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Fortinet Inc. (F1TN34) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Fortinet Inc. BRL 51.04, price BRL 77.85, upside -34.4%, quality 79 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Technology · BR · Home US

FI Some data Sep 29, 2026

Fortinet Inc.

F1TN34 · SA

Great Company, Expensive PriceQuality growthHigh Quality, but the stock trades above estimated Fair Value.

!Fair value R$51.04 · Overvalued (−34.4%)
✓Quality 79/100
✓Healthy Growth (revenue 5y +21.3 %/yr)
✓Highly profitable · 27.5% net margin (TTM)
✓Low debt · generates free cash flow
✓Ranks above peers (6/10)
✓Wide moat 89/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 21 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

R$283.97 R$19.18 Fair Value R$51.04 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.

How to read this chart

60‑month range R$19.18 – R$283.97 · fair‑value band R$33.36 – R$79.70 · the R$77.85 price screens above the R$51.04 fair value. Dashed = 300-day average. As of Sep 29, 2026.

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Company profile

Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide.

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Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. The company offers FortiOS, a unified operating system designed to address cybersecurity threats; FortiASIC application-specific integrated circuit (ASIC)-based security processing units; FortiCloud, a private cloud software as a service platform; FortiAI, which provides a dual-layered defense across the Fortinet Security Fabric; FortiEndpoint, which converges secure connectivity, endpoint protection, and capabilities into a single agent; and OT Security, which protect the engineered systems that underpin infrastructure and supply chains. It also provides secure networking solutions that focus on the convergence of networking and security; network firewall solutions comprising FortiGate data centers, hyperscale, and distributed firewalls; wireless local area network solutions; and secure connectivity solutions. In addition, the company offers the Fortinet Unified Secure Access Service Edge solutions that include firewall, software-defined wide-area network, secure web gateway, cloud access services broker, data loss prevention, and zero trust network access; and web application firewalls, cloud network security with virtualized firewalls, cloud-native firewalls, cloud-native application protection, and code security. Further, it provides AI-driven security operation solutions, which include a suite of cybersecurity solutions, as well as FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP, and FortiRecon. Additionally, the company offers FortiGuard Labs, a cybersecurity threat intelligence and research organization; FortiGuard and Other Security Services, a suite of AI-powered security capabilities that consists of FortiGuard application, content, device, NOC/SOC, and web security services; and FortiCare technical support services. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.

Stock analysis

Fortinet Inc. (F1TN34) currently trades at R$77.85, while our model-based Fair Value estimate is R$51.04, 34.4% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of R$36.66 per share, and 0 of the 24 models we run sit above the R$77.85 price.

Bear case: the Economic Profit group reads lowest at R$5.28, and 24 of the 24 models stay below the price. Evidence for this calculation is medium.

Scenario range: R$33.36 (bear) to R$79.70 (bull), the price of R$77.85 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 79/100 (high quality), in the Technology sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Fortinet Inc. reported revenue of $6.8B in FY2025 versus $3.3B in FY2021, a compound +19.4%/yr. Reported net income was $1.9B in FY2025, compounding +32.2%/yr from FY2021.

Key figures

Market cap R$605B (≈ $116B) · P/E ratio 61.6 · P/S ratio 16.8 · EPS (TTM) R$6.70 · Net margin 27.3% · Return on equity 132% · Return on assets (EBIT) 16.6% · Operating margin 31.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).

What moves the price

The share trades about 64% below its 52-week high and 142% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −30% fair-value upside, at −34%, F1TN34 screens richer than that median.

Fair Value models

Bear R$33.36 Fair Value R$51.04 Bull R$79.70
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$5.07 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF R$22.41 R$37.35 R$79.29 75
EPV R$12.08 R$13.89 R$15.48 74
Growth DCF R$21.48 R$41.39 R$78.94 74
All 24 models by family
DCF Models
FCF DCF R$22.41 R$37.35 R$79.29 75
Owner Earnings R$16.88 R$36.44 R$77.11 71
5Y Revenue Exit R$15.87 R$27.50 R$48.94 70
5Y EBITDA Exit R$20.07 R$36.66 R$65.54 72
5Y P/E Exit R$23.79 R$47.94 R$78.80 68
10Y Revenue Exit R$17.30 R$31.78 R$49.55 65
10Y EBITDA Exit R$20.71 R$39.61 R$73.31 65
10Y P/E Exit R$23.32 R$46.54 R$85.99 61
Earnings-Based
Graham-Dodd R$7.66 R$52.49 R$73.61 63
Lynch FV R$15.44 R$22.05 R$28.67 61
PEG = 1.0 R$15.44 R$22.05 R$28.67 57
EPV R$12.08 R$13.89 R$15.48 74
Multiples
P/E Multiple R$23.67 R$31.55 R$39.44 63
P/S Multiple R$14.37 R$19.16 R$23.95 58
P/B Multiple R$3.39 R$4.51 R$5.64 55
EV/EBIT R$24.03 R$31.64 R$39.24 66
EV/EBITDA R$19.58 R$25.70 R$31.82 67
EV/Revenue R$12.75 R$17.69 R$22.64 54
Asset-Based
NCAV (Graham) R$0.3800 R$0.5000 R$0.7500 54
Growth DCF
Growth DCF R$21.48 R$41.39 R$78.94 74
Rev-Margin DCF R$15.87 R$28.72 R$47.70 70
Economic Profit
Residual Income R$2.90 R$5.28 R$16.18 58
ROIC Compounder R$12.08 R$13.89 R$15.48 72
Growth Earnings
Growth-Adj P/E R$24.33 R$34.76 R$45.19 67

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Quality Score breakdown

Overall quality 79/100

Of which business quality 76 · Market factors (momentum, volatility) 64

Profitability 88
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 44
Disciplined investing over empire-building
Low Volatility 27
Calm price path (market factor)
Momentum 89
Price trend over the last 3–12 months (market factor)
52W Momentum 63
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+14.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.3%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.9%
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+35.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+35.9%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 31%
2025 sits 65% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

Growth Forecast

Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−16.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −18.2% a year for the price and +7.6% for the forecasts.
Forecast 2026 (sales)+14.9%
Forecast 2027 (sales)+10.6%
Projected 2028 (sales)+9.5%
Projected 2029 (sales)+8.5%
Projected 2030 (sales)+7.4%

F1TN34 screens overvalued: fair value 34% below the price. Compare with Microsoft Corporation →

Recent news

News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Infrastructure · 357 stocks

Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 79 · Top 25%
Fair Value upside −7.9% · Below median
Profitability
Return on equity (TTM) 132.4% · Top 25%
Return on assets 13.6% · Top 25%
Net margin (TTM) 27.5% · Top 25%
Operating margin (TTM) 31.3% · Top 25%
Growth and dividend
Revenue growth 20.1% · Above median
Balance sheet
Debt / equity 0.40× · Above median

Valuation Multiplesvs Software - Infrastructure median · lower = cheaper

P/E (TTM) 61.6× · Priciest 25%
PEG 3.49× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)21 · sector 24
FUTURE (revenue growth)100 · sector 59
PAST (return on equity)100 · sector 23
HEALTH (low debt)80 · sector 97
DIVIDEND (yield)0 · sector 34

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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CoreWeave, Inc CRWV $87.12 $58.32 −33%
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NetApp, Inc NTAP $204.41 $157.26 −23%
Okta, Inc OKTA $202.18 $142.12 −30%
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Fortinet Inc. · Fair Value
R$51.04 −34%Fair Value
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Cite: Fair Value Calculator (2026). "Fortinet Inc. Fair Value". https://www.fairvalue-calculator.com/stock/F1TN34

Frequently asked questions

Is Fortinet Inc. (F1TN34) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of R$51.04 versus a price of R$77.85, about −34% upside (overvalued).
What is the fair value of F1TN34?
Our model-based fair value for Fortinet Inc. is R$51.04 (as of Sep 29, 2026), built from audited fundamentals. The current price: R$77.85.
What is the quality score of F1TN34?
Fortinet Inc. has a Quality Score of 79/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Fortinet Inc. (F1TN34)?
Our model-based price target is the fair value of R$51.04 (as of Sep 29, 2026) from 24 valuation models. Cautious scenario R$33.36, optimistic scenario R$79.70. It is a calculation from audited fundamentals, not an analyst target.
What is the Fortinet Inc. stock forecast for 2026?
Our models put fair value at R$51.04, about −34% upside versus a price of R$77.85 (overvalued). Cautious scenario R$33.36, optimistic scenario R$79.70. The calculation is refreshed regularly with new filings.
What is the revenue of Fortinet Inc. (F1TN34)?
Fortinet Inc. reported trailing-twelve-month revenue of about $7.1B (latest available figure, as of Sep 29, 2026).
What growth is priced into Fortinet Inc. (F1TN34)?
For today's price to be fair in a discounted-cash-flow model, Fortinet Inc. would have to grow free cash flow by -16.3 % per year for five years (discount rate 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.3 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of F1TN34 use?
Our models discount Fortinet Inc. at 12.5 %: a base by market capitalisation (large), damped by beta 1.09, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Fortinet Inc. that is -16.3 % per year a year over ten years, using the same discount rate (12.5 %) and the same formula as our fair value.
How much growth has Fortinet Inc. (F1TN34) delivered so far?
Over the past 5 years revenue at Fortinet Inc. grew +21.3 % a year. The price currently implies -16.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Fortinet Inc. (F1TN34) growing?
The median revenue growth in the sector is +10.3 % a year. That is the yardstick for the growth priced into Fortinet Inc. (-16.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Fortinet Inc. (F1TN34)?
The free-cash-flow yield on the price is 20.08 %: that much free cash flow Fortinet Inc. produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Fortinet Inc. (F1TN34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fortinet Inc. it is R$51.04 per share (as of Sep 29, 2026), against a price of R$77.85. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Fortinet Inc. stock overvalued or undervalued in 2026?
As of Sep 29, 2026, F1TN34 trades above its calculated fair value: price R$77.85, fair value R$51.04, a gap of about −34% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of F1TN34?
No. The price is what the market pays today (R$77.85); the fair value is what the company's own numbers justify (R$51.04). For Fortinet Inc. the two are R$26.81 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fortinet Inc. worth?
The market values Fortinet Inc. at about R$605B (market capitalisation, as of Sep 29, 2026). Per share that is R$77.85; our models calculate a fair value of R$51.04 per share.
What do the bullish and bearish scenarios say about F1TN34?
Our models span a range for Fortinet Inc.: cautious scenario R$33.36, base R$51.04, optimistic R$79.70 per share (as of Sep 29, 2026, price R$77.85). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of F1TN34?
Fortinet Inc. trades at a price-to-earnings ratio of 61.6 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$51.04 is built from several models across several years. Other multiples: PEG 3.5.
What is the PEG ratio of F1TN34?
The PEG ratio of Fortinet Inc. is 3.49 (P/E divided by earnings growth, as of Sep 29, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Fortinet Inc. (F1TN34)?
Balance-sheet figures for Fortinet Inc. (as of Sep 29, 2026): return on equity 132.4%, debt of 0.40 per unit of equity. They feed the Quality Score of 79/100, which measures business quality independently of the share price.
How far is F1TN34 from its 52-week high?
Fortinet Inc. trades at R$77.85, about 64% below its 52-week high of R$215.70 and 142% above the low of R$32.16 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$51.04 is for.
Which stocks are comparable to Fortinet Inc.?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, CrowdStrike Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Fortinet Inc. stock attractive at the current price?
The data as of Sep 29, 2026: price R$77.85, calculated fair value R$51.04 (−34%), Quality Score 79/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of F1TN34 calculated?
We run Fortinet Inc. through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$51.04, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Fortinet Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Fortinet Inc. (F1TN34)?
The closing price on Oct 2, 2026 was R$77.85. Our model-based fair value is R$51.04, about −34% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fortinet Inc. right now?
A high-quality business (quality 79/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. A fairly wide model range (R$33.36 to R$79.70) leaves room in how you read the outcome.

Key figures of Fortinet Inc.

How large is the market capitalisation of Fortinet Inc. (F1TN34)?
The market capitalisation of Fortinet Inc. is R$605B (≈ $116B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Fortinet Inc. (F1TN34)?
The price-to-sales ratio of Fortinet Inc. is 16.8 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Fortinet Inc. (F1TN34)?
Earnings per share at Fortinet Inc. are R$6.70 (price ÷ EPS = P/E 61.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Fortinet Inc. (F1TN34)?
The net margin of Fortinet Inc. is 27.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Fortinet Inc. (F1TN34)?
The return on equity (ROE) of Fortinet Inc. is 132% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Fortinet Inc. (F1TN34)?
On an EBIT basis the return on assets of Fortinet Inc. is 16.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Fortinet Inc. (F1TN34)?
The operating margin of Fortinet Inc. is 31.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fortinet Inc. (F1TN34)?
Revenue at Fortinet Inc. is growing +20.1% versus a year earlier (3y avg +15.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Fortinet Inc. (F1TN34)?
Earnings per share at Fortinet Inc. are growing +28.6% versus a year earlier. How much earnings per share grew versus a year earlier.
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