Fortinet, Inc. (FTNT)
Fortinet sells integrated cybersecurity appliances and software combining networking and security in a single fabric.
FTNT vs HPE: how the two businesses compare
- Bigger business: HPE, with $34.3B of yearly revenue, about 5.0× FTNT's $6.8B.
- More profitable: FTNT keeps 27 cents of each sales dollar as profit, against 0 cents at HPE.
- More cash from each sale: FTNT turns 38 cents of each sales dollar into operating cash flow, against 9 cents at HPE.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Hewlett Packard Enterprise (HPE) is the larger business by reported revenue: $34.3B in its fiscal year ended Oct 2025, about 5.0× FTNT's $6.8B (fiscal year ended Dec 2025). FTNT's net margin was 27.3% and HPE's 0.2%. The SEC places them in related industries (Computer Peripheral Equipment, NEC; Computer & office Equipment), and both map to the Artificial intelligence research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Different
- Separate classifications
- Different
- FTNT December 31 · HPE October 31
- Feb 25, 2026
FTNT vs HPE: quick comparison
| Company fact | FTNT | HPE |
|---|---|---|
| Company | Fortinet, Inc. | Hewlett Packard Enterprise Company |
| Exchange | NASDAQ | NYSE |
| SEC industry | Computer Peripheral Equipment, NEC | Computer & office Equipment |
| Fiscal year-end | December 31 | October 31 |
| Latest annual filing | 10-K · 2026-02-25 | 10-K · 2025-12-18 |
FTNT vs HPE: audited financials
- Scale: HPE's $34.3B of revenue is about 5.0× FTNT's $6.8B.
- Net margin: FTNT kept 27.3% of revenue as net income versus 0.2% at HPE.
- Cash conversion: operating cash flow equalled FTNT 38.1% of revenue, or 1.40× net income; HPE 8.5% of revenue, or 51.2× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 2 months apart (2025-12-31 for FTNT, 2025-10-31 for HPE), so each figure reflects somewhat different demand and cost conditions.
| Metric | FTNT | HPE |
|---|---|---|
| Revenue | $6.8B2025-01-01 to 2025-12-31 · SEC filing | $34.3B2024-11-01 to 2025-10-31 · SEC filing |
| Net income | $1.9B2025-01-01 to 2025-12-31 · SEC filing | $57M2024-11-01 to 2025-10-31 · SEC filing |
| Operating cash flow | $2.6B2025-01-01 to 2025-12-31 · SEC filing | $2.9B2024-11-01 to 2025-10-31 · SEC filing |
| Diluted EPS | $2.422025-01-01 to 2025-12-31 · SEC filing | −$0.042024-11-01 to 2025-10-31 · SEC filing |
| Net margin | 27.3%2025-01-01 to 2025-12-31 · SEC filing | 0.2%2024-11-01 to 2025-10-31 · SEC filing |
FTNT: FY ending 2025-12-31 · HPE: FY ending 2025-10-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where FTNT and HPE overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 35.
- Shared research theme: Artificial intelligence.
Differences
- Different four-digit SIC codes: FTNT is 3577 (Computer Peripheral Equipment, NEC); HPE is 3570 (Computer & office Equipment).
- Offset fiscal calendars: FTNT's year ends December 31 and HPE's October 31, about 2 months apart.
- Scale: HPE reported about 5.0× the annual revenue of FTNT.
- Profitability: net margin of 27.3% for FTNT versus 0.2% for HPE.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Hewlett Packard Enterprise Company (HPE)
Hewlett Packard Enterprise sells servers, storage, networking, and hybrid-cloud infrastructure to businesses.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves FTNT
We have not yet published a company-specific driver list for FTNT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-25.
What moves HPE
We have not yet published a company-specific driver list for HPE. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-12-18.
The investment question
You now know HPE reports about 5.0× FTNT's revenue, and FTNT keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. FTNT's fiscal year ends December 31, while HPE's ends October 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 17 matched transaction rows for FTNT and 8 matched transaction rows for HPE. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
FTNT primary filings
HPE primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
FTNT vs HPE FAQs
Are FTNT and HPE direct competitors?
Not necessarily. Fortinet files as Computer Peripheral Equipment, NEC and Hewlett Packard Enterprise as Computer & office Equipment. The pair is compared because both map to the Artificial intelligence research theme, not because the filings show head-to-head competition.
Is FTNT or HPE the bigger company by revenue?
Hewlett Packard Enterprise (HPE) is the larger business by reported revenue: $34.3B in its fiscal year ended Oct 2025, about 5.0× FTNT's $6.8B (fiscal year ended Dec 2025). FTNT's net margin was 27.3% and HPE's 0.2%. The SEC places them in related industries (Computer Peripheral Equipment, NEC; Computer & office Equipment), and both map to the Artificial intelligence research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, FTNT or HPE?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this FTNT vs HPE comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Fortinet, Inc. and Hewlett Packard Enterprise Company tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
FTNT vs HPE compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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