FTNT
Fortinet, Inc.
FTNT has a slight edge over SNDK overall, supported by lower modeled downside and stronger valuation.
SNDK
Sandisk Corporation
SNDK offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
FTNT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
FTNT's revenue, profitability, cash flow and balance sheet are all currently healthy.
SNDK Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
SNDK'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.
SNDK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 3.8x | $937 | — |
| Current | 7.5x | $937 | — |
| Cheap | 17x | $2,173 | +132% |
| Fair | 24x | $3,048 | +225% |
| Expensive | 59x | $7,452 | +695% |
Historical ranges are pointers, not guarantees.
SNDK 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 |
Analysts expect earnings and revenue growth for FTNT, with profitability improving.
SNDK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| High |
Analysts expect strong earnings and revenue growth for SNDK, 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.
SNDK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $247.30 | +97% |
| Q3 2026 | $125.61 | +$137.63 |
| Q2 2026 | $73.76 | +$85.07 |
| Q2 2025 | -$11.31 | -$6.65 |
SNDK has the edge over FTNT in the latest year-over-year earnings comparison.
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.
SNDK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $11B | +378% |
| Q2 2026 | $9B | +372% |
| Q1 2026 | $6B | +251% |
| Q4 2025 | $3B | +61% |
| Q3 2025 | $2.3B | +23% |
| Q2 2025 | $1.9B | +8% |
| Q1 2025 | $1.7B | -0.6% |
| Q4 2024 | $1.9B | +13% |
SNDK's revenue has grown year over year for six quarters in a row: $11B last quarter, up 378% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 80% | +72 points |
| Q2 2026 | 78% | +78 points |
| Q1 2026 | 69% | +180 points |
| Q4 2025 | 35% | +25 points |
| Q3 2025 | 7.6% | -9 points |
| Q2 2025 | 0.9% | N/A |
| Q1 2025 | -111% | -122 points |
| Q4 2024 | 10% | +6.6 points |
SNDK 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 has the edge over SNDK on cash flow, with more consistent year-over-year improvement.
SNDK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $6.3B | +1340% |
| Q2 2026 | $7.1B | +14355% |
| Q1 2026 | $3B | +$3B |
| Q3 2025 | $438M | +$636M |
| Q2 2025 | $49M | +$217M |
| Q1 2025 | -$18M | +$23M |
| Q3 2024 | -$198M | -$157M |
SNDK generated $17.4B in free cash flow over the past year, more than ten times what it generated the year before.
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 SNDK 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.
SNDK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -1M shares |
| 1 year | +3.4% | +5M shares |
| 3 years | +6.9% | +10M shares |
SNDK has 154M diluted shares, up 3.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5B |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
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 SNDK on leverage, with a lower net debt burden relative to earnings.
SNDK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
SNDK 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).
SNDK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.2 | Neutral |
| Stochastic | 10.6 | Oversold |
SNDK's weekly RSI is 40 (neutral) and its Stochastic is 11 (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.
SNDK PE vs Technology Sector
| Metric | SNDK | Sector median | Relative |
|---|---|---|---|
| PE | 7.5x | 28x | 73% below |
| PE % | 4 | 27 | 23 pts below |
SNDK 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 stronger trend alignment. FTNT is above 3 of 5 weekly averages versus SNDK above 0 of 3.
SNDK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,317.5 | 29% below |
| 20 week MA | $1,465.4 | 36% below |
| 50 week MA | $1,119.6 | 16% below |
SNDK is in a downtrend: it's below all three of its weekly moving averages, and 16% below its 50-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.
SNDK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $50.4 | $250.1 | +396% |
| 2026 YTD | $250.1 | $937.5 | +275% |
SNDK has the edge over FTNT on returns for 2026, with the stronger performance.