Fortinet, Inc. (FTNT)
Fortinet sells integrated cybersecurity appliances and software combining networking and security in a single fabric.
FTNT vs LRCX: how the two businesses compare
- Bigger business: LRCX, with $23.2B of yearly revenue, about 3.4× FTNT's $6.8B.
- More profitable: LRCX keeps 31 cents of each sales dollar as profit, against 27 cents at FTNT.
- More cash from each sale: FTNT turns 38 cents of each sales dollar into operating cash flow, against 25 cents at LRCX.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Lam Research (LRCX) is the larger business by reported revenue: $23.2B in its fiscal year ended Jun 2026, about 3.4× FTNT's $6.8B (fiscal year ended Dec 2025). FTNT's net margin was 27.3% and LRCX's 31.3%. The SEC places them in related industries (Computer Peripheral Equipment, NEC; Special Industry Machinery, NEC), 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 · LRCX June 27
- Aug 7, 2026
FTNT vs LRCX: quick comparison
| Company fact | FTNT | LRCX |
|---|---|---|
| Company | Fortinet, Inc. | Lam Research Corporation |
| Exchange | NASDAQ | NASDAQ |
| SEC industry | Computer Peripheral Equipment, NEC | Special Industry Machinery, NEC |
| Fiscal year-end | December 31 | June 27 |
| Latest annual filing | 10-K · 2026-02-25 | 10-K · 2026-08-07 |
FTNT vs LRCX: audited financials
- Scale: LRCX's $23.2B of revenue is about 3.4× FTNT's $6.8B.
- Net margin: LRCX kept 31.3% of revenue as net income versus 27.3% at FTNT.
- Cash conversion: operating cash flow equalled FTNT 38.1% of revenue, or 1.40× net income; LRCX 25.2% of revenue, or 0.81× 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 6 months apart (2025-12-31 for FTNT, 2026-06-28 for LRCX), so each figure reflects somewhat different demand and cost conditions.
| Metric | FTNT | LRCX |
|---|---|---|
| Revenue | $6.8B2025-01-01 to 2025-12-31 · SEC filing | $23.2B2025-06-30 to 2026-06-28 · SEC filing |
| Net income | $1.9B2025-01-01 to 2025-12-31 · SEC filing | $7.3B2025-06-30 to 2026-06-28 · SEC filing |
| Operating cash flow | $2.6B2025-01-01 to 2025-12-31 · SEC filing | $5.9B2025-06-30 to 2026-06-28 · SEC filing |
| Diluted EPS | $2.422025-01-01 to 2025-12-31 · SEC filing | $5.762025-06-30 to 2026-06-28 · SEC filing |
| Net margin | 27.3%2025-01-01 to 2025-12-31 · SEC filing | 31.3%2025-06-30 to 2026-06-28 · SEC filing |
FTNT: FY ending 2025-12-31 · LRCX: FY ending 2026-06-28. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where FTNT and LRCX 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); LRCX is 3559 (Special Industry Machinery, NEC).
- Offset fiscal calendars: FTNT's year ends December 31 and LRCX's June 27, about 6 months apart.
- Only LRCX maps to Tariffs & trade.
- Scale: LRCX reported about 3.4× the annual revenue of FTNT.
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.
Lam Research Corporation (LRCX)
Lam Research supplies wafer-fabrication equipment specializing in etch and deposition steps for advanced memory and logic chips.
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 LRCX
We have not yet published a company-specific driver list for LRCX. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-08-07.
The investment question
You now know LRCX reports about 3.4× FTNT's revenue, and LRCX 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.
Members-only research
Members-only research on FTNT and LRCX
- Lam Research and the economics of harder-to-build memory
What Lam Research’s NAND conversions, manufacturing complexity and cash conversion showed on January 30, 2026.
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The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
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 LRCX's ends June 27. 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 39 matched transaction rows for LRCX. 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
LRCX 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 LRCX FAQs
Are FTNT and LRCX direct competitors?
Not necessarily. Fortinet files as Computer Peripheral Equipment, NEC and Lam Research as Special Industry Machinery, NEC. 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 LRCX the bigger company by revenue?
Lam Research (LRCX) is the larger business by reported revenue: $23.2B in its fiscal year ended Jun 2026, about 3.4× FTNT's $6.8B (fiscal year ended Dec 2025). FTNT's net margin was 27.3% and LRCX's 31.3%. The SEC places them in related industries (Computer Peripheral Equipment, NEC; Special Industry Machinery, NEC), 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 LRCX?
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 LRCX 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 Lam Research Corporation 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 LRCX 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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