What is the 13F Pro Quality Score for FTNT?

13F Pro ranks Fortinet, Inc. (FTNT) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View FTNT's current score at https://13fpro.ai/company/FTNT (free sign-up required for the full ranking).

Which hedge funds own the most FTNT stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of FTNT include BlackRock,, VANGUARD CAPITAL MANAGEMENT, STATE STREET. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/FTNT as soon as new 13F filings post.

Where does 13F Pro source FTNT data?

All Fortinet, Inc. fundamentals and ownership data come directly from SEC EDGAR. Fortinet, Inc. files with the SEC under CIK 1262039. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is FTNT in?

Fortinet, Inc. (FTNT) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

What drives FTNT's revenue?

Per Fortinet, Inc.'s latest 10-Q filed with the SEC on 2026-07-30, the biggest revenue drivers are: Service ($1,274.9M, +14% YoY); Product ($773.0M, +52% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/FTNT.

What are FTNT's largest expenses?

Fortinet, Inc.'s latest 10-Q reports these as the largest expense items: Sales and marketing ($669.1M, +13% YoY); Research and development ($225.0M, +7% YoY); General and administrative ($61.1M, +7% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is FTNT research updated on 13F Pro?

FTNT's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Fortinet, Inc.(FTNT)Stock Analysis

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13F Pro Quality Score

80.1/100

Rank #28 of 2,961 stocksTOP 1%

View Technology peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

76.9/100

Profitability

84.9/100

Balance Sheet

95.9/100

Earnings Quality

61.3/100

Free Cash Flow

91.7/100

Institutional Flow

94.1/100

Revenue Scale

83.4/100

Dilution Risk

27.5/100

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Why FTNT Scores 80/100

exact factor attribution · 2026-09-11

FTNT's composite is driven by free cash flow and revenue growth, held back by shareholder dilution. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Free cash flow

+6.3 pts

92th pct

Revenue growth

+5.4 pts

77th pct

Profitability

+5.2 pts

85th pct

Scale

+5.0 pts

83th pct

Capital efficiency

+4.6 pts

96th pct

Institutional flow

+2.2 pts

94th pct

Earnings growth

+1.4 pts

78th pct

Earnings quality

+1.1 pts

61th pct

Shareholder dilution

-1.1 pts

28th pct

Latest change (2026-08-01): 78 → 76 · ↓ Revenue growth 72→61; ↓ Earnings growth 76→62

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

FTNT Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for Fortinet, Inc. (FTNT), 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 #28 of 2,961 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. Fortinet, Inc.'s 13F Pro composite quality score has ranged between 74 and 86 since 2021, currently 80.1 — a stable long-term trajectory across 68 quarterly and live scoring snapshots.

✦

Fun facts about Fortinet, Inc.

Quirks, history, and lore behind FTNT — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. cybersecurity company · large-cap · listed on Nasdaq · headquartered in Sunnyvale, California.
2
The Numbers
Annual revenue in the range of $5–6 billion, with a customer base spanning over 700,000 organizations worldwide — from small businesses to governments.
3
The History
Founded in 2000 by two brothers — one of whom had previously co-founded NetScreen Technologies — the company went public in 2009 and has been on a tear ever since.
4
The Secret
Its secret weapon is a proprietary custom security processor (called an ASIC) baked into its hardware, which lets it run threat detection far faster than rivals relying on off-the-shelf chips.
5
The Lore
Its flagship product line is called FortiGate — a network firewall so dominant it consistently lands atop Gartner's Magic Quadrant for network firewalls year after year.
6
The Giveaway
The whole company — name, products, everything — is built around the word 'Forti', from FortiGate to FortiMail to FortiClient, all under one Security Fabric platform.

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What's Driving FTNT's Business? Latest 10-Q Breakdown

✓ 29/29 datapoints verified

AI-extracted from Fortinet, Inc.'s 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.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$2.0B

Net Income

Q2 2026

$606.3M

Free Cash Flow

Q2 2026

$965.6M

Operating Margin

Q2 2026

33.7%

D/E Ratio

Q2 2026

0.32

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+14.2% YoY

$6.80BFY 2025

FY22 $4.42BFY23 $5.30BFY24 $5.96BFY25 $6.80B

Net Income

+6.2% YoY

$1.85BFY 2025

FY22 $857.3MFY23 $1.15BFY24 $1.75BFY25 $1.85B

Operating Income

+15.6% YoY

$2.08BFY 2025

FY22 $969.6MFY23 $1.24BFY24 $1.80BFY25 $2.08B

EPS (Diluted)

+7.1% YoY

$2.42FY 2025

FY22 $1.06FY23 $1.46FY24 $2.26FY25 $2.42

Total Assets

+6.4% YoY

$10.39BFY 2025

FY22 $6.23BFY23 $7.26BFY24 $9.76BFY25 $10.39B

Total Debt

+0.2% YoY

$996.3MFY 2025

FY22 $990.4MFY23 $992.3MFY24 $994.3MFY25 $996.3M

Op. Cash Flow

+14.7% YoY

$2.59BFY 2025

FY22 $1.73BFY23 $1.94BFY24 $2.26BFY25 $2.59B

Free Cash Flow

+18.4% YoY

$2.23BFY 2025

FY22 $1.45BFY23 $1.73BFY24 $1.88BFY25 $2.23B

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$6.80B +14.2%	$5.96B +12.3%	$5.30B +20.1%	$4.42B +32.2%	$3.34B +28.8%	$2.59B
Net Income	$1.85B +6.2%	$1.75B +52.0%	$1.15B +33.9%	$857.3M +41.3%	$606.8M +24.2%	$488.5M
Operating Income	$2.08B +15.6%	$1.80B +45.3%	$1.24B +28.0%	$969.6M +49.1%	$650.4M +22.3%	$531.8M
EPS (Diluted)	$2.42 +7.1%	$2.26 +54.8%	$1.46 +37.7%	$1.06 +626.0%	$0.15 +25.9%	$0.12
Total Assets	$10.39B +6.4%	$9.76B +34.5%	$7.26B +16.6%	$6.23B +5.2%	$5.92B +46.3%	$4.04B
Total Debt	$996.3M +0.2%	$994.3M +0.2%	$992.3M +0.2%	$990.4M +0.2%	$988.4M	$0.00
Operating Cash Flow	$2.59B +14.7%	$2.26B +16.7%	$1.94B +11.8%	$1.73B +15.4%	$1.50B +38.4%	$1.08B
Free Cash Flow	$2.23B +18.4%	$1.88B +8.5%	$1.73B +19.5%	$1.45B +20.4%	$1.20B +25.7%	$957.8M

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Available Research

13F Pro tracks comprehensive data for Fortinet, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of FTNT

BlackRock, Inc.
$9.6B62,242,221 sh
VANGUARD CAPITAL MANAGEMENT LLC
$6.2B40,663,961 sh
STATE STREET CORP
$4.6B29,630,652 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$3.8B24,844,685 sh
Invesco Ltd.
$3.8B24,621,016 sh
GEODE CAPITAL MANAGEMENT, LLC
$2.7B17,439,799 sh
NORGES BANK
$1.9B12,449,356 sh
FIRST TRUST ADVISORS LP
$1.7B10,815,814 sh
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP
$1.6B10,127,342 sh
Bank of New York Mellon Corp
$1.4B9,327,182 sh

Fund	Value	Shares
BlackRock, Inc.	$9.6B	62,242,221
VANGUARD CAPITAL MANAGEMENT LLC	$6.2B	40,663,961
STATE STREET CORP	$4.6B	29,630,652
VANGUARD PORTFOLIO MANAGEMENT LLC	$3.8B	24,844,685
Invesco Ltd.	$3.8B	24,621,016
GEODE CAPITAL MANAGEMENT, LLC	$2.7B	17,439,799
NORGES BANK	$1.9B	12,449,356
FIRST TRUST ADVISORS LP	$1.7B	10,815,814
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$1.6B	10,127,342
Bank of New York Mellon Corp	$1.4B	9,327,182

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Is FTNT a good stock to buy?

13F Pro's AI-powered analysis of Fortinet, Inc. (FTNT) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for FTNT are available on the FTNT stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. FTNT is classified as a large company.

Which hedge funds own FTNT?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling FTNT. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Fortinet, Inc.'s investment landscape.