Fortinet vs ServiceNow

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The short version

ServiceNow is the larger business, with $13.3B of revenue in fiscal 2025 against $6.8B for Fortinet, about 2.0 times as much.
ServiceNow grew revenue faster (20.9%, against 14.2%).
Fortinet kept more of each dollar of sales as operating profit (30.7% operating margin, against 13.7%).
ServiceNow turned more of its sales into free cash flow (34.5% FCF margin, against 32.7%).
Investors pay more for each dollar of ServiceNow’s earnings: a P/E of 99.4x against 63.6x for Fortinet.

Latest fiscal year	FTNT · FY25	NOW · FY25
Size
Market cap	$133.2B	$164.4B
Revenue	$6.8B	$13.3B
Free cash flow	$2.2B	$4.6B
Net income	$1.9B	$1.7B
Growth
Revenue growth	14.2%	20.9%
5-year growth	21.3%	24.1%
Share count change	−1.0%	0.4%
Profitability
Gross margin	80.5%	77.5%
Operating margin	30.7%	13.7%
Net margin	27.3%	13.2%
FCF margin	32.7%	34.5%
Return on capital	—	20.9%
Return on equity	135.7%	15.5%
Balance sheet
Net debt	−$2.6B	−$4.8B
Net debt / EBITDA	−1.2x	−1.9x
Dividends and buybacks	$2.3B	$1.8B
Valuation & quality
P/E	63.6x	99.4x
Piotroski F-score	5	6

Revenue

FY16

FTNT $1.3B

NOW $1.4B

FY17

FTNT $1.5B

NOW $1.9B

FY18

FTNT $1.8B

NOW $2.6B

FY19

FTNT $2.2B

NOW $3.5B

FY20

FTNT $2.6B

NOW $4.5B

FY21

FTNT $3.3B

NOW $5.9B

FY22

FTNT $4.4B

NOW $7.2B

FY23

FTNT $5.3B

NOW $9.0B

FY24

FTNT $6.0B

NOW $11.0B

FY25

FTNT $6.8B

NOW $13.3B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

FTNT NOW

Operating margin

FY16

FTNT 3.4%

NOW −27.5%

FY17

FTNT 7.3%

NOW −3.3%

FY18

FTNT 13.0%

NOW −1.6%

FY19

FTNT 16.2%

NOW 1.2%

FY20

FTNT 20.5%

NOW 4.4%

FY21

FTNT 19.5%

NOW 4.4%

FY22

FTNT 22.0%

NOW 4.9%

FY23

FTNT 23.4%

NOW 8.5%

FY24

FTNT 30.3%

NOW 12.4%

FY25

FTNT 30.7%

NOW 13.7%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

FTNT NOW

Free cash flow

FY16

FTNT $279M

NOW $53.5M

FY17

FTNT $459M

NOW $492M

FY18

FTNT $586M

NOW $587M

FY19

FTNT $716M

NOW $971M

FY20

FTNT $958M

NOW $1.4B

FY21

FTNT $1.2B

NOW $1.8B

FY22

FTNT $1.4B

NOW $2.2B

FY23

FTNT $1.7B

NOW $2.7B

FY24

FTNT $1.9B

NOW $3.4B

FY25

FTNT $2.2B

NOW $4.6B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

FTNT NOW

Return on capital

FY16

FTNT —

NOW −47.3%

FY17

FTNT —

NOW —

FY18

FTNT —

NOW —

FY19

FTNT —

NOW 6.0%

FY20

FTNT —

NOW 12.6%

FY21

FTNT —

NOW 14.2%

FY22

FTNT —

NOW 13.8%

FY23

FTNT —

NOW 23.5%

FY24

FTNT —

NOW 23.4%

FY25

FTNT —

NOW 20.9%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

FTNT NOW

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.