FTNT Fortinet, Inc. - Common Stock
NASDAQ · Technology · View on SEC EDGAR ↗ close Oct 5, 2026 10-K/10-Q Jul 30, 2026FTNT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| June 23, 2022 | 5-for-1 | Forward |
| June 2, 2011 | 2-for-1 | Forward |
About Fortinet, Inc. - Common Stock Company overview from Wikipedia
Fortinet, Inc. is an American cybersecurity company headquartered in Sunnyvale, California. It develops and sells security products including firewalls, endpoint security and intrusion detection systems. Fortinet has offices in the US, Canada, and UK.
Founded in 2000 by brothers Ken Xie and Michael Xie, the company's first and main product was FortiGate, a physical firewall. The company later added wireless access points, sandbox and messaging security. The company went public in November 2009.
History
Early history
In 2000, Ken Xie and his brother Michael Xie co-founded Appligation, Inc., which they renamed ApSecure and ultimately Fortinet (from the phrase "Fortified Networks"). Fortinet introduced its first product, FortiGate, in 2002, followed by anti-spam and anti-virus software.
The company raised $13 million in private funding from 2000 to early 2003. Fortinet's first channel program was established in October 2003. The company began distributing its products in Canada in December 2003 and in the UK in February 2004. By 2004, Fortinet had offices in Asia, Europe, and North America.
Growth and expansion
Fortinet became profitable in the third quarter of 2008. According to market research firm IDC, by November 2009, Fortinet held over 15 percent of the unified threat management market. Also in 2009, CRN Magazine's survey-based annual report card placed Fortinet first in network security hardware, up from seventh in 2007.
In November 2009, Fortinet had an initial public offering, opening on the NASDAQ Global Market under the ticker symbol FTNT. By the end of the first day of trading, the company had raised $156 million. The company later became listed on the NASDAQ Global Select Market, and became a component of the NASDAQ-100 index.
By 2010, Fortinet had $324 million in annual revenues and held the largest share of the unified threat management market according to IDC.
Recent history
In July 2014, Fortinet announced a technical certification program called the Network Security Expert (NSE) program. In March 2016, Fortinet launched a Network Security Academy to help fill open cybersecurity jobs in the U.S. Fortinet donated equipment and provided information to universities to help train students for jobs in the field. Also in 2016, Fortinet launched a program called FortiVet to recruit military veterans for cybersecurity jobs.
In January 2017, it was announced that Philip Quade, a former member of the NSA, would become the company's chief information security officer.
In 2019, Fortinet's FortiGate SD-WAN and Next Generation Firewall received a "Recommended" rating from NSS Labs.
In September 2021, Fortinet pledged to train one million people in support of President Joe Biden's call to action to address the talent shortage in American cybersecurity.
In March 2022, Fortinet announced the termination of operations in Russia. The company has stopped all sales, support, and professional services within Russia.
The same year, NetworkWorld reported that Fortinet had introduced AI and ML-based security services utilizing telemetry from its network.
In June 2025, Fortinet was added to Investor's Business Daily's Big Cap 20 list of top-rated large-cap growth stocks.
Acquisitions
In 2008, the company acquired the intellectual property of IPLocks, a database security and auditing company.
In August 2009, Fortinet acquired the intellectual property and other assets of Woven Systems, an Ethernet switching company.
In December 2012, Fortinet acquired app-hosting service XDN (formerly known as 3Crowd)
In 2013 Fortinet acquired Coyote Point, a developer of hardware load balancers.
In 2015 Fortinet acquired Wi-Fi hardware company Meru Networks.
In June 2016, Fortinet acquired IT security, monitoring, and analytics software vendor AccelOps.
In June 2018, Fortinet acquired Bradford Networks, a maker of access control and IoT security solutions.
In October 2018, Fortinet acquired ZoneFox, a threat analytics company.
In late 2019, Fortinet acquired enSilo and CyberSponse.
In 2020, Fortinet acquired SASE cloud provider OPAQ Networks, and automated incident management company Panopta.
In March 2021, Fortinet acquired cloud and network security firm ShieldX.
In July 2021, Fortinet acquired application security company Sken.Ai to offer continuous application security testing.
In June 2024, Fortinet acquired Lacework, a data-driven cloud security company for an undisclosed amount.
In August 2024, Fortinet acquired Next DLP, a cloud based DLP provider company for an undisclosed amount.
In 2025, Fortinet acquired Everest, an Indian company focus in WIFI access points for high density environments.
Products and research
Products
Fortinet released its first product, FortiGate, a firewall, in 2002, followed by anti-spam and anti-virus software.
As functions like anti-spam were added, they were made available in a single product along with the firewall and other functions. FortiGate was updated later to use application-specific integrated circuit (ASIC) architecture. The company has used ASIC in several of its products, including to support its SD-WAN features.
Initially, FortiGate was a physical, rack-mounted product but later became available as a virtual appliance that could run on virtualization platforms such as VMware vSphere.
In April 2016, Fortinet began building its Security Fabric architecture so multiple network security products could communicate as one platform. Later that year, the company added Security Information and Event Management (SIEM) products. In September 2016, the company announced it would integrate the SIEM products with the security systems of other vendors.
In 2017, Fortinet announced the addition of switches, access points, analyzers, sandboxes and cloud capabilities to the Security Fabric, in addition to endpoints and firewalls. Later in 2017, Fortinet created a standalone subsidiary, Fortinet Federal, to develop cybersecurity products for government agencies. Fortinet has received security effectiveness certifications through NSS Labs.
In 2019, Fortinet grew to 21,000 WAN edge customers, according to a Gartner report.
In February 2020, Fortinet released FortiAI, a threat-detection program that uses artificial intelligence. In July 2020, Fortinet launched multi-cloud SD-WAN. That year, BT Security selected Fortinet and other Threat Alliance members as Critical Partners.
Vulnerabilities and credential leaks
In September 2021, almost 500,000 login names and passwords for Fortinet VPN devices were published on a hacking forum. The credentials were allegedly scraped from devices vulnerable to a 2018 exploit (CVE-2018-13379).
In January 2025, the credentials and configuration files of over 15,000 FortiGate devices were leaked on a hacking forum. The data is believed to have been obtained from devices vulnerable to a 2022 exploit (CVE-2022–40684).
In November 2025, a critical vulnerability (CVE-2025-64446, 9.1 CVSS) became public affecting FortiWeb Web Application Firewall. The vulnerability allowed attackers to gain full control over the device by exploiting a path traversal vulnerability combined with an authentication bypass.
In June 2026, security researcher Volodymyr "Bob" Diachenko of SecurityDiscovery.com reported that he had gained access to a threat actor's infrastructure containing credentials for about 74,000 internet-facing FortiGate firewalls and VPN gateways across 194 countries, associated with 21,632 domains; the dataset was dubbed "FortiBleed". According to researchers, a Russian-speaking, financially motivated group sprayed FortiGate login endpoints with password combinations, intercepted SSL VPN authentication hashes and cracked them on a 45-GPU cluster, then used the recovered passwords to move into victims' internal networks, including Active Directory environments. Hudson Rock said the affected organizations included large corporations, government agencies and a Turkish NATO defense contractor from which classified documents had been exfiltrated. The cybersecurity firm SOCRadar later raised its estimate to 86,644 affected devices and linked the operation's infrastructure to the Lynx and INC ransomware groups. The US Cybersecurity and Infrastructure Security Agency, the UK National Cyber Security Centre and the Australian Cyber Security Centre issued advisories urging affected organizations to reset credentials and enable multi-factor authentication. Fortinet stated that the activity did not involve a new vulnerability, attributing it to the reuse of credentials from earlier incidents and to brute-force attacks against devices with weak passwords and no multi-factor authentication.
Cybersecurity research
In 2005, Fortinet created the FortiGuard Labs internal security research team.
By 2014, Fortinet had four research and development centers in Asia, as well as others in the US, Canada and France.
In March 2014, Fortinet founded the Cyber Threat Alliance (CTA) with Palo Alto Networks in order to share security threat data across vendors. It was later joined by McAfee and Symantec. In 2015, the CTA published a white paper on the CryptoWall ransomware, which detailed how attackers obtained $325 million through ransoms paid by victims to regain access to their files.
In April 2015, Fortinet provided threat intelligence to Interpol in order to help apprehend the ringleader of several online scams based in Nigeria. The scams, which resulted in compromise of business emails and CEO fraud, had cost one business over $15 million. The following year, in March 2016, Fortinet and Cisco joined NATO in a data-sharing agreement to improve their information security capabilities.
Fortinet researchers discovered a spyware that scammed victims by impersonating the IRS. Also in 2017, researchers helped identify malware, called Rootnik, and ransomware, called MacRansom, that targeted Android and MacOS systems respectively.
Controversies
In May 2004, Trend Micro filed a legal complaint against Fortinet, alleging the FortiGate product line violated their U.S. patent on server-based antivirus technology. Though the International Trade Commission initially ruled against Fortinet, the Trend Micro patents at the center of the dispute were later declared invalid in 2010.
In April 2005, a German court issued a preliminary injunction against Fortinet's UK subsidiary in relation to source code for its GPL-licensed elements. The dispute ended a month later after Fortinet agreed to make the source code available upon request.
In October 2005, an OpenNet study suggested that the military government of Myanmar, which was under which at the time was subject to U.S. sanctions for human rights violations, had begun using Fortinet's FortiGuard system for internet censorship. Fortinet stated that their products are sold by third-party resellers and that they acknowledged US embargoes; however, their sales director participated in a ceremony to deliver the firewall product to the prime minister.
In September 2019, Fortinet settled a whistleblower lawsuit regarding what the company has described as an "isolated incident" of sales of intentionally mislabeled Chinese-made equipment to U.S. government end users.
In 2023, Fortinet Fortiguard devices were revealed by Microsoft and members of the Five Eyes intelligence network to be the subject of a wide-ranging and ongoing cyberattack by a state-sponsored entity in China.
In September 2024, reports surfaced of an unknown person going by the nickname "Fortibitch" posting to an unnamed hacking forum that they allegedly stole 440 gigabytes of data from Fortinet's Microsoft SharePoint server. Fortinet confirmed the data breach to Bleeping Computer and said that the data breach included "limited data related to a small number of Fortinet customers".
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | FTNT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 65.1 | · | 54.3 | Fair value | |
| P/S (TTM) | 17.9 | · | 9.0 | Overvalued | |
| P/B (MRQ) | 87.1 | · | 9.5 | Overvalued | |
| EV / EBITDA | 60.5 | · | 21.7 | Overvalued | |
| Price / FCF (TTM) | 43.3 | · | · | · | |
| Price / Cash Flow (TTM) | 39.8 | · | 22.8 | Fair value | |
| EV / Revenue | 19.9 | · | · | · | |
| EV / FCF | 60.8 | · | · | · | |
| Price / Tangible Book (MRQ) | 91.6 | · | · | · | |
| PEG Ratio | ≈2.0 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | FTNT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 80.2% | · | 76.8% | Top tier | |
| Operating Margin (TTM) | 32.4% | · | 5.1% | Top tier | |
| EBITDA Margin (TTM) | 34.6% | · | 8.8% | Top tier | |
| Pretax Margin (TTM) | 34.8% | · | 4.7% | Top tier | |
| Net Profit Margin (TTM) | 28.2% | · | 5.1% | Top tier | |
| ROA (TTM) | 19.7% | · | 3.5% | Top tier | |
| ROE (TTM) | 117.4% | · | 24.3% | Top tier | |
| ROIC | 75.4% | · | 10.9% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | FTNT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.3 | · | 0.1 | High debt | |
| Current Ratio (MRQ) | 1.3 | · | 1.3 | In line | |
| Quick Ratio | 0.8 | · | 0.8 | In line | |
| Long-Term Debt / Equity (MRQ) | 0.3 | · | 0.1 | High debt | |
| Interest Coverage | 103.7 | · | 37.3 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | FTNT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 14.2% | · | · | · | |
| Revenue CAGR 3Y | 15.5% | · | · | · | |
| Revenue CAGR 5Y | 21.2% | · | · | · | |
| EPS YoY | 7.1% | · | · | · | |
| Net Income YoY | 6.2% | · | · | · | |
| EPS CAGR 3Y | 31.7% | · | · | · | |
| EPS CAGR 5Y | 33.1% | · | · | · | |
| Net Income CAGR 3Y | 29.3% | · | · | · | |
| Net Income CAGR 5Y | 30.6% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | FTNT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.7 | · | 0.5 | Top tier | |
| Inventory Turnover | 3.7 | · | 41.4 | Weak | |
| Receivables Turnover | 4.3 | · | 4.7 | Weak | |
| Revenue / Employee | ≈$439.5K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 4, 2026 | $0.90 | $0.76 | 18.2% |
| March 31, 2026 | $0.82 | $0.63 | 30.2% | |
| Dec. 31, 2025 | $0.81 | $0.76 | 7.2% | |
| Sept. 30, 2025 | $0.74 | $0.64 | 14.8% | |
| June 30, 2025 | $0.64 | $0.60 | 6.2% | |
| March 31, 2025 | $0.58 | $0.54 | 6.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.80B | $5.96B | $5.30B | $4.42B | $3.34B | $2.59B | $2.16B | $1.80B | $1.49B | $1.28B | $1.01B | $770M | |
| Cost of Revenue | $1.33B | $1.16B | $1.24B | $1.08B | $783M | $570M | $506M | $450M | $385M | $338M | $287M | $231M | |
| Gross Profit | $5.47B | $4.80B | $4.07B | $3.33B | $2.56B | $2.02B | $1.66B | $1.35B | $1.11B | $938M | $722M | $539M | |
| R&D Expense | $816M | $717M | $614M | $512M | $424M | $341M | $277M | $244M | $211M | $183M | $158M | $123M | |
| SG&A Expense | $233M | $238M | $211M | $169M | $144M | $120M | $102M | $93M | $88M | $81M | $72M | $41M | |
| Operating Expenses | $3.39B | $2.99B | $2.83B | $2.36B | $1.91B | $1.49B | $1.31B | $1.12B | $1000M | $895M | $708M | $480M | |
| Operating Income | $2.08B | $1.80B | $1.24B | $970M | $650M | $532M | $351M | $234M | $110M | $43M | $15M | $59M | |
| Interest Expense | $20M | $20M | $21M | $18M | $15M | $0 | $0 | · | · | · | · | · | |
| Other Non-op | $55M | $120M | $-6M | $-14M | $-12M | $-8M | $-8M | $-7M | $700.0K | $-7M | $-3M | $-3M | |
| Pretax Income | $2.28B | $2.06B | $1.33B | $956M | $628M | $542M | $386M | $254M | $124M | $43M | $17M | $62M | |
| Income Tax | $439M | $284M | $144M | $31M | $14M | $53M | $54M | $-81M | $93M | $11M | $9M | $36M | |
| Net Income | $1.85B | $1.75B | $1.15B | $857M | $607M | $488M | $332M | $335M | $31M | $32M | $8M | $25M | |
| EPS (Basic) | $2.45 | $2.28 | $1.47 | $1.08 | $0.74 | $0.60 | $1.94 | $1.98 | $0.18 | $0.19 | $0.05 | $0.15 | |
| EPS (Diluted) | $2.42 | $2.26 | $1.46 | $1.06 | $0.73 | $0.58 | $1.90 | $1.92 | $0.18 | $0.18 | $0.05 | $0.15 | |
| Shares (Basic) | 758,000,000 | 764,400,000 | 778,600,000 | 791,400,000 | 816,100,000 | 821,000,000 | 171,000,000 | 169,100,000 | 174,300,000 | 172,600,000 | 170,385,000 | 163,831,000 | |
| Shares (Diluted) | 764,600,000 | 771,900,000 | 788,200,000 | 805,300,000 | 835,300,000 | 838,300,000 | 175,000,000 | 174,200,000 | 178,100,000 | 176,300,000 | 176,141,000 | 169,289,000 | |
| EBITDA | $2.24B | $1.93B | $1.35B | $1.07B | $735M | $601M | $406M | $287M | · | $91M | $46M | $81M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.50B | $2.88B | $1.40B | $1.68B | $1.32B | $1.06B | $1.22B | $1.11B | $811M | $709M | $543M | $283M | |
| Short-term Investments | · | · | · | · | · | $776M | $843M | $537M | $440M | $377M | $348M | $437M | |
| Receivables | $1.69B | $1.46B | $1.40B | $1.26B | $808M | $720M | $544M | $444M | $348M | $313M | $260M | $185M | |
| Inventory | $400M | $316M | $485M | $265M | $176M | $140M | $118M | $90M | $77M | $107M | $84M | $69M | |
| Prepaid Expense | $227M | $126M | $101M | $73M | $65M | $43M | $41M | $37M | $40M | $33M | $36M | $31M | |
| Current Assets | $5.90B | $5.97B | $4.43B | $3.81B | $3.60B | $2.74B | $2.77B | $2.22B | $1.72B | $1.54B | $1.27B | $1.01B | |
| PP&E (Net) | $1.62B | $1.35B | $1.04B | $898M | $688M | $448M | $344M | $271M | $245M | $137M | $91M | $59M | |
| PP&E (Gross) | $2.10B | $1.77B | $1.40B | $1.18B | $899M | $620M | $481M | $382M | $341M | $208M | $140M | $95M | |
| Accum. Depreciation | $482M | $416M | $353M | $280M | $212M | $172M | $137M | $111M | $95M | $70M | $49M | $36M | |
| Goodwill | $257M | $235M | $126M | $128M | $125M | $93M | $67M | $38M | $15M | $15M | $5M | $3M | |
| Intangibles | $97M | $115M | $35M | $56M | $64M | $32M | $31M | $22M | $16M | $25M | $18M | $3M | |
| Other Non-current Assets | $125M | $133M | $150M | $202M | $236M | $63M | $60M | $21M | $20M | $17M | $14M | $11M | |
| Total Assets | $10.39B | $9.76B | $7.26B | $6.23B | $5.92B | $4.04B | $3.88B | $3.08B | $2.26B | $2.14B | $1.79B | $1.42B | |
| Accounts Payable | $231M | $191M | $204M | $243M | $148M | $142M | $96M | $86M | $70M | $57M | $62M | $50M | |
| Accrued Liabilities | $355M | $338M | $424M | $266M | $197M | $149M | $102M | $78M | $50M | $36M | $33M | $29M | |
| Current Liabilities | $5.03B | $4.06B | $3.72B | $3.08B | $2.32B | $1.83B | $1.46B | $1.26B | $1.03B | $829M | $679M | $496M | |
| Capital Leases | $29M | $46M | $46M | $62M | $40M | $34M | $31M | · | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | $5M | · | · | · | · | · | |
| Other Non-current Liabilities | $141M | $130M | $125M | $150M | $59M | $56M | $45M | $13M | $9M | $14M | $19M | $17M | |
| Total Liabilities | $9.15B | $8.27B | $7.72B | $6.51B | $5.12B | $3.19B | $2.54B | $2.07B | $1.67B | $1.30B | $1.04B | $749M | |
| Long-term Debt | $996M | $994M | · | · | · | $0 | · | · | · | · | · | · | |
| Total Debt | $996M | $994M | $992M | $990M | $988M | · | · | · | · | · | · | · | |
| Common Stock | $700.0K | $800.0K | $800.0K | $800.0K | $800.0K | $200.0K | $200.0K | $200.0K | $200.0K | $173.0K | $171.0K | $166.0K | |
| Retained Earnings | $-508M | $-117M | $-1.86B | $-1.55B | $-468M | $-352M | $161M | $-58M | $-320M | $38M | $68M | $114M | |
| AOCI | $-25M | $-26M | $-19M | $-20M | $-5M | $700.0K | $1M | $-800.0K | $-800.0K | $-765.0K | $-933.0K | $-349.0K | |
| Stockholders' Equity | $1.24B | $1.49B | $-463M | $-282M | $782M | $856M | $1.34B | $1.03B | $602M | $838M | $755M | $676M | |
| Liabilities + Equity | $10.39B | $9.76B | $7.26B | $6.23B | $5.92B | $4.04B | $3.88B | $3.08B | $2.26B | $2.14B | $1.79B | $1.42B | |
| Shares Outstanding | 743,000,000 | 767,000,000 | 761,000,000 | 781,500,000 | 810,000,000 | 162,500,000 | 171,700,000 | 169,800,000 | 167,900,000 | 173,078,000 | 171,399,000 | 166,443,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $152M | $123M | $113M | $104M | $84M | $69M | $62M | $56M | $56M | $48M | $32M | $22M | |
| Stock-based Comp | $280M | $258M | $249M | $217M | $208M | $192M | $174M | $163M | $137M | $122M | $95M | $59M | |
| Deferred Tax | $68M | $-223M | $-307M | $-226M | $-92M | $-7M | $32M | $-107M | $29M | $-16M | $-14M | $8M | |
| Amort. of Intangibles | $51M | $23M | $19M | $23M | $18M | $13M | $11M | $9M | $9M | $9M | $3M | $2M | |
| Restructuring | · | · | · | · | · | · | $0 | $0 | $300.0K | $4M | $8M | $0 | |
| Other Non-cash | $237M | $355M | $732M | $777M | $693M | $342M | $216M | $196M | · | $158M | $162M | $82M | |
| Operating Cash Flow | $2.59B | $2.26B | $1.94B | $1.73B | $1.50B | $1.08B | $808M | $639M | $594M | $346M | $283M | $197M | |
| CapEx | $365M | $379M | $204M | $281M | $296M | $126M | $92M | $53M | $135M | $67M | $37M | $32M | |
| Investing Cash Flow | $-599M | $-727M | $-649M | $764M | $-1.33B | $-73M | $-502M | $-135M | $-77M | $-74M | $-967.0K | $-29M | |
| Debt Issued | · | · | $0 | $0 | $989M | $0 | $0 | · | · | · | · | · | |
| Net Debt Issued | · | · | $0 | $0 | $989M | · | · | · | · | · | · | · | |
| Stock Issued | $45M | $63M | $44M | $26M | $26M | $22M | $50M | $86M | $76M | $45M | $67M | $55M | |
| Stock Repurchased | $2.29B | $600.0K | $1.50B | $1.99B | $742M | $1.08B | $145M | $212M | $446M | $111M | $60M | $44M | |
| Net Stock Activity | $-2.25B | $62M | $-1.46B | $-1.97B | $-716M | $-1.06B | $-96M | $-125M | · | $-66M | $7M | $11M | |
| Financing Cash Flow | $-2.37B | $-50M | $-1.57B | $-2.13B | $83M | $-1.17B | $-196M | $-203M | $-416M | $-106M | $-22M | $749.0K | |
| Net Change in Cash | $-381M | $1.48B | $-285M | $364M | $257M | $-161M | $110M | $301M | $102M | $166M | $260M | $167M | |
| Taxes Paid | $452M | $579M | $426M | $260M | $127M | $40M | $59M | $41M | $32M | $27M | $19M | $41M | |
| Free Cash Flow | $2.23B | $1.88B | $1.73B | $1.45B | $1.20B | $958M | $716M | $586M | · | $279M | $245M | $164M | |
| Levered FCF | $2.21B | $1.86B | $1.71B | $1.43B | $1.19B | · | · | · | · | · | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.5% | 80.6% | 76.7% | 75.4% | 76.6% | 78.0% | 76.5% | 75.0% | · | 73.5% | 71.6% | 70.0% | |
| Operating Margin | 30.7% | 30.3% | 23.4% | 21.9% | 19.5% | 20.5% | 16.0% | 12.8% | · | 3.4% | 1.5% | 7.7% | |
| Net Margin | 27.3% | 29.3% | 21.6% | 19.4% | 18.2% | 18.8% | 15.1% | 18.4% | · | 2.5% | 0.79% | 3.3% | |
| Pretax Margin | 33.6% | 34.6% | 25.1% | 21.6% | 18.8% | 20.9% | 17.6% | 13.9% | · | 3.4% | 1.7% | 8.0% | |
| EBITDA Margin | 32.9% | 32.3% | 25.5% | 24.3% | 22.0% | 23.2% | 18.8% | 15.9% | · | 7.2% | 4.6% | 10.6% | |
| ROA | 18.4% | 18.8% | 17.0% | 14.1% | 12.2% | 12.3% | 9.4% | 12.4% | · | 1.6% | 0.50% | 1.9% | |
| ROE | 135.7% | 338.7% | -308.1% | 342.9% | 68.9% | 68.7% | 25.7% | 34.9% | · | 4.0% | 1.1% | 4.0% | |
| ROIC | 75.4% | 62.5% | 209.4% | 132.4% | 35.9% | 56.0% | 22.4% | 30.3% | · | 3.8% | 0.93% | 3.6% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.5 | 1.2 | 1.2 | 1.6 | 1.5 | 1.9 | 1.8 | · | 1.9 | 1.9 | 2.1 | |
| Quick Ratio | 0.8 | 1.1 | 0.8 | 1.0 | 0.9 | 1.4 | 1.8 | 1.7 | · | 1.7 | 1.7 | 1.8 | |
| Debt / Equity | 0.8 | 0.7 | -2.1 | -3.5 | 1.3 | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.4 | 0.7 | -2.1 | -3.5 | 1.3 | · | · | · | · | · | · | · | |
| Interest Coverage | 103.7 | 90.2 | 59.1 | 53.9 | 43.7 | · | · | · | · | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.7 | 0.6 | 0.8 | 0.7 | 0.7 | 0.7 | 0.6 | 0.7 | · | 0.6 | 0.6 | 0.6 | |
| Inventory Turnover | 3.7 | 2.9 | 3.3 | 4.9 | 5.0 | 4.4 | 4.9 | 5.4 | · | 3.5 | 3.7 | 3.9 | |
| Receivables Turnover | 4.3 | 4.2 | 4.0 | 4.3 | 4.4 | 4.1 | 4.4 | 4.5 | · | 4.5 | 4.5 | 4.9 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $1.67 | $1.95 | $-0.61 | $-0.36 | $4.83 | $5.27 | $7.70 | $5.95 | · | $4.84 | $4.41 | $4.06 | |
| Revenue / Share | $8.89 | $7.72 | $6.73 | $5.49 | $20.00 | $15.47 | $12.32 | $10.34 | · | $7.23 | $5.73 | $4.55 | |
| Cash Flow / Share | $3.39 | $2.93 | $2.46 | $2.15 | $8.97 | $6.46 | $4.62 | $3.67 | · | $1.96 | $1.60 | $1.16 | |
| Cash / Share | $3.36 | $3.75 | $1.84 | $2.15 | $8.14 | $6.53 | $7.12 | $6.55 | · | $4.10 | $3.17 | $1.70 | |
| EPS (TTM) | $2.42 | $2.26 | $1.46 | $1.06 | $0.73 | $0.58 | $1.90 | $1.92 | $0.18 | $0.18 | $0.05 | $0.15 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 14.2% | 12.3% | 20.1% | 32.2% | 28.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 15.5% | 21.2% | 26.9% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 21.2% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 7.1% | 54.8% | 37.7% | 45.2% | 25.9% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 31.7% | 45.8% | 36.0% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 33.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 6.2% | 52.0% | 33.9% | 41.3% | 24.2% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 29.3% | 42.2% | 32.9% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 30.6% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6.80B | $5.96B | $5.30B | $4.42B | $3.34B | $2.59B | $2.16B | $1.80B | $1.49B | $1.28B | $1.01B | $770M | |
| Net Income TTM | $1.85B | $1.75B | $1.15B | $857M | $607M | $488M | $332M | $335M | $31M | $32M | $8M | $25M | |
| Market Cap | $59.00B | $72.47B | $44.54B | $38.21B | $11.64B | $4.83B | $3.67B | $2.39B | · | $1.04B | $1.07B | $1.02B | |
| Enterprise Value | $57.50B | $70.58B | $44.14B | $37.52B | $11.31B | · | · | · | · | · | · | · | |
| P/E | 32.8 | 41.8 | 40.1 | 46.1 | 98.5 | 51.2 | 11.2 | 7.3 | 48.5 | 33.5 | 124.7 | 40.9 | |
| P/S | 8.7 | 12.2 | 8.4 | 8.6 | 3.5 | 1.9 | 1.7 | 1.3 | · | 0.8 | 1.1 | 1.3 | |
| P/B | 47.7 | 48.5 | -96.1 | -135.7 | 14.9 | 5.6 | 2.8 | 2.4 | · | 1.2 | 1.4 | 1.5 | |
| P / Tangible Book | 66.8 | 63.4 | · | · | 19.6 | 6.6 | · | · | · | · | · | · | |
| P / Cash Flow | 22.8 | 32.1 | 23.0 | 22.1 | 7.8 | 4.5 | 4.5 | 3.7 | · | 3.0 | 3.8 | 5.2 | |
| P / FCF | 26.5 | 38.6 | 25.7 | 26.4 | 9.7 | 5.0 | 5.1 | 4.1 | · | 3.7 | 4.4 | 6.2 | |
| EV / EBITDA | 25.7 | 36.6 | 32.6 | 34.9 | 15.4 | · | · | · | · | · | · | · | |
| EV / FCF | 25.8 | 37.6 | 25.5 | 25.9 | 9.4 | · | · | · | · | · | · | · | |
| EV / Revenue | 8.5 | 11.9 | 8.3 | 8.5 | 3.4 | · | · | · | · | · | · | · | |
| Earnings Yield | 3.0% | 2.4% | 2.5% | 2.2% | 1.0% | 1.9% | 8.9% | 13.6% | 2.1% | 3.0% | 0.80% | 2.5% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.05B | $1.85B | $1.91B | $1.72B | $1.63B | $1.54B | $1.66B | $1.51B | $1.43B | $1.35B | $1.42B | $1.33B | $1.29B | $1.26B | $1.28B | $1.15B | |
| Cost of Revenue | $405M | $364M | $389M | $332M | $315M | $293M | $314M | $263M | $275M | $305M | $316M | $318M | $296M | $308M | $297M | $283M | |
| Gross Profit | $1.64B | $1.49B | $1.52B | $1.39B | $1.32B | $1.25B | $1.35B | $1.24B | $1.16B | $1.05B | $1.10B | $1.02B | $997M | $954M | $986M | $866M | |
| R&D Expense | $225M | $214M | $205M | $202M | $210M | $199M | $191M | $187M | $165M | $173M | $152M | $157M | $153M | $151M | $129M | $134M | |
| SG&A Expense | $61M | $56M | $57M | $61M | $57M | $58M | $55M | $72M | $57M | $54M | $55M | $54M | $50M | $53M | $44M | $41M | |
| Operating Expenses | $954M | $905M | $890M | $846M | $857M | $793M | $772M | $774M | $722M | $727M | $714M | $714M | $718M | $681M | $628M | $601M | |
| Operating Income | $689M | $580M | $626M | $547M | $458M | $454M | $574M | $471M | $437M | $321M | $385M | $303M | $279M | $274M | $358M | $266M | |
| Interest Expense | · | · | · | · | · | · | · | · | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $4M | |
| Other Non-op | $900.0K | $48M | $-3M | $13M | $19M | $26M | $7M | $118M | $-2M | $-3M | $5M | $-7M | $-6M | $2M | $6M | $-900.0K | |
| Pretax Income | $720M | $657M | $651M | $595M | $517M | $519M | $618M | $626M | $468M | $345M | $416M | $328M | $299M | $291M | $368M | $265M | |
| Income Tax | $115M | $122M | $145M | $121M | $77M | $96M | $87M | $81M | $76M | $40M | $95M | $-300.0K | $28M | $21M | $9M | $27M | |
| Net Income | $606M | $534M | $506M | $474M | $440M | $433M | $526M | $540M | $380M | $299M | $311M | $323M | $266M | $248M | $314M | $232M | |
| EPS (Basic) | $0.83 | $0.72 | $0.69 | $0.63 | $0.57 | $0.56 | $0.68 | $0.71 | $0.50 | $0.39 | $0.40 | $0.41 | $0.34 | $0.32 | $0.40 | $0.29 | |
| EPS (Diluted) | $0.82 | $0.72 | $0.67 | $0.62 | $0.57 | $0.56 | $0.68 | $0.70 | $0.49 | $0.39 | $0.41 | $0.41 | $0.33 | $0.31 | $0.39 | $0.29 | |
| Shares (Basic) | 733,100,000 | 738,800,000 | · | 755,500,000 | 765,500,000 | 768,300,000 | · | 765,000,000 | 763,800,000 | 762,400,000 | · | 781,200,000 | 785,000,000 | 783,200,000 | · | 786,200,000 | |
| Shares (Diluted) | 739,900,000 | 742,800,000 | · | 761,200,000 | 772,700,000 | 776,800,000 | · | 771,900,000 | 769,900,000 | 770,500,000 | · | 791,200,000 | 795,900,000 | 793,400,000 | · | 798,600,000 | |
| EBITDA | $689M | $620M | · | $586M | $496M | $490M | · | $471M | $437M | $350M | · | $303M | $279M | $301M | · | $266M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.93B | $2.22B | $2.50B | $2.00B | $3.37B | $3.60B | $2.88B | $2.49B | $2.20B | $1.93B | · | $2.19B | $2.38B | $2.30B | · | $964M | |
| Receivables | $1.46B | $1.49B | $1.69B | $1.17B | $1.22B | $1.17B | $1.46B | $1.04B | $1.08B | $996M | · | $1.01B | $1.08B | $1.09B | · | $963M | |
| Inventory | $426M | $370M | $400M | $427M | $405M | $363M | $316M | $354M | $383M | $440M | · | $468M | $376M | $303M | · | $216M | |
| Prepaid Expense | $257M | $182M | $227M | $195M | $162M | $125M | $126M | $122M | $113M | $101M | · | $103M | $110M | $90M | · | $73M | |
| Current Assets | $6.21B | $5.33B | $5.90B | $4.91B | $6.35B | $6.44B | $5.97B | $5.22B | $4.92B | $4.56B | · | $4.75B | $4.88B | $4.36B | · | $2.98B | |
| PP&E (Net) | $1.70B | $1.69B | $1.62B | $1.61B | $1.54B | $1.40B | $1.35B | $1.27B | $1.24B | $1.25B | · | $1.04B | $982M | $917M | · | $890M | |
| PP&E (Gross) | $2.23B | $2.19B | $2.10B | $2.07B | $2.00B | $1.84B | $1.77B | $1.69B | $1.64B | $1.62B | · | $1.37B | $1.30B | $1.22B | · | $1.15B | |
| Accum. Depreciation | $528M | $503M | $482M | $462M | $455M | $433M | $416M | $414M | $396M | $374M | · | $332M | $318M | $301M | · | $260M | |
| Goodwill | $257M | $257M | $257M | $258M | $259M | $236M | $235M | $213M | $128M | $129M | · | $125M | $126M | $128M | · | $120M | |
| Intangibles | $77M | $87M | $97M | $110M | $123M | $121M | $115M | $112M | $30M | $34M | · | $40M | $45M | $51M | · | $39M | |
| Other Non-current Assets | $113M | $117M | $125M | $135M | $134M | $120M | $133M | $134M | $137M | $149M | · | $164M | $163M | $175M | · | $225M | |
| Total Assets | $10.86B | $9.88B | $10.39B | $9.36B | $10.64B | $10.41B | $9.76B | $8.85B | $8.05B | $7.66B | $7.26B | $7.48B | $7.49B | $6.83B | $6.23B | $5.34B | |
| Accounts Payable | $282M | $239M | $231M | $221M | $245M | $224M | $191M | $178M | $132M | $135M | · | $254M | $238M | $238M | · | $215M | |
| Accrued Liabilities | $394M | $366M | $355M | $331M | $339M | $415M | $338M | $377M | $401M | $539M | · | $317M | $267M | $347M | · | $245M | |
| Current Liabilities | $4.84B | $4.62B | $5.03B | $4.79B | $4.78B | $4.73B | $4.06B | $3.88B | $3.73B | $3.80B | · | $3.65B | $3.50B | $3.26B | · | $2.78B | |
| Capital Leases | · | · | $29M | · | · | · | $46M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $136M | $148M | $141M | $154M | $152M | $141M | $130M | $136M | $125M | $128M | · | $65M | $73M | $80M | · | $57M | |
| Total Liabilities | $9.31B | $8.89B | $9.15B | $8.63B | $8.58B | $8.44B | $8.27B | $7.94B | $7.76B | $7.80B | · | $7.41B | $7.16B | $6.82B | · | $5.96B | |
| Long-term Debt | $497M | $497M | $996M | $996M | $995M | $995M | $994M | · | · | · | · | · | · | · | · | · | |
| Total Debt | $497M | $497M | · | $996M | $995M | $995M | · | $994M | $993M | $993M | · | $992M | $991M | $991M | · | $990M | |
| Common Stock | $700.0K | $700.0K | $700.0K | $700.0K | $800.0K | $800.0K | $800.0K | $800.0K | $800.0K | $800.0K | · | $800.0K | $800.0K | $800.0K | · | $800.0K | |
| Retained Earnings | $-317M | $-782M | $-508M | $-958M | $364M | $316M | $-117M | $-643M | $-1.18B | $-1.56B | · | $-1.30B | $-1.03B | $-1.30B | · | $-1.86B | |
| AOCI | $-29M | $-28M | $-25M | $-22M | $-21M | $-23M | $-26M | $-18M | $-29M | $-25M | · | $-24M | $-23M | $-18M | · | $-26M | |
| Stockholders' Equity | $1.55B | $990M | $1.24B | $735M | $2.06B | $1.96B | $1.49B | $908M | $288M | $-138M | $-463M | $74M | $321M | $11M | · | $-635M | |
| Liabilities + Equity | $10.86B | $9.88B | $10.39B | $9.36B | $10.64B | $10.41B | $9.76B | $8.85B | $8.05B | $7.66B | · | $7.48B | $7.49B | $6.83B | · | $5.34B | |
| Shares Outstanding | 733,600,000 | 734,000,000 | 743,000,000 | 742,900,000 | 765,600,000 | 769,200,000 | 767,000,000 | 765,700,000 | 764,200,000 | 763,200,000 | · | 776,300,000 | 785,600,000 | 784,400,000 | · | 780,100,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $41M | $40M | $40M | $38M | $38M | $36M | $35M | $30M | $29M | $29M | $30M | $28M | $27M | $28M | $27M | $26M | |
| Stock-based Comp | $79M | $72M | $72M | $72M | $69M | $66M | $66M | $66M | $64M | $62M | $63M | $64M | $65M | $56M | $55M | $55M | |
| Amort. of Intangibles | $10M | $10M | $13M | $13M | $13M | $12M | $12M | $5M | $3M | $3M | $5M | $4M | $4M | $5M | $6M | $5M | |
| Other Non-cash | · | $430M | · | · | · | $328M | · | · | · | $440M | · | · | · | $346M | · | · | |
| Operating Cash Flow | $1.04B | $1.08B | $620M | $655M | $452M | $863M | $478M | $608M | $342M | $830M | $192M | $551M | $515M | $678M | $528M | $483M | |
| CapEx | $78M | $71M | $43M | $88M | $168M | $66M | $98M | $36M | $23M | $222M | $27M | $70M | $77M | $30M | $31M | $88M | |
| Investing Cash Flow | $-185M | $-6M | $-46M | $-176M | $-266M | $-111M | $-80M | $-327M | $-50M | $-270M | $-72M | $-111M | $-424M | $-42M | $217M | $298M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Stock Issued | $45M | $18M | $7M | $6M | $11M | $20M | $23M | $20M | $6M | $13M | $8M | $7M | $8M | $21M | $4M | $6M | |
| Stock Repurchased | $150M | $823M | $57M | $1.83B | $401M | $0 | $0 | $600.0K | · | · | $896M | $604M | $0 | $0 | $0 | $500M | |
| Net Stock Activity | · | $-805M | · | · | · | $20M | · | · | · | $13M | · | · | · | $21M | · | · | |
| Financing Cash Flow | $-148M | $-1.34B | $-73M | $-1.85B | $-414M | $-33M | $-9M | $3M | $-14M | $-30M | $-910M | $-629M | $-18M | $-14M | $-27M | $-527M | |
| Net Change in Cash | $711M | $-272M | $500M | $-1.37B | $-228M | $721M | $387M | $286M | $277M | $528M | $-789M | $-190M | $72M | $621M | $719M | $254M | |
| Free Cash Flow | · | $1.01B | · | · | · | $797M | · | · | · | $608M | · | · | · | $647M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $604M | · | · | · | $643M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.2% | 80.3% | · | 80.8% | 80.7% | 81.0% | · | 82.5% | 80.8% | 77.5% | · | 76.2% | 77.1% | 75.6% | · | 75.4% | |
| Operating Margin | 33.7% | 31.4% | · | 31.7% | 28.1% | 29.5% | · | 31.2% | 30.5% | 23.7% | · | 22.7% | 21.6% | 21.7% | · | 23.1% | |
| Net Margin | 29.6% | 28.9% | · | 27.5% | 27.0% | 28.1% | · | 35.8% | 26.5% | 22.1% | · | 24.2% | 20.6% | 19.6% | · | 20.2% | |
| Pretax Margin | 35.2% | 35.5% | · | 34.5% | 31.7% | 33.7% | · | 41.5% | 32.6% | 25.5% | · | 24.6% | 23.1% | 23.1% | · | 23.0% | |
| EBITDA Margin | 33.7% | 33.5% | · | 34.0% | 30.4% | 31.8% | · | 31.2% | 30.5% | 25.9% | · | 22.7% | 21.6% | 23.8% | · | 23.1% | |
| ROA | 5.6% | 5.3% | · | 5.2% | 4.7% | 4.8% | · | 6.6% | 4.9% | 4.1% | · | 5.0% | 4.2% | 4.0% | · | 4.1% | |
| ROE | 33.6% | 36.2% | · | 57.7% | 37.5% | 47.5% | · | 109.9% | 124.6% | -474.7% | · | -115.2% | -742.8% | 216.2% | · | 95.8% | |
| ROIC | 28.3% | 31.8% | · | 25.2% | 12.8% | 12.5% | · | 21.6% | 28.5% | 33.3% | · | 28.5% | 19.3% | 25.3% | · | 67.0% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.3 | 1.2 | · | 1.0 | 1.3 | 1.4 | · | 1.3 | 1.3 | 1.2 | · | 1.3 | 1.4 | 1.3 | · | 1.1 | |
| Quick Ratio | 0.9 | 0.8 | · | 0.7 | 1.0 | 1.0 | · | 0.9 | 0.9 | 0.8 | · | 0.9 | 1.0 | 1.0 | · | 0.7 | |
| Debt / Equity | 0.3 | 0.5 | · | 1.4 | 0.5 | 0.5 | · | 1.1 | 3.4 | -7.2 | · | 13.4 | 3.1 | 86.9 | · | -1.6 | |
| LT Debt / Equity | 0.3 | 0.5 | · | 0.7 | 0.2 | 0.3 | · | 1.1 | 3.4 | -7.2 | · | 13.4 | 3.1 | 86.9 | · | -1.6 | |
| Interest Coverage | · | · | · | · | · | · | · | · | 87.4 | 63.0 | · | 56.1 | 53.7 | 54.7 | · | 59.0 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Inventory Turnover | 1.0 | 1.0 | · | 0.8 | 0.8 | 0.7 | · | 0.6 | 0.7 | 0.8 | · | 0.9 | 1.0 | 1.3 | · | 1.4 | |
| Receivables Turnover | 1.5 | 1.4 | · | 1.6 | 1.4 | 1.4 | · | 1.5 | 1.3 | 1.3 | · | 1.4 | 1.3 | 1.3 | · | 1.5 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $2.11 | $1.35 | · | $0.99 | $2.69 | $2.55 | · | $1.19 | $0.38 | $-0.18 | · | $0.10 | $0.41 | $0.01 | · | $-0.81 | |
| Revenue / Share | $2.77 | $2.49 | · | $2.27 | $2.11 | $1.98 | · | $1.95 | $1.86 | $1.76 | · | $1.69 | $1.62 | $1.59 | · | $1.44 | |
| Cash Flow / Share | · | $1.45 | · | · | · | $1.11 | · | · | · | $1.08 | · | · | · | $0.85 | · | · | |
| Cash / Share | $4.00 | $3.03 | · | $2.69 | $4.40 | $4.68 | · | $3.25 | $2.88 | $2.52 | · | $2.82 | $3.02 | $2.94 | · | $1.24 | |
| EPS (TTM) | $2.83 | $2.58 | · | $2.43 | $2.51 | $2.43 | · | $1.99 | $1.70 | $1.54 | · | $1.44 | $1.32 | $1.20 | · | $0.41 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $7.53B | $7.11B | · | $6.55B | $6.34B | $6.14B | · | $5.71B | $5.54B | $5.40B | · | $5.17B | $4.99B | $4.72B | · | $4.10B | |
| Net Income TTM | $2.12B | $1.95B | · | $1.87B | $1.94B | $1.88B | · | $1.53B | $1.31B | $1.20B | · | $1.15B | $1.06B | $967M | · | $742M | |
| Market Cap | $112.70B | $59.98B | · | $62.46B | $80.94B | $74.04B | · | $59.38B | $46.06B | $52.13B | · | $45.55B | $59.38B | $52.13B | · | $38.33B | |
| Enterprise Value | $110.26B | $58.26B | · | $61.46B | $78.57B | $71.44B | · | $57.88B | $44.85B | $51.20B | · | $44.36B | $58.00B | $50.82B | · | $38.35B | |
| P/E | 54.3 | 31.7 | · | 34.6 | 42.1 | 39.6 | · | 39.0 | 35.5 | 44.4 | · | 40.8 | 57.3 | 55.4 | · | 119.8 | |
| P/S | 15.0 | 8.4 | · | 9.5 | 12.8 | 12.1 | · | 10.4 | 8.3 | 9.7 | · | 8.8 | 11.9 | 11.0 | · | 9.4 | |
| P/B | 72.7 | 60.6 | · | 85.0 | 39.3 | 37.7 | · | 65.4 | 159.8 | -379.2 | · | 614.8 | 184.9 | 4572.9 | · | -60.4 | |
| P / Tangible Book | 92.6 | 93.0 | · | 170.4 | 48.2 | 46.1 | · | 101.7 | 354.0 | · | · | · | 394.3 | · | · | · | |
| P / Cash Flow | · | 55.7 | · | · | · | 85.8 | · | · | · | 62.8 | · | · | · | 76.9 | · | · | |
| EV / Revenue | 14.6 | 8.2 | · | 9.4 | 12.4 | 11.6 | · | 10.1 | 8.1 | 9.5 | · | 8.6 | 11.6 | 10.8 | · | 9.4 | |
| Earnings Yield | 1.8% | 3.2% | · | 2.9% | 2.4% | 2.5% | · | 2.6% | 2.8% | 2.2% | · | 2.5% | 1.8% | 1.8% | · | 0.83% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|
| Revenue | $6.80B | $5.96B | · | · | · |
| Gross Margin % | 80.5% | 80.6% | · | · | · |
| Operating Margin % | 30.7% | 30.3% | · | · | · |
| Net Income | $1.85B | $1.75B | · | · | · |
| Diluted EPS | $2.42 | $2.26 | · | · | · |
| Metric | 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.8 | 0.7 | · | · | · |
| Current Ratio | 1.2 | 1.5 | · | · | · |
| Quick Ratio | 0.8 | 1.1 | · | · | · |
| Metric | 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $2.23B | $1.88B | · | · | · |
Institutional owners (13F) 1,731 filers · $83.1B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 361 (+174 vs prior Q) | 88 (-40 vs prior Q) | 512 (+4 vs prior Q) | 563 (+53 vs prior Q) | +17.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $9,561,650,069 | 62,242,221 | 11.50% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $6,246,797,689 | 40,663,961 | 7.51% | Shares |
| VANGUARD GROUP INC | $5,856,134,998 | 73,745,561 | 7.04% | Shares |
| STATE STREET CORP | $4,551,860,760 | 29,630,652 | 5.48% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,816,640,509 | 24,844,685 | 4.59% | Shares |
| Invesco Ltd. | $3,782,280,478 | 24,621,016 | 4.55% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $2,679,014,063 | 17,439,799 | 3.22% | Shares |
| NORGES BANK | $1,912,470,069 | 12,449,356 | 2.30% | Shares |
| FIRST TRUST ADVISORS LP | $1,661,525,118 | 10,815,814 | 2.00% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $1,555,762,278 | 10,127,342 | 1.87% | Shares |
| Bank of New York Mellon Corp | $1,432,841,652 | 9,327,182 | 1.72% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $1,331,939,724 | 8,673,742 | 1.60% | Shares |
| MORGAN STANLEY | $1,315,244,470 | 8,561,672 | 1.58% | Shares |
| GOLDMAN SACHS GROUP INC | $1,244,537,390 | 8,101,402 | 1.50% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $1,029,524,449 | 6,782,111 | 1.24% | Shares |
| Legal & General Group Plc | $979,061,584 | 6,373,269 | 1.18% | Shares |
| NORTHERN TRUST CORP | $964,595,035 | 6,279,098 | 1.16% | Shares |
| JPMORGAN CHASE & CO | $775,481,730 | 4,989,587 | 0.93% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $763,057,884 | 4,967,178 | 0.92% | Shares |
| D. E. Shaw & Co., Inc. | $745,027,966 | 4,849,811 | 0.90% | Shares |
| Amundi | $727,081,295 | 4,732,986 | 0.87% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $658,323,462 | 4,285,254 | 0.79% | Shares |
| BANK OF AMERICA CORP /DE/ | $656,851,669 | 4,275,821 | 0.79% | Shares |
| JANE STREET GROUP, LLC | $627,202,347 | 4,082,817 | 0.75% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $617,328,897 | 7,554,196 | 0.74% | Shares |
| DEUTSCHE BANK AG\ | $581,102,367 | 3,782,726 | 0.70% | Shares |
| Fundsmith LLP | $557,631,076 | 3,629,938 | 0.67% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $549,113,154 | 3,574,490 | 0.66% | Shares |
| Swedbank AB | $537,108,674 | 3,496,346 | 0.65% | Shares |
| AMERIPRISE FINANCIAL INC | $518,173,203 | 3,372,641 | 0.62% | Shares |
| UBS Group AG | $487,347,468 | 3,172,422 | 0.59% | Shares |
| FMR LLC | $474,277,914 | 3,087,344 | 0.57% | Shares |
| Capital World Investors | $420,915,113 | 2,739,976 | 0.51% | Shares |
| CITIGROUP INC | $403,038,814 | 2,623,609 | 0.48% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $393,964,020 | 2,564,536 | 0.47% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $381,392,374 | 2,482,700 | 0.46% | Put option |
| CITADEL ADVISORS LLC | $365,517,898 | 2,379,364 | 0.44% | Shares |
| Nuveen, LLC | $334,039,778 | 2,174,455 | 0.40% | Shares |
| TWO SIGMA INVESTMENTS, LP | $333,571,697 | 2,171,408 | 0.40% | Shares |
| Pictet Asset Management Holding SA | $330,631,673 | 2,151,719 | 0.40% | Shares |
| VAN ECK ASSOCIATES CORP | $306,132,093 | 1,992,788 | 0.37% | Shares |
| JANE STREET GROUP, LLC | $298,114,972 | 1,940,600 | 0.36% | Call option |
| BARCLAYS PLC | $282,955,596 | 1,841,919 | 0.34% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $281,343,816 | 1,831,427 | 0.34% | Shares |
| Swiss National Bank | $272,506,518 | 1,773,900 | 0.33% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $269,311,222 | 1,753,100 | 0.32% | Call option |
| Robeco Institutional Asset Management B.V. | $256,228,787 | 1,667,939 | 0.31% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $248,590,034 | 1,618,214 | 0.30% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $245,912,284 | 1,600,783 | 0.30% | Shares |
| Russell Investments Group, Ltd. | $243,356,742 | 1,579,620 | 0.29% | Shares |
Company insiders 28 insiders · 9 officers · 21 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ken Xie | PRESIDENT & CEO | Aug. 3, 2026 M | 52,972,372 | 0 | 24 | $-78,146,870 |
| Christiane Ohlgart | Chief Financial Officer | Sept. 24, 2026 S | 10,345 | 0 | 9 | $-408,432 |
| Keith Jensen | Chief Financial Officer | May 1, 2025 M | 7,905 | 0 | 0 | $0 |
| Andrew H Del Matto | Chief Financial Officer | Feb. 1, 2018 M | 55,920 | 0 | 0 | $0 |
| Ahmed Rubaie | CFO & COO | May 14, 2013 A | · | 0 | 0 | $0 |
| John Whittle | CHIEF OPERATING OFFICER | Sept. 15, 2026 M | 96,987 | 0 | 6 | $-28,140,110 |
| Michael Xie | VP, ENGINEERING & CTO | Aug. 1, 2026 M | 9,918,360 | 0 | 19 | $-29,542,538 |
| Patrice Perche | Chief Revenue Off./EVP Supp. | Dec. 21, 2023 M | 25,730 | 0 | 0 | $0 |
| Nancy Bush | Interim Chief Financial Offcr | Feb. 13, 2013 A | · | 0 | 0 | $0 |
| Derek T. Kan | Director | Sept. 30, 2026 M | 459 | 0 | 0 | $0 |
| Janet Napolitano | Director | Sept. 30, 2026 M | 4,733 | 0 | 0 | $0 |
| James G. Stavridis | Director | Sept. 30, 2026 M | 17,648 | 0 | 0 | $0 |
| Judith Sim | Director | Sept. 30, 2026 M | 130,001 | 0 | 0 | $0 |
| Jean X. Hu | Director | Sept. 30, 2026 M | 39,508 | 0 | 0 | $0 |
| Ming Hsieh | Director | Sept. 30, 2026 M | 10,056 | 0 | 0 | $0 |
| Kenneth A Goldman | Director | Sept. 30, 2026 M | 23,928 | 0 | 0 | $0 |
| William H. Neukom | Director | June 12, 2025 M | 302,601 | 0 | 0 | $0 |
| Mary Agnes Wilderotter | Director | June 12, 2025 M | 5,069 | 0 | 0 | $0 |
| Kelly Ducourty | Director | June 16, 2022 M | 2,319 | 0 | 0 | $0 |
| Christopher B Paisley | Director | June 17, 2021 M | 77,271 | 0 | 0 | $0 |
| Chenming Hu | Director | Sept. 30, 2020 M | 2,580 | 0 | 0 | $0 |
| Gary Locke | Director | June 18, 2020 M | 31,858 | 0 | 0 | $0 |
| Peter Dale Cohen Jr. | Director | June 21, 2019 D | 7,059 | 0 | 0 | $0 |
| Hong Liang Lu | Director | Aug. 28, 2015 M | 7,725 | 0 | 0 | $0 |
| Pehong Chen | Director | Aug. 8, 2012 A | 0 | 0 | 0 | $0 |
| Greg Myers | Director | April 27, 2012 M | 0 | 0 | 0 | $0 |
| John L Walecka | Director | Aug. 2, 2011 A | 0 | 0 | 0 | $0 |
| George Hara | Director | May 27, 2010 J | 45,590 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 185 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IHAK · iShares Trust | 4.08% | 269,308 SH | Sept. 11, 2026 | Daily |
| FMTM · EA Series Trust | 3.44% | 53,531 NS | July 31, 2026 | N-PORT |
| IGV · iShares Trust | 3.40% | 2,850,403 SH | Sept. 11, 2026 | Daily |
| PTF · Invesco Exchange-Traded Fund Trust | 3.09% | 109,050 SH | Oct. 2, 2026 | Daily |
| AMOM · Exchange Listed Funds Trust | 2.94% | 4,333 NS | July 31, 2026 | N-PORT |
| QQQG · Pacer Funds Trust | 2.64% | 3,321 NS | July 31, 2026 | N-PORT |
| ABOT · Abacus FCF ETF Trust | 2.54% | 634 NS | July 31, 2026 | N-PORT |
| COWG · Pacer Funds Trust | 2.36% | 322,492 NS | July 31, 2026 | N-PORT |
| QNXT · iShares Trust | 2.23% | 3,833 SH | Sept. 11, 2026 | Daily |
| BMVP · Invesco Exchange-Traded Fund Trust | 2.07% | 11,532 SH | Oct. 2, 2026 | Daily |
| SAWG · ETF Series Solutions | 2.05% | 364 NS | July 31, 2026 | N-PORT |
| FGSI · First Trust Exchange-Traded Fund IV | 1.96% | 250 NS | July 31, 2026 | N-PORT |
| NULG · Nushares ETF Trust | 1.83% | 300,694 NS | July 31, 2026 | N-PORT |
| IETC · iShares U.S. ETF Trust | 1.81% | 78,261 SH | Sept. 11, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 1.76% | 54,403 SH | Aug. 19, 2026 | Daily |
| SPGP · Invesco Exchange-Traded Fund Trust | 1.73% | 197,738 SH | Oct. 2, 2026 | Daily |
| SPHQ · Invesco Exchange-Traded Fund Trust | 1.60% | 1,683,692 SH | Oct. 2, 2026 | Daily |
| PWB · Invesco Exchange-Traded Fund Trust | 1.58% | 241,265 SH | Oct. 2, 2026 | Daily |
| TECB · iShares Trust | 1.55% | 48,199 SH | Sept. 11, 2026 | Daily |
| TRFK · Pacer Funds Trust | 1.51% | 89,014 NS | July 31, 2026 | N-PORT |
| GARP · iShares Trust | 1.49% | 287,727 SH | Sept. 11, 2026 | Daily |
| RSPT · Invesco Exchange-Traded Fund Trust | 1.46% | 505,071 SH | Oct. 2, 2026 | Daily |
| QUSA · Tidal Trust III | 1.42% | 1,881 NS | July 31, 2026 | N-PORT |
| FXL · First Trust Exchange-Traded AlphaDE… | 1.40% | 221,437 NS | July 31, 2026 | N-PORT |
| ROUS · Lattice Strategies Trust | 1.37% | 59,903 NS | July 31, 2026 | N-PORT |
| IMCG · iShares Trust | 1.37% | 344,179 SH | Sept. 11, 2026 | Daily |
| HQGO · Lattice Strategies Trust | 1.29% | 3,925 NS | July 31, 2026 | N-PORT |
| FQAL · FIDELITY COVINGTON TRUST | 1.27% | 110,405 NS | July 31, 2026 | N-PORT |
| QQQE · Direxion Shares ETF Trust | 1.20% | 98,519 NS | July 31, 2026 | N-PORT |
| QUAL · iShares Trust | 1.15% | 3,357,675 SH | Sept. 11, 2026 | Daily |
| KNCT · Invesco Exchange-Traded Fund Trust | 1.12% | 10,404 SH | Oct. 2, 2026 | Daily |
| VOT · VANGUARD INDEX FUNDS | 1.05% | 2,385,421 SH | Aug. 19, 2026 | Daily |
| ESLG · Strategy Shares | 1.03% | 1,486 NS | July 31, 2026 | N-PORT |
| FTC · First Trust Exchange-Traded AlphaDE… | 1.03% | 83,657 NS | July 31, 2026 | N-PORT |
| LCOW · Pacer Funds Trust | 1.00% | 1,597 NS | July 31, 2026 | N-PORT |
| PEXL · Pacer Funds Trust | 0.97% | 3,036 NS | July 31, 2026 | N-PORT |
| XT · iShares Trust | 0.90% | 220,225 SH | Sept. 11, 2026 | Daily |
| LSEQ · Harbor ETF Trust | 0.89% | 845 NS | July 31, 2026 | N-PORT |
| MTUM · iShares Trust | 0.89% | 1,365,261 SH | Sept. 11, 2026 | Daily |
| JOET · Virtus ETF Trust II | 0.85% | 12,803 NS | July 31, 2026 | N-PORT |
| INFO · Harbor ETF Trust | 0.82% | 42,732 NS | July 31, 2026 | N-PORT |
| PDP · Invesco Exchange-Traded Fund Trust | 0.80% | 66,257 SH | Oct. 2, 2026 | Daily |
| USMV · iShares Trust | 0.79% | 1,177,222 SH | Sept. 11, 2026 | Daily |
| ESUM · Strategy Shares | 0.77% | 8,688 NS | July 31, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.77% | 11,740 NS | July 31, 2026 | N-PORT |
| FEUS · FlexShares Trust | 0.75% | 5,170 NS | July 31, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 0.69% | 1,794 NS | July 31, 2026 | N-PORT |
| IMCB · iShares Trust | 0.69% | 72,908 SH | Sept. 11, 2026 | Daily |
| PALC · Pacer Funds Trust | 0.69% | 8,907 NS | July 31, 2026 | N-PORT |
| FBUF · Fidelity Greenwood Street Trust | 0.67% | 989 NS | July 31, 2026 | N-PORT |
| FYEE · Fidelity Greenwood Street Trust | 0.67% | 8,996 NS | July 31, 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | 0.65% | 100,004 NS | July 31, 2026 | N-PORT |
| FHEQ · Fidelity Greenwood Street Trust | 0.64% | 36,487 NS | July 31, 2026 | N-PORT |
| DUHP · Dimensional ETF Trust | 0.60% | 454,837 NS | July 31, 2026 | N-PORT |
| XOEF · iShares Trust | 0.56% | 780 SH | Sept. 11, 2026 | Daily |
| QRMI · Global X Funds | 0.55% | 489 NS | July 31, 2026 | N-PORT |
| QYLD · Global X Funds | 0.55% | 276,597 NS | July 31, 2026 | N-PORT |
| QYLG · Global X Funds | 0.55% | 5,361 NS | July 31, 2026 | N-PORT |
| QQQM · Invesco Exchange-Traded Fund Trust … | 0.55% | 3,375,746 SH | Oct. 2, 2026 | Daily |
| QQQ · Invesco QQQ Trust, Series 1 | 0.55% | 15,367,507 SH | Oct. 2, 2026 | Daily |
| PTNQ · Pacer Funds Trust | 0.54% | 40,061 NS | July 31, 2026 | N-PORT |
| QQWZ · Pacer Funds Trust | 0.54% | 1,703 NS | July 31, 2026 | N-PORT |
| QTR · Global X Funds | 0.54% | 253 NS | July 31, 2026 | N-PORT |
| LRND · New York Life Investments ETF Trust | 0.53% | 13,155 NS | July 31, 2026 | N-PORT |
| QCLR · Global X Funds | 0.52% | 107 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.51% | 18,183 NS | July 31, 2026 | N-PORT |
| QSIX · Pacer Funds Trust | 0.50% | 566 NS | July 31, 2026 | N-PORT |
| TECL · Direxion Shares ETF Trust | 0.48% | 152,138 NS | July 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.48% | 590,274 NS | July 31, 2026 | N-PORT |
| IYW · iShares Trust | 0.48% | 752,040 SH | Sept. 11, 2026 | Daily |
| GLOF · iShares Trust | 0.48% | 6,001 SH | Sept. 11, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.47% | 45,862 NS | July 31, 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.47% | 239,186 NS | July 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.46% | 6,747,807 SH | Aug. 19, 2026 | Daily |
| IGM · iShares Trust | 0.44% | 294,162 SH | Sept. 11, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.43% | 4,702,893 SH | Aug. 19, 2026 | Daily |
| LRGF · iShares Trust | 0.42% | 97,791 SH | Sept. 11, 2026 | Daily |
| USXF · iShares Trust | 0.40% | 36,997 SH | Sept. 11, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.40% | 104,970 SH | Oct. 2, 2026 | Daily |
| AQLT · iShares Trust | 0.36% | 7,416 SH | Sept. 11, 2026 | Daily |
| IXN · iShares Trust | 0.36% | 212,668 SH | Sept. 11, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | 0.36% | 16,620 SH | Aug. 19, 2026 | Daily |
| MGK · VANGUARD WORLD FUND | 0.35% | 757,441 SH | Aug. 19, 2026 | Daily |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.34% | 17,708 NS | July 31, 2026 | N-PORT |
| IWY · iShares Trust | 0.34% | 332,975 SH | Sept. 11, 2026 | Daily |
| QLC · FlexShares Trust | 0.34% | 21,056 NS | July 31, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 0.34% | 3,689 NS | July 31, 2026 | N-PORT |
| TYLG · Global X Funds | 0.33% | 290 NS | July 31, 2026 | N-PORT |
| ACWV · iShares, Inc. | 0.32% | 68,443 SH | Sept. 11, 2026 | Daily |
| ILCG · iShares Trust | 0.31% | 60,588 SH | Sept. 11, 2026 | Daily |
| IWF · iShares Trust | 0.29% | 2,277,860 SH | Sept. 11, 2026 | Daily |
| IQSU · New York Life Investments ETF Trust | 0.29% | 5,893 NS | July 31, 2026 | N-PORT |
| MPLY · Strategy Shares | 0.29% | 285 NS | July 31, 2026 | N-PORT |
| ESGG · FlexShares Trust | 0.28% | 1,938 NS | July 31, 2026 | N-PORT |
| EGUS · iShares Trust | 0.28% | 493 SH | Sept. 11, 2026 | Daily |
| VUG · VANGUARD INDEX FUNDS | 0.28% | 6,931,265 SH | Aug. 19, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.28% | 960,501 SH | Aug. 19, 2026 | Daily |
| DSI · iShares Trust | 0.28% | 95,181 SH | Sept. 11, 2026 | Daily |
| ESG · FlexShares Trust | 0.28% | 2,280 NS | July 31, 2026 | N-PORT |
| SPTE · SP Funds Trust | 0.27% | 3,482 NS | July 31, 2026 | N-PORT |
| GLBL · Pacer Funds Trust | 0.25% | 17 NS | July 31, 2026 | N-PORT |
| ACVF · ETF Opportunities Trust | 0.24% | 2,255 NS | July 31, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.24% | 85,308 NS | July 31, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.23% | 1,242,647 SH | Oct. 2, 2026 | Daily |
| SIZE · iShares Trust | 0.23% | 6,115 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.23% | 7,665 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.22% | 31,485 NS | July 31, 2026 | N-PORT |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.22% | 20,959 SH | Oct. 2, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.22% | 648,093 NS | July 31, 2026 | N-PORT |
| EUSA · iShares, Inc. | 0.21% | 25,528 SH | Sept. 11, 2026 | Daily |
| VFMV · VANGUARD WELLINGTON FUND | 0.21% | 5,789 SH | Aug. 19, 2026 | Daily |
| PABU · iShares Trust | 0.19% | 30,519 SH | Sept. 11, 2026 | Daily |
| ESMV · iShares Trust | 0.19% | 94 SH | Sept. 11, 2026 | Daily |
| WRND · New York Life Investments ETF Trust | 0.19% | 122 NS | July 31, 2026 | N-PORT |
| USCL · iShares Trust | 0.19% | 32,961 SH | Sept. 11, 2026 | Daily |
| HDUS · Lattice Strategies Trust | 0.18% | 2,295 NS | July 31, 2026 | N-PORT |
| TOPC · iShares Trust | 0.18% | 376 SH | Sept. 11, 2026 | Daily |
| IVW · iShares Trust | 0.17% | 836,780 SH | Sept. 11, 2026 | Daily |
| SUSA · iShares Trust | 0.17% | 43,512 SH | Sept. 11, 2026 | Daily |
| IWL · iShares Trust | 0.17% | 23,625 SH | Sept. 11, 2026 | Daily |
| VOOG · VANGUARD ADMIRAL FUNDS | 0.17% | 291,389 SH | Aug. 19, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.17% | 3,667 SH | Oct. 2, 2026 | Daily |
| ACIO · ETF Series Solutions | 0.17% | 24,553 NS | July 31, 2026 | N-PORT |
| XVV · iShares Trust | 0.17% | 7,146 SH | Sept. 11, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.17% | 107,915 SH | Oct. 2, 2026 | Daily |
| VOXP · Advisors Series Trust | 0.17% | 60 NS | July 31, 2026 | N-PORT |
| ADME · ETF Series Solutions | 0.17% | 3,027 NS | July 31, 2026 | N-PORT |
| IUSG · iShares Trust | 0.17% | 345,443 SH | Sept. 11, 2026 | Daily |
| CATH · Global X Funds | 0.16% | 13,254 NS | July 31, 2026 | N-PORT |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.16% | 45,997 NS | July 31, 2026 | N-PORT |
| ESGV · VANGUARD WORLD FUND | 0.16% | 137,032 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.16% | 2,558 NS | July 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.16% | 47 NS | July 31, 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0.16% | 31,551 NS | July 31, 2026 | N-PORT |
| XYLD · Global X Funds | 0.16% | 31,305 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.16% | 52,794 NS | July 31, 2026 | N-PORT |
| XRMI · Global X Funds | 0.16% | 482 NS | July 31, 2026 | N-PORT |
| CHRI · Global X Funds | 0.16% | 77 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.16% | 85,768 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.16% | 10,519 NS | July 31, 2026 | N-PORT |
| XCLR · Global X Funds | 0.15% | 34 NS | July 31, 2026 | N-PORT |
| XYLG · Global X Funds | 0.15% | 605 NS | July 31, 2026 | N-PORT |
| IVV · iShares Trust | 0.15% | 7,849,404 SH | Sept. 11, 2026 | Daily |
| VOO · VANGUARD INDEX FUNDS | 0.15% | 16,174,435 SH | Aug. 19, 2026 | Daily |
| VV · VANGUARD INDEX FUNDS | 0.15% | 727,326 SH | Aug. 19, 2026 | Daily |
| ILCB · iShares Trust | 0.15% | 12,048 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.15% | 188,520 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.14% | 29,846 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.14% | 2,350 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.14% | 109,251 NS | July 31, 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0.14% | 14,975 NS | July 31, 2026 | N-PORT |
| IYY · iShares Trust | 0.14% | 26,654 SH | Sept. 11, 2026 | Daily |
| ESGU · iShares Trust | 0.14% | 158,137 SH | Sept. 11, 2026 | Daily |
| PHDG · Invesco Actively Managed Exchange-T… | 0.14% | 485 SH | Oct. 2, 2026 | Daily |
| IWB · iShares Trust | 0.14% | 419,983 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.13% | 810,763 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.13% | 166,521 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.13% | 19,772,950 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.13% | 100,285 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.13% | 51,033 SH | Aug. 19, 2026 | Daily |
| HCMT · Direxion Shares ETF Trust | 0.12% | 4,333 NS | July 31, 2026 | N-PORT |
| IVE · iShares Trust | 0.12% | 382,310 SH | Sept. 11, 2026 | Daily |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.12% | 53,040 SH | Aug. 19, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.12% | 48,685 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.12% | 1,740 SH | Sept. 11, 2026 | Daily |
| IUSV · iShares Trust | 0.12% | 201,086 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.11% | 56,332 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.11% | 14,694 NS | July 31, 2026 | N-PORT |
| ACWI · iShares Trust | 0.10% | 198,540 SH | Sept. 11, 2026 | Daily |
| DFVX · Dimensional ETF Trust | 0.09% | 3,076 NS | July 31, 2026 | N-PORT |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.09% | 136,000 | Oct. 2, 2026 | Daily |
| LGDX · Tidal Trust III | 0.09% | 802 NS | July 31, 2026 | N-PORT |
| MGC · VANGUARD WORLD FUND | 0.09% | 62,508 SH | Aug. 19, 2026 | Daily |
| PWS · Pacer Funds Trust | 0.09% | 129 NS | July 31, 2026 | N-PORT |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.08% | 4,424 SH | Oct. 2, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.08% | 508,774 SH | Aug. 19, 2026 | Daily |
| CRBN · iShares Trust | 0.08% | 5,687 SH | Sept. 11, 2026 | Daily |
| PEVC · Pacer Funds Trust | 0.07% | 11 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 3,183 SH | Oct. 2, 2026 | Daily |
| DYNF · BlackRock ETF Trust | 0.07% | 184,528 SH | Sept. 11, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.07% | 35,857 SH | Oct. 2, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.04% | 23,846 SH | Oct. 2, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| VCSH · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | July 14, 2026 | Daily |
FTNT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
36 analysts · 2026-10-02Mean target $164.32 -10.8%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FTNT | $59.00B | 32.8 | 14.2% | 27.3% | 135.7% | 80.5% |
| MSFT | $2.77T | 20.8 | 17.8% | 40.3% | 34.0% | 67.9% |
| ORCL | $650.25B | 38.7 | 17.3% | 25.4% | 54.3% | · |
| PANW | $270.44B | 829.6 | 24.5% | 2.7% | 1.7% | 70.4% |
| CRWD | · | -685.9 | 21.7% | -3.4% | -4.2% | 74.7% |
| NOW | $160.43B | 91.7 | 20.9% | 13.2% | 14.6% | 77.5% |
| RBRK | $11.32B | -31.4 | 48.5% | -26.5% | 64.4% | 80.1% |
| ZS | $24.65B | -387.7 | 25.4% | -1.9% | -2.6% | 76.8% |
| GEN | $11.30B | 12.0 | 27.1% | 19.5% | 38.4% | 78.5% |
| FROG | $7.47B | -100.7 | 24.1% | -13.5% | -8.4% | 76.8% |
| S | · | -10.2 | 21.9% | -45.0% | -30.6% | 74.1% |
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