CrowdStrike vs Fortinet
Fortinet reported revenue of $6.8 billion in fiscal 2025, 1.4 times CrowdStrike's $4.8 billion in fiscal 2026. CrowdStrike's revenue grew 21.7% in its latest year, and Fortinet's grew 14.2%. CrowdStrike had an operating margin of -6.1%, against 30.7% at Fortinet. Free cash flow was $1.3 billion at CrowdStrike and $2.2 billion at Fortinet. Their fiscal years end in different months (January 31 and December 31), so the periods don't line up exactly.
Side by side
| CrowdStrike | Fortinet | |
|---|---|---|
| Latest fiscal year | FY2026, Jan 31, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $4.8B | $6.8B |
| Revenue growth | 21.7% | 14.2% |
| Revenue growth a year, last 5 years | 40.6% | 21.3% |
| Gross margin | 74.7% | 80.5% |
| Operating margin | −6.1% | 30.7% |
| Net margin | −3.4% | 27.3% |
| Free cash flow | $1.3B | $2.2B |
| Free cash flow margin | 27.2% | 32.7% |
| Return on capital | — | — |
| Net debt to EBITDA | — | −1.2x |
| Dividends and buybacks | $0M | $2.3B |
| Change in diluted share count | 2.4% | −0.9% |
| Last close | $261.83 | $183.33 |
| P/E at the last close | — | 64.8× |
| Insider trades, last 12 months | sold $771.3 million | sold $136.2 million |
| Piotroski F-score | 4 of 9 | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CrowdStrikeFortinet
Operating margin
Percent of revenue
CrowdStrikeFortinet
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CrowdStrikeFortinet
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the CrowdStrike and Fortinet pages.