Fortinet, Inc. (FTNT) Stock: Price, Forecast & Analyst Target
Fortinet, Inc. (FTNT) — MoonshotScore 93/100 (Exceptional band), calculated Oct 4, 2026. Price $180.95 (+1.25%), as of the Oct 2, 2026 trading session; market cap $133B. Expected results Nov 4, 2026.
Educational signal · not a buy or sell recommendation · How to read this
Market value / cash and short-term investments: 32.68× (market value Oct 2, 2026; cash Jun 30, 2026) · expected results Nov 4, 2026
Fortinet, Inc. · FTNT · NASDAQ · Technology · Software - Infrastructure
Research dated 2026-09-12: Fortinet sells an integrated security and networking platform anchored by FortiGate appliances, software licenses, subscriptions and support rather than a stand-alone security application. The case now rests on whether renewed product momentum can feed faster service revenue growth while exceptional profitability and cash generation support a demanding valuation.
Price as of Oct 2, 2026
Key Statistics
MoonshotScore v2 · Fortinet (FTNT)
ExceptionalWhy this rating? Method, drivers & history
Bands for the MoonshotScore: Exceptional 80-100 · Strong 65-79 · Fair 45-64 · Weak below 45.
- Business Quality — Is this a genuinely good business?
- Financial Safety — Could this blow up on me?
- Valuation — Am I paying a fair price?
- Growth Durability — Is the growth real and likely to last?
- Momentum — Is the market already moving on this?
Elite quality, a strong balance sheet and durable growth, but a full valuation; the market is already moving on it. Business Quality: Elite; Financial Safety: Sound; Valuation: Rich; Growth Durability: Compounding; Momentum: Surging.
Price relative to book value is the main valuation drag relative to sector peers.
- quarterly revenue $2.05B (Q2 FY2026, quarter ended Jun 2026)
- EPS beat 8 of 8
- expected results Nov 4, 2026
Holding back: a rich price
Helping: business quality, balance-sheet strength, durable growth, positive momentum
What has the MoonshotScore done over time?
| Recorded | Score | Band |
|---|---|---|
| 94 | Exceptional | |
| 93 | Exceptional | |
| 93 | Exceptional | |
| 93 | Exceptional | |
| 93 | Exceptional | |
| 93 | Exceptional |
The score was 93 in the stored Oct 3, 2026 snapshot and remains 93 in the current publication computed Oct 4, 2026 (0).
Calculation uses the most recent completed US trading session. Live price changes do not update the score immediately.
Computed · Educational signal · not a buy or sell recommendation · How the MoonshotScore is computed →
Price & valuation
| Measure | Value |
|---|---|
| Latest provided price | $180.95 |
| Change on the day | +1.25% |
| 52-week range | $73.55–$183.09 |
| Market capitalisation | $133B |
| Price / earnings (trailing) | 62.79 |
| Shares traded on the day | 3.40M |
| Beta (volatility vs the S&P 500) | 1.06 |
Price & events
Triangles mark reported quarters on the line: pointing up is above the recorded estimate, down is below, a diamond means no estimate on file or a dated event that is not a results report. Numbers key to the dated list. Point at or tab to any week for its close.
Events behind the price
- · Earnings results · above the recorded estimate
- · Earnings results · above the recorded estimate
- · Earnings results · above the recorded estimate
- · Earnings call · management outlook
- · Earnings results · above the recorded estimate
Results dates follow the earnings feed; call dates follow the transcript provider. Nearby dates do not establish that an event caused a price move.
Upcoming events
Management outlook
We believe the first quarter of 2026 marked the trough for our service revenue growth rate, and we anticipate a positive trajectory in our growth rates going forward.
Christiane Ohlgart · Statement from
We continue to expect service revenue growth to pick up in the second half of the year, driven by accelerated product revenue growth, a key leading indicator.
Christiane Ohlgart · Statement from
Statement dates identify the earnings call, not a deadline. Management expectations and provider estimates can change.
Read management statementsCouncil Score · weighted blend of 2 available disciplines
Council score for Fortinet (FTNT): Strongly Bullish
78/100 · ACouncil is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.
5-Factor Breakdown
Legends Council
6 lenses, 6 current
AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built
Read on: Oct 4, 2026
Munger's Mindset
Balance Sheet & Valuation · historical
Read on: Sep 10, 2026 · older than the 27 hours refresh window; not a current reading
How to read these bars and different assessments
Council is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.
Bars show each model's ordered assessment on its own scale, not a probability or a comparable investment return. The adjacent words give the assessment; more filled segments indicate a stronger model reading.
On Sep 10, 2026, the Munger lens read the price at that time as overvalued against its own estimate of value.
Readings on this page are from Oct 5, 2026, except a card that shows its own read date.
Watch the FTNT film — every key number, told as a short cinematic story
~2 min · open the film
What is Fortinet (FTNT), and what does it report?
Short answer · as of
FortiGate combines firewall, intrusion prevention, malware defense, private networking, application control and network acceleration in an appliance-led platform.
Research dated 2026-09-12.
FortiGate combines firewall, intrusion prevention, malware defense, private networking, application control and network acceleration in an appliance-led platform. Fortinet expands that footprint through switching, wireless access, endpoint protection, authentication, analysis and centralized management, selling directly and through channel partners across commercial and public-sector markets.
Reported revenue therefore measures several linked economic activities: product shipments place or expand the platform, security subscriptions monetize protection over time, and technical support generates another service stream. Subscription revenue is the largest reported category, while product and support remain substantial, so Fortinet is neither a pure hardware vendor nor a software-only security company.
What do the latest results show for Fortinet (FTNT)?
Short answer · as of
The most recent reported quarter, Q2 FY2026, carried revenue of $2.05B.
Research dated 2026-09-12.
The latest reported period produced the strongest revenue, gross profit, operating profit and net result in the available quarterly run. Reported revenue and earnings also continued a sustained pattern of clearing consensus expectations, while research and selling expenses rose alongside the larger business.
Management says service revenue growth has passed its trough and should improve as faster product growth works through the installed base. That is an operating claim rather than an established outcome: product sales can create future subscription and support opportunities, but the service acceleration still needs to appear in reported results.
Where is operating spending going?
Revenue alongside research and development, selling, general and administrative expenses, and the FMP standardized operating result.
- Latest quarter · revenue
- $2.05B Jun 30, 2026
- Latest quarter · R&D
- $225.00M Jun 30, 2026
- Latest quarter · SG&A
- $730.20M Jun 30, 2026
- Latest quarter · FMP standardized operating result
- $689.30M Jun 30, 2026
| Period end | Revenue | R&D | SG&A | FMP standardized operating result |
|---|---|---|---|---|
| Jun 30, 2026 | $2.05B | $225.00M | $730.20M | $689.30M |
| Mar 31, 2026 | $1.85B | $214.00M | $692.50M | $580.00M |
| Dec 31, 2025 | $1.91B | $205.00M | $686.60M | $625.60M |
| Sep 30, 2025 | $1.72B | $202.40M | $644.90M | $545.90M |
USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow.
Did results meet expectations?
Reported earnings and revenue alongside the estimates recorded by the provider.
- Latest report · revenue
- $2.05B Jul 29, 2026
- Latest report · revenue estimate
- $1.89B Jul 29, 2026
- Latest report · revenue vs estimate
- Above estimate Jul 29, 2026
- Latest report · EPS vs estimate
- Above estimate Jul 29, 2026
| Report date | Revenue · reported | Revenue · estimate | EPS · reported | EPS · estimate |
|---|---|---|---|---|
| Jul 29, 2026 | $2.05B | $1.89B | $0.9000 | $0.7460 |
| May 6, 2026 | $1.85B | $1.73B | $0.8200 | $0.6190 |
| Feb 5, 2026 | $1.91B | $1.86B | $0.8100 | $0.7430 |
| Nov 5, 2025 | $1.72B | $1.70B | $0.7400 | $0.6310 |
Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined.
Quarterly income statement — 4 quarters
| Period | Revenue | Net income | EPS |
|---|---|---|---|
| Q2 FY2026 | $2.05B | $606M | $0.82 (diluted) |
| Q1 FY2026 | $1.85B | $535M | $0.72 (diluted) |
| Q4 FY2025 | $1.91B | $506M | $0.68 (diluted) |
| Q3 FY2025 | $1.72B | $474M | $0.62 (diluted) |
What are the financial strengths and risks for Fortinet (FTNT)?
Short answer
Cash and short-term investments were $4.07B at the Jun 30, 2026 balance-sheet date. Operating cash flow was $1.04B for the quarter ended Jun 30, 2026, meaning operations generated cash. These figures do not establish a cash runway.
Research dated 2026-09-12.
Fortinet combines high gross and operating margins with strong operating cash flow and capital spending that remains modest relative to cash generation. Cash and investments comfortably exceed debt, and the latest liquidity balance improved from the preceding period, leaving financing risk low under current conditions.
The vulnerability sits in the link between appliance demand and later service growth. If product momentum weakens, fewer deployments and expansions can constrain the subscription and support pipeline; rising research and selling costs would then have less revenue growth to absorb. A rich earnings and sales valuation leaves little room for that mechanism to disappoint.
How much cash does the business generate or use?
Quarterly operating cash flow shows cash generated or used by operations.
- Latest quarter · operating cash flow
- $1.04B Jun 30, 2026
- Previous quarter · operating cash flow
- $1.08B Mar 31, 2026
| Period end | Operating cash flow | Capital expenditure (reported) |
|---|---|---|
| Jun 30, 2026 | $1.04B | −$78.00M |
| Mar 31, 2026 | $1.08B | −$70.60M |
| Dec 31, 2025 | $620.20M | −$42.80M |
| Sep 30, 2025 | $655.20M | −$87.70M |
Operating cash-flow bars share one scale and show magnitude; negative values mean cash used.
USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway.
What should you watch next at Fortinet (FTNT)?
Short answer · as of
The next earnings report is expected on Nov 4, 2026.
Research dated 2026-09-12.
Watch product growth before looking for the promised service reacceleration, because management explicitly identifies product revenue as the leading indicator. Confirmation would be faster service growth alongside continued product momentum, rather than growth shifting temporarily between reported categories.
The scheduled earnings release also provides a clean check on whether revenue and earnings can continue exceeding expectations. Operating cash flow should remain well ahead of capital spending, while operating profit needs to keep pace with rising research and selling expense if the current margin profile is to hold.
What management is planning
Management expectations, not completed milestones or guarantees. Selected verbatim excerpts; dates follow the transcript provider.
We believe the first quarter of 2026 marked the trough for our service revenue growth rate, and we anticipate a positive trajectory in our growth rates going forward.
Christiane Ohlgart ·
We continue to expect service revenue growth to pick up in the second half of the year, driven by accelerated product revenue growth, a key leading indicator.
Christiane Ohlgart ·
How does Fortinet compare with its peers?
Short answer
Fortinet's score ranks 4th of 13 in the bounded comparison shown, against 12 same-model peers. These are company scores, not expected investment returns. The set lists named competitors first, then companies in the same data-provider industry classification closest in market value; that classification is the provider's, not our judgment of business similarity.
Research dated 2026-09-12.
Fortinet differs from software-only security vendors because FortiGate joins purpose-built hardware, software licenses, networking functions and recurring security services in the same platform. Product revenue is not merely an appliance business beside subscriptions; it can seed the installed base from which later service revenue develops.
That structure gives Fortinet exposure to deployment cycles that a pure subscription vendor may not share, while recurring security subscriptions and support soften reliance on fresh hardware sales. The useful comparison is therefore the balance between product momentum and subsequent service growth, not software growth viewed in isolation.
| Company | Price | Market value | Score |
|---|---|---|---|
| $848.99 Oct 2, 2026 | $190B | 96 5-pillar Oct 4, 2026 | |
| $188.75 Oct 2, 2026 | $433B | 96 5-pillar Oct 4, 2026 | |
| $237.69 Oct 2, 2026 | $94.5B | 95 5-pillar Oct 4, 2026 | |
| Fortinet (FTNT) — this page | $180.95 | $133B | 93 |
| $211.49 Oct 2, 2026 | $35.1B | 89 5-pillar Oct 4, 2026 | |
| $11.04 Oct 2, 2026 | $44.8B | 83 5-pillar Oct 4, 2026 | |
| $454.04 Oct 2, 2026 | $25.6B | 81 5-pillar Oct 4, 2026 | |
| $357.96 Oct 2, 2026 | $28.8B | 74 5-pillar Oct 4, 2026 | |
| $41.12 Oct 2, 2026 | $23.7B | 73 5-pillar Oct 4, 2026 | |
| $270.04 Oct 2, 2026 | $275B | 69 5-pillar Oct 4, 2026 | |
| $74.33 Oct 2, 2026 | $44.2B | 68 5-pillar Oct 4, 2026 | |
| $447.41 Oct 2, 2026 | $74.3B | 67 5-pillar Oct 4, 2026 | |
| $403.24 Oct 2, 2026 | $329B | 65 5-pillar Oct 4, 2026 |
Only 5-pillar scores are ranked together. Other models are not directly comparable. Price and score dates are shown separately; market-value dates are unavailable.
The records behind this page
Analyst targets & estimates
What analysts have on file
- Price target, low to high
- $100.00 – $203.00
- Consensus target
- $158.64
- Median target
- $165.00
Consensus record · Captured .
Measured against a quoted price of $180.95 (as of Oct 2, 2026).
Insider activity
Form 4 records via FMP · Of the newest 100 records, those within the last 180 days, newest dated Sep 30, 2026
- Transactions
- 96
- Identified insiders
- 11
- Purchases
- 0
- Sales
- 24
- Other transactions
- 72
Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent.
Who holds the shares?
Institutional ownership reported through 13F filings.
- Institutional ownership
- 68.9% Period end Jun 30, 2026
- Previous quarter · ownership
- 65.2% Prior to period end Jun 30, 2026
- Reporting holders
- 1,667 Period end Jun 30, 2026
- Previous quarter · holders
- 1,400 Prior to period end Jun 30, 2026
| Holders in provider snapshot | Shares |
|---|---|
| Blackrock, INC. | 62,242,221 |
| Vanguard Capital Management LLC | 40,663,961 |
| State Street Corp | 29,630,652 |
| Vanguard Portfolio Management LLC | 24,844,685 |
| Invesco Ltd. | 24,621,016 |
Quarterly filings lag the period end. Holder rows are names in the provider snapshot, not a verified ranking; individual filing dates are not supplied. Related managers may appear separately, so these positions are not summed. Holder snapshot as of Jun 30, 2026.
What has been published about Fortinet (FTNT)?
Common Questions About FTNT (Technology)
Research dated 2026-09-12; the answers below are from that research, and the full attribution is under Sources. The last 3 questions are answered from this page's own dated data, not from the research.
How do FortiGate sales create service revenue for Fortinet?
A FortiGate deployment places Fortinet hardware and licensed security functions inside a customer network, creating opportunities for security subscriptions, technical support and related management products. Management consequently treats accelerating product revenue as a precursor to stronger service growth.
Why does Fortinet call product revenue a leading indicator?
Product sales represent new or expanded platform deployments, while related subscriptions and support are recognized through the service relationship. Stronger product momentum can therefore enlarge the base that produces later service revenue, although the timing and strength of that conversion must still be verified in reported results.
What makes Fortinet different from a software-only security vendor?
Fortinet combines FortiGate appliances with software licenses, networking, wireless access, endpoint protection, authentication and centralized management. Its economics span product shipments, recurring security subscriptions and technical support rather than relying solely on hosted software subscriptions.
Are Fortinet’s recent earnings gains backed by cash generation?
Operating cash flow has remained positive and recently stood well above capital spending, while liquidity rose in the latest reported period. Cash generation supports the reported profitability, though the quarterly cash-flow series remains uneven.
What is the FTNT stock price today?
The last price recorded on this page for Fortinet, Inc. (FTNT) is $180.95, as of the Oct 2, 2026 trading session (source: Financial Modeling Prep (FMP) · quote). It is a provider snapshot, not a live exchange feed, so check a brokerage quote before you trade.
What is the FTNT price target?
The analyst consensus price target for Fortinet, Inc. (FTNT) is $158.64 (range $100.00 to $203.00, median $165.00), per FMP data captured Oct 4, 2026. Targets are analyst opinions and change often; they are not a Stock Expert AI forecast.
When are FTNT's next earnings?
The next earnings date listed on this page for Fortinet, Inc. (FTNT) is Nov 4, 2026. Companies sometimes move report dates, so the company's own announcement is the final word on timing.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Research written by Codex (gpt-5.6-sol) on 2026-09-12. AI-authored analysis; source dates are shown with each answer. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief.
Sources — records for every figure on this page (84 figures)
The 84 rows below are exactly the facts the evidence-backed sections of this page printed — the 10-second verdict, the MoonshotScore, price and market value, the five questions with their receipts, and the records behind this page. Known dates and sources are recorded on their own rows; an em dash or UNRECORDED tier preserves a stored observation without inventing either. The quarterly income statement is provider-standardized (FMP) under one row, and scale definitions — a 0-100 rating, the band ladder, the Piotroski 0–9 range — are fixed rather than measured. No number in those sections was generated by a model. The register does not cover quoted third-party headlines, the dated council readings, or the Frequently Asked Questions; each of those says where it came from where it stands.
"As of" is the date the value is true for where the source carries one — a quarter end, a filing date, a price close, the day the score was computed. A cached observation with no source date remains undated; the page publication date is not used as a substitute.
OFFICIAL — 2 facts from SEC filings and earnings calls
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
prod.outlook | Management outlook — call excerpts | Christiane Ohlgart (Jul 29, 2026): We believe the first quarter of 2026 marked the trough for our service revenue growth rate, and we anticipate a positive trajectory in our growth rates going forward. Christiane Ohlgart (Jul 29, 2026): We continue to expect service revenue growth to pick up in the second half of the year, driven by accelerated product revenue growth, a key leading indicator. | OFFICIAL | Company earnings call, transcript via Financial Modeling Prep (FMP) — Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording. | |
id.hq | SEC filing business address | Sunnyvale, CA | OFFICIAL | SEC EDGAR filer business address — The SEC filer business address. Our market-data provider separately lists "899 Kifer Road, Sunnyvale, CA, 94086, US". |
FMP — 74 facts from Financial Modeling Prep endpoint families
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
px.last | Latest provided price | $180.95 | FMP | Financial Modeling Prep (FMP) · quote — Dated to the US trading session the price belongs to, derived from the quote record's timestamp (weekend and pre-open reads roll back to the previous weekday; exchange holidays are not modelled). The record does not establish an exchange execution time. Retrieved 2026-10-04T12:54:41.164Z. | |
px.change | Change on the day | +1.25% | FMP | Financial Modeling Prep (FMP) · quote | |
px.mcap | Market capitalisation | $133B | FMP | Financial Modeling Prep (FMP) · quote — Date unknown Market cap record date: 2026-10-02. FMP quote timestamp: 2026-10-02T20:00:01.000Z. Captured from FMP at 2026-10-04T12:54:39.621Z. No share-count basis is inferred; this page preserves the reported amount instead of recalculating it from shares. | |
px.change_abs | Change on the day, in dollars | +$2.23 | FMP | Financial Modeling Prep (FMP) · quote | |
fin.q_revenue | Revenue, Q2 FY2026 | $2.05B | FMP | Financial Modeling Prep (FMP) · income statement (quarterly) | |
px.range52 | 52-week range | $73.55–$183.09 | FMP | Financial Modeling Prep (FMP) quote | |
px.pe | Price / earnings (trailing) | 62.79 | FMP | Financial Modeling Prep (FMP) · quote | |
px.volume | Shares traded on the day | 3.40M | FMP | Financial Modeling Prep (FMP) · quote | |
px.beta | Beta | 1.06 | FMP | Financial Modeling Prep (FMP) company profile | |
id.ceo | Chief executive | Ken Xie | FMP | Financial Modeling Prep (FMP) key executives (proxy-derived) — Titles and pay come from the company's proxy statement as our provider parsed it. | |
id.founder | Founder named in the filing | Michael Xie — Co-Founder, President, Chief Technology Officer & Director | FMP | Financial Modeling Prep (FMP) key executives (proxy-derived) — Titles and pay come from the company's proxy statement as our provider parsed it. | |
id.employees | Employees | 15,472 | FMP | Financial Modeling Prep (FMP) employee count, from the company's filing | |
fin.annual | Revenue and net result by fiscal year | 5 fiscal years, FY2021 through FY2025: FY2021 revenue $3.34B, net result $606.80M; FY2022 revenue $4.42B, net result $857.30M; FY2023 revenue $5.30B, net result $1.15B; FY2024 revenue $5.96B, net result $1.75B; FY2025 revenue $6.80B, net result $1.85B | FMP | Financial Modeling Prep (FMP), from the company's 10-K income statements | |
fin.rev_mix | Reported revenue segments | Product $2.22B · Security Subscription $2.63B · Technical Support and Other $1.95B | FMP | Financial Modeling Prep (FMP) revenue segmentation, from the company's 10-K | |
fin.gross_margin | Gross margin (trailing twelve months) | 80.4% | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero. | |
fin.q_table.depth.2026-06-30.revenue_k | Revenue — period end 2026-06-30 | $2.05B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.rd_k | R&D — period end 2026-06-30 | $225.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.sga_k | SG&A — period end 2026-06-30 | $730.20M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.operating_result_k | FMP standardized operating result — period end 2026-06-30 | $689.30M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.revenue_k | Revenue — period end 2026-03-31 | $1.85B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.rd_k | R&D — period end 2026-03-31 | $214.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.sga_k | SG&A — period end 2026-03-31 | $692.50M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.operating_result_k | FMP standardized operating result — period end 2026-03-31 | $580.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.revenue_k | Revenue — period end 2025-12-31 | $1.91B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.rd_k | R&D — period end 2025-12-31 | $205.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.sga_k | SG&A — period end 2025-12-31 | $686.60M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.operating_result_k | FMP standardized operating result — period end 2025-12-31 | $625.60M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.revenue_k | Revenue — period end 2025-09-30 | $1.72B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.rd_k | R&D — period end 2025-09-30 | $202.40M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.sga_k | SG&A — period end 2025-09-30 | $644.90M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.operating_result_k | FMP standardized operating result — period end 2025-09-30 | $545.90M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
earn.history.depth.2026-07-29.revenue_actual | Revenue · reported — report date 2026-07-29 | $2.05B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-07-29.revenue_estimated | Revenue · estimate — report date 2026-07-29 | $1.89B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-07-29.eps_actual | EPS · reported — report date 2026-07-29 | $0.9000 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-07-29.eps_estimated | EPS · estimate — report date 2026-07-29 | $0.7460 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-06.revenue_actual | Revenue · reported — report date 2026-05-06 | $1.85B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-06.revenue_estimated | Revenue · estimate — report date 2026-05-06 | $1.73B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-06.eps_actual | EPS · reported — report date 2026-05-06 | $0.8200 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-06.eps_estimated | EPS · estimate — report date 2026-05-06 | $0.6190 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-05.revenue_actual | Revenue · reported — report date 2026-02-05 | $1.91B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-05.revenue_estimated | Revenue · estimate — report date 2026-02-05 | $1.86B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-05.eps_actual | EPS · reported — report date 2026-02-05 | $0.8100 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-05.eps_estimated | EPS · estimate — report date 2026-02-05 | $0.7430 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-05.revenue_actual | Revenue · reported — report date 2025-11-05 | $1.72B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-05.revenue_estimated | Revenue · estimate — report date 2025-11-05 | $1.70B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-05.eps_actual | EPS · reported — report date 2025-11-05 | $0.7400 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-05.eps_estimated | EPS · estimate — report date 2025-11-05 | $0.6310 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
fin.q_table | Quarterly income statement | 4 quarters through Q2 FY2026 | FMP | Financial Modeling Prep (FMP) · income statement (quarterly), as filed | |
fin.cash_investments | Cash and short-term investments | $4.07B | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. | |
fin.opcf_latest | Latest-quarter operating cash flow | $1.04B | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Period end: 2026-06-30. Negative operating cash flow means cash used. This figure is not a cash-runway estimate. | |
fin.long_term_investments | Long-term investments (classification unverified) | $399.10M | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | |
fin.total_debt | Total debt | $496.90M | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | |
fin.price_to_book | Price to book value | 85.85× | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero. | |
fin.opcf.depth.2026-06-30.operating_cash_flow_m | Operating cash flow — period end 2026-06-30 | $1.04B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-03-31.operating_cash_flow_m | Operating cash flow — period end 2026-03-31 | $1.08B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-06-30.capex_m | Capital expenditure (reported) — period end 2026-06-30 | −$78.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-03-31.capex_m | Capital expenditure (reported) — period end 2026-03-31 | −$70.60M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-12-31.operating_cash_flow_m | Operating cash flow — period end 2025-12-31 | $620.20M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-12-31.capex_m | Capital expenditure (reported) — period end 2025-12-31 | −$42.80M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-09-30.operating_cash_flow_m | Operating cash flow — period end 2025-09-30 | $655.20M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-09-30.capex_m | Capital expenditure (reported) — period end 2025-09-30 | −$87.70M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
earn.pt_range | Analyst price target, low to high | $100.00 – $203.00 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 4, 2026 · Coverage not supplied | |
earn.pt_consensus | Consensus analyst price target | $158.64 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 4, 2026 · Coverage not supplied | |
earn.pt_median | Median analyst price target | $165.00 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 4, 2026 · Coverage not supplied | |
own.insiders | Insider transactions via FMP | 96 transactions · 0 purchases, 24 sales, 72 other transactions · 11 identified insiders · of the newest 100 records, those within the last 180 days, newest dated Sep 30, 2026 | FMP | Financial Modeling Prep (FMP), carrying Form 4 transaction records — Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent. | |
own.institutions.depth.ownership_pct | Institutional ownership | 68.9% | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026 | |
own.institutions.depth.ownership_pct_previous_quarter | Previous quarter · ownership | 65.2% | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026 | |
own.institutions.depth.holders | Reporting holders | 1,667 | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026 | |
own.institutions.depth.holders_previous_quarter | Previous quarter · holders | 1,400 | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026 | |
own.top_holders.depth.holder_0.shares | Blackrock, INC. — shares in provider snapshot | 62,242,221 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_1.shares | Vanguard Capital Management LLC — shares in provider snapshot | 40,663,961 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_2.shares | State Street Corp — shares in provider snapshot | 29,630,652 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_3.shares | Vanguard Portfolio Management LLC — shares in provider snapshot | 24,844,685 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_4.shares | Invesco Ltd. — shares in provider snapshot | 24,621,016 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. |
UNRECORDED — 2 facts from stored observations whose source was not recorded
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
earn.next | Next earnings date | Nov 4, 2026 | UNRECORDED | Stored earnings-calendar observation — Captured 2026-09-30 | |
earn.history | Reported versus estimated, recent quarters | EPS beat 8 of 8 | UNRECORDED | Stored earnings-history observation — Captured 2026-10-02 · Expired observation |
COMPUTED — 3 facts from our arithmetic, formula restated
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
fin.mcap_to_cash | Market value per dollar of cash and short-term investments | 32.68× | — | COMPUTED | Computed on this page from the figures above — The market capitalisation printed on this page divided by cash and short-term investments of $4.07B at Jun 30, 2026. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. Market cap record date: 2026-10-02. Balance-sheet reference date: 2026-06-30. The inputs do not establish a single common source date for this ratio. |
earn.history.depth.2026-07-29.revenue_actual.comparison | Latest report · revenue vs estimate | Above estimate | Report date · | COMPUTED | Computed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported revenue ($2.05B) with the recorded estimate ($1.89B) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns. |
earn.history.depth.2026-07-29.eps_actual.comparison | Latest report · EPS vs estimate | Above estimate | Report date · | COMPUTED | Computed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported EPS ($0.9000) with the recorded estimate ($0.7460) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns. |
OURS — 3 facts from Stock Expert AI's own score and rank
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
ours.moonshot | MoonshotScore v2 | 93 of 100 · Exceptional · pillars 94 / 73 / 27 / 80 / 96 | OURS | Stock Expert AI MoonshotScore v2 engine | |
ours.valuation_driver | Recorded valuation score driver | Price relative to book value is the main valuation drag relative to sector peers. | OURS | Stock Expert AI MoonshotScore v2 engine · stored factor contributions | |
ours.moonshot_change | MoonshotScore movement | 93 (stored snapshot Oct 3, 2026) → 93 (current publication computed Oct 4, 2026) (0) | OURS | Stock Expert AI current score publication and immutable score snapshots |
Fact-family notes
- Quarterly statement note. Source series as of 2026-06-30. USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow. Applies to Fact IDs:
fin.q_table.depth.2026-06-30.revenue_k,fin.q_table.depth.2026-06-30.rd_k,fin.q_table.depth.2026-06-30.sga_k,fin.q_table.depth.2026-06-30.operating_result_k,fin.q_table.depth.2026-03-31.revenue_k,fin.q_table.depth.2026-03-31.rd_k,fin.q_table.depth.2026-03-31.sga_k,fin.q_table.depth.2026-03-31.operating_result_k,fin.q_table.depth.2025-12-31.revenue_k,fin.q_table.depth.2025-12-31.rd_k,fin.q_table.depth.2025-12-31.sga_k,fin.q_table.depth.2025-12-31.operating_result_k,fin.q_table.depth.2025-09-30.revenue_k,fin.q_table.depth.2025-09-30.rd_k,fin.q_table.depth.2025-09-30.sga_k,fin.q_table.depth.2025-09-30.operating_result_k. - Earnings-history note. Source series as of 2026-07-29. Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined. Applies to Fact IDs:
earn.history.depth.2026-07-29.revenue_actual,earn.history.depth.2026-07-29.revenue_estimated,earn.history.depth.2026-07-29.revenue_actual.comparison,earn.history.depth.2026-07-29.eps_actual.comparison,earn.history.depth.2026-07-29.eps_actual,earn.history.depth.2026-07-29.eps_estimated,earn.history.depth.2026-05-06.revenue_actual,earn.history.depth.2026-05-06.revenue_estimated,earn.history.depth.2026-05-06.eps_actual,earn.history.depth.2026-05-06.eps_estimated,earn.history.depth.2026-02-05.revenue_actual,earn.history.depth.2026-02-05.revenue_estimated,earn.history.depth.2026-02-05.eps_actual,earn.history.depth.2026-02-05.eps_estimated,earn.history.depth.2025-11-05.revenue_actual,earn.history.depth.2025-11-05.revenue_estimated,earn.history.depth.2025-11-05.eps_actual,earn.history.depth.2025-11-05.eps_estimated. - Cash-flow note. Source series as of 2026-06-30. USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway. Applies to Fact IDs:
fin.opcf.depth.2026-06-30.operating_cash_flow_m,fin.opcf.depth.2026-03-31.operating_cash_flow_m,fin.opcf.depth.2026-06-30.capex_m,fin.opcf.depth.2026-03-31.capex_m,fin.opcf.depth.2025-12-31.operating_cash_flow_m,fin.opcf.depth.2025-12-31.capex_m,fin.opcf.depth.2025-09-30.operating_cash_flow_m,fin.opcf.depth.2025-09-30.capex_m.
- Published
- Research standards
- Methodology · Editorial policy · Corrections
- Report a number
- sedat@stockexpertai.com
Sources used for research written 2026-09-12
Historical evidence preserved with this analysis. Current figures are listed separately above.
| Evidence | Captured value | Source date | Source type | Source |
|---|---|---|---|---|
| Legal name | Fortinet, Inc. | 2026-02-25 | OFFICIAL | SEC EDGAR — 10-K filed 2026-02-25 |
| Ticker / exchange | FTNT on Nasdaq | 2026-09-12 | OFFICIAL | SEC EDGAR filer record |
| Business description | Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network (VPN) services, application control, web filtering, anti-spam measures, and wide area network (WAN) acceleration. Beyond its flagship product, Fortinet provides a diverse portfolio of specialized security tools. These range from FortiSwitch for secure network switching and FortiAP for robust wireless connectivity, to FortiExtender, a versatile hardware appliance. For centralized network visibility and control, clients utilize FortiAnalyzer for logging, analysis, and reporting, and FortiManager for scalable administration of FortiGate devices. The company further fortifies digital defenses with FortiWeb (web application firewalls), FortiMail (secure email gateways), and FortiSandbox technology, which offers proactive threat detection and mitigation. Endpoint protection is a key focus, delivered through FortiClient (featuring pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall) and the advanced FortiEDR/XDR suite, which leverages machine learning for anti-malware execution and real-time post-infection defense. Additionally, FortiToken and FortiAuthenticator product families provide essential multi-factor authentication to safeguard systems and data. Fortinet's service offerings include security subscriptions, technical support, professional consulting, and training programs. Its robust security technologies are distributed both directly to end-users and through an extensive network of channel partners. The company serves a wide array of sectors, including telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare. Headquartered in Sunnyvale, California, Fortinet, Inc. was established in 2000 and maintains a strategic alliance with Linksys. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) company profile |
| Revenue by segment | Product: $2.22B; Security Subscription: $2.63B; Technical Support and Other: $1.95B | 2025-12-31 | FMP | Financial Modeling Prep (FMP) revenue segmentation, from the company's 10-K |
| Management outlook — dated call excerpts | Captured record · 2 entries
Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording. | 2026-07-29 | OFFICIAL | Company earnings call, transcript via Financial Modeling Prep (FMP) |
| Trailing twelve-month ratio set | Quick ratio: 1.19; Current ratio: 1.28; Debt to equity: 0.32; Net margin: 28.2%; Gross margin: 80.4%; Operating margin: 32.4%; Return on assets: 19.5%; Return on equity: 187.9% Price-based multiples captured at research time are not repeated here; the page shows each once, from current figures with their own dates. A ratio our provider could not compute is absent rather than shown as zero. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm |
| Annual revenue and net result (USD millions) | Captured record · 5 entries
| 2025-12-31 | FMP | Financial Modeling Prep (FMP), from the company's 10-K income statements |
| Most recent periodic reports | 2026-07-30 | OFFICIAL | SEC EDGAR filer submissions | |
| Quarterly income statement (USD thousands) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements |
| Reported versus estimated, last 8 quarters | Captured record · 8 entries
| 2026-07-29 | FMP | Financial Modeling Prep (FMP) earnings |
| Recent SEC filings |
| 2026-07-30 | OFFICIAL | SEC EDGAR filer submissions |
| Operating cash flow by quarter (USD millions) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements |
| Cash, investments and debt | Total debt: $496.90M; Liquidity basis: cash and short-term investments; Total liabilities: $9.31B; Cash and short-term investments: $4.07B; Cash and investments: $4.47B; Long-term investments: $399.10M; Long-term investments classification: unclassified Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's balance sheet |
| Cash and investment components | Total basis: cash short and long-term investments; Total: $4.47B; Cash and short-term investments: $4.07B; Long-term investments: $399.10M; Long-term investments classification: unclassified Sums the balance sheet's cash and short-term investments with its long-term investments.; The long-term investment field does not establish marketability; the sum is not a measure of available liquidity.; These provider fields do not establish investment access restrictions or explain differences from third-party cash figures. | 2026-06-30 | COMPUTED | Computed from the balance sheet |
| Cash and short-term investments over time (USD millions) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's quarterly balance sheets |
| Cash against market value | As of: 2026-06-30; Cash basis: cash and short-term investments; Net cash: $3.57B; Total debt: $496.90M; Cash and investments: $4.07B Price-based multiples captured at research time are not repeated here; the page shows each once, from current figures with their own dates. Cash is the latest reported cash and short-term investment balance; long-term investments are excluded. Market capitalization is the latest provider value.; The reported balance does not establish unrestricted availability or liquidation value.; The two are measured on different dates — the balance sheet is a quarter-end, the market cap is a recent close.; Debt is total debt as reported, including operating lease liabilities where the filer includes them. | 2026-06-30 | COMPUTED | Computed from the balance sheet and the latest market capitalization |
| Distress and quality screens | Altman Z-score: 9.12; Piotroski F-score: 6 Altman Z below 1.8 is the conventional distress zone. For a company holding large cash against negative retained earnings the score mostly reflects the retained-earnings term. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) financial scores |
| Next earnings report | Date: 2026-11-04; EPS estimate: $0.85 per share; Revenue estimate: $2.06B The date is our provider's estimate until the company confirms it. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) earnings calendar |
| Analyst revenue and earnings estimates (average) | Captured record · 4 entries
| 2026-09-12 | FMP | Financial Modeling Prep (FMP) analyst estimates |
| Sector / industry (provider taxonomy) | Technology / Software - Infrastructure The company's SEC filings classify it under SIC 3577 — Computer Peripheral Equipment, NEC. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) company profile |
Data provided for informational purposes only.
ETFs that hold FTNT
Funds in our ETF coverage that list FTNT among the top 10 holdings on their fund page, largest weight first. Each weight is the fund's reported holding weight as of the date in its row.
| ETF | Weight | Holdings as of |
|---|---|---|
| Invesco Dynamic Software ETF (PSJ) | 5.06% | |
| 2ndVote Life Neutral Plus ETF (LYFE) | 4.88% | |
| KraneShares Wahed Alternative Income Index ETF (KWIN) | 4.16% |