Investor Research

FTNT · US

FTNT.US: Q2'26 $2.05B (+26%) — product +52% & $2.37B billings

Fortinet Q2 2026 revenue $2.05B (+26%), product $773M (+52%), billings $2.37B (+33%); 34% GAAP OM, $966M FCF. FY26 revenue $8.020–8.180B. See PANW.

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Snapshot

Price (approx.)
USD 162
Mkt cap (approx.)
USD 119.0B
Revenue (approx.)
USD 8.1B
Product revenue (Q2)
USD 773.0M
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Fortinet Q2 2026 (ended 2026-06-30) revenue $2.05B (+26%, above high end), product $773M (+52%), billings $2.37B (+33%). GAAP OM 34% / non-GAAP 38%, GAAP EPS $0.82 (+44%), OCF $1.04B / FCF $966M. FY26 revenue $8.020–8.180B. Still the latest formal print inside this stale window. Value security hardware + subscriptions; tape is whether product billings hold after the spike.

Business

Model: FortiGate appliances + security subscriptions/support. Flagships: FortiGate/ASIC; Secure SD-WAN; SecOps/SASE. Edge: price/performance and one OS. Strategy: richer service mix. Entity: Fortinet, Inc.

Value chain

Downstream security gateway. Upstream: wafers/ASIC/ODM; downstream: enterprise and telco channel. Not extremely concentrated, but channel inventory matters. Risks: (1) silicon lead times; (2) channel stuffing and price war vs PANW.

Valuation

Price context ~$162 / mkt ~$119B (pack KPI). High cash margins; multiple depends on billings durability. PE/PB null without a named market feed.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)
MetricValueNote
TTM PEN/A未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PBN/A待最新净资产与市值核验
股息率N/A待分红公告 / IR
现价语境约 162FTNT · 以包内 kpi_snapshot 时点为准
As of 2026-09-25

~3y PE / PB / dividend yield / trailing 1Y ann. return. Points without a named market source are null:

Valuation & return · ~3y

Interactive chart available in the reader.

PE/PB/yield/return points are null until a named market source is wired; no linear fill. · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Public quarterly closes (split-adjusted); do not invent gaps · As of 2026-09-25

Financial trend (~24 months)

Last ~8Q revenue and margins with YoY / QoQ. Missing quarters stay null:

Revenue · last 8Q

Interactive chart available in the reader.

Company IR / 10-Q quarterly revenue; null when missing · As of 2026-09-25

Gross margin · last 8Q

Interactive chart available in the reader.

Company IR gross margin; null when missing — no interpolation · As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Attributable NI from filings; null when missing — no interpolation · As of 2026-09-25

Financial health (§A.7)

Q2 OCF $1.04B, FCF $966M. High-margin security cash engine. Audit per latest 10-K.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)
ItemValueNote
财务健康总评现金生成强单季 FCF $966M；硬件周期仍在
经营现金流$1.04B（Q2）来源 Fortinet 2026-07-29 PR
有息债 vs 现金见 10-Q本 PR 强调 FCF，未列净债明细
流动性充裕FCF $966M
审计意见以最新 10-K 为准本 PR 未重述
As of 2026-09-25

Operations

Q3 revenue $2.010–2.100B, billings $2.250–2.350B, non-GAAP EPS $0.83–0.87. FY service $5.180–5.220B.

Key financial points

Key financial points
ItemValueYoYNote
Q2 营收$2.05B+26%超指引上沿
产品$773M+52%硬件弹性
账单$2.37B+33%预订
GAAP OM34%—non-GAAP 38%
FCF$966M单季OCF $1.04B
FY26 营收$8.020–8.180B~+19%公司口径
As of 2026-09-25

Competition

Peer strengths/weaknesses; share charts only when a named source exists.

Market share trend · last 8Q

Interactive chart available in the reader.

Named industry/company sources only; else omit or null · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Named sources only; list in references · As of 2026-09-25

Peer map

Peer map
CompanyShare/roleMarginStrengthWeakness
Fortinet (self)Firewall valueHigh GMCost leadershipBrand vs PANW
Palo AltoPlatformHighPremium brandPrice
CrowdStrikeEndpointHigh GMCloud-nativeDifferent wedge
Check PointSecurityHighProfit focusGrowth
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
CEOKen Xieco-founderNo material change
CFOKeith Jensen / officelong windowVerify latest filings
CTOMichael Xieco-founderNo material change
As of 2026-09-25

Stability: Founders Ken Xie / Michael Xie remain the long-tenured slate; this PR discloses no control change.

Outlook

Track Q3 billings, product-growth fade, channel inventory, platform war vs PANW.

Scenarios

Scenario Condition Implication
Bull Demand/execution beats Upside
Base Trend continues Hold/watch
Bear Cycle/competition worsens Drawdown/reassess

Risks

Risk Severity Note
产品收入高增不可持续 高 产品 +52% 后 Q3 营收指引仅约持平至微增
渠道库存 高 安全硬件常见塞货/去库存
价格战 vs PANW 中 平台订阅与防火墙 ASP
ASIC / 代工 中 自研芯片供给
估值 中 已部分定价利润率与回购

Tracking list

Verify on next earnings:

  1. Q3 $2.010–2.100B revenue and $2.250–2.350B billings
  2. FY26 $8.020–8.180B (~+19% company)
  3. Product $773M (+52%) durability vs channel inventory
  4. Q2 OCF $1.04B / FCF $966M and 38% non-GAAP OM
  5. SASE/service mix vs FortiGate hardware cycle

References

  1. Fortinet Q2 2026 results (2026-07-29) — https://www.fortinet.com/corporate/about-us/newsroom/press-releases/2025/fortinet-reports-strong-second-quarter-2026-financial-results
  2. Fortinet IR — https://investor.fortinet.com/
  3. Peers — PANW · CRWD

Not investment advice; defer to latest company filings.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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