BMNR vs. FTNT: Bitmine Immersion vs. Fortinet Stock Comparison

November 11, 2026

How do Bitmine Immersion (BMNR) and Fortinet (FTNT) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Bitmine Immersion (BMNR) and Fortinet (FTNT) both belong to the Software industry, though BMNR is classified under Application Software while FTNT falls under Systems Software.

Fortinet (FTNT) has been public since November 18, 2009, giving it a longer listed trading history, while Bitmine Immersion (BMNR) listed on June 5, 2025 and still has a shorter public-market record.

Company profile comparison for Bitmine Immersion (BMNR) and Fortinet (FTNT)
Profile Item	BMNR	FTNT
Name	BitMine Immersion Technologies, Inc.	Fortinet, Inc.
Country/Region	United States	United States
GICS Sector	Information Technology	Information Technology
GICS Industry Group	Software & Services	Software & Services
GICS Industry	Software	Software
GICS Sub-Industry	Application Software	Systems Software
Market Capitalization	11.32 billion USD	87.31 billion USD
Currency	USD	USD
Exchange	NYSE American	Nasdaq
Listing Date	June 5, 2025	November 18, 2009
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

BMNR

FTNT

GSPC

Bitmine Immersion (BMNR) vs. Fortinet (FTNT), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Bitmine Immersion (BMNR) and Fortinet (FTNT). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Bitmine Immersion (BMNR) and Fortinet (FTNT). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Bitmine Immersion (BMNR) and Fortinet (FTNT)
Metric	BMNR	FTNT
Total Return (1Y)	-52.72%	49.91%
Total Return (3Y, Annualized)	--	35.15%
Total Return (5Y, Annualized)	--	11.92%

Risk Profile

Drawdown History

BMNR

FTNT

GSPC

Bitmine Immersion (BMNR) vs. Fortinet (FTNT), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Bitmine Immersion (BMNR) and Fortinet (FTNT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Bitmine Immersion (BMNR) and Fortinet (FTNT)
Metric	BMNR	FTNT
Volatility (1Y, Annualized)	89.23%	49.03%
Beta (5Y)	1.75	1.07
Max Drawdown (5Y)	-90.14%	-38.98%
Avg. Volume (3M)	36.95M	4.68M

Risk-Adjusted Performance

Risk-Return Positioning

BMNR and FTNT are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Bitmine Immersion (BMNR) and Fortinet (FTNT)
Metric	BMNR	FTNT
Sharpe Ratio (1Y)	-0.64	0.93
Sortino Ratio (1Y)	-0.93	1.37

Profitability

ROE (TTM)

Bitmine Immersion (BMNR) reports a negative ROE of -150.91%; negative ROE can reflect losses or negative shareholders’ equity, so it is harder to read as capital efficiency. Meanwhile Fortinet (FTNT) reports 153.08%, ranking against industry peers normally.

BMNR

Software & Services industry group

-150.91%

Max: 53.85%
Q3: 17.90%
Median: 6.59%
Q1: -9.59%
Min: -50.52%
BMNR: -150.91%

FTNT

Software & Services industry group

153.08%

FTNT: 153.08%
Max: 53.85%
Q3: 17.90%
Median: 6.59%
Q1: -9.59%
Min: -50.52%

Bitmine Immersion (BMNR) vs. Fortinet (FTNT): A comparison of their ROE against the Software & Services industry group benchmark.

Net Margin (TTM)

Fortinet (FTNT) at 28.96% retains a top-quartile share of revenue as profit, ahead of Bitmine Immersion (BMNR) at 0.00%, which keeps about the industry-typical share.

BMNR

Software & Services industry group

0.00%

Max: 41.17%
Q3: 15.28%
Median: 4.63%
BMNR: 0.00%
Q1: -5.42%
Min: -33.17%

FTNT

Software & Services industry group

28.96%

Max: 41.17%
FTNT: 28.96%
Q3: 15.28%
Median: 4.63%
Q1: -5.42%
Min: -33.17%

Bitmine Immersion (BMNR) vs. Fortinet (FTNT): A comparison of their net margin against the Software & Services industry group benchmark.

Operating Margin (TTM)

Fortinet (FTNT) at 33.82% operates in the top operating margin quartile, ahead of Bitmine Immersion (BMNR) at 8.42%, which runs around its industry’s norm.

BMNR

Software & Services industry group

8.42%

Max: 46.89%
Q3: 17.64%
Median: 8.73%
BMNR: 8.42%
Q1: -2.13%
Min: -30.45%

FTNT

Software & Services industry group

33.82%

Max: 46.89%
FTNT: 33.82%
Q3: 17.64%
Median: 8.73%
Q1: -2.13%
Min: -30.45%

Bitmine Immersion (BMNR) vs. Fortinet (FTNT): A comparison of their operating margin against the Software & Services industry group benchmark.

Profitability Metrics

Profitability metrics for Bitmine Immersion (BMNR) and Fortinet (FTNT)
Metric	BMNR	FTNT
ROE (TTM)	-150.91%	153.08%
ROA (TTM)	-3.17%	15.22%
Net Margin (TTM)	0.00%	28.96%
Operating Margin (TTM)	8.42%	33.82%
Gross Margin (TTM)	84.44%	79.75%

Growth

Revenue Growth

Bitmine Immersion (BMNR) at 84.14% clears its industry range for revenue growth, far stronger top-line momentum than Fortinet (FTNT) at 14.17%, which is closer to a typical peer reading.

Bitmine Immersion (BMNR) vs. Fortinet (FTNT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Only one side can be read here: Fortinet (FTNT) reports EPS growth of 7.08%, ranked against its industry; Bitmine Immersion (BMNR) has no EPS growth figure this period.

Bitmine Immersion (BMNR) vs. Fortinet (FTNT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Bitmine Immersion (BMNR) and Fortinet (FTNT)
Metric	BMNR	FTNT
Revenue Growth (YoY)	84.14%	14.17%
Revenue Growth (3Y CAGR)	142.45%	15.46%
EPS Growth (YoY)	--	7.08%
EPS Growth (3Y CAGR)	--	31.68%

Financial Strength

Current Ratio (MRQ)

Fortinet (FTNT) at 1.40 keeps current ratio within its industry’s typical mid-range, while Bitmine Immersion (BMNR) at 36.68 sits above its industry’s typical mid-range — comfortable liquidity, though possibly with more idle current assets relative to peers.

BMNR

Software & Services industry group

36.68

BMNR: 36.68
Max: 5.11
Q3: 2.77
Median: 1.67
Q1: 1.01
Min: 0.03

FTNT

Software & Services industry group

1.40

Max: 5.11
Q3: 2.77
Median: 1.67
FTNT: 1.40
Q1: 1.01
Min: 0.03

Bitmine Immersion (BMNR) vs. Fortinet (FTNT): A comparison of their current ratio against the Software & Services industry group benchmark.

Debt / Equity (MRQ)

Bitmine Immersion (BMNR) at 0.00 keeps leverage in the lower industry quartile, while Fortinet (FTNT) at 0.25 runs a more typical debt-to-equity mix.

BMNR

Software & Services industry group

0.00

Max: 2.52
Q3: 1.13
Median: 0.40
Q1: 0.07
BMNR: 0.00
Min: 0.00

FTNT

Software & Services industry group

0.25

Max: 2.52
Q3: 1.13
Median: 0.40
FTNT: 0.25
Q1: 0.07
Min: 0.00

Bitmine Immersion (BMNR) vs. Fortinet (FTNT): A comparison of their debt-to-equity ratio against the Software & Services industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Bitmine Immersion (BMNR) and Fortinet (FTNT)
Metric	BMNR	FTNT
Current Ratio (MRQ)	36.68	1.40
Debt / Equity (MRQ)	0.00	0.25
Net Debt / EBITDA	--	-1.54

Dividends

Dividend Yield (TTM)

Fortinet (FTNT) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Bitmine Immersion (BMNR) reports a yield of 0.05%, ranking against industry peers normally.

BMNR

Software & Services industry group

0.05%

BMNR: 0.05%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

FTNT

Software & Services industry group

0.00%

FTNT: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Bitmine Immersion (BMNR) vs. Fortinet (FTNT): A comparison of their dividend yield against the Software & Services industry group benchmark.

Dividend Payout Ratio (TTM)

Neither Bitmine Immersion (BMNR) nor Fortinet (FTNT) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

BMNR

Software & Services industry group

0.00%

BMNR: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

FTNT

Software & Services industry group

0.00%

FTNT: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Bitmine Immersion (BMNR) vs. Fortinet (FTNT): A comparison of their payout ratio against the Software & Services industry group benchmark.

Dividend Metrics

Dividend metrics for Bitmine Immersion (BMNR) and Fortinet (FTNT)
Metric	BMNR	FTNT
Dividend Yield (TTM)	0.05%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

An earnings multiple is available for just one side: Fortinet (FTNT) trades at 38.84 times trailing earnings, ranked against its peers, while Bitmine Immersion (BMNR) has no P/E ratio this period.

BMNR

Software & Services industry group

Max: 112.94
Q3: 60.32
Median: 32.91
Q1: 18.77
Min: 6.69
BMNR: --

FTNT

Software & Services industry group

38.84

Max: 112.94
Q3: 60.32
FTNT: 38.84
Median: 32.91
Q1: 18.77
Min: 6.69

Bitmine Immersion (BMNR) vs. Fortinet (FTNT): BMNR does not report P/E ratio, so it has no value marker; FTNT is benchmarked against the Software & Services industry group.

P/S Ratio (TTM)

Both look expensive on sales: Fortinet (FTNT) at 11.08 sits in the upper P/S ratio quartile, and Bitmine Immersion (BMNR) at 184.93 prices even higher, above its industry range.

BMNR

Software & Services industry group

184.93

BMNR: 184.93
Max: 17.91
Q3: 8.78
Median: 4.25
Q1: 2.23
Min: 0.02

FTNT

Software & Services industry group

11.08

Max: 17.91
FTNT: 11.08
Q3: 8.78
Median: 4.25
Q1: 2.23
Min: 0.02

Bitmine Immersion (BMNR) vs. Fortinet (FTNT): A comparison of their P/S ratio against the Software & Services industry group benchmark.

P/B Ratio (MRQ)

Bitmine Immersion (BMNR) at 0.94 sits in the lower P/B ratio quartile relative to book while Fortinet (FTNT) at 38.85 prices above its industry range — a wide valuation gap against assets.

BMNR

Software & Services industry group

0.94

Max: 16.63
Q3: 8.50
Median: 4.30
Q1: 1.92
BMNR: 0.94
Min: -3.90

FTNT

Software & Services industry group

38.85

FTNT: 38.85
Max: 16.63
Q3: 8.50
Median: 4.30
Q1: 1.92
Min: -3.90

Bitmine Immersion (BMNR) vs. Fortinet (FTNT): A comparison of their P/B ratio against the Software & Services industry group benchmark.

Valuation Metrics

Valuation metrics for Bitmine Immersion (BMNR) and Fortinet (FTNT)
Metric	BMNR	FTNT
P/E Ratio (TTM)	--	38.84
P/S Ratio (TTM)	184.93	11.08
P/B Ratio (MRQ)	0.94	38.85
Free Cash Flow Yield (TTM)	-4.58%	2.85%