FTNT Rides on Strong Billings Trend: Will the Momentum Sustain?
Unified SASE and Security Operations (SecOps) solutions remain central to this performance, expanding 21% and 31% year over year, respectively, and now making up about 35% of total billings. Large enterprise momentum further boosted results, with deals exceeding $1 million surging more than 50% in value, demonstrating Fortinet's success in capturing multi-product, high-value engagements.
Confidence in this trend is reflected in management's raised full-year billings outlook, with the midpoint lifted by $100 million. Growth in EMEA, coupled with accelerating adoption of FortiCloud services such as FortiIdentity and FortiConnect, is further enhancing recurring revenue visibility. Notably, services billings jumped 17% year over year, delivering the strongest growth in six quarters, further supporting the long-term revenue base.
For fiscal 2025, Fortinet guides billings of $7.325-$7.475 billion, representing 13.3% growth at the midpoint, underpinned by cloud security demand, expanding enterprise adoption and a healthy renewal cycle. With these tailwinds, the company appears poised to sustain its growth momentum in the quarters ahead.
Fortinet Battles Tough Competition in Cybersecurity
Palo Alto NetworksPANW is strengthening its lead over Fortinet with cutting-edge next-generation firewall and cloud-native security. PANW leverages App ID, User ID and Precision AI with the WildFire sandbox to detect zero-day threats in real time. In third-quarter fiscal 2025, PANW's cloud ARR rose 34% to $5.09???billion, driven by rising hybrid work, deal wins and rapid adoption of its next-generation security platforms, reinforcing its dominance in subscription-driven cybersecurity growth.
Check Point SoftwareCHKP continues to solidify its legacy as a network security leader with its R80 SmartConsole, ThreatCloud intelligence and advanced threat prevention tools. In the second quarter of 2025, CHKP saw double-digit growth in product and license revenues, fueled by strong demand for Quantum Force appliances and refresh cycles. With rising cyber threats accelerating the adoption of CHKP's subscription solutions and strategic acquisitions, the company is well-positioned to drive sustained top-line growth.
FTNT's Share Price Performance, Valuation & Estimates
Year to date, FTNT shares have slipped 14.6%, underperforming the Zacks Security industry's 7.2% gain and falling well behind the Zacks Computer and Technology sector's 13.7% rise.
FTNT's YTD Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, Fortinet appears overvalued, trading at a Price/Book ratio of 30X, higher than the industry's 20.15X. FTNT has a Value Score of D.
FTNT's Valuation
Image Source: Zacks Investment Research
The consensus mark for fiscal 2025 earnings is pegged at $2.51 per share, reflecting upward revisions of 3 cents over both the 30- and 60-day periods. The estimate indicates 5.91% year-over-year growth.
Image Source: Zacks Investment Research
Fortinet currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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