FTNT
Fortinet, Inc.
FTNT's outlook is improving, though it still trails on the overall score.
NVDA
NVIDIA Corporation
NVDA 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.
NVDA Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
NVDA'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's PE is in its cheap range at 42x. If earnings grow as analysts expect, today's price would be 34x next year's earnings.
NVDA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $166 | — |
| Current | 21x | $166 | — |
| Cheap | 44x | $345 | +108% |
| Fair | 65x | $511 | +207% |
| Expensive | 93x | $734 | +342% |
Historical ranges are pointers, not guarantees.
NVDA has the edge over FTNT in the historical PE scenario, which offers more potential upside but is not a forecast.
FTNT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Broad | |
| Moderate |
FTNT has the edge over NVDA on the outlook, with more favorable profitability expectations.
NVDA Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Weakening | |
| Broad | |
| Moderate |
Analysts expect strong earnings and revenue growth for NVDA, but weaker profitability.
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.
NVDA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.77 | +74% |
| Q3 2026 | $7.91 | +125% |
| Q2 2026 | $6.53 | +111% |
| Q1 2026 | $4.90 | +67% |
| Q4 2025 | $4.03 | +59% |
| Q3 2025 | $3.51 | +65% |
| Q2 2025 | $3.10 | +81% |
| Q1 2025 | $2.94 | +147% |
| Q4 2024 | $2.54 | +234% |
NVDA has the edge over FTNT on earnings, with stronger typical year-over-year growth.
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.
NVDA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $96.2B | +106% |
| Q2 2026 | $81.6B | +85% |
| Q1 2026 | $68.1B | +73% |
| Q4 2025 | $57B | +62% |
| Q3 2025 | $46.7B | +56% |
| Q2 2025 | $44.1B | +69% |
| Q1 2025 | $39.3B | +78% |
| Q4 2024 | $35.1B | +94% |
NVDA has the edge over FTNT on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 66% | +5.4 points |
| Q2 2026 | 66% | +17 points |
| Q1 2026 | 65% | +3.9 points |
| Q4 2025 | 63% | +0.8 points |
| Q3 2025 | 61% | -1.2 points |
| Q2 2025 | 49% | -16 points |
| Q1 2025 | 61% | -0.5 points |
| Q4 2024 | 62% | +4.9 points |
NVDA 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.
NVDA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $21.4B | +59% |
| Q2 2026 | $48.6B | +86% |
| Q1 2026 | $34.9B | +124% |
| Q4 2025 | $22.1B | +32% |
| Q3 2025 | $13.5B | -0.3% |
| Q2 2025 | $26.2B | +75% |
| Q1 2025 | $15.6B | +38% |
| Q3 2024 | $13.5B | +113% |
NVDA 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 NVDA 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.
NVDA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -106M shares |
| 1 year | -1% | -247M shares |
| 3 years | -2.8% | -705M shares |
| 5 years | -4.1% | -1B shares |
| Available history | -1.8% | -435M shares |
NVDA has 24.3B diluted shares, down 1% from a year ago, with $55.3B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $19.7B |
| Q2 2026 | $19.3B |
| Q1 2026 | $3.8B |
| Q4 2025 | $12.5B |
| Q3 2025 | $9.7B |
| Q2 2025 | $14.1B |
| Q1 2025 | $7.8B |
| Q4 2024 | $11B |
NVDA spent $55.3B buying back its own shares over the past year, up 30% from the year before.
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 NVDA on leverage, with a lower net debt burden relative to earnings.
NVDA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.1x | Very low |
| Q2 2026 | -0.0x | Net Cash |
| Q1 2026 | -0.0x | Net Cash |
| Q4 2025 | -0.0x | Net Cash |
| Q3 2025 | -0.0x | Net Cash |
| Q2 2025 | -0.1x | Net Cash |
| Q1 2025 | -0.0x | Very low |
| Q4 2024 | -0.0x | Net Cash |
NVDA's net debt is less than a year of its operating earnings (EBITDA), after holding more cash than debt a year ago.
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).
NVDA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.4 | Neutral |
| Stochastic | 18.1 | Oversold |
NVDA's weekly RSI is 33 (neutral) and its Stochastic is 18 (oversold).
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.
NVDA PE vs Technology Sector
| Metric | NVDA | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 28x | 25% below |
| PE % | 0 | 35 | 35 pts below |
NVDA 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 the edge over NVDA on trend strength, trading above more of its moving averages.
NVDA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $208.9 | 20% below |
| 20 week MA | $212.0 | 22% below |
| 50 week MA | $199.9 | 17% below |
| 100 week MA | $175.1 | 5.1% below |
| 200 week MA | $123.6 | 34% above |
NVDA has fallen below most of its moving averages, though it's still 34% 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 the edge over NVDA on returns for 2026, with the stronger performance.
NVDA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $5.92 | $13.0 | +119% |
| 2021 | $13.0 | $29.6 | +128% |
| 2022 | $29.6 | $15.2 | -49% |
| 2023 | $15.2 | $49.5 | +226% |
| 2024 | $49.5 | $137.0 | +177% |
| 2025 | $137.0 | $190.5 | +39% |
| 2026 YTD | $190.5 | $166.2 | -13% |
NVDA's yearly returns have swung widely, from +226% in 2023 to −49% in 2022. It's down 13% so far in 2026.