Fortinet
ConvictionContext
Hardware appliances (FortiGate) plus attached subscription security services and support; ~67% of FY2025 revenue was recurring services, sold through a two-tier channel (distributors/MSSPs/carriers)
Revenue
$6.80B FY2025$1.85B Q1 FY26; FY2026 guide $7.71-7.87B (raised at Q1Rev growth
+14% FY2025+20% Q1 FY26; ~+15% FY2026 guidedGross margin
80.3% GAAPQ1 FY26); FY26 non-GAAP GM guided 79-81%Op margin
31% GAAP / 36% non-GAAPQ1 FY26); FY26 guide 33-36% non-GAAPCapex intensity
~5-6% of revenue FY2025OCF $2.59B less FCF $2.21B, ~$380M; includes owned campuses/data centersMarket cap
~$114-120Bearly Jul 2026Members only
Full financial intelligence for Fortinet
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence