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Fortinet
FTNT · NASDAQCybersecurity software
The economic chain
Follow the chain left → right, from inputs to end demand. Tap any company to trace its links.
Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
Custom siliconSPU / ASIC supplyAppliancehardwareBoards, assembly, compone…FortinetplatformFortiGate + FortiOS + Sec…Product linesFirewall · SASE · SecOpsChannel &deliveryDistributors, MSSPs, cloudWho buys itEnterprises, telcos, SMB,…TSMTSMCF/SFortiASIC / SPUEMSContract manufacturersCMPComponent suppliersFTNTFortinetF/SFFortiOS / Security FabricFFFortiGate firewallsSOSecurity OperationsUSUnified SASEDSTDistributors & resellersMSPMSSPs & telcosSMBSMB & mid-marketENTEnterprises & governmentTELTelecom & service providers
Company details
Market cap
~$80B
P/E ratio
~42×
Div yield
0% (none)
EPS (TTM)
~$2.40
Profit margin
~28%
Rev. growth
+13%
Revenue
~$6.5B
Free cash flow
~$1.9B
In plain English
Fortinet is the firewall company: its FortiGate appliances guard the edge of corporate networks, factories and telco backbones. What sets it apart is its own custom security chips (SPUs) — it designs the silicon that makes its firewalls fast and cheap to run — and a sprawling software platform (FortiOS) that now reaches into the cloud (SASE) and the security-operations centre after a run of acquisitions led by Lacework.
In simple terms
What Fortinet really sells
Fortinet is the firewall company: its FortiGate appliances guard the edge of corporate networks, factories and telco backbones. What sets it apart is its own custom security chips (SPUs) — it designs the silicon that makes its firewalls fast and cheap to run — and a sprawling software platform (FortiOS) that now reaches into the cloud (SASE) and the security-operations centre after a run of acquisitions led by Lacework.
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Risk read
Moderate
SteadierMore speculative
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