Screened 2026-08-20 · the tape above runs as of 00:05 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its distribution label.
Fortinet holds its Distribution at $150.79. Consolidating, no directional conviction, held for 12 days.
As held on the ledger · 2026-08-20
Phase
Distribution · caution
Quantitative state
Consolidating, no directional conviction, held for 12 days
Price at the screen
$150.79
Valuation
53.28 trailing · 40.11 forward price to earnings
Values screen
PASS· score 79.1
Beta
1.06
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
9.59%
Below 33%
Interest-bearing debt is just 9.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
3.27%
Below 33%
Cash held in interest-bearing accounts and securities is 3.3% of assets, under the one-third limit.
Pass
Receivables
40.30%
Below 49%
Money owed to the company is 40.3% of assets, under the 49% limit.
Pass
Revenue purity
2.39%
Below 5%
Only 2.4% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads OVERVALUED: it trades above our $131.37 fair value estimate, strong competitive moat, 25.60% revenue growth.
Fair value range in USD, drawn from the 2026-08-20 screen. The gold marker is the market price at the same screen. The price runs 12.9% above the base estimate.
Third-party analyst targets: 37 covering, consensus None. The average target sits +9% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-08-20 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Fortinet Secures Networks at a Premium Price
Picture Fortinet as the always-on security guard that checks every packet at the door while also wiring the building. It blends networking and cybersecurity through its FortiOS platform, delivering 20% revenue growth, 27% profit margins and a striking 132% ROE behind a strong moat.
We pass because the shares sit at 47 times forward earnings, well above our fair value that implies a 37% downside from the current 161 price. Even 37 analysts see a median target of 115, leaving little margin once growth normalises.
The ethical screen is cleared and the business quality is real, yet that valuation leaves scant room if competition intensifies or spending slows. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
FTNT trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-08-05Markup$152.37+0.0%Entry 10
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (36 analysts) rates it hold, with a mean price target of $107. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-04Markup$152.37+0.0%Entry 9
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (36 analysts) rates it hold, with a mean price target of $107. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-03Markup$152.37+0.0%Entry 8
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (36 analysts) rates it hold, with a mean price target of $107. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-02Markup$152.37+0.0%Entry 7
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (36 analysts) rates it hold, with a mean price target of $107. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-01Markup$152.37+0.0%Entry 6
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (36 analysts) rates it hold, with a mean price target of $107. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-31Markup$152.37+0.0%Entry 5
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (36 analysts) rates it hold, with a mean price target of $107. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-30Markup$152.37+5.3%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 5.3% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (36 analysts) rates it hold, with a mean price target of $107. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-18Markup$144.68+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (36 analysts) rates it hold, with a mean price target of $107.
2026-07-03Markup$144.68+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$144.68Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.