FTNT vs NET: Fortinet and Cloudflare compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Fortinet is the larger company, worth $154.7B, close to Cloudflare's $136.9B.
- Cloudflare grew revenue faster over the last year (+35.9% vs +25.6%).
- Fortinet keeps more of each dollar of revenue as operating profit (32.4% vs -14.1%).
- Cloudflare's price assumes faster free cash flow growth: about 49% a year, against 21% for Fortinet (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FTNT | NET |
|---|---|---|
| Market cap | $154.7B | $136.9B |
| Share price | $194.75 | $360.93 |
| Revenue (last fiscal year) | $6.8B | $2.2B |
| Free cash flow (last fiscal year) | $2.2B | $287M |
| Revenue growth, last year | +25.6% | +35.9% |
| Revenue growth per year, last 5 fiscal years | +19.4% | +34.8% |
| Operating margin | 32.4% | -14.1% |
| Net margin | 28.2% | -8.2% |
| Return on equity | 136.7% | -12.7% |
| P/E (trailing) | 81.9x | — |
| Price / free cash flow | 69.5x | 422.2x |
| EV / EBITDA | 53.1x | 3478.2x |
| FCF growth the price implies | 21.4% | 49.1% |
| Dividend yield | — | — |
| Debt / equity | 6.00x | 3.00x |
| Fundamental grade | C | D |
| Superinvestors holding it | 4 | 4 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Fortinet
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.3B | $1.2B | 19.5% |
| 2022 | $4.4B | $1.4B | 21.9% |
| 2023 | $5.3B | $1.7B | 23.4% |
| 2024 | $6.0B | $1.9B | 30.3% |
| 2025 | $6.8B | $2.2B | 30.7% |
Cloudflare
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $656M | -$28M | -19.5% |
| 2022 | $975M | -$20M | -20.6% |
| 2023 | $1.3B | $140M | -14.3% |
| 2024 | $1.7B | $195M | -9.3% |
| 2025 | $2.2B | $287M | -9.6% |
Where the revenue comes from
Fortinet · by products, 2025
Security subscription$2.6B39%
Product$2.2B33%
Technical support and other$1.9B29%
Cloudflare · by regions, 2025
United States$1.1B49%
Europe, Middle East, and Africa$599M28%
Asia Pacific$330M15%
Other$167M8%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FTNT in InvestinglyQuestions
Which is bigger, Fortinet or Cloudflare?
Fortinet (FTNT), at $154.7B against $136.9B.
Which grows faster, FTNT or NET?
Cloudflare: revenue grew +35.9% over the last year, against +25.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.