Fortinet, Inc.(FTNT)— Stock Profile, AI Score & Financials
Technology · Nasdaq · AI-powered stock analysis, 32-signal quality score, SEC EDGAR financials, and institutional holdings. Updated .
Fortinet, Inc. (FTNT) stock profile, AI quality score, and SEC EDGAR financial data, a Technology sector company. 13F Pro's AI-powered ranking engine scores FTNT at 80.1/100 on a 32-signal composite quality model, placing it at rank #29 of 2,960 stocks — the top 1% of the AI-ranked universe. FTNT scores in the top quartile across balance sheet strength (95.9), institutional flow (94.1), free cash flow (91.7). Shareholder dilution risk is elevated at 27.5/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Fortinet, Inc. reports quarterly revenue of $2.0B, net income of $606.3M, an operating margin of 33.7%. Top institutional holders of FTNT by reported 13-F value include BlackRock, VANGUARD CAPITAL MANAGEMENT, STATE STREET, based on the most recent SEC filings. FTNT trades on the Nasdaq exchange and files with the SEC under CIK 1262039. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate FTNT daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Fortinet, Inc. directly from SEC EDGAR.
AI Quality Score
80.1/100
AI Rank
#29
Revenue
$2.0B
Net Income
$606.3M
Free Cash Flow
$965.6M
Operating Margin
33.7%
FTNT key financials by period
Fortinet, Inc. reported revenue, net income and margins by fiscal period, from SEC filings.
Period
Form
Revenue
Net income
Operating margin
FY 2025
10-K
$6.8B
$1.9B
30.7%
FY 2024
10-K
$6.0B
$1.7B
30.3%
FY 2023
10-K
$5.3B
$1.1B
23.4%
FY 2022
10-K
$4.4B
$857.3M
21.9%
FY 2021
10-K
$3.3B
$606.8M
19.5%
FY 2020
10-K
$2.6B
$488.5M
20.5%
Institutions holding FTNT
Institutional investors reporting a position in Fortinet, Inc. on SEC Form 13F.
AI-extracted from the 10-Q filed 2026-07-30 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Q2 revenue surged 26% YoY to $2.05B, with product revenue up 52% and operating margin expanding 560 bps to 33.7%.
Biggest Revenue Drivers
Service$1,274.9M+14% YoY
Driven by strength in security subscription revenue (+13% YoY) and technical support and other services (+14% YoY), reflecting growth in unified SASE and SecOps offerings.
Product$773.0M+52% YoY
Driven by higher unit shipments and pricing actions, with demand for higher-performance products, AI infrastructure deployments, and technology upgrades.
Biggest Revenue Drivers
Total revenue: $2,047.9M+26% YoY
Service$1,274.9M+14% YoY
Driven by strength in security subscription revenue (+13% YoY) and technical support and other services (+14% YoY), reflecting growth in unified SASE and SecOps offerings.
Product$773.0M+52% YoY
Driven by higher unit shipments and pricing actions, with demand for higher-performance products, AI infrastructure deployments, and technology upgrades.
Largest Expense Items
Sales and marketing$669.1M+13% YoY
Increase of $73.4M in personnel-related costs due to headcount growth and compensation rates.
Research and development$225.0M+7% YoY
Increase of $13.5M in personnel-related costs for product development and existing product enhancements.
General and administrative$61.1M+7% YoY
Increase of $2.1M in legal and professional services fees and $1.5M in personnel-related costs.
Margins: Total gross margin declined 50 bps to 80.2%, primarily due to a 6.5 percentage point shift in revenue mix toward lower-margin product revenue. Product gross margin improved 240 bps on recent pricing actions, while service gross margin declined slightly due to expanded data center and cloud hosting costs for unified SASE and SecOps growth.
Watch Items from the Filing
Three distributors (A, B, C) represented 53% of Q2 revenue, with Distributor A alone at 27%; Distributor A comprised 26% of net accounts receivable as of June 30, 2026.
Global memory chip shortage constraining available supply; company implementing price increases to offset higher hardware costs, which may negatively impact demand.
Inventory purchase commitments increased $856.5M YTD to $1.67B (as of June 30, 2026), with liability of $24.0M recorded for excess commitments; prior pandemic-era commitments required acceptance of excess components.
Consolidated securities class action (In re Fortinet, Inc. Securities Litigation) and four consolidated derivative actions pending; defendants moved to dismiss on June 15, 2026; outcome uncertain and no loss accrual recorded.
Product gross margin expected to decline full-year 2026 vs. 2025 due to higher hardware component costs; service gross margin expected to decline slightly due to data center and colocation expansion.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
