CrowdStrike vs Fortinet
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KIRAβs take AI analyst
I put CrowdStrike and Fortinet side by side, using each oneβs latest annual report. Here is what stands out:
- Fortinet is the larger business, with $6.8B of revenue in fiscal 2025 against $4.8B for CrowdStrike.
- CrowdStrike grew revenue faster (21.7%, against 14.2%).
- Fortinet kept more of each dollar of sales as operating profit (30.7% operating margin, against β6.1%).
- Fortinet turned more of its sales into free cash flow (32.7% FCF margin, against 27.2%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
CrowdStrike
CRWD
2/9
Revenue growth5-year growth
Fortinet
FTNT
7/9
Gross marginOperating marginNet marginFCF marginReturn on equityPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | CRWD FY26 | FTNT FY25 |
|---|---|---|
| Size | ||
| Market cap | $273.5B | $135.6B |
| Revenue | $4.8B | $6.8B |
| Free cash flow | $1.3B | $2.2B |
| Net income | β$163M | $1.9B |
| Growth | ||
| Revenue growth | 21.7% | 14.2% |
| 5-year growth | 40.6% | 21.3% |
| Share count change | 2.4% | β1.0% |
| Profitability | ||
| Gross margin | 74.7% | 80.5% |
| Operating margin | β6.1% | 30.7% |
| Net margin | β3.4% | 27.3% |
| FCF margin | 27.2% | 32.7% |
| Return on capital | β | β |
| Return on equity | β4.2% | 135.7% |
| Balance sheet | ||
| Net debt | β$4.5B | β$2.6B |
| Net debt / EBITDA | β | β1.2x |
| Dividends and buybacks | $0.0M | $2.3B |
| Valuation & quality | ||
| P/E | β | 64.8x |
| Piotroski F-score | 4 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.