Stock fact sheet · data as of
Fortinet, Inc. (FTNT): fair value, margin of safety and Wheel Score
Ticker symbol FTNT · Technology · Software - Infrastructure · United States · Growth Quality
Is FTNT undervalued?
At 129.39 (close of 5 Nov 2026), FTNT trades 59% over the GLS average fair value of 81.43, with 2 of 8 models above the price. The stock earns none of the Wheel Score's Value points at this price. That is a statement about price against trailing fundamentals, not about the company's prospects - the Wall Street View and the Growth tab on the Quote page carry the forward numbers.
The 8 models disagree widely: Lynch gives 5.34 while GLS Growth gives 190.31. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, FTNT is clearly faster-growing than it is cheap, so the nightly engine files it under Growth (value score 8, growth score 78, out of 100). It also carries the Quality tag (Quality = moat 7.5+ out of 10 and Piotroski 7+).
Nine valuation models for FTNT
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 76.03 | -41% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 14.63 | -89% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 36.29 | -72% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 5.34 | -96% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 190.31 | +47% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 109.22 | -16% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 185.06 | +43% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 34.54 | -73% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -4.43 | -103% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 154.04 | +19% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health FTNT scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is 8.6 out of 10 - high returns on capital, steady margins and growth that held up through bad years point to a durable business.
Returns on capital are high - ROIC 83.0%, ROE 149.8%, ROA 17.8% - with debt at 0.81 times equity and a free-cash-flow yield of 3.6%.
Fortinet, Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Product 37%, Security Subscription 36%, Technical Support and Other 27% (quarter Q3 FY2026).
Institutional ownership scores 9/10, insider activity 2/10 and Congressional trading 3/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 83.0% |
|---|---|---|---|
| GLS Moat | 8.6 / 10 | ROE | 149.8% |
| Debt / equity | 0.81 | ROA | 17.8% |
| Free-cash-flow yield | 3.6% | Payout ratio | 0% |
| Institutions | 9 / 10 | Insiders · Congress | 2 · 3 / 10 |
Wheel Score 50: Fair
FTNT scores 50 out of 100 on the Wheel Score (Fair band, 50-69) because it fails filter 3, below fair value - trades 59% above our fair value. A stock must pass all 9 Wheel Trade Filters to reach 70. Otherwise the parts read: value weak, premium strong, moat strong, health good, red flags strong, option trading strong, stability strong.
Implied volatility is 47% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. The option chain is deep: 87,221 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 5.8M shares a day on a market cap of $95.1B, with a beta of 1.04; the Stability part of the Wheel Score rates that strong.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Fails | trades 59% above our fair value |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 59% above fair value | |
| Premium | Strong | implied volatility 47% | |
| Moat | Strong | moat 8.6/10 | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Strong | Red Flags score 95/100 | |
| Option trading | Strong | 6,670 contracts a day, 87,221 open interest | |
| Stability | Strong | beta 1.04, $95.1B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for FTNT in the nightly calendar.
Analysts downgraded FTNT 1 time in the last 30 days with no upgrades; the latest action was a reiterated rating by Deutsche Bank on 29 Oct 2026.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Software - Infrastructure
The 12 companies below are the closest to Fortinet, Inc. by market cap within the Software - Infrastructure industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| NET Cloudflare, Inc. | 266.82 | 17.03 | -1467% | 31Weak | $95.0B |
| SNPS Synopsys, Inc. | 462.95 | 257.05 | -80% | 44Weak | $88.7B |
| BSQKZ Block, Inc. | 89.11 | 45.91 | -94% | 20No options | $48.2B |
| XYZ Block, Inc. | 87.61 | 45.40 | -93% | 37Weak | $47.4B |
| CRWD CrowdStrike Holdings, Inc. | 241.00 | 7.10 | -3295% | 41Weak | $246.8B |
| ZS Zscaler, Inc. | 224.44 | 107.75 | -108% | 34Weak | $36.6B |
| TWLO Twilio Inc. | 213.50 | 199.26 | -7% | 40Weak | $33.0B |
| OKTA Okta, Inc. | 191.05 | 82.21 | -132% | 39Weak | $31.9B |
| PANW Palo Alto Networks, Inc. | 348.04 | 38.89 | -795% | 37Weak | $284.9B |
| VRSN VeriSign, Inc. | 318.03 | 178.66 | -78% | 44Weak | $28.5B |
| CPAY Corpay, Inc. | 418.60 | 493.09 | +15% | 45Weak | $27.5B |
| CRWV CoreWeave, Inc. Class A Common Stock | 48.42 | - | - | 15Weak | $26.7B |
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about FTNT
Is FTNT undervalued right now?
No: at 129.39 the stock trades 59% above the GLS average fair value of 81.43 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of FTNT and what does it mean?
FTNT scores 50 out of 100 (Fair) - it fails Wheel Trade Filter 3. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for FTNT?
81.43 per share as of 5 Nov 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Fortinet, Inc. report earnings next?
No upcoming earnings date is recorded for FTNT in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does FTNT have listed options, and how liquid are they?
Yes. The nightly snapshot found 490 listed contracts with 87,221 open interest across all expiries and implied volatility of 47% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.