of 100. ok. How this is scored.

Test or factor	Value	Points
12-1 month return	110.5 % (percentile 96.6)	48.3 / 50
6 month return	117.5 % (percentile 99.4)	19.9 / 20
Price / 52-week high	0.924	13.9 / 15
Volatility penalty (60d annualised)	46.3 %	2.2 / 15

Inputs, 1 numbers with their sources

Input	Value	Period	Source	Check
Adjusted close series (14 months)	179.99	2026-10-23	Yahoo Finance / Alpaca Market Data daily history	not cross-checked

Insider

0 of 100. no open-market transactions in window. How this is scored. Form 4 data loaded through 2026-10-23

Test or factor	Value	Points
Open-market buy value / market cap (percentile among buyers)	0.0 bp	0.0 / 35
Distinct buyers	0	0.0 / 25
Buyer seniority	0.0	0.0 / 20
Recency (half-life 30d)	0.0	0.0 / 10
Sales penalty (excludes 10b5-1 plan sales)	0.0 bp	-0.0 / 0

Inputs, 15 numbers with their sources

Input	Value	Source	Check
excluded 2026-09-24 S	10b5-1 plan	rule	not cross-checked
excluded 2026-09-15 S	10b5-1 plan	rule	not cross-checked
excluded 2026-09-14 S	10b5-1 plan	rule	not cross-checked
excluded 2026-09-14 S	10b5-1 plan	rule	not cross-checked
excluded 2026-08-04 S	10b5-1 plan	rule	not cross-checked
excluded 2026-08-03 S	10b5-1 plan	rule	not cross-checked
excluded 2026-08-03 S	10b5-1 plan	rule	not cross-checked
excluded 2026-08-03 S	10b5-1 plan	rule	not cross-checked
excluded 2026-08-03 S	10b5-1 plan	rule	not cross-checked
excluded 2026-08-03 S	10b5-1 plan	rule	not cross-checked
excluded 2026-08-03 S	10b5-1 plan	rule	not cross-checked
excluded 2026-08-03 S	10b5-1 plan	rule	not cross-checked
excluded 2026-08-03 S	10b5-1 plan	rule	not cross-checked
excluded 2026-08-03 S	10b5-1 plan	rule	not cross-checked
excluded 2026-08-03 S	10b5-1 plan	rule	not cross-checked

Buffett Quality

85 of 100. ok. How this is scored.

Test or factor	Value	Threshold	Points
1 Average return on equity (net income / year-end equity)	76.4% over 6 yrs	>= 15%	25.0 / 25
2 Profitable every year	10 of 10	all years	15.0 / 15
3 Net income growth, 3-yr average now vs start of window	+42.5% a year	>= +10%	10.0 / 10
4 Borrowings / 3-yr average earnings (years to repay) LongTermDebtNoncurrent + LongTermDebtCurrent	0.3 years	<= 4	15.0 / 15
5 Operating margin, 5-yr average	25.1%	>= 20%	10.0 / 10
6 Free cash flow / net income, 5-yr (operating cash flow minus capex)	1.37	>= 1.0	10.0 / 10
7 Owner-earnings yield (3-yr avg free cash flow / market cap)	1.5%	>= 7%	0.0 / 15

Inputs, 46 numbers with their sources

Input	Value	Period	Source	Check
Price (close, per traded unit)	179.99	2026-10-23	Alpaca Market Data (consolidated SIP daily bar)	not cross-checked
Net income FY2018	334900000.0	2018-12-31 history	SEC XBRL NetIncomeLoss 0001262039-21-000008	unverified
Equity at FY2018 end	1025500000.0	2018-12-31 history	SEC XBRL StockholdersEquity 0001262039-21-000008	unverified
Net income FY2019	331700000.0	2019-12-31 history	SEC XBRL NetIncomeLoss 0001262039-22-000008	unverified
Equity at FY2019 end	1342400000.0	2019-12-31 history	SEC XBRL StockholdersEquity 0001262039-21-000022	unverified
Net income FY2020	488500000.0	2020-12-31 history	SEC XBRL NetIncomeLoss 0001262039-23-000010	unverified
Equity at FY2020 end	856000000.0	2020-12-31 history	SEC XBRL StockholdersEquity 0001262039-22-000008	unverified
Net income FY2021	606800000.0	2021-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-24-000014	unverified
Equity at FY2021 end	781700000.0	2021-12-31 history	SEC XBRL StockholdersEquity 0001262039-23-000010	unverified
Net income FY2024	1745200000.0	2024-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
Equity at FY2024 end	1493800000.0	2024-12-31 history	SEC XBRL StockholdersEquity 0001262039-26-000007	unverified
Net income FY2025	1853400000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
Equity at FY2025 end	1237500000.0	2025-12-31 history	SEC XBRL StockholdersEquity 0001262039-26-000021	unverified
Net income FY2016	32200000.0	2016-12-31 history	SEC XBRL NetIncomeLoss 0001262039-19-000006	unverified
Net income FY2017	31400000.0	2017-12-31 history	SEC XBRL NetIncomeLoss 0001262039-20-000011	unverified
Net income FY2018	334900000.0	2018-12-31 history	SEC XBRL NetIncomeLoss 0001262039-21-000008	unverified
Net income FY2019	331700000.0	2019-12-31 history	SEC XBRL NetIncomeLoss 0001262039-22-000008	unverified
Net income FY2020	488500000.0	2020-12-31 history	SEC XBRL NetIncomeLoss 0001262039-23-000010	unverified
Net income FY2021	606800000.0	2021-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-24-000014	unverified
Net income FY2022	857300000.0	2022-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-25-000011	unverified
Net income FY2023	1147800000.0	2023-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
Net income FY2024	1745200000.0	2024-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
Net income FY2025	1853400000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
lt_debt	496900000.0	2026-06-30	SEC XBRL LongTermDebtNoncurrent 0001262039-26-000021	unverified
debt_lt_current	0.0	2026-06-30	SEC XBRL LongTermDebtCurrent 0001262039-26-000021	unverified
Operating income FY2021	650400000.0	2021-12-31 history	SEC XBRL OperatingIncomeLoss 0001262039-24-000014	unverified
Revenue FY2021	3342200000.0	2021-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-24-000014	unverified
Operating income FY2022	969600000.0	2022-12-31 history	SEC XBRL OperatingIncomeLoss 0001262039-25-000011	unverified
Revenue FY2022	4417400000.0	2022-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-25-000011	unverified
Operating income FY2023	1241100000.0	2023-12-31 history	SEC XBRL OperatingIncomeLoss 0001262039-26-000007	unverified
Revenue FY2023	5304800000.0	2023-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007	unverified
Operating income FY2024	1803400000.0	2024-12-31 history	SEC XBRL OperatingIncomeLoss 0001262039-26-000007	unverified
Revenue FY2024	5955800000.0	2024-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007	unverified
Operating income FY2025	2084700000.0	2025-12-31 history	SEC XBRL OperatingIncomeLoss 0001262039-26-000007	unverified
Revenue FY2025	6799600000.0	2025-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007	unverified
Operating cash flow FY2021	1499700000.0	2021-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-24-000014	unverified
Capital expenditure FY2021	295900000.0	2021-12-31 history	SEC XBRL PaymentsToAcquireProductiveAssets (10-K via companyfacts; capex fallback) 0001262039-24-000014	unverified
Operating cash flow FY2022	1730600000.0	2022-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-25-000011	unverified
Capital expenditure FY2022	281200000.0	2022-12-31 history	SEC XBRL PaymentsToAcquireProductiveAssets (10-K via companyfacts; capex fallback) 0001262039-25-000011	unverified
Operating cash flow FY2023	1935500000.0	2023-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-26-000007	unverified
Capital expenditure FY2023	204100000.0	2023-12-31 history	SEC XBRL PaymentsToAcquireProductiveAssets (10-K via companyfacts; capex fallback) 0001262039-26-000007	unverified
Operating cash flow FY2024	2258100000.0	2024-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-26-000007	unverified
Capital expenditure FY2024	378900000.0	2024-12-31 history	SEC XBRL PaymentsToAcquireProductiveAssets (10-K via companyfacts; capex fallback) 0001262039-26-000007	unverified
Operating cash flow FY2025	2590600000.0	2025-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-26-000007	unverified
Capital expenditure FY2025	364800000.0	2025-12-31 history	SEC XBRL PaymentsToAcquireProductiveAssets (10-K via companyfacts; capex fallback) 0001262039-26-000007	unverified
Shares outstanding	733713653.0	2026-07-28	SEC cover page 10-Q 0001262039-26-000021 (733,713,653 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm 0001262039-26-000021	not cross-checked

Lynch GARP

58 of 100. ok. How this is scored.

Test or factor	Value	Threshold	Points
1 PEG: P/E divided by 5-yr EPS growth (in % points)	2.25	<= 1.0	0.0 / 30
2 EPS growth, 5-yr compound rate	+33.1% a year	12% to 35% a year	20.0 / 20
3 P/E on latest annual EPS	74.4	<= 25	0.0 / 10
4 Borrowings / equity LongTermDebtNoncurrent + LongTermDebtCurrent	0.32	<= 0.5	15.0 / 15
5 Years of the last 5 in which EPS rose	5 of 5	5 of 5	15.0 / 15
6 Net cash (cash minus borrowings) / market cap	+1.8%	>= +10%	7.7 / 10

Inputs, 7 numbers with their sources

Input	Value	Period	Source	Check
Price (close, per traded unit)	179.99	2026-10-23	Alpaca Market Data (consolidated SIP daily bar)	not cross-checked
EPS diluted FY2025	2.42	2025-12-31 history	SEC XBRL EarningsPerShareDiluted 0001262039-26-000007	unverified
EPS diluted FY2020	0.58	2020-12-31 history	SEC XBRL EarningsPerShareDiluted 0001262039-23-000010	unverified
lt_debt	496900000.0	2026-06-30	SEC XBRL LongTermDebtNoncurrent 0001262039-26-000021	unverified
debt_lt_current	0.0	2026-06-30	SEC XBRL LongTermDebtCurrent 0001262039-26-000021	unverified
equity	1551100000.0	2026-06-30	SEC XBRL StockholdersEquity 0001262039-26-000021	unverified
cash	2934900000.0	2026-06-30	SEC XBRL CashAndCashEquivalentsAtCarryingValue 0001262039-26-000021	unverified

Graham Enterprising

48 of 100. ok. How this is scored.

Test or factor	Value	Threshold	Points
1 Current ratio	1.28	>= 1.5	8.5 / 15
2 Borrowings vs working capital LongTermDebtNoncurrent + LongTermDebtCurrent	0.36 x	<= 1.1x	15.0 / 15
3 No earnings deficit in the last 5 years	5 of 5 profitable	5 of 5	15.0 / 15
4 Pays a current dividend	no	yes	0.0 / 10
5 EPS higher than five years earlier	0.58 -> 2.42	higher	10.0 / 10
6 Price / book value per share book value used because intangibles are not separated in the dataset (Graham uses net tangible assets)	85.14	<= 1.2	0.0 / 20
7 Price / net current asset value per share (current assets minus all liabilities) net current asset value not positive	—	<= 0.67	0.0 / 15

Inputs, 15 numbers with their sources

Input	Value	Period	Source	Check
Price (close, per traded unit)	179.99	2026-10-23	Alpaca Market Data (consolidated SIP daily bar)	not cross-checked
current_assets	6208300000.0	2026-06-30	SEC XBRL AssetsCurrent 0001262039-26-000021	unverified
current_liabilities	4840800000.0	2026-06-30	SEC XBRL LiabilitiesCurrent 0001262039-26-000021	unverified
lt_debt	496900000.0	2026-06-30	SEC XBRL LongTermDebtNoncurrent 0001262039-26-000021	unverified
debt_lt_current	0.0	2026-06-30	SEC XBRL LongTermDebtCurrent 0001262039-26-000021	unverified
Net income FY2021	606800000.0	2021-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-24-000014	unverified
Net income FY2022	857300000.0	2022-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-25-000011	unverified
Net income FY2023	1147800000.0	2023-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
Net income FY2024	1745200000.0	2024-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
Net income FY2025	1853400000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
Dividend years (Yahoo)	[]	history	Yahoo Finance dividend history	not cross-checked
EPS diluted FY2025	2.42	2025-12-31 history	SEC XBRL EarningsPerShareDiluted 0001262039-26-000007	unverified
EPS diluted FY2020	0.58	2020-12-31 history	SEC XBRL EarningsPerShareDiluted 0001262039-23-000010	unverified
equity	1551100000.0	2026-06-30	SEC XBRL StockholdersEquity 0001262039-26-000021	unverified
Shares outstanding	733713653.0	2026-07-28	SEC cover page 10-Q 0001262039-26-000021 (733,713,653 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm 0001262039-26-000021	not cross-checked

Piotroski F-Score

78 of 100. ok. How this is scored.

Test or factor	Value	Threshold	Points
1 Return on assets is positive	17.8%	pass = 1	11.11111111111111 / 11.11111111111111
2 Operating cash flow is positive	2,591M	pass = 1	11.11111111111111 / 11.11111111111111
3 Return on assets improved on the prior year	17.9% -> 17.8%	pass = 1	0.0 / 11.11111111111111
4 Operating cash flow exceeds net income (accruals)	2,591M vs 1,853M	pass = 1	11.11111111111111 / 11.11111111111111
5 Long-term debt / assets fell	10.2% -> 4.8%	pass = 1	11.11111111111111 / 11.11111111111111
6 Current ratio improved	1.47 -> 1.17	pass = 1	0.0 / 11.11111111111111
7 No new shares issued (share count did not rise)	766M -> 734M	pass = 1	11.11111111111111 / 11.11111111111111
8 Operating margin improved (stand-in for gross margin, which the dataset does not carry)	30.3% -> 30.7%	pass = 1	11.11111111111111 / 11.11111111111111
9 Asset turnover (revenue / assets) improved	0.61 -> 0.65	pass = 1	11.11111111111111 / 11.11111111111111

Inputs, 27 numbers with their sources

Input	Value	Period	Source	Check
net_income 2025-12-31	1853400000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
total_assets 2025-12-31	10389200000.0	2025-12-31 history	SEC XBRL Assets 0001262039-26-000021	unverified
cfo 2025-12-31	2590600000.0	2025-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-26-000007	unverified
net_income 2025-12-31	1853400000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
net_income 2024-12-31	1745200000.0	2024-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
total_assets 2025-12-31	10389200000.0	2025-12-31 history	SEC XBRL Assets 0001262039-26-000021	unverified
total_assets 2024-12-31	9763100000.0	2024-12-31 history	SEC XBRL Assets 0001262039-26-000007	unverified
cfo 2025-12-31	2590600000.0	2025-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-26-000007	unverified
net_income 2025-12-31	1853400000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007	unverified
lt_debt 2025-12-31	496600000.0	2025-12-31 history	SEC XBRL LongTermDebtNoncurrent 0001262039-26-000021	unverified
lt_debt 2024-12-31	994300000.0	2024-12-31 history	SEC XBRL LongTermDebtNoncurrent 0001262039-26-000007	unverified
total_assets 2025-12-31	10389200000.0	2025-12-31 history	SEC XBRL Assets 0001262039-26-000021	unverified
total_assets 2024-12-31	9763100000.0	2024-12-31 history	SEC XBRL Assets 0001262039-26-000007	unverified
current_assets 2025-12-31	5900200000.0	2025-12-31 history	SEC XBRL AssetsCurrent 0001262039-26-000021	unverified
current_assets 2024-12-31	5971500000.0	2024-12-31 history	SEC XBRL AssetsCurrent 0001262039-26-000007	unverified
current_liabilities 2025-12-31	5034000000.0	2025-12-31 history	SEC XBRL LiabilitiesCurrent 0001262039-26-000021	unverified
current_liabilities 2024-12-31	4060700000.0	2024-12-31 history	SEC XBRL LiabilitiesCurrent 0001262039-26-000007	unverified
shares_out 2026-07-28	733713653.0	2026-07-28 history	SEC XBRL EntityCommonStockSharesOutstanding 0001262039-26-000021	unverified
shares_out 2025-08-05	766266033.0	2025-08-05 history	SEC XBRL EntityCommonStockSharesOutstanding 0001262039-25-000028	unverified
operating_income 2025-12-31	2084700000.0	2025-12-31 history	SEC XBRL OperatingIncomeLoss 0001262039-26-000007	unverified
operating_income 2024-12-31	1803400000.0	2024-12-31 history	SEC XBRL OperatingIncomeLoss 0001262039-26-000007	unverified
revenue 2025-12-31	6799600000.0	2025-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007	unverified
revenue 2024-12-31	5955800000.0	2024-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007	unverified
revenue 2025-12-31	6799600000.0	2025-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007	unverified
revenue 2024-12-31	5955800000.0	2024-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007	unverified
total_assets 2025-12-31	10389200000.0	2025-12-31 history	SEC XBRL Assets 0001262039-26-000021	unverified
total_assets 2024-12-31	9763100000.0	2024-12-31 history	SEC XBRL Assets 0001262039-26-000007	unverified

Earnings record

SEC XBRL, by fiscal year (named by the calendar year it ends in); EPS split-adjusted to today's shares; each row links to the filing.

FY	Ended	Revenue, $M	Net income, $M	EPS diluted	Dividend	Filing
2013	2013-12-31	615	44	0.052	none	0001262039-16-000053
2014	2014-12-31	770	25	0.03	none	0001262039-17-000008
2015	2015-12-31	1,009	8	0.01	none	0001262039-18-000009
2016	2016-12-31	1,275	32	0.036	none	0001262039-19-000006
2017	2017-12-31	1,495	31	0.036	none	0001262039-20-000011
2018	2018-12-31	1,805	335	0.384	none	0001262039-21-000008
2019	2019-12-31	2,163	332	0.38	none	0001262039-22-000008
2020	2020-12-31	2,594	488	0.58	none	0001262039-23-000010
2021	2021-12-31	3,342	607	0.73	none	0001262039-24-000014
2022	2022-12-31	4,417	857	1.06	none	0001262039-25-000011
2023	2023-12-31	5,305	1,148	1.46	none	0001262039-26-000007
2024	2024-12-31	5,956	1,745	2.26	none	0001262039-26-000007
2025	2025-12-31	6,800	1,853	2.42	none	0001262039-26-000007

Insider transactions

SEC Form 4 open-market purchases and sales from the insider data sets; latest 20.

Date	Insider	Role	Type	Shares	Price	Value
2026-09-24	Ohlgart Christiane	CFO	sale plan	48	180.00	8,640
2026-09-15	Whittle John	COO	sale plan	2,835	168.74	478,378
2026-09-14	Whittle John	COO	sale plan	52,707	165.43	8,719,319
2026-09-14	Whittle John	COO	sale plan	1,158	166.02	192,251
2026-08-04	Ohlgart Christiane	CFO	sale plan	387	164.59	63,696
2026-08-03	Xie Ken	CEO	sale plan	7,350	161.82	1,189,377
2026-08-03	Xie Ken	CEO	sale plan	19,647	160.82	3,159,631
2026-08-03	Xie Ken	CEO	sale plan	18,409	160.14	2,948,017
2026-08-03	Xie Ken	CEO	sale plan	67,971	163.08	11,084,711
2026-08-03	Xie Ken	CEO	sale plan	47,943	163.91	7,858,337
2026-08-03	Xie Ken	CEO	sale plan	162	164.49	26,647
2026-08-03	Xie Michael	officer	sale plan	1,421	163.12	231,794
2026-08-03	Xie Michael	officer	sale plan	200	161.75	32,350
2026-08-03	Xie Michael	officer	sale plan	700	160.36	112,252
2026-08-03	Xie Michael	officer	sale plan	800	163.98	131,184
2026-06-03	Xie Michael	officer	sale	410	145.72	59,745
2026-06-03	Xie Michael	officer	sale	132	148.30	19,576
2026-06-03	Xie Michael	officer	sale	2,337	146.55	342,487
2026-06-03	Xie Michael	officer	sale	564	147.71	83,308
2026-06-03	Xie Michael	officer	sale	464	144.46	67,029

Filings and links

Third-party sites are linked only; nothing from them is stored here.

SEC: filing index, 8-K, Form 4, XBRL companyfacts
Prices: Yahoo Finance, Stooq
Elsewhere: morningstar, finviz, stockanalysis, seeking alpha, openinsider, google news

Cite as: The Claude Trader snapshot 2026-10-26, https://theclaudetrader.com/s/FTNT; data from SEC EDGAR XBRL and market prices (Alpaca Market Data, Yahoo Finance) to 2026-10-23. Data last checked 2026-10-26.