Fortinet (FTNT) vs Palo Alto Networks (PANW)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
Fortinet (FTNT) has outperformed Palo Alto Networks (PANW) over the past year, gaining 122.9% versus a gain of 92.2%. Over five years, PANW leads with a +379.2% price change compared with +200.2% for FTNT. Palo Alto Networks is the larger company by market cap ($331.76 billion vs $138.88 billion), about 2.4 times the size.
On valuation, Fortinet trades at a lower forward P/E (50.1x vs 83.1x for Palo Alto Networks). Fortinet converts more of its revenue into profit, with a net margin of 27.3% versus 2.7%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | FTNT | PANW |
|---|---|---|
| Share price | $189.28 | $405.57 |
| Market cap | $138.88B | $331.76B |
| 1-day change | -1.04% | -3.42% |
| YTD return | +138.36% | +120.18% |
| 1-year return | +122.89% | +92.18% |
| 5-year return | +200.17% | +379.16% |
| P/E ratio (TTM) | 66.88 | — |
| Forward P/E | 50.10 | 83.12 |
| EPS (TTM) | $2.83 | $0.40 |
| Dividend yield | 0.00% | 0.00% |
| Annual dividend | $0.00 | $0.00 |
| Revenue (latest FY) | $6.80B | $11.48B |
| Revenue growth (YoY) | +14.17% | +24.50% |
| Net income (latest FY) | $1.85B | $307.00M |
| Gross margin | 80.46% | 70.36% |
| Operating margin | 30.66% | 6.05% |
| Net margin | 27.26% | 2.67% |
| 52-week high | $192.41 | $432.33 |
| 52-week low | $73.55 | $139.57 |
| Distance from 52-week high | -1.63% | -6.19% |
| Analyst consensus | hold | buy |
| Avg. price target upside | -13.19% | -2.13% |
| Average volume | 4.62M | 6.23M |
| Shares outstanding | 733.71M | 818.00M |
| Employees | 15,472 | 21,921 |
| Sector | Technology | Technology |
| Industry | Computer peripheral equipment | Computer peripheral equipment |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- Palo Alto Networks is about 2.4 times larger than Fortinet by market value ($331.76B vs $138.88B).
- FTNT has outperformed PANW by 30.7 percentage points over the past year.
- Fortinet is more profitable, keeping 27.3 cents of every revenue dollar as net income versus 2.7 cents for Palo Alto Networks.
- Palo Alto Networks grew revenue faster in its latest fiscal year (+24.50% vs +14.17%).
About Fortinet
FTNT stock →Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide.
Technology · Computer peripheral equipment · 15,472 employees
About Palo Alto Networks
PANW stock →Palo Alto Networks, Inc. provides cybersecurity solutions in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan.
Technology · Computer peripheral equipment · 21,921 employees
FTNT vs PANW FAQ
Which is bigger, Fortinet or Palo Alto Networks?
Palo Alto Networks (PANW) is larger, with a market capitalization of $331.76B compared with $138.88B for Fortinet (FTNT).
Which stock has performed better over the past year, FTNT or PANW?
FTNT returned +122.89% over the past 12 months, compared with +92.18% for PANW (price return, excluding dividends). Past performance does not predict future results.
Are Fortinet and Palo Alto Networks in the same industry?
Yes. Both are classified in the Computer peripheral equipment industry within the Technology sector.