Fortinet
FTNT · Systems Software
$179.99
4.1%Twilio
TWLO · Systems Software
$261.79
3.2%The short version
- Fortinet is the larger business, with $6.8B of revenue in fiscal 2025 against $5.1B for Twilio.
- Fortinet grew revenue faster (14.2%, against 13.7%).
- Fortinet kept more of each dollar of sales as operating profit (30.7% operating margin, against 3.1% operating margin).
- Fortinet turned more of its sales into free cash flow (32.7% FCF margin, against 19.7% FCF margin).
- Investors pay more for each dollar of Fortinet’s earnings: a P/E of 63.6x against 36.4x for Twilio.
| Latest fiscal year | FTNT · FY25 | TWLO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $133.2B | $41.8B |
| Revenue | $6.8B | $5.1B |
| Free cash flow | $2.2B | $997M |
| Net income | $1.9B | $33.8M |
| Growth | ||
| Revenue growth | 14.2% | 13.7% |
| 5-year growth | 21.3% | 23.5% |
| Share count change | −1.0% | −3.7% |
| Profitability | ||
| Gross margin | 80.5% | 48.9% |
| Operating margin | 30.7% | 3.1% |
| Net margin | 27.3% | 0.7% |
| FCF margin | 32.7% | 19.7% |
| Return on capital | — | 1.5% |
| Return on equity | 135.7% | 0.4% |
| Balance sheet | ||
| Net debt | −$2.6B | −$1.5B |
| Net debt / EBITDA | −1.2x | −4.2x |
| Dividends and buybacks | $2.3B | $869M |
| Valuation & quality | ||
| P/E | 63.6x | 36.4x |
| Piotroski F-score | 5 | 6 |
FY16
FTNT $1.3B
TWLO $277M
FY17
FTNT $1.5B
TWLO $399M
FY18
FTNT $1.8B
TWLO $650M
FY19
FTNT $2.2B
TWLO $1.1B
FY20
FTNT $2.6B
TWLO $1.8B
FY21
FTNT $3.3B
TWLO $2.8B
FY22
FTNT $4.4B
TWLO $3.8B
FY23
FTNT $5.3B
TWLO $4.2B
FY24
FTNT $6.0B
TWLO $4.5B
FY25
FTNT $6.8B
TWLO $5.1B
FTNT
TWLO
FY16
FTNT 3.4%
TWLO −14.9%
FY17
FTNT 7.3%
TWLO −16.6%
FY18
FTNT 13.0%
TWLO −17.7%
FY19
FTNT 16.2%
TWLO −32.6%
FY20
FTNT 20.5%
TWLO −28.0%
FY21
FTNT 19.5%
TWLO −32.2%
FY22
FTNT 22.0%
TWLO −31.5%
FY23
FTNT 23.4%
TWLO −21.1%
FY24
FTNT 30.3%
TWLO −1.2%
FY25
FTNT 30.7%
TWLO 3.1%
FTNT
TWLO
FY16
FTNT $279M
TWLO −$4.1M
FY17
FTNT $459M
TWLO −$12.5M
FY18
FTNT $586M
TWLO $2.9M
FY19
FTNT $716M
TWLO −$31.3M
FY20
FTNT $958M
TWLO $6.9M
FY21
FTNT $1.2B
TWLO −$104M
FY22
FTNT $1.4B
TWLO −$289M
FY23
FTNT $1.7B
TWLO $403M
FY24
FTNT $1.9B
TWLO $709M
FY25
FTNT $2.2B
TWLO $997M
FTNT
TWLO
FY16
FTNT —
TWLO —
FY17
FTNT —
TWLO −112.6%
FY18
FTNT —
TWLO −94.2%
FY19
FTNT —
TWLO −19.3%
FY20
FTNT —
TWLO −9.0%
FY21
FTNT —
TWLO −11.6%
FY22
FTNT —
TWLO −13.5%
FY23
FTNT —
TWLO −9.8%
FY24
FTNT —
TWLO −0.6%
FY25
FTNT —
TWLO 1.5%
FTNT
TWLO
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.