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FTNT vs. NET: Fortinet vs. Cloudflare Stock Comparison

How do Fortinet (FTNT) and Cloudflare (NET) 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

Fortinet (FTNT) and Cloudflare (NET) both fall under the Software & Services industry group, but FTNT is classified in Software while NET is classified in IT Services.

Company profile comparison for Fortinet (FTNT) and Cloudflare (NET)
Profile ItemFTNTNET
NameFortinet, Inc.Cloudflare, Inc. Class A Common Stock
Country/RegionUnited StatesUnited States
GICS SectorInformation TechnologyInformation Technology
GICS Industry GroupSoftware & ServicesSoftware & Services
GICS IndustrySoftwareIT Services
GICS Sub-IndustrySystems SoftwareInternet Services & Infrastructure
Market Capitalization87.31 billion USD96.32 billion USD
CurrencyUSDUSD
ExchangeNasdaqNYSE
Listing DateNovember 18, 2009September 13, 2019
Security TypeCommon StockCommon Stock

Price Performance

Cumulative Growth

FTNT
NET
GSPC
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Fortinet (FTNT) vs. Cloudflare (NET), 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 Fortinet (FTNT) and Cloudflare (NET). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Fortinet (FTNT) and Cloudflare (NET)
MetricFTNTNET
Total Return (1Y)49.91%27.13%
Total Return (3Y, Annualized)35.15%68.21%
Total Return (5Y, Annualized)11.92%7.66%

Risk Profile

Drawdown History

FTNT
NET
GSPC
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Fortinet (FTNT) vs. Cloudflare (NET), 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 Fortinet (FTNT) and Cloudflare (NET). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Fortinet (FTNT) and Cloudflare (NET)
MetricFTNTNET
Volatility (1Y, Annualized)49.03%67.16%
Beta (5Y)1.071.34
Max Drawdown (5Y)-38.98%-82.58%
Avg. Volume (3M)4.68M3.45M

Risk-Adjusted Performance

Risk-Return Positioning

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FTNT and NET 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 Fortinet (FTNT) and Cloudflare (NET)
MetricFTNTNET
Sharpe Ratio (1Y)0.930.34
Sortino Ratio (1Y)1.370.48

Profitability

ROE (TTM)

Cloudflare (NET) reports a negative ROE of -17.00%; 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.

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%

NET

Software & Services industry group

-17.00%

Max
53.85%
Q3
17.90%
Median
6.59%
Q1
-9.59%
NET
-17.00%
Min
-50.52%
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Fortinet (FTNT) vs. Cloudflare (NET): A comparison of their ROE against the Software & Services industry group benchmark.

Net Margin (TTM)

Cloudflare (NET) reports a negative net margin of -8.75%, usually indicating a net loss over the period. Meanwhile Fortinet (FTNT) reports 28.96%, ranking against industry peers normally.

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%

NET

Software & Services industry group

-8.75%

Max
41.17%
Q3
15.28%
Median
4.63%
Q1
-5.42%
NET
-8.75%
Min
-33.17%
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Fortinet (FTNT) vs. Cloudflare (NET): A comparison of their net margin against the Software & Services industry group benchmark.

Operating Margin (TTM)

Cloudflare (NET) reports a negative operating margin of -7.27%, usually indicating that operating costs exceeded revenue at the operating-income line. Meanwhile Fortinet (FTNT) reports 33.82%, ranking against industry peers normally.

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%

NET

Software & Services industry group

-7.27%

Max
46.89%
Q3
17.64%
Median
8.73%
Q1
-2.13%
NET
-7.27%
Min
-30.45%
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Fortinet (FTNT) vs. Cloudflare (NET): A comparison of their operating margin against the Software & Services industry group benchmark.

Profitability Metrics

Profitability metrics for Fortinet (FTNT) and Cloudflare (NET)
MetricFTNTNET
ROE (TTM)153.08%-17.00%
ROA (TTM)15.22%-2.00%
Net Margin (TTM)28.96%-8.75%
Operating Margin (TTM)33.82%-7.27%
Gross Margin (TTM)79.75%71.90%

Growth

Revenue Growth

Cloudflare (NET) at 29.85% sits in the top revenue growth quartile, while Fortinet (FTNT) at 14.17% is closer to the peer norm — faster top-line expansion for NET.

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Fortinet (FTNT) vs. Cloudflare (NET): 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; Cloudflare (NET) has no EPS growth figure this period.

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Fortinet (FTNT) vs. Cloudflare (NET): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Fortinet (FTNT) and Cloudflare (NET)
MetricFTNTNET
Revenue Growth (YoY)14.17%29.85%
Revenue Growth (3Y CAGR)15.46%30.51%
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 Cloudflare (NET) at 3.80 sits above its industry’s typical mid-range — comfortable liquidity, though possibly with more idle current assets relative to peers.

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

NET

Software & Services industry group

3.80

Max
5.11
NET
3.80
Q3
2.77
Median
1.67
Q1
1.01
Min
0.03
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Fortinet (FTNT) vs. Cloudflare (NET): A comparison of their current ratio against the Software & Services industry group benchmark.

Debt / Equity (MRQ)

Fortinet (FTNT) at 0.25 is near its industry mid-range for debt-to-equity ratio, while Cloudflare (NET) at 3.21 sits above its benchmark range, pointing to a heavier debt load relative to equity.

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

NET

Software & Services industry group

3.21

NET
3.21
Max
2.52
Q3
1.13
Median
0.40
Q1
0.07
Min
0.00
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Fortinet (FTNT) vs. Cloudflare (NET): A comparison of their debt-to-equity ratio against the Software & Services industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Fortinet (FTNT) and Cloudflare (NET)
MetricFTNTNET
Current Ratio (MRQ)1.403.80
Debt / Equity (MRQ)0.253.21
Net Debt / EBITDA-1.54--

Dividends

Dividend Yield (TTM)

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

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%

NET

Software & Services industry group

0.00%

NET
0.00%
Max
0.00%
Q3
0.00%
Median
0.00%
Q1
0.00%
Min
0.00%
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Fortinet (FTNT) vs. Cloudflare (NET): A comparison of their dividend yield against the Software & Services industry group benchmark.

Dividend Payout Ratio (TTM)

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

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%

NET

Software & Services industry group

0.00%

NET
0.00%
Max
0.00%
Q3
0.00%
Median
0.00%
Q1
0.00%
Min
0.00%
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Fortinet (FTNT) vs. Cloudflare (NET): A comparison of their payout ratio against the Software & Services industry group benchmark.

Dividend Metrics

Dividend metrics for Fortinet (FTNT) and Cloudflare (NET)
MetricFTNTNET
Dividend Yield (TTM)0.00%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 Cloudflare (NET) has no P/E ratio this period.

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

NET

Software & Services industry group

--

Max
112.94
Q3
60.32
Median
32.91
Q1
18.77
Min
6.69
NET
--
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Fortinet (FTNT) vs. Cloudflare (NET): NET 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 Cloudflare (NET) at 35.24 prices even higher, above its industry range.

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

NET

Software & Services industry group

35.24

NET
35.24
Max
17.91
Q3
8.78
Median
4.25
Q1
2.23
Min
0.02
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Fortinet (FTNT) vs. Cloudflare (NET): A comparison of their P/S ratio against the Software & Services industry group benchmark.

P/B Ratio (MRQ)

Measured against book value, both Fortinet (FTNT) at 38.85 and Cloudflare (NET) at 65.73 look expensive — each P/B ratio sits above its industry’s benchmark range.

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

NET

Software & Services industry group

65.73

NET
65.73
Max
16.63
Q3
8.50
Median
4.30
Q1
1.92
Min
-3.90
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Fortinet (FTNT) vs. Cloudflare (NET): A comparison of their P/B ratio against the Software & Services industry group benchmark.

Valuation Metrics

Valuation metrics for Fortinet (FTNT) and Cloudflare (NET)
MetricFTNTNET
P/E Ratio (TTM)38.84--
P/S Ratio (TTM)11.0835.24
P/B Ratio (MRQ)38.8565.73
Free Cash Flow Yield (TTM)2.85%0.83%