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Held by 1,531 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 17 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AAPL | $4.91T | 45.1× | 34.3× | 11.8× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.4× | 5,963 |
| CSCO | $466.8B | 35.5× | 30.4× | 7.4× | 11.8% | 64.5% | 21.0% | 26.4% | 16.6% | 1.4× | 3,939 |
| DELL | $372.6B | 67.5× | 35.1× | 3.3× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 1.8× | 2,058 |
| PANW | $342.6B | — | — | 29.8× | 24.5% | 70.4% | 2.7% | 1.1% | 1.1% | -1.6× | 2,859 |
| ANET | $273.4B | 78.8× | 69.1× | 30.4× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | -0.5× | 2,177 |
| SNDK | $228.6B | 21.4× | 17.9× | 11.3× | 175% | 71.5% | 56.5% | 72.7% | 72.7% | -0.4× | 1,763 |
| IBM | $214.0B | 20.3× | 21.1× | 3.2× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | 3.9× | 3,544 |
| STX | $178.0B | 56.3× | 41.2× | 14.6× | 34.1% | 45.6% | 26.1% | 147% | 55.5% | 0.4× | 1,888 |
| WDC | $148.7B | 16.4× | 30.9× | 11.5× | 35.7% | 48.9% | 72.9% | 106% | 85.9% | 0.1× | 1,791 |
| FTNT | $142.9B | 80.5× | 63.2× | 21.0× | 14.2% | 80.5% | 27.3% | 150% | 83.0% | -0.7× | 1,531 |
| HPE | $97.5B | — | 49.6× | 2.8× | 13.8% | — | 0.2% | 0.2% | 0.1% | 7.2× | 1,400 |
| P | $51.5B | 280.9× | — | 14.1× | 15.6% | 70.4% | 5.1% | 13.0% | 13.0% | -3.4× | — |
| NTAP | $46.6B | 37.4× | 25.4× | 7.5× | 5.6% | 78.5% | 20.5% | 94.4% | 33.2% | 0.2× | 931 |
| SMCI | $27.5B | 12.8× | 8.5× | 0.7× | 77.8% | 10.8% | 5.7% | 15.4% | 12.0% | -1.2× | 771 |
| HPQ | $27.2B | 11.4× | 8.1× | 0.5× | 3.2% | 20.6% | 4.6% | -731% | 27.1% | 1.5× | 1,047 |
| FFIV | $27.2B | 40.7× | 30.1× | 8.8× | 9.7% | 81.4% | 22.4% | 19.3% | 19.3% | -1.6× | 800 |
| LOGI | $14.1B | 20.5× | 14.7× | 2.9× | 6.3% | 43.2% | 14.7% | 32.2% | 32.2% | -2.1× | 377 |
| NATL | $3.4B | 21.4× | 7.5× | 0.8× | 1.1% | — | 3.7% | 40.2% | 5.1% | 3.0× | 347 |
Peers = companies sharing FTNT's sector (Computer Peripheral Equipment, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $194.75 today, the market must believe free cash flow compounds 27.6%/yr for a decade (off $1.95B on the 3-yr avg basis).
On the basis ($1.68B) the requirement is 29.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 27.6% is more optimistic than its 9-yr track record.
Default is 10.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.73B shares (market data) · net debt -$1.50B
mean 26.8% · volatility σ 16% · implied rate exceeded in 3/9 yrs
Central path = implied 27.6%/yr growth; shaded band = ±1σ (16%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $2.29B buybacks = $2.29B returned on $2.23B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 83%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-09
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.80B 100.0% | $5.96B 100.0% | $5.30B 100.0% | $4.42B 100.0% | $3.34B 100.0% | $2.59B 100.0% | $2.16B 100.0% | $1.80B 100.0% | $1.49B 100.0% | $1.28B 100.0% |
| Cost of Revenue | $1.33B 19.5% | $1.16B 19.4% | $1.24B 23.3% | $1.08B 24.6% | $783.0M 23.4% | $570.0M 22.0% | $505.9M 23.4% | $450.4M 25.0% | $385.3M 25.8% | $337.8M 26.5% |
| Cost of Products | — | — | — | — | — | — | — | $291.0M 16.1% | $243.8M 16.3% | $209.0M 16.4% |
| Cost of Services | — | — | — | — | — | — | — | $159.4M 8.8% | $141.5M 9.5% | $128.8M 10.1% |
| Gross Profit | $5.47B 80.5% | $4.80B 80.6% | $4.07B 76.7% | $3.33B 75.4% | $2.56B 76.6% | $2.02B 78.0% | $1.66B 76.6% | $1.35B 75.0% | $1.11B 74.2% | $937.6M 73.5% |
| Research & Development | $815.5M 12.0% | $716.8M 12.0% | $613.8M 11.6% | $512.4M 11.6% | $424.2M 12.7% | $341.4M 13.2% | $277.1M 12.8% | $244.5M 13.5% | $210.6M 14.1% | $183.1M 14.4% |
| Selling, General & Admin | $233.4M 3.4% | $237.8M 4.0% | $211.3M 4.0% | $169.0M 3.8% | $143.5M 4.3% | $119.5M 4.6% | $102.1M 4.7% | $93.0M 5.2% | $87.9M 5.9% | $81.1M 6.4% |
| Total Operating Expenses | $3.39B 49.8% | $2.99B 50.3% | $2.83B 53.3% | $2.36B 53.5% | $1.91B 57.1% | $1.49B 57.5% | $1.31B 60.4% | $1.12B 62.1% | $999.8M 66.9% | $894.7M 70.2% |
| Operating Income | $2.08B 30.7% | $1.80B 30.3% | $1.24B 23.4% | $969.6M 21.9% | $650.4M 19.5% | $531.8M 20.5% | $351.0M 16.2% | $234.4M 13.0% | $109.8M 7.3% | $42.9M 3.4% |
| Interest Expense | $20.1M 0.3% | $20.0M 0.3% | $21.0M 0.4% | $18.0M 0.4% | $14.9M 0.4% | $0 0.0% | $0 0.0% | — | — | — |
| Other Income (Expense), net | $55.3M 0.8% | $119.9M 2.0% | -$6.1M -0.1% | -$13.5M -0.3% | -$11.6M -0.3% | -$7.8M -0.3% | -$7.5M -0.3% | -$6.6M -0.4% | $700K 0.0% | -$7.1M -0.6% |
| Pretax Income | $2.28B 33.6% | $2.06B 34.6% | $1.33B 25.1% | $955.5M 21.6% | $628.4M 18.8% | $541.7M 20.9% | $386.0M 17.8% | $254.3M 14.1% | $124.0M 8.3% | $43.1M 3.4% |
| Income Tax Expense | $439.1M 6.5% | $283.9M 4.8% | $143.8M 2.7% | $30.8M 0.7% | $14.1M 0.4% | $53.2M 2.1% | $54.3M 2.5% | -$80.6M -4.5% | $92.6M 6.2% | $10.9M 0.9% |
| Net Income | $1.85B 27.3% | $1.75B 29.3% | $1.15B 21.6% | $857.3M 19.4% | $606.8M 18.2% | $488.5M 18.8% | $331.7M 15.3% | $334.9M 18.6% | $31.4M 2.1% | $32.2M 2.5% |
| Per Share | ||||||||||
| EPS (Basic) | $2.45 | $2.28 | $1.47 | $1.08 | $0.74 | $0.60 | $1.94 | $1.98 | $0.18 | $0.19 |
| EPS (Diluted) | $2.42 | $2.26 | $1.46 | $1.06 | $0.73 | $0.58 | $1.90 | $1.92 | $0.18 | $0.18 |
| Weighted Avg Shares (Basic) | 758.0M | 764.4M | 778.6M | 791.4M | 816.1M | 821.0M | 171.0M | 169.1M | 174.3M | 172.6M |
| Weighted Avg Shares (Diluted) | 764.6M | 771.9M | 788.2M | 805.3M | 835.3M | 838.3M | 175.0M | 174.2M | 178.1M | 176.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~2.0% on $996.3M of debt.
Cash of $2.50B fully covers short-term debt of $499.7M.
Mostly short-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-09
Where each multiple sits in its own 14-yr range · 95th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 150% against ROIC 83% — 67% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 135.7% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 25.0 | 23.4 | 22.0 | 23.4 | 24.6 | 23.3 | 19.4 | 19.5 |
| Gross Profit | 75.0 | 76.6 | 78.0 | 76.6 | 75.4 | 76.7 | 80.6 | 80.5 |
| R&D | 13.5 | 12.8 | 13.2 | 12.7 | 11.6 | 11.6 | 12.0 | 12.0 |
| SG&A | 5.2 | 4.7 | 4.6 | 4.3 | 3.8 | 4.0 | 4.0 | 3.4 |
| Operating Income | 13.0 | 16.2 | 20.5 | 19.5 | 21.9 | 23.4 | 30.3 | 30.7 |
| Income Tax | -4.5 | 2.5 | 2.1 | 0.4 | 0.7 | 2.7 | 4.8 | 6.5 |
| Net Income | 18.6 | 15.3 | 18.8 | 18.2 | 19.4 | 21.6 | 29.3 | 27.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FTNT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 73.5% | 3.4% | 2.5% |
| FY2017 | 74.2% | 7.3% | 2.1% |
| FY2018 | 75.0% | 13.0% | 18.6% |
| FY2019 | 76.6% | 16.2% | 15.3% |
| FY2020 | 78.0% | 20.5% | 18.8% |
| FY2021 | 76.6% | 19.5% | 18.2% |
| FY2022 | 75.4% | 21.9% | 19.4% |
| FY2023 | 76.7% | 23.4% | 21.6% |
| FY2024 | 80.6% | 30.3% | 29.3% |
| FY2025 | 80.5% | 30.7% | 27.3% |
Leverage and buybacks account for 67 points of the 150% return on equity in FY2025. The business earns 83% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 1.49x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $2.23B; after share-based compensation it is $1.95B. The difference is a real cost that the cash flow statement adds back.
Covers interest 72.6x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 103.72x |
| 5% | 98.53x |
| 10% | 93.34x |
| 15% | 88.16x |
| 20% | 82.97x |
| 25% | 77.79x |
| 30% | 72.60x |
| 35% | 67.42x |
| 40% | 62.23x |
| 45% | 57.04x |
| 50% | 51.86x |
| 55% | 46.67x |
| 60% | 41.49x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $194.75, free cash flow must compound 27.6%/yr for 10 years. It has done 20.81%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 33.8% | 27.6% |
| FY2021 | 25.7% | 27.6% |
| FY2022 | 20.4% | 27.6% |
| FY2023 | 19.5% | 27.6% |
| FY2024 | 8.5% | 27.6% |
| FY2025 | 18.4% | 27.6% |
The implied rate has been matched or beaten in 1 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.85B | $1.85B |
| Share-based comp | $280M | $2.13B |
| Other non-cash & working capital | $458M | $2.59B |
| Operating cash flow | $2.59B | $2.59B |
| Capex | −$365M | $2.23B |
| Free cash flow | $2.23B | $2.23B |
| FCF after SBC | $1.95B | $1.95B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 19.9% | 32.3% | 12.3 points |
| FY2021 | 28.8% | 12.2% | -16.6 points |
| FY2022 | 32.2% | 56.2% | 24.0 points |
| FY2023 | 20.1% | 11.1% | -9.0 points |
| FY2024 | 12.3% | 4.4% | -7.9 points |
| FY2025 | 14.2% | 15.6% | 1.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 91.8 days | 85.1 days | 69.6 days | 107.4 days |
| FY2020 | 101.3 days | 89.5 days | 90.7 days | 100.1 days |
| FY2021 | 88.2 days | 82 days | 69.2 days | 101 days |
| FY2022 | 104.3 days | 89 days | 81.9 days | 111.4 days |
| FY2023 | 96.5 days | 143 days | 60.3 days | 179.2 days |
| FY2024 | 89.7 days | 99.5 days | 60.2 days | 129 days |
| FY2025 | 90.8 days | 109.7 days | 63.4 days | 137.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -12.3 percent |
| FY2020 | -14.7 percent |
| FY2021 | -15.1 percent |
| FY2022 | -14.0 percent |
| FY2023 | -10.8 percent |
| FY2024 | -5.3 percent |
| FY2025 | -7.1 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.