Fortinet vs Gen Digital
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The short version
- Fortinet is the larger business, with $6.8B of revenue in fiscal 2025 against $5.0B for Gen Digital.
- Gen Digital grew revenue faster (27.1%, against 14.2%).
- Gen Digital kept more of each dollar of sales as operating profit (42.4% operating margin, against 30.7%).
- Fortinet turned more of its sales into free cash flow (32.7% FCF margin, against 30.5%).
- Investors pay more for each dollar of Fortinet’s earnings: a P/E of 63.6x against 14.5x for Gen Digital.
| Latest fiscal year | FTNT · FY25 | GEN · FY26 |
|---|---|---|
| Size | ||
| Market cap | $133.2B | $15.0B |
| Revenue | $6.8B | $5.0B |
| Free cash flow | $2.2B | $1.5B |
| Net income | $1.9B | $973M |
| Growth | ||
| Revenue growth | 14.2% | 27.1% |
| 5-year growth | 21.3% | 14.4% |
| Share count change | −1.0% | −0.8% |
| Profitability | ||
| Gross margin | 80.5% | 78.5% |
| Operating margin | 30.7% | 42.4% |
| Net margin | 27.3% | 19.5% |
| FCF margin | 32.7% | 30.5% |
| Return on capital | — | 13.7% |
| Return on equity | 135.7% | 39.9% |
| Balance sheet | ||
| Net debt | −$2.6B | $7.8B |
| Net debt / EBITDA | −1.2x | 3.0x |
| Dividends and buybacks | $2.3B | $946M |
| Valuation & quality | ||
| P/E | 63.6x | 14.5x |
| Piotroski F-score | 5 | 7 |
Revenue
FY17
FTNT $1.5B
GEN $4.0B
FY18
FTNT $1.8B
GEN $2.6B
FY19
FTNT $2.2B
GEN $2.5B
FY20
FTNT $2.6B
GEN $2.5B
FY21
FTNT $3.3B
GEN $2.6B
FY22
FTNT $4.4B
GEN $2.8B
FY23
FTNT $5.3B
GEN $3.3B
FY24
FTNT $6.0B
GEN $3.8B
FY25
FTNT $6.8B
GEN $3.9B
FY26
FTNT —
GEN $5.0B
FTNT
GEN
Operating margin
FY17
FTNT 7.3%
GEN −2.5%
FY18
FTNT 13.0%
GEN −6.0%
FY19
FTNT 16.2%
GEN 6.4%
FY20
FTNT 20.5%
GEN 14.3%
FY21
FTNT 19.5%
GEN 35.1%
FY22
FTNT 22.0%
GEN 35.9%
FY23
FTNT 23.4%
GEN 36.4%
FY24
FTNT 30.3%
GEN 29.2%
FY25
FTNT 30.7%
GEN 40.9%
FY26
FTNT —
GEN 42.4%
FTNT
GEN
Free cash flow
FY17
FTNT $459M
GEN −$279M
FY18
FTNT $586M
GEN $808M
FY19
FTNT $716M
GEN $1.3B
FY20
FTNT $958M
GEN −$950M
FY21
FTNT $1.2B
GEN $700M
FY22
FTNT $1.4B
GEN $968M
FY23
FTNT $1.7B
GEN $751M
FY24
FTNT $1.9B
GEN $2.0B
FY25
FTNT $2.2B
GEN $1.2B
FY26
FTNT —
GEN $1.5B
FTNT
GEN
Return on capital
FY17
FTNT —
GEN −2.2%
FY18
FTNT —
GEN −2.0%
FY19
FTNT —
GEN 1.6%
FY20
FTNT —
GEN 5.0%
FY21
FTNT —
GEN 34.7%
FY22
FTNT —
GEN 41.7%
FY23
FTNT —
GEN 18.7%
FY24
FTNT —
GEN 10.5%
FY25
FTNT —
GEN 10.4%
FY26
FTNT —
GEN 13.7%
FTNT
GEN
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.