CrowdStrike vs Fortinet
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The short version
- 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%).
| Latest fiscal year | CRWD Β· FY26 | FTNT Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $269.0B | $133.2B |
| 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 | 63.6x |
| Piotroski F-score | 4 | 5 |
Revenue
FY17
CRWD β
FTNT $1.5B
FY18
CRWD $119M
FTNT $1.8B
FY19
CRWD $250M
FTNT $2.2B
FY20
CRWD $481M
FTNT $2.6B
FY21
CRWD $874M
FTNT $3.3B
FY22
CRWD $1.5B
FTNT $4.4B
FY23
CRWD $2.2B
FTNT $5.3B
FY24
CRWD $3.1B
FTNT $6.0B
FY25
CRWD $4.0B
FTNT $6.8B
FY26
CRWD $4.8B
FTNT β
CRWD
FTNT
Operating margin
FY17
CRWD β
FTNT 7.3%
FY18
CRWD β110.7%
FTNT 13.0%
FY19
CRWD β54.8%
FTNT 16.2%
FY20
CRWD β30.3%
FTNT 20.5%
FY21
CRWD β10.6%
FTNT 19.5%
FY22
CRWD β9.8%
FTNT 22.0%
FY23
CRWD β8.5%
FTNT 23.4%
FY24
CRWD β0.6%
FTNT 30.3%
FY25
CRWD β2.9%
FTNT 30.7%
FY26
CRWD β6.1%
FTNT β
CRWD
FTNT
Free cash flow
FY17
CRWD β
FTNT $459M
FY18
CRWD β$81.7M
FTNT $586M
FY19
CRWD β$58.8M
FTNT $716M
FY20
CRWD $19.8M
FTNT $958M
FY21
CRWD $304M
FTNT $1.2B
FY22
CRWD $463M
FTNT $1.4B
FY23
CRWD $706M
FTNT $1.7B
FY24
CRWD $990M
FTNT $1.9B
FY25
CRWD $1.1B
FTNT $2.2B
FY26
CRWD $1.3B
FTNT β
CRWD
FTNT
Return on capital
FY17
CRWD β
FTNT β
FY18
CRWD β
FTNT β
FY19
CRWD β
FTNT β
FY20
CRWD β
FTNT β
FY21
CRWD β
FTNT β
FY22
CRWD β
FTNT β
FY23
CRWD β
FTNT β
FY24
CRWD β
FTNT β
FY25
CRWD β
FTNT β
FY26
CRWD β
FTNT β
CRWD
FTNT
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.