FTNT
Market read
FTNT accounts for 9.7% of the group's measured movement across 4.4 effective names. raw member direction is mixed; 4 of 6 session-normalized paths align to the downside. Capital-flow agreement is 0%, so confirmation is not yet clean. No verified headline preceded the measured group move.
CHKP, CGNT, PANW moved materially before FTNT. FTNT crossed its material path threshold at 09:30 ET, 1070 minutes after the first measured mover.
5 of 6 members in Software Companies are active. 1 of 8 disclosed connections are confirming.
Invalidation: The live read weakens if participation falls to 2 of 6 members or fewer.
Research brief
FTNT accounts for 9.7% of the group's measured movement across 4.4 effective names. raw member direction is mixed; 4 of 6 session-normalized paths align to the downside. Capital-flow agreement is 0%, so confirmation is not yet clean. No verified headline preceded the measured group move.
Company research
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
“35 Table of Contents Sales and marketing Sales and marketing expenses increased $93.6 million, or 17%, during the three months ended March 31, 2026 compared to the same period last year, primarily due to an increase of $73.1 million in personnel-related costs…”10-Q · May 8, 2026 ↗
“The 1.9 percentage points increase in operating margin was primarily due to 1.3, 0.8 and 0.8 percentage points decreases in research and development expense, sales and marketing expense and general and administrative expense, as a percentage of revenue, respe…”10-Q · May 8, 2026 ↗
“Interest income, interest expense and other income (expense) — net Year Ended December 31, 2025 2024 Change % Change (in millions, except percentages) Interest income $ 162.3 $ 155.2 $ 7.1 5 % Interest expense (20.1) (20.0) (0.1) 1 % Other income (expense)—ne…”10-K · Feb 25, 2026 ↗
“Total revenue is expected to increase in 2026 compared to the prior year; however, our expenses are expected to outpace revenue growth, primarily reflecting investments in sales and marketing headcount, product development and the continued capital expenditur…”10-Q · May 8, 2026 ↗
Valuation discipline
Price/sales 20.1× · EV/sales 19.8×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 2 Oct, 15:15 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
Jodie has not returned a relevant primary source or news item for FTNT. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
10-Q filed 2026-05-08 against the comparable filing from 2025-05-08.
“Service gross margin increased 0.3 percentage points during the three months ended March 31, 2026 compared to the same period last year, primarily driven by service revenue growth outpacing labor costs increase, partially offset by increased costs related to the continued expansion of our data center and cloud services.”
“Interest income, interest expense and other income — net Three Months Ended March 31, 2026 March 31, 2025 Change % Change (in millions, except percentages) Interest income $ 32.9 $ 44.3 $ (11.4) (26) % Interest expense $ (4.2) $ (4.9) $ 0.7 (14) % Other income—net $ 47.9 $ 26.1 $ 21.8 84 % Interest income decreased $11.4 million during the three months ended March 31, 2026 compared to the same period last year, primarily due to lower average interest rates and lower average cash and cash equivalents balances as a result of share repurchases and debt repayment.”
“The 1.9 percentage points increase in operating margin was primarily due to 1.3, 0.8 and 0.8 percentage points decreases in research and development expense, sales and marketing expense and general and administrative expense, as a percentage of revenue, respectively, partially offset by 0.7 percentage points decrease in gross margin and 0.3 percentage points decrease in gain on intellectual property matters as a percentage of revenue.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
“We offer our products hosted in our own data centers, PoPs, and through colocations and major cloud service providers, including Amazon Web Services, Microsoft Azure and Google Cloud.”
“Our limited source components for particular appliances and suppliers of those components include specific types of Central Processing Units from Intel Corporation (“Intel”) and Advanced Micro Devices, Inc., network and wireless chips from Broadcom Inc., Marv…”
Depended on by
“Our main competitors fall into four categories: • large companies that incorporate security features in their products, such as Cisco Systems, Inc.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 23 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
FTNT is currently a Participant in the organic co-movement group Software Companies. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
No durable theme membership has been observed for this name yet.