Fortinet vs Palo Alto Networks
Palo Alto Networks reported revenue of $11.5 billion in fiscal 2026, 1.7 times Fortinet's $6.8 billion in fiscal 2025. Fortinet's revenue grew 14.2% in its latest year, and Palo Alto Networks' grew 24.5%. Fortinet had an operating margin of 30.7%, against 6.0% at Palo Alto Networks. Free cash flow was $2.2 billion at Fortinet and $4.1 billion at Palo Alto Networks. Their fiscal years end in different months (December 31 and July 31), so the periods don't line up exactly.
Side by side
| Fortinet | Palo Alto Networks | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2026, Jul 31, 2026 |
| Revenue | $6.8B | $11.5B |
| Revenue growth | 14.2% | 24.5% |
| Revenue growth a year, last 5 years | 21.3% | 22.0% |
| Gross margin | 80.5% | 70.4% |
| Operating margin | 30.7% | 6.0% |
| Net margin | 27.3% | 2.7% |
| Free cash flow | $2.2B | $4.1B |
| Free cash flow margin | 32.7% | 35.8% |
| Return on capital | — | 2.6% |
| Net debt to EBITDA | −1.2x | −0.8x |
| Dividends and buybacks | $2.3B | $1.0B |
| Change in diluted share count | −0.9% | 7.8% |
| Last close | $183.33 | $390.46 |
| P/E at the last close | 64.8× | — |
| Insider trades, last 12 months | sold $136.2 million | bought $10.0 million, sold $133.4 million |
| Piotroski F-score | 5 of 9 | 4 of 9 |
Amounts in each company's own currency, US$ 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
FortinetPalo Alto Networks
Operating margin
Percent of revenue
FortinetPalo Alto Networks
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
FortinetPalo Alto Networks
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 Fortinet and Palo Alto Networks pages.