Fortinet, Inc. (FTNT)
Fortinet sells integrated cybersecurity appliances and software combining networking and security in a single fabric.
FTNT vs PANW: how the two businesses compare
- Bigger business: PANW, with $9.2B of yearly revenue, about 1.4× FTNT's $6.8B.
- More profitable: FTNT keeps 27 cents of each sales dollar as profit, against 12 cents at PANW.
- More cash from each sale: PANW turns 40 cents of each sales dollar into operating cash flow, against 38 cents at FTNT.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Palo Alto Networks (PANW) is the larger business by reported revenue: $9.2B in its fiscal year ended Jul 2025, about 1.4× FTNT's $6.8B (fiscal year ended Dec 2025). FTNT's net margin was 27.3% and PANW's 12.3%. Both file with the SEC under the same industry code, SIC 3577 (Computer Peripheral Equipment, NEC).
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
- Computer Peripheral Equipment, NEC
- Same classification
- Different
- FTNT December 31 · PANW July 31
- Sep 10, 2026
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
- Scale: PANW's $9.2B of revenue is about 1.4× FTNT's $6.8B.
- Net margin: FTNT kept 27.3% of revenue as net income versus 12.3% at PANW.
- Cash conversion: operating cash flow equalled FTNT 38.1% of revenue, or 1.40× net income; PANW 40.3% of revenue, or 3.28× 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 5 months apart (2025-12-31 for FTNT, 2025-07-31 for PANW), so each figure reflects somewhat different demand and cost conditions.
| Metric | FTNT | PANW |
|---|---|---|
| Revenue | $6.8B2025-01-01 to 2025-12-31 · SEC filing | $9.2B2024-08-01 to 2025-07-31 · SEC filing |
| Net income | $1.9B2025-01-01 to 2025-12-31 · SEC filing | $1.1B2024-08-01 to 2025-07-31 · SEC filing |
| Operating cash flow | $2.6B2025-01-01 to 2025-12-31 · SEC filing | $3.7B2024-08-01 to 2025-07-31 · SEC filing |
| Diluted EPS | $2.422025-01-01 to 2025-12-31 · SEC filing | $1.602024-08-01 to 2025-07-31 · SEC filing |
| Net margin | 27.3%2025-01-01 to 2025-12-31 · SEC filing | 12.3%2024-08-01 to 2025-07-31 · SEC filing |
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.
Where FTNT and PANW overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 3577, Computer Peripheral Equipment, NEC.
- Shared research theme: Artificial intelligence.
Differences
- Offset fiscal calendars: FTNT's year ends December 31 and PANW's July 31, about 5 months apart.
- Profitability: net margin of 27.3% for FTNT versus 12.3% for PANW.
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.
Palo Alto Networks, Inc. (PANW)
Palo Alto Networks provides next-generation firewalls, cloud security, and AI-driven threat detection for enterprises.
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 PANW
- 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
The investment question
You now know PANW reports about 1.4× 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, including “Next-Generation Security annualized recurring revenue” at PANW, and which evidence in the next filings would prove that assumption wrong.
Members-only research
What members are reading this month
- Issue 07: The Vote That Knocked Almost a Quarter off Data Center Stocks
Texas has frozen new data center approvals since the summer. The vote extends that freeze, but it cannot unplug campuses that already have power. We map who is exposed, test whether the sell-off overshot and say where the real risk sits.
- Citadel bought the AI fire sale. The seller had run out of time.
Up 439% in the first half, down about 67% in July: how an AI hedge fund ended up selling a roughly $16 billion stock book to Citadel at a discount.
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 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 17 matched transaction rows for FTNT and 37 matched transaction rows 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 and Palo Alto Networks 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.
Is FTNT or PANW the bigger company by revenue?
Palo Alto Networks (PANW) is the larger business by reported revenue: $9.2B in its fiscal year ended Jul 2025, about 1.4× FTNT's $6.8B (fiscal year ended Dec 2025). FTNT's net margin was 27.3% and PANW's 12.3%. Both file with the SEC under the same industry code, SIC 3577 (Computer Peripheral Equipment, NEC). 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 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 2026-11-09. 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 PANW 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.
Members-only research
$39/mo or $249/yr · cancel future renewals anytime · sources included