Fortinet Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Fortinet Inc (FTNT) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Fortinet Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 7,527M vs 170,880M combined for tracked competitors (4.2% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+8.8% annualized vs trailing 12 months), vs accelerating (+21.9%) for its tracked peer group.
- Growth: Fortinet Inc generated 25.7% revenue growth year over year in Q2 2026, vs 50.0% for its tracked competitors combined.
- Profitability: Its 29.6% net margin compares with 32.4% for the peer group.
- Scale: Fortinet Inc ranks #2 of 22 companies by market capitalization in the Computer Peripherals & Office Equipment industry, holding 28.4% of industry market cap.
- Peer revenue share: Fortinet Inc accounted for 3.8% of combined revenue among its tracked peer group, down from 4.5% a year earlier.
- Peer differentiation: Revenue per employee of $0.50M compares with $1.05M for the peer group (0.5x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
FTNT Sales vs. its Competitors, Q2 2026
Fortinet Inc reported revenue growth of 25.71 % year on year in Q2 2026, below its competitors' combined revenue growth of 50.00 %.
With a net margin of 29.61 %, Fortinet Inc reported lower profitability than its competitors (32.42 %).
Fortinet Inc generated 3.78 % of the combined sales of its peer group, down from 4.48 % a year earlier.
Fortinet Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Fortinet Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Fortinet Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (10) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (6) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (6) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Fortinet Inc's competitor groups requires a Commercial License.
For context: the Computer Peripherals & Office Equipment industry grew revenue 12.3% year over year, combined, vs 25.7% for Fortinet Inc. Fortinet Inc's share of combined industry revenue moved from 12.89% to 14.43%, a gain of 1.54 percentage points.
Fortinet Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Fortinet Inc | Yes | Yes | Yes | No |
| Competitors combined (9) | ||||
| High-Confidence Competitors (19) | ||||
| Similar-Size Competitors (6) | ||||
| Similar Growth & Profitability (8) | 87.50 % (7 of 8) | 100.00 % (8 of 8) | 87.50 % (7 of 8) | 14.30 % (1 of 7) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
FTNT Stock Performance relative to its Competitors
FTNT Stock Performance relative to High-Confidence Competitors
FTNT Stock Performance relative to Similar-Size Competitors
FTNT Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Palo Alto Networks Inc | 282.9% | Outperformed |
| 2 | Cisco Systems Inc | 282.9% | Outperformed |
| 3 | Broadcom Inc | 282.9% | Outperformed |
| 4 | A10 Networks Inc | 282.9% | Outperformed |
| 5 | F5 Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Fortinet Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Fortinet Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Fortinet Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Fortinet Inc | 127,869.52 | 7,527.00 |
| Broadcom Inc | 1,758,978.40 | 89,104.00 |
| Cisco Systems Inc | 424,834.79 | 63,325.00 |
| Palo Alto Networks Inc | 292,913.78 | 11,480.00 |
| Zscaler Inc | 31,614.41 | 3,350.86 |
| F5 Inc | 25,093.53 | 3,308.77 |
| SUBTOTAL | 2,691,910.26 | 186,638.14 |
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Sources: Fortinet Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Fortinet Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Fortinet Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Zscaler, Inc. | Named by the company | 85% |
| Check Point Software Technologies Ltd | Named by the company | 85% |
| Cisco Systems, Inc. | Named by the company | 85% |
| Juniper Networks, Inc. | Named by the company | 85% |
| Palo Alto Networks, Inc. | Named by the company | 85% |
| VMware, Inc. | Named by the company | 85% |
| F5 Inc | Named by the company | 85% |
| Sophos Group Plc | Named by the company | 85% |
| Technical Communications Corporation | Named by the company | 85% |
| A10 Networks Inc | Named by the company | 85% |
| Barracuda Networks, Inc. | Named by the company | 85% |
| Forcepoint LLC | Named by the company | 85% |
| Mandiant, Inc. | Named by the company | 85% |
| Proofpoint, Inc. | Named by the company | 85% |
| Arista Networks, Inc. | Named by the company | 85% |
| F5 Networks, Inc. | Named by the company | 85% |
| Imperva, Inc. | Named by the company | 85% |
| Netskope Inc. | Named by the company | 85% |
| Trend Micro Incorporated | Named by the company | 85% |
| Hewlett-Packard Enterprise | Named by the company | 85% |
| McAfee, LLC | Named by the company | 85% |
| SonicWALL, Inc. | Named by the company | 85% |
| Cloudflare Inc | Named by the company | 85% |
| Aruba Networks, Inc. | Named by the company | 85% |
| FireEye, Inc. | Named by the company | 85% |
| CrowdStrike Holdings, Inc. | Named by the company | 85% |
| Huawei Technologies Co., Ltd. | Named by the company | 85% |
| Microsoft Corporation | Named by the company | 85% |
| Broadcom Inc | Named by the company | 85% |
| Hub Cyber Security Ltd | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Fortinet Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Fortinet Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Broadcom Inc | Semiconductor Solutions 64.81 % |
| Cisco Systems Inc | Americas 60.41 % |
| Radware Ltd | Radware Core 99.79 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Fortinet Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Fortinet Inc | 127,870 | 498,180 | 140,360 |
| Broadcom Inc | 1,758,978 | 2,700,121 | 1,159,545 |
| Cisco Systems Inc | 424,835 | 768,507 | 161,007 |
| Palo Alto Networks Inc | 292,914 | 523,699 | 14,005 |
| Zscaler Inc | 31,614 | 385,156 | -7,262 |
| F5 Inc | 25,094 | 503,005 | 110,445 |
| PEERS TOTAL | 2,564,041 | 1,054,445 | 317,768 |
Fortinet Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Fortinet Inc | EMEA 42.44 % |
| Broadcom Inc | Asia Pacific 60.15 % |
| Palo Alto Networks Inc | United States 61.76 % |
| F5 Inc | United States 47.40 % |
| Check Point Software Technologies Ltd | EMEA 43.08 % |
| Juniper Networks Inc | United States 59.01 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Fortinet Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 21 companies in Fortinet Inc's industry classification, broader than the peer set above. Market cap in millions of $.Fortinet Inc ranks #2 of 21 companies by market capitalization in its industry, holding 28.43 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 5,060, indicating a highly concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Palo Alto Networks Inc | 292,914 | 65.12 % |
| 2 | Fortinet Inc | 127,870 | 28.43 % |
| 3 | Logitech International s a | 14,588 | 3.24 % |
| 4 | Ncr Atleos Corporation | 3,464 | 0.77 % |
| 5 | Pitney Bowes Inc | 1,234 | 5.2% |
| 6 | Diebold Nixdorf Incorporated | 1,234 | 5.2% |
| 7 | Corsair Gaming Inc | 1,234 | 5.2% |
| 8 | Ncr Voyix Corporation | 1,234 | 5.2% |
| 9 | Evolv Technologies Holdings Inc | 1,234 | 5.2% |
| 10 | Mitek Systems Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of Fortinet Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-29.
Fortinet Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Palo Alto Networks Inc | 292,914 | 89.45 % |
| 2 | Fortinet Inc | 127,870 | 104.96 % |
| 3 | Logitech International s a | 14,588 | -7.11 % |
| 4 | Ncr Atleos Corporation | 1,234 | 12.3% |
| 5 | Pitney Bowes Inc | 1,234 | 12.3% |
| 6 | Diebold Nixdorf Incorporated | 1,234 | 12.3% |
| 7 | Corsair Gaming Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Fortinet Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-29. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Fortinet Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Computer Peripherals & Office Equipment industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (27 companies). See the full Computer Peripherals & Office Equipment industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 80.21 % | 45.29 % (avg) | +34.9 pp |
| Operating Margin | 32.45 % | industry median | +28.0 pp |
| EBITDA Margin | 37.45 % | -0.27 % (avg) | +37.7 pp |
| Capital Intensity (Capex / Revenue) | - | 2.50 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Fortinet Inc's Valuation vs Competitive Position
Valuation multiples vs the Computer Peripherals & Office Equipment industry average (27 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Computer Peripherals & Office Equipment industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 50.1x | 18.2x | +31.9x |
| EV / EBITDA | 36.0x | 20.2x | +15.8x |
| P/B | 92.7x | 3.9x | +88.8x |
| Return on Equity | 187.95 % | industry aggregate | 172.86 % |
| Return on Invested Capital | 37.98 % | -2.36 % (avg) | 40.34 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Fortinet Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 20.49 % | 19.71 % | 20.32 % | 28.82 % | 32.17 % | 20.08 % | 12.26 % | 14.16 % |
| Operating Margin | 12.82 % | 15.96 % | 20.50 % | 19.46 % | 21.95 % | 23.40 % | 30.28 % | 30.66 % |
| Return on Invested Capital | 9.52 % | 10.32 % | 20.88 % | 14.19 % | 36.95 % | 33.39 % | 33.69 % | 30.36 % |
| P/E | 38.3x | 57.1x | 228.0x | 448.8x | 47.9x | 39.0x | 41.9x | 33.6x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Fortinet Inc's Strategic Group Map
Every company in Fortinet Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Fortinet Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Fortinet Inc's BCG Growth-Share Matrix
Relative market share (vs Fortinet Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Fortinet Inc falls in the Dog quadrant: relative market share of 0.44x vs its largest competitor, in an industry growing revenue 4.8% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution. A caveat worth reading alongside this chart: Palo Alto Networks Inc alone holds 65% of this industry's market cap. In an industry this dominated by one leader, the framework will place nearly every OTHER company in "Dog" or "Question Mark" purely because relative share is measured against that leader, regardless of how strong those other companies actually are on their own fundamentals. Check the Profitability, Valuation and Financial Strength sections above before treating this quadrant label as a verdict.
Fortinet Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Low | Industry HHI of 5,060 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Fortinet Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Fortinet Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Fortinet Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Fortinet Inc falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Fortinet Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 28.0 points above the industry median.
- Return on equity 172.9 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+8.8% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Low relative market share vs the industry leader (0.44x).
Opportunities
No rule matched.
Threats
- Industry dominated by Palo Alto Networks Inc, holding 65.12 % of industry market cap.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Fortinet Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Fortinet Inc | 0.50 | 1.16 | 0.66 |
| Broadcom Inc | 0.99 | 2.05 | 0.75 |
| Cisco Systems Inc | 0.25 | 0.94 | 0.63 |
| Palo Alto Networks Inc | 0.30 | 0.91 | 0.04 |
| Zscaler Inc | 0.55 | 1.84 | 0.78 |
| F5 Inc | 0.86 | 1.60 | - |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Fortinet Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Fortinet Inc | Q2 2026 | +25.7 % | +37.8 % |
| Broadcom Inc | Q2 2026 | +85.5 % | +216.1 % |
| Cisco Systems Inc | Q2 2026 | +17.6 % | +51.3 % |
| Palo Alto Networks Inc | Q2 2026 | +34.4 % | - |
| Zscaler Inc | Q2 2026 | +24.6 % | - |
| F5 Inc | Q2 2026 | +10.9 % | +9.6 % |
| PEERS TOTAL | +44.9 % | +121.1 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Fortinet Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Fortinet Inc | Q2 2026 | +28.9 % | - |
| Broadcom Inc | Q2 2026 | +74.0 % | +274.6 % |
| Cisco Systems Inc | Q2 2026 | +14.8 % | +79.7 % |
| Palo Alto Networks Inc | Q2 2026 | +62.9 % | +19.4 % |
| Zscaler Inc | Q2 2026 | +20.1 % | +177.7 % |
| F5 Inc | Q2 2026 | +3.8 % | +317.2 % |
Fortinet Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Fortinet Inc | 20.95% | 40.00% | 187.95% |
| Broadcom Inc | 21.57% | 24.07% | 43.74% |
| Cisco Systems Inc | 10.64% | 11.94% | 27.52% |
| Palo Alto Networks Inc | 0.87% | 0.81% | 1.71% |
| Zscaler Inc | - | - | - |
| F5 Inc | 11.19% | 15.14% | 19.78% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Fortinet Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Fortinet Inc | 61.28 | 16.99 |
| Broadcom Inc | 45.85 | 19.74 |
| Cisco Systems Inc | 31.90 | 6.71 |
| Palo Alto Networks Inc | 782.44 | 25.52 |
| Zscaler Inc | - | 9.43 |
| F5 Inc | 34.74 | 7.58 |
| PEERS AVERAGE | 47.99 | 14.42 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.