FTNT vs PANW
Fortinet (FTNT) and Palo Alto Networks (PANW) compared side by side. Palo Alto Networks (PANW) is larger, with a market cap of $311.3B versus $132.1B for Fortinet, about 2.4 times the size. On trailing earnings, FTNT is cheaper at 63.6x versus 951.4x for PANW.
Head to head
| Metric | FTNT | PANW |
|---|---|---|
| Market cap | $132.1B | $311.3B |
| P/E (TTM) | 63.6x | 951.4x |
| Forward P/E | 47.5x | 78.0x |
| Revenue (TTM) | $7.5B | $11.5B |
| Revenue growth | 25.6% | 34.5% |
| Gross margin | 80.2% | 70.4% |
| Operating margin | 33.6% | 5.4% |
| Free cash flow | $3.1B | $4.1B |
| Dividend yield | None | None |
| 1-year return | +111.9% | +77.0% |
| 5-year return (annual) | +21.8% | +35.3% |
| Max drawdown | -51% | -48% |
| FI Handbook grade | B | C |
Highlighted: the stronger figure on metrics where higher or lower is clearly better.
Growth of $10,000 (5 years, price only)
FTNT vs PANW FAQ
Which is bigger, FTNT or PANW?
Palo Alto Networks (PANW) is larger, with a market cap of $311.3B versus $132.1B for Fortinet, about 2.4 times the size.
Is FTNT or PANW cheaper?
On trailing earnings, FTNT is cheaper at 63.6x versus 951.4x for PANW. A lower P/E can reflect slower expected growth, so compare growth and margins too.
Which stock performed better over the past year, FTNT or PANW?
FTNT returned +111.9% over the past year including dividends, versus +77.0% for PANW, through October 23, 2026.
Full pages: Fortinet · Palo Alto Networks