Jordan Lambert
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Fortinet: Initiation & Follow-up Reports

FTNT are the most accommodative SASE vendor in the industry – they can deliver unified network/security on-prem and at the edge – catering to the nuanced and complex needs of enterprises better than rivals. And from reading secondary stock research, we don’t believe the market fully acknowledges this advantage yet.

We used GuruFocus’ database to search and retrieve the most-recent-quarter revenue growth and FCF margin for all U.S. listed software stocks with TTM revenue greater than $1bn and a market cap greater than $10bn – and discovered out of the 69 stocks, FTNT was in the top 5% on the Rule of 40 metric. Given the outlook ahead we envisage FTNT can sustain 20%+ growth for several more quarters, and thanks to their vertical software/hardware integration, they’ll continue to optimize operations and squeeze out more FCF margin.
Fortinet Inc.

Fortinet provides cybersecurity solutions. The company's product offerings consist of its FortiGate product family and its non-FortiGate products. The company's FortiGate hardware and software licenses are sold with a set of security services. These security services are enabled by FortiGuard, which provides threat research and artificial intelligence capabilities from a global cloud network to deliver protection services to each FortiGate appliance. The company's non-FortiGate products include the Fortinet Security Fabric (such as FortiAP, FortiAnalyzer, FortiSwitch and FortiManager), certain cloud security products (such as virtual machines and cloud services) and other products.

Convequity Ltd.
Convequity Ltd.

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Jordan Lambert

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