Fortinet vs Palo Alto Networks
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The short version
- Palo Alto Networks is the larger business, with $11.5B of revenue in fiscal 2026 against $6.8B for Fortinet, about 1.7 times as much.
- Palo Alto Networks grew revenue faster (24.5%, against 14.2%).
- Fortinet kept more of each dollar of sales as operating profit (30.7% operating margin, against 6.1%).
- Palo Alto Networks turned more of its sales into free cash flow (35.8% FCF margin, against 32.7%).
| Latest fiscal year | FTNT · FY25 | PANW · FY26 |
|---|---|---|
| Size | ||
| Market cap | $133.2B | $290.7B |
| Revenue | $6.8B | $11.5B |
| Free cash flow | $2.2B | $4.1B |
| Net income | $1.9B | $307M |
| Growth | ||
| Revenue growth | 14.2% | 24.5% |
| 5-year growth | 21.3% | 22.0% |
| Share count change | −1.0% | 7.8% |
| Profitability | ||
| Gross margin | 80.5% | 70.4% |
| Operating margin | 30.7% | 6.1% |
| Net margin | 27.3% | 2.7% |
| FCF margin | 32.7% | 35.8% |
| Return on capital | — | 2.6% |
| Return on equity | 135.7% | 1.7% |
| Balance sheet | ||
| Net debt | −$2.6B | −$1.3B |
| Net debt / EBITDA | −1.2x | −0.8x |
| Dividends and buybacks | $2.3B | $1.0B |
| Valuation & quality | ||
| P/E | 63.6x | — |
| Piotroski F-score | 5 | 4 |
Revenue
FY17
FTNT $1.5B
PANW $1.8B
FY18
FTNT $1.8B
PANW $2.3B
FY19
FTNT $2.2B
PANW $2.9B
FY20
FTNT $2.6B
PANW $3.4B
FY21
FTNT $3.3B
PANW $4.3B
FY22
FTNT $4.4B
PANW $5.5B
FY23
FTNT $5.3B
PANW $6.9B
FY24
FTNT $6.0B
PANW $8.0B
FY25
FTNT $6.8B
PANW $9.2B
FY26
FTNT —
PANW $11.5B
FTNT
PANW
Operating margin
FY17
FTNT 7.3%
PANW −9.4%
FY18
FTNT 13.0%
PANW −4.6%
FY19
FTNT 16.2%
PANW −1.9%
FY20
FTNT 20.5%
PANW −5.3%
FY21
FTNT 19.5%
PANW −7.2%
FY22
FTNT 22.0%
PANW −3.4%
FY23
FTNT 23.4%
PANW 5.6%
FY24
FTNT 30.3%
PANW 8.5%
FY25
FTNT 30.7%
PANW 13.5%
FY26
FTNT —
PANW 6.1%
FTNT
PANW
Free cash flow
FY17
FTNT $459M
PANW $705M
FY18
FTNT $586M
PANW $926M
FY19
FTNT $716M
PANW $924M
FY20
FTNT $958M
PANW $821M
FY21
FTNT $1.2B
PANW $1.4B
FY22
FTNT $1.4B
PANW $1.8B
FY23
FTNT $1.7B
PANW $2.6B
FY24
FTNT $1.9B
PANW $3.1B
FY25
FTNT $2.2B
PANW $3.5B
FY26
FTNT —
PANW $4.1B
FTNT
PANW
Return on capital
FY17
FTNT —
PANW −17.2%
FY18
FTNT —
PANW —
FY19
FTNT —
PANW —
FY20
FTNT —
PANW —
FY21
FTNT —
PANW —
FY22
FTNT —
PANW —
FY23
FTNT —
PANW —
FY24
FTNT —
PANW 27.9%
FY25
FTNT —
PANW 20.8%
FY26
FTNT —
PANW 2.6%
FTNT
PANW
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.