Fortinet, Inc. (FTNT)
Fortinet sells integrated cybersecurity appliances and software combining networking and security in a single fabric.
Information Technology stock comparison
FTNT vs PANW: which business are you actually underwriting?
Compare Fortinet, Inc. with Palo Alto Networks, Inc. using their business models, SEC classifications, fiscal calendars, current primary filings, and the research questions that matter. This is a thesis framework—not a price target or automatic winner.
- Sector
- Information
- Industry
- Same SIC
- Shared themes
- 1
- Updated
- 2026-09-10
FTNT vs PANW: quick comparison
| Company fact | FTNT | PANW |
|---|---|---|
| Company | Fortinet, Inc. | Palo Alto Networks, Inc. |
| Exchange | NASDAQ | NASDAQ |
| SEC industry | Computer Peripheral Equipment, NEC | Computer Peripheral Equipment, NEC |
| Fiscal year-end | December 31 | July 31 |
| Latest annual filing | 10-K · 2026-02-25 | 10-K · 2026-09-10 |
FTNT vs PANW: audited financials
PANW reported about 1.4× the revenue of FTNT in the latest audited fiscal year. On profitability, FTNT converted a larger share of revenue into net income (27.3% versus 12.3%). Scale and margin are starting facts for the thesis, not the verdict.
| Metric | FTNT | PANW |
|---|---|---|
| Revenue | $6.8B | $9.2B |
| Net income | $1.9B | $1.1B |
| Operating cash flow | $2.6B | $3.7B |
| Diluted EPS | $2.42 | $1.60 |
| Net margin | 27.3% | 12.3% |
FTNT: FY ending 2025-12-31 · PANW: FY ending 2025-07-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
How the businesses differ
Why this pair belongs in the comparison set
FTNT and PANW share the SEC industry classification “Computer Peripheral Equipment, NEC,” giving the comparison a primary-source operating relationship. A shared classification or theme makes the pair useful for a defined research question; it does not mean the companies have identical products, economics, or risks.
Palo Alto Networks, Inc. (PANW)
Palo Alto Networks provides next-generation firewalls, cloud security, and AI-driven threat detection for enterprises.
The useful starting point is not which ticker has performed better. It is whether the two companies convert the same economic forces into revenue and cash flow in the same way. FTNT is classified by the SEC as Computer Peripheral Equipment, NEC, while PANW is classified as Computer Peripheral Equipment, NEC. The matching industry code strengthens the peer comparison, although product mix can still differ materially.
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The thesis, the numbers behind it, and what would break it. Full access is $15 a month.
Read the full researchWhich thesis does each company fit?
Use the distinction below to decide which filing deserves deeper work. It is a research routing rule, not a recommendation or prediction.
Study FTNT when…
- The AI capital-expenditure cycle
- Interest rates and the cost of long-duration growth
- Enterprise IT budgets and cloud migration
- Export controls and the US–China chip race
Study PANW when…
- Next-Generation Security annualized recurring revenue
- Platformization deals that consolidate point products onto Strata, Prisma, and Cortex
- Mix of hardware firewall product revenue versus subscription and support
- Distributor concentration and channel partner performance
Shared research themes
Artificial intelligence
SEC 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 PANW's ends July 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 17matched transaction rows for FTNTand 37 for PANW. 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
PANW 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 PANW FAQs
Are FTNT and PANW direct competitors?
Fortinet, Inc. and Palo Alto Networks, Inc. share the SEC industry classification “Computer Peripheral Equipment, NEC.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Which is better, FTNT or PANW?
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 PANW 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 Palo Alto Networks, Inc. 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 2026-09-25. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-09-25. Independent educational research; not investment advice.
A comparison is the setup. The thesis is the call.
FTNT vs PANW shows how the businesses differ. Membership is the monthly sourced view of who could benefit, what could break, and what evidence matters next. $15/month or $150/year.
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