FTNT vs. TYL: Fortinet vs. Tyler Stock Comparison

November 11, 2026

How do Fortinet (FTNT) and Tyler (TYL) 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 Tyler (TYL) both belong to the Software industry, though FTNT is classified under Systems Software while TYL falls under Application Software.

Company profile comparison for Fortinet (FTNT) and Tyler (TYL)
Profile Item	FTNT	TYL
Name	Fortinet, Inc.	Tyler Technologies 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	Systems Software	Application Software
Market Capitalization	87.31 billion USD	16.72 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	November 18, 2009	March 17, 1980
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

FTNT

TYL

GSPC

Fortinet (FTNT) vs. Tyler (TYL), 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

Loading price history…

Trailing total returns for Fortinet (FTNT) and Tyler (TYL). Returns over one year are annualized.

Calendar-Year Returns

Loading price history…

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

Performance Metrics

Price performance metrics for Fortinet (FTNT) and Tyler (TYL)
Metric	FTNT	TYL
Total Return (1Y)	49.91%	-9.12%
Total Return (3Y, Annualized)	35.15%	0.63%
Total Return (5Y, Annualized)	11.92%	-4.91%

Risk Profile

Drawdown History

FTNT

TYL

GSPC

Fortinet (FTNT) vs. Tyler (TYL), 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

Loading price history…

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

Risk Metrics

Risk profile metrics for Fortinet (FTNT) and Tyler (TYL)
Metric	FTNT	TYL
Volatility (1Y, Annualized)	49.03%	42.71%
Beta (5Y)	1.07	0.70
Max Drawdown (5Y)	-38.98%	-57.44%
Avg. Volume (3M)	4.68M	832.79K

Risk-Adjusted Performance

Risk-Return Positioning

FTNT and TYL 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 Tyler (TYL)
Metric	FTNT	TYL
Sharpe Ratio (1Y)	0.93	-0.31
Sortino Ratio (1Y)	1.37	-0.42

Profitability

ROE (TTM)

Fortinet (FTNT) at 153.08% clears its industry range for ROE, a sharper capital-efficiency signal than Tyler (TYL) at 10.49%, which is closer to a typical peer reading.

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%

TYL

Software & Services industry group

10.49%

Max: 53.85%
Q3: 17.90%
TYL: 10.49%
Median: 6.59%
Q1: -9.59%
Min: -50.52%

Fortinet (FTNT) vs. Tyler (TYL): 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 Tyler (TYL) at 13.51%, which keeps about the industry-typical share.

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%

TYL

Software & Services industry group

13.51%

Max: 41.17%
Q3: 15.28%
TYL: 13.51%
Median: 4.63%
Q1: -5.42%
Min: -33.17%

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

Operating Margin (TTM)

Both Fortinet (FTNT) at 33.82% and Tyler (TYL) at 18.07% convert sales into operating profit at a top-quartile rate, pointing to tighter cost discipline before financing and tax.

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%

TYL

Software & Services industry group

18.07%

Max: 46.89%
TYL: 18.07%
Q3: 17.64%
Median: 8.73%
Q1: -2.13%
Min: -30.45%

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

Profitability Metrics

Profitability metrics for Fortinet (FTNT) and Tyler (TYL)
Metric	FTNT	TYL
ROE (TTM)	153.08%	10.49%
ROA (TTM)	15.22%	4.40%
Net Margin (TTM)	28.96%	13.51%
Operating Margin (TTM)	33.82%	18.07%
Gross Margin (TTM)	79.75%	47.70%

Growth

Revenue Growth

Both Fortinet (FTNT) at 14.17% and Tyler (TYL) at 9.10% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Fortinet (FTNT) vs. Tyler (TYL): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Fortinet (FTNT) at 7.08% and Tyler (TYL) at 19.01% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

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

Growth Metrics

Growth metrics for Fortinet (FTNT) and Tyler (TYL)
Metric	FTNT	TYL
Revenue Growth (YoY)	14.17%	9.10%
Revenue Growth (3Y CAGR)	15.46%	8.03%
EPS Growth (YoY)	7.08%	19.01%
EPS Growth (3Y CAGR)	31.68%	22.99%

Financial Strength

Current Ratio (MRQ)

Both Fortinet (FTNT) at 1.40 and Tyler (TYL) at 1.33 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity 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

TYL

Software & Services industry group

1.33

Max: 5.11
Q3: 2.77
Median: 1.67
TYL: 1.33
Q1: 1.01
Min: 0.03

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

Debt / Equity (MRQ)

Both Fortinet (FTNT) at 0.25 and Tyler (TYL) at 0.52 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

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

TYL

Software & Services industry group

0.52

Max: 2.52
Q3: 1.13
TYL: 0.52
Median: 0.40
Q1: 0.07
Min: 0.00

Fortinet (FTNT) vs. Tyler (TYL): 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 Tyler (TYL)
Metric	FTNT	TYL
Current Ratio (MRQ)	1.40	1.33
Debt / Equity (MRQ)	0.25	0.52
Net Debt / EBITDA	-1.54	1.21

Dividends

Dividend Yield (TTM)

Neither Fortinet (FTNT) nor Tyler (TYL) 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%

TYL

Software & Services industry group

0.00%

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

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

Dividend Payout Ratio (TTM)

Neither Fortinet (FTNT) nor Tyler (TYL) 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%

TYL

Software & Services industry group

0.00%

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

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

Dividend Metrics

Dividend metrics for Fortinet (FTNT) and Tyler (TYL)
Metric	FTNT	TYL
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

Both Fortinet (FTNT) at 38.84 and Tyler (TYL) at 52.50 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

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

TYL

Software & Services industry group

52.50

Max: 112.94
Q3: 60.32
TYL: 52.50
Median: 32.91
Q1: 18.77
Min: 6.69

Fortinet (FTNT) vs. Tyler (TYL): A comparison of their P/E ratio against the Software & Services industry group benchmark.

P/S Ratio (TTM)

Tyler (TYL) at 6.74 is priced about in line with its industry on P/S ratio, while Fortinet (FTNT) at 11.08 sits in the pricier quartile — FTNT costs more per dollar of sales.

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

TYL

Software & Services industry group

6.74

Max: 17.91
Q3: 8.78
TYL: 6.74
Median: 4.25
Q1: 2.23
Min: 0.02

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

P/B Ratio (MRQ)

Tyler (TYL) at 6.00 sits near its industry’s typical P/B ratio, while Fortinet (FTNT) at 38.85 prices above its benchmark range — FTNT looks rich relative to book.

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

TYL

Software & Services industry group

6.00

Max: 16.63
Q3: 8.50
TYL: 6.00
Median: 4.30
Q1: 1.92
Min: -3.90

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

Valuation Metrics

Valuation metrics for Fortinet (FTNT) and Tyler (TYL)
Metric	FTNT	TYL
P/E Ratio (TTM)	38.84	52.50
P/S Ratio (TTM)	11.08	6.74
P/B Ratio (MRQ)	38.85	6.00
Free Cash Flow Yield (TTM)	2.85%	4.12%