FTNT
Fortinet, Inc.
FTNT has slightly lower modeled downside risk, despite its lower overall score.
MU
Micron Technology, Inc.
MU has the edge over FTNT overall, supported by stronger valuation and stronger modeled upside.
FTNT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
FTNT's revenue, profitability, cash flow and balance sheet are all currently healthy.
MU Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
MU's revenue, profitability, cash flow and balance sheet are all currently strong.
FTNT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 34x | $130 | — |
| Cheap | 40x | $122 | -5.5% |
| Current | 42x | $130 | — |
| Fair | 54x | $164 | +27% |
| Expensive | 71x | $218 | +68% |
Historical ranges are pointers, not guarantees.
FTNT has the edge over MU in the historical PE scenario, which offers more potential upside but is not a forecast.
MU PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 4.6x | $798 | — |
| Cheap | 10x | $777 | -2.7% |
| Current | 11x | $798 | — |
| Fair | 22x | $1,646 | +106% |
| Expensive | 32x | $2,404 | +201% |
Historical ranges are pointers, not guarantees.
MU's PE is in its cheap range at 11x. If earnings grow as analysts expect, today's price would be 4.6x next year's earnings.
FTNT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Broad | |
| Moderate |
Analysts expect earnings and revenue growth for FTNT, with profitability improving.
MU Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Broad | |
| Moderate |
Analysts expect strong earnings and revenue growth for MU, with profitability improving.
FTNT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.76 | +23% |
| Q3 2026 | $3.07 | +26% |
| Q2 2026 | $2.83 | +13% |
| Q1 2026 | $2.58 | +6.2% |
| Q4 2025 | $2.42 | +7.1% |
| Q3 2025 | $2.43 | +22% |
| Q2 2025 | $2.51 | +48% |
| Q1 2025 | $2.43 | +58% |
| Q4 2024 | $2.26 | +55% |
FTNT's earnings per share have climbed steadily: $3.07 over the past year, up 26% from the year before, and higher year over year every quarter since late 2020.
MU Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $174.95 | +135% |
| Q3 2026 | $74.33 | +879% |
| Q2 2026 | $44.17 | +693% |
| Q1 2026 | $21.18 | +405% |
| Q4 2025 | $10.52 | +201% |
| Q3 2025 | $7.59 | +984% |
| Q2 2025 | $5.57 | +$6.99 |
| Q1 2025 | $4.19 | +$7.64 |
| Q4 2024 | $3.49 | +$9.77 |
MU's earnings per share have climbed steadily: $74.33 over the past year, about 10 times what it earned the year before, and higher year over year for 10 quarters in a row.
FTNT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.1B | +20% |
| Q2 2026 | $2B | +26% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | $1.9B | +15% |
| Q3 2025 | $1.7B | +14% |
| Q2 2025 | $1.6B | +14% |
| Q1 2025 | $1.5B | +14% |
| Q4 2024 | $1.7B | +17% |
FTNT's revenue has grown year over year every quarter since late 2020: $2.1B last quarter, up 20% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | +2.2 points |
| Q2 2026 | 34% | +5.6 points |
| Q1 2026 | 31% | +1.9 points |
| Q4 2025 | 33% | -1.7 points |
| Q3 2025 | 32% | +0.5 points |
| Q2 2025 | 28% | -2.4 points |
| Q1 2025 | 29% | +5.7 points |
| Q4 2024 | 35% | +7.3 points |
FTNT's operating margin was 34% last quarter, up 2.2 points from the same quarter a year ago, near the top of its range since 2019.
MU Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $54.2B | +379% |
| Q2 2026 | $41.5B | +346% |
| Q1 2026 | $23.9B | +196% |
| Q4 2025 | $13.6B | +57% |
| Q3 2025 | $11.3B | +46% |
| Q2 2025 | $9.3B | +37% |
| Q1 2025 | $8.1B | +38% |
| Q4 2024 | $8.7B | +84% |
MU has the edge over FTNT on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 81% | +48 points |
| Q2 2026 | 80% | +57 points |
| Q1 2026 | 68% | +46 points |
| Q4 2025 | 45% | +20 points |
| Q3 2025 | 32% | +13 points |
| Q2 2025 | 23% | +13 points |
| Q1 2025 | 22% | +19 points |
| Q4 2024 | 25% | +49 points |
MU has the edge over FTNT on profitability, with a higher operating margin.
FTNT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $881.8M | +55% |
| Q2 2026 | $965.6M | +240% |
| Q1 2026 | $1B | +26% |
| Q4 2025 | $577.4M | +52% |
| Q3 2025 | $567.5M | -0.8% |
| Q2 2025 | $284.1M | -11% |
| Q1 2025 | $796.8M | +31% |
| Q4 2024 | $380M | +131% |
FTNT's free cash flow has been positive every quarter for seven years: $3.4B over the past year, up 69% from the year before.
MU Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $32.9B | +45543% |
| Q2 2026 | $17.6B | +951% |
| Q1 2026 | $5.5B | +$5.6B |
| Q4 2025 | $3B | +7853% |
| Q3 2025 | $72M | -75% |
| Q2 2025 | $1.7B | +322% |
| Q1 2025 | -$113M | +$52M |
| Q4 2024 | $38M | +$433M |
MU has the edge over FTNT on cash flow, with more consistent year-over-year improvement.
FTNT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +2.7M shares |
| 1 year | -2.4% | -18.6M shares |
| 3 years | -6.1% | -48.6M shares |
| 5 years | -11% | -95.9M shares |
| Available history | -15% | -132M shares |
FTNT has the edge over MU on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $149.8M |
| Q1 2026 | $823M |
| Q4 2025 | $57.2M |
| Q3 2025 | $1.8B |
| Q4 2024 | — |
| Q4 2023 | $896.2M |
| Q3 2023 | $604.3M |
FTNT spent $1B buying back its own shares over the past year.
MU Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -2M shares |
| 1 year | +1.6% | +18M shares |
| 3 years | +4.6% | +50M shares |
| 5 years | +0.2% | +2M shares |
| Available history | +1.2% | +14M shares |
MU has 1.1B diluted shares, up 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $350M |
| Q4 2025 | $300M |
| Q3 2024 | $300M |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
MU has spent almost nothing on buybacks in the past year.
FTNT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.2x | Net Cash |
| Q2 2026 | -0.9x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | -0.7x | Net Cash |
| Q3 2025 | -0.5x | Net Cash |
| Q2 2025 | -1.1x | Net Cash |
| Q1 2025 | -1.3x | Net Cash |
| Q4 2024 | -1.0x | Net Cash |
FTNT has the edge over MU on leverage, with a lower net debt burden relative to earnings.
MU Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.1x | Net Cash |
| Q4 2025 | 0.1x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2025 | 0.3x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
MU has more cash than debt.
FTNT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.1 | Neutral |
| Stochastic | 8.9 | Oversold |
FTNT's weekly RSI is 44 (neutral) and its Stochastic is 9 (oversold).
MU Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.1 | Neutral |
| Stochastic | 26.9 | Neutral |
MU's weekly RSI is 47 (neutral) and its Stochastic is 27 (neutral).
FTNT PE vs Technology Sector
| Metric | FTNT | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 28x | 51% above |
| PE % | 20 | 35 | 15 pts below |
FTNT is trading at 42x earnings, a 51% premium to the Technology sector's median of 28x.
MU PE vs Technology Sector
| Metric | MU | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 28x | 61% below |
| PE % | 18 | 35 | 17 pts below |
MU has the edge over FTNT on valuation relative to its sector.
FTNT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $160.3 | 19% below |
| 20 week MA | $159.7 | 19% below |
| 50 week MA | $121.6 | 6.5% above |
| 100 week MA | $107.9 | 20% above |
| 200 week MA | $87.1 | 49% above |
FTNT has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 49% above its 200-week average.
MU Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $914.5 | 13% below |
| 20 week MA | $931.0 | 14% below |
| 50 week MA | $685.9 | 16% above |
| 100 week MA | $405.4 | 97% above |
| 200 week MA | $246.0 | 225% above |
MU has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 225% above its 200-week average.
FTNT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $21.5 | $30.0 | +39% |
| 2021 | $30.0 | $69.8 | +133% |
| 2022 | $69.8 | $48.7 | -30% |
| 2023 | $48.7 | $58.5 | +20% |
| 2024 | $58.5 | $96.1 | +64% |
| 2025 | $96.1 | $81.6 | -15% |
| 2026 YTD | $81.6 | $129.5 | +59% |
FTNT has finished higher in four of the last six years, two of them by more than 50%. It's up 59% so far in 2026.
MU Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $54.0 | $70.6 | +31% |
| 2021 | $70.6 | $94.4 | +34% |
| 2022 | $94.4 | $50.2 | -47% |
| 2023 | $50.2 | $85.3 | +70% |
| 2024 | $85.3 | $88.6 | +3.9% |
| 2025 | $88.6 | $284.8 | +221% |
| 2026 YTD | $284.8 | $798.4 | +180% |
MU has the edge over FTNT on returns for 2026, with the stronger performance.