{"data":{"ticker":"FTNT","slug":"fortinet","name":"Fortinet","exchange":"NASDAQ","sector":"Technology","headquarters":"Sunnyvale, California","ceo":"Ken Xie","employees":15540,"website":"https://www.fortinet.com","founded":"2000","layers":[{"slug":"cybersecurity-ai","name":"Cybersecurity AI"}],"exposure":{"score":25,"tier":"Peripheral","rationale":"Sells firewalls and security subscriptions with FortiAI and ML-driven threat intelligence to enterprises. AI is embedded product technology, and growth follows network security spending rather than AI infrastructure demand."},"quote":{"price":118.84,"change24hPct":-3,"change7dPct":-12.67,"change30dPct":-37.15,"change1yPct":45.3,"high52w":194.75,"low52w":75.23,"marketCap":87312908288,"peRatio":38.84,"eps":3.06,"volume24h":953559562},"nextEarningsDate":"2026-10-28","summary":"Fortinet is a cybersecurity company. It sells firewalls and the security subscriptions that keep them current, protecting enterprise networks from threats. Revenue comes from hardware, software, and recurring security services across its Security Fabric platform.","explainer":["Fortinet is a cybersecurity company. It sells firewalls and the security subscriptions that keep them current, protecting enterprise networks from threats. Revenue comes from hardware, software, and recurring security services across its Security Fabric platform.","AI and machine learning run throughout that platform: FortiAI applies AI to threat detection and response, FortiGuard AI powers its threat intelligence services, FortiNDR detects network threats using machine learning, and its AI-powered SOC tools help security teams respond faster.","Founded in 2000 and headquartered in Sunnyvale, California, Fortinet trades on the NASDAQ and employs roughly 15,500 people."],"buildoutRole":"Fortinet sits in the Cybersecurity AI layer of the buildout. AI is embedded technology across its Security Fabric, from FortiAI detection to machine-learning-driven threat intelligence, making its products smarter without changing what customers are buying. Growth follows enterprise network security spending rather than AI infrastructure demand, which is why Supercycle scores its AI exposure at 25 out of 100.","faq":[{"q":"What does Fortinet do?","a":"Fortinet sells firewalls and security subscriptions that protect enterprise networks. Revenue comes from hardware, software, and recurring threat intelligence services across its Security Fabric platform."},{"q":"How is Fortinet exposed to AI?","a":"AI is embedded across its threat detection and response products, but growth follows network security spending rather than AI infrastructure demand. Supercycle rates its AI Exposure Score at 25 out of 100."},{"q":"What are Fortinet's main AI products?","a":"FortiAI for AI-driven threat detection and response, FortiGuard AI threat intelligence, FortiNDR for network detection using machine learning, and AI-powered SOC tools for security teams."},{"q":"Is FTNT a pure play AI stock?","a":"No. Fortinet is a network security vendor where AI is embedded product technology. Its score of 25 out of 100 reflects AI as capability rather than the demand driver."},{"q":"Where is Fortinet based and who leads it?","a":"Fortinet is headquartered in Sunnyvale, California, and is led by co-founder and CEO Ken Xie. Founded in 2000, it employs roughly 15,500 people and trades on the NASDAQ."}],"history1y":[{"date":"2026-09-28","close":176.33},{"date":"2026-09-29","close":175.96},{"date":"2026-09-30","close":178.76},{"date":"2026-10-01","close":178.72},{"date":"2026-10-02","close":180.95},{"date":"2026-10-05","close":184.13},{"date":"2026-10-06","close":191.27},{"date":"2026-10-07","close":189.28},{"date":"2026-10-08","close":189.1},{"date":"2026-10-09","close":194.75},{"date":"2026-10-12","close":192.94},{"date":"2026-10-13","close":190.76},{"date":"2026-10-14","close":184.05},{"date":"2026-10-15","close":181.91},{"date":"2026-10-16","close":169.13},{"date":"2026-10-19","close":171.5},{"date":"2026-10-20","close":170.93},{"date":"2026-10-21","close":174.05},{"date":"2026-10-22","close":172.98},{"date":"2026-10-23","close":179.99},{"date":"2026-10-26","close":183.33},{"date":"2026-10-27","close":185},{"date":"2026-10-28","close":174.08},{"date":"2026-10-29","close":139.1},{"date":"2026-10-30","close":136.08},{"date":"2026-11-02","close":126.21},{"date":"2026-11-03","close":128.11},{"date":"2026-11-04","close":129.39},{"date":"2026-11-05","close":122.51},{"date":"2026-11-06","close":118.84}],"incomeStatements":[{"ticker":"FTNT","report_period":"2025-12-31","fiscal_period":"2025-FY","period":"annual","currency":"USD","revenue":6799600000,"cost_of_revenue":1328900000,"gross_profit":5470700000,"operating_expense":0,"operating_income":2084700000,"net_income":1853400000,"earnings_per_share":2.42,"earnings_per_share_diluted":2.42,"research_and_development":815500000,"selling_general_and_administrative_expenses":2580900000,"interest_expense":0,"income_tax_expense":0,"weighted_average_shares_diluted":0},{"ticker":"FTNT","report_period":"2024-12-31","fiscal_period":"2024-FY","period":"annual","currency":"USD","revenue":5955800000,"cost_of_revenue":1157600000,"gross_profit":4798200000,"operating_expense":0,"operating_income":1803400000,"net_income":1745200000,"earnings_per_share":2.26,"earnings_per_share_diluted":2.26,"research_and_development":716800000,"selling_general_and_administrative_expenses":2282600000,"interest_expense":0,"income_tax_expense":0,"weighted_average_shares_diluted":0},{"ticker":"FTNT","report_period":"2023-12-31","fiscal_period":"2023-FY","period":"annual","currency":"USD","revenue":5304800000,"cost_of_revenue":1237200000,"gross_profit":4067600000,"operating_expense":0,"operating_income":1241100000,"net_income":1147800000,"earnings_per_share":1.46,"earnings_per_share_diluted":1.46,"research_and_development":613800000,"selling_general_and_administrative_expenses":2217300000,"interest_expense":0,"income_tax_expense":0,"weighted_average_shares_diluted":0},{"ticker":"FTNT","report_period":"2022-12-31","fiscal_period":"2022-FY","period":"annual","currency":"USD","revenue":4417400000,"cost_of_revenue":1084900000,"gross_profit":3332500000,"operating_expense":0,"operating_income":969600000,"net_income":857300000,"earnings_per_share":1.06,"earnings_per_share_diluted":1.06,"research_and_development":512400000,"selling_general_and_administrative_expenses":1855100000,"interest_expense":0,"income_tax_expense":0,"weighted_average_shares_diluted":0}],"balanceSheets":[{"ticker":"FTNT","report_period":"2025-12-31","fiscal_period":"2025-FY","period":"annual","currency":"USD","total_assets":10389200000,"current_assets":5900200000,"cash_and_equivalents":2495300000,"total_liabilities":9151700000,"current_liabilities":5034000000,"total_debt":996300000,"shareholders_equity":1237500000,"retained_earnings":-507900000},{"ticker":"FTNT","report_period":"2024-12-31","fiscal_period":"2024-FY","period":"annual","currency":"USD","total_assets":9763100000,"current_assets":5971500000,"cash_and_equivalents":2875900000,"total_liabilities":8269300000,"current_liabilities":4060700000,"total_debt":994300000,"shareholders_equity":1493800000,"retained_earnings":-117100000},{"ticker":"FTNT","report_period":"2023-12-31","fiscal_period":"2023-FY","period":"annual","currency":"USD","total_assets":7258900000,"current_assets":4428300000,"cash_and_equivalents":1397900000,"total_liabilities":7722300000,"current_liabilities":3719000000,"total_debt":992300000,"shareholders_equity":-463400000,"retained_earnings":-1861700000},{"ticker":"FTNT","report_period":"2022-12-31","fiscal_period":"2022-FY","period":"annual","currency":"USD","total_assets":6228000000,"current_assets":3810400000,"cash_and_equivalents":1682900000,"total_liabilities":6509600000,"current_liabilities":3078400000,"total_debt":990400000,"shareholders_equity":-281600000,"retained_earnings":-1546400000}],"holders13f":[{"slug":"terry-smith","personName":"Terry Smith","fundName":"Fundsmith","value":557631076,"portfolioPct":0.04085531496783117,"change":"trimmed","period":"2026-06-30"}],"news":[{"title":"Fortinet (FTNT) Unveiled Two New Security Services","source":null,"url":"https://finance.yahoo.com/technology/ai/articles/fortinet-ftnt-unveiled-two-security-201418648.html?.tsrc=rss","date":"2026-11-05"},{"title":"Fortinet (FTNT) Stock May Be 11% Undervalued Following Service Outlook Cut","source":null,"url":"https://finance.yahoo.com/markets/stocks/articles/fortinet-ftnt-stock-may-11-141233333.html?.tsrc=rss","date":"2026-11-05"},{"title":"Fortinet and Equinix Secure Distributed AI at Scale","source":null,"url":"https://finance.yahoo.com/technology/ai/articles/fortinet-equinix-secure-distributed-ai-140000976.html?.tsrc=rss","date":"2026-11-05"},{"title":"ETFs Are Net Sellers of Fortinet (FTNT) on Nov. 3","source":null,"url":"https://finance.yahoo.com/markets/stocks/articles/etfs-net-sellers-fortinet-ftnt-110258510.html?.tsrc=rss","date":"2026-11-05"},{"title":"Should Twilio Stock Holders Look At Fortinet Instead?","source":null,"url":"https://www.trefis.com/stock/twlo/articles/622283/should-twilio-stock-holders-look-at-fortinet-instead/2026-11-04?.tsrc=rss","date":"2026-11-04"},{"title":"5 Large Cap Tech Stocks to Buy According to Billionaires","source":null,"url":"https://finance.yahoo.com/markets/stocks/articles/5-large-cap-tech-stocks-175941681.html?.tsrc=rss","date":"2026-11-04"},{"title":"FTNT Q3 Earnings Call Highlights Services Outlook and AI Demand","source":null,"url":"https://finance.yahoo.com/technology/ai/articles/ftnt-q3-earnings-call-highlights-140000200.html?.tsrc=rss","date":"2026-11-04"},{"title":"“Share Donor”: Fortinet Sinks 31% in a Week Despite Beating and Raising Guidance","source":null,"url":"https://www.tikr.com/blog/share-donor-fortinet-sinks-31-in-a-week-despite-beating-and-raising-guidance?ref=yahoofinance&tlnk=yf-261103-2978j8vf&.tsrc=rss","date":"2026-11-03"}]},"meta":{"version":"v1","asOf":"2026-11-06","builtAt":"2026-11-08T15:24:45.452Z","tier":"free","source":"https://supercyclehq.com/stock/fortinet","disclaimer":"Informational only, not investment advice. The AI Exposure Score is Supercycle's editorial opinion. Agent portfolios are simulated paper portfolios run by AI.","license":"Free to use and quote with attribution to supercyclehq.com. Do not redistribute as a dataset."},"links":{"self":"https://supercyclehq.com/api/v1/stocks/FTNT","html":"https://supercyclehq.com/stock/fortinet","md":"https://supercyclehq.com/stock/fortinet.md","docs":"https://supercyclehq.com/api/v1/openapi.json"}}