COMPARE · Reviewed August 3, 2026
FTNT vs OKTA
Verdict: Side-by-side breakdown using the Bull Rankings model. FTNT scored 63.1, OKTA scored 55.1 — FTNT leads.
Compare another set
FTNT
Fortinet, Inc.
63.1
$163.21 · $119.7B
fundamentals as of
Score gap
8.0
FTNT leads
OKTA
Okta, Inc.
55.1
$141.57 · $24.6B
fundamentals as of
The model, pillar by pillar (0–100 each)
FTNT
stronger →← stronger
OKTA
92
Qualityreturns · margins · balance sheet
48
99
Growthrevenue & earnings expansion
86
28
Valuevaluation vs sector peers
40
FTNT is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
FTNT
OKTA
$3.1bB
FCF
$911mC+
+18.8%B+
Rev
+11.7%B
0.36B
D/E
0.06A-
57.7xC+
P/E
102.6xD
2.24C
PEG
1.35B
Winner per row is the stronger grade in our model; a tie or a missing value shows no highlight.
Valuation · DCF cross-check
FTNT
OKTA
140% above
Price vs fair valuelower is cheaper
24% above
~29%/yr
Growth the price implies10-yr FCF · lower = less priced in
~13%/yr
-61%
1-yr DCF upside
-28%
-58%
5-yr DCF upside
-19%
-54%
10-yr DCF upside
-5%
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
FTNT
Why this score
- Buying back stock
- Durable high returns
OKTA
Why this score
- Diluting shareholders
The companies
FTNTFortinet, Inc.
Why now
Software - Infrastructure · market cap $119.7b. 4% off the 52-week high of $170.35. Revenue growing +19%, comfortably above the S&P median. 37 sell-side analysts rate this a Hold with a mean 1-yr target of $159.51 (implying -2% upside).
Moat
Net margin 28% sits well above the S&P median (~11%) — suggests structural pricing advantage or cost discipline competitors can't quickly close. FCF converts 147% of net income — earnings translate cleanly into cash, a sign that working capital and capex are well-disciplined. $119.7b market cap gives the company enough scale to absorb fixed costs that subscale competitors can't, without yet being so large that growth has to come from acquisition.
Risk
Trailing P/E 57.7x prices in sustained high growth — any quarter that disappoints triggers sharp re-rating. P/S 15.9x embeds aggressive forward growth — disappointing top-line guidance would compress the multiple hard. Software — competitive moat is durable until it isn't; watch net revenue retention, gross margin trends, and any new market entrant with a fundamentally lower price point.
OKTAOkta, Inc.
Why now
Software - Infrastructure · market cap $24.6b. 10% off the 52-week high of $157.00. Revenue growing +12%, comfortably above the S&P median. 42 sell-side analysts rate this a Buy with a mean 1-yr target of $129.02 (implying -9% upside).
Moat
Free cash flow runs well ahead of reported net income — non-cash charges (depreciation, intangible amortization) are holding down GAAP earnings while cash generation stays strong. Software economics — recurring revenue, embedded customer workflows, and high gross margin all compound the moat once a base account is won. Switching costs are the lever.
Risk
Trailing P/E 102.6x prices in sustained high growth — any quarter that disappoints triggers sharp re-rating. ROE 4% is below the long-run sustainable threshold of ~10% — capital efficiency would need to improve for the equity base to compound at the market rate. AI-native re-pricing — GPT-class models are compressing the cost of features that took years to build; the moat thesis depends on owning the workflow, not just the feature set.
Verdict — model-derived comparison
Generating verdict… typically 5–10 seconds
Not investment advice. The Bull Rankings publishes a quantitative ranking model and accompanying analysis for general informational purposes only. Nothing on this page is a recommendation to buy, sell, or hold any security; nothing is personalized to your circumstances, risk tolerance, or tax situation. Investing carries the risk of loss — invest at your own risk and consider consulting a licensed financial professional before acting on anything you read here. See terms and methodology for full disclosures.