COMPARE · Reviewed August 3, 2026
FTNT vs TENB
Verdict: Side-by-side breakdown using the Bull Rankings model. FTNT scored 63.1, TENB scored 64.7 — TENB leads.
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Different reporting periods. FTNT's fundamentals are as of June 2026, but TENB's are as of March 2026 — a 3-month gap. Growth, margin and valuation figures below therefore describe different windows and aren't strictly like-for-like.
FTNT
Fortinet, Inc.
63.1
$163.21 · $119.7B
fundamentals as of
Score gap
1.6
TENB leads
TENB
Tenable Holdings, Inc.
64.7
$34.97 · $3.9B
fundamentals as of
The model, pillar by pillar (0–100 each)
FTNT
stronger →← stronger
TENB
92
Qualityreturns · margins · balance sheet
50
99
Growthrevenue & earnings expansion
81
28
Valuevaluation vs sector peers
67
FTNT is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
FTNT
TENB
$3.1bB
FCF
$259mC
+18.8%B+
Rev
+10.7%B
0.36B
D/E
2.11D
57.7xC+
P/E
—
2.24C
PEG
0.99B+
—
P/S
3.8xB
Winner per row is the stronger grade in our model; a tie or a missing value shows no highlight.
Valuation · DCF cross-check
FTNT
TENB
140% above
Price vs fair valuelower is cheaper
18% below
~29%/yr
Growth the price implies10-yr FCF · lower = less priced in
~2%/yr
-61%
1-yr DCF upside
+11%
-58%
5-yr DCF upside
+22%
-54%
10-yr DCF upside
+39%
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
TENB
Why this score
- Buying back stock
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.
TENBTenable Holdings, Inc.
Why now
Software - Infrastructure · market cap $3.9b. 20% off the 52-week high of $43.67. Revenue growing +11%, comfortably above the S&P median. PEG 0.99 — paying under fair value for the growth rate. 20 sell-side analysts rate this a Buy with a mean 1-yr target of $35.35 (implying +1% upside).
Moat
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
D/E 2.11 is elevated — limits strategic flexibility and raises refinancing exposure if rates stay higher for longer. Currently unprofitable (margin -1.2%) — path to GAAP profitability is the core thesis risk. ROE -5% 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.
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.