S&P 500 · network security · FortiASIC firewalls
Fortinet
A cybersecurity company that leads the network-security appliance market with FortiGate, where its in-house FortiASIC (SPU) chips give a price/performance edge over software firewalls. Of FY2025 revenue of $6,799.6M (+14%), Service (FortiGuard subscriptions and FortiCare) at $4,581.2M is 67% — recurring revenue is the earnings stabilizer. But with hardware outsourced to Taiwan EMS/ODMs (~87%), ASICs to TSMC foundries, and most revenue passing through a few distributors (top one 28%), concentration on both supply and channel is the structural risk.
FTNT Updated Jul 12, 2026 1 AI consumers· 1 recurring
Per the valuechain.wiki graph, Fortinet is directly linked to 1 companies (1 supply, 0 revenue relationships) and reaches 35 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · ~$6.80B (FY2025)
- Segments · Product · Security Appliances · Service · FortiGuard subscriptions & FortiCare support
Revenue from
- 기업·정부·서비스프로바이더 (포티게이트 방화벽 + FortiGuard 구독) High confidence· Revenue $6,799.6
Product (FortiGate security appliances) revenue of $2,218.4M (+16%) plus Service (FortiGuard security subscriptions and FortiCare support) revenue of $4,581.2M (+13%) drove FY2025 total revenue of $6,799.6M (+14%). By region: Americas 40%, EMEA 42%, APAC 18%. FortiASIC (SPU) powered FortiGate leads the network security appliance space.Confirms EN Public.com Published May 15, 2026: Fortinet (FTNT) Stock Forecast: Analyst Ratings & Price Target 2026Confirms EN U.S. Securities and Exchange Commission Published Feb 25, 2026: Fortinet Annual Report (Form 10-K, FY2025) - 디스트리뷰터 (Exclusive Networks·Arrow·Ingram Micro·TD Synnex) High confidence· customer concentration 28%
Substantially all revenue flows through channel partners (distributors and resellers). The largest distributor (A) accounted for 28% of FY2025 revenue (29% in FY24), B 15%, C 12%; distributor A alone held 32% of net accounts receivable — a channel concentration risk.Confirms EN U.S. Securities and Exchange Commission Published Feb 25, 2026: Fortinet Annual Report (Form 10-K, FY2025)Mentions KO Infostock Daily Published Sep 19, 2025: Fortinet (FTNT.O): Clear network-security market share
Pays to
- EMS·ODM 위탁생산 (Accton·Wistron·IBASE·Micro-Star·Senao) High confidence· supplier concentration 87%
All security-appliance manufacturing is outsourced to EMS/ODM partners including Accton, IBASE, Micro-Star, Senao and Wistron; about 87% of hardware is manufactured in Taiwan. Finished goods ship to warehouses in California and the Netherlands or a logistics partner in Taoyuan, Taiwan.Confirms EN U.S. Securities and Exchange Commission Published Feb 25, 2026: Fortinet Annual Report (Form 10-K, FY2025) - TSMC Medium confidence
The proprietary FortiASIC (SPU) ASICs central to appliance performance are built by Toshiba America and Renesas, whose Taiwan foundry is operated by TSMC. Foundries do not guarantee capacity or pricing, creating ASIC supply risk.Confirms EN U.S. Securities and Exchange Commission Published Feb 25, 2026: Fortinet Annual Report (Form 10-K, FY2025) - 메모리·부품 (Micron·삼성전자·Intel·Western Digital·ADATA·Toshiba) Medium confidence
Memory, flash and integrated circuits for appliances are sourced from Intel, Micron, ADATA, Toshiba, Samsung Electronics and Western Digital, some from limited or sole sources. Off-the-shelf ASICs and ICs are also purchased from outside vendors, with lead-time risk.Confirms EN U.S. Securities and Exchange Commission Published Feb 25, 2026: Fortinet Annual Report (Form 10-K, FY2025)Mentions KO TokenPost Published Oct 30, 2025: Fortinet leads market with AI security tech; strong 2025 results
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Fortinet | node | +142 | -32 | +19.7 | +61.4 | -16 | +98.4 |
| TSMC | benef1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| SUMCO Corporation | benef2 | -4.3 | -3.9 | +21.3 | -48.1 | +41.7 | +225.8 |
| GlobalWafers | benef2 | +26.9 | -29.9 | +14.3 | -39 | +48.9 | +171.6 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +135 |
| Lam Research | benef2 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +105 |
| Onto Innovation | benef2 | +112.9 | -32.7 | +124.6 | +9 | -5.3 | +103.6 |
| KLA | benef2 | +68 | -11.2 | +56 | +9.4 | +94.5 | +91 |
| SCREEN Holdings | benef2 | +40.7 | -13.2 | +220.1 | -24.1 | +84.9 | +86.3 |
| Teradyne | benef2 | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +85.9 |
| Resonac | benef2 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +80.4 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| Qnity Electronics | benef2 | · | · | · | · | · | +76.3 |
| Entegris | benef2 | +44.6 | -52.5 | +83.5 | -17.1 | -14.6 | +72.8 |
| ASML | benef2 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +68.6 |
| Global Unichip | benef2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| BESI | benef2 | +33.7 | -6.1 | +121.8 | -9.3 | +35 | +56.2 |
| Fujimi Incorporated | benef2 | +64.7 | -1.6 | +40.4 | -24.2 | +28.4 | +54.6 |
| Shin-Etsu Chemical | benef2 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +44 |
| Tokyo Ohka Kogyo (TOK) | benef2 | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +42.9 |
| Ebara | benef2 | +58.1 | +2.3 | +76.1 | +41 | +84 | +32.3 |
| ASM International | benef2 | +44.2 | +2.9 | +68.7 | +10.3 | +25.9 | +28.8 |
| Linde | benef2 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +25.1 |
| Cadence Design Systems | benef2 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | +22.9 |
| Lasertec | benef2 | +78.9 | +2.4 | +57 | -60.6 | +138.9 | +22.4 |
| Advantest | benef2 | +17 | -2.3 | +155.7 | +49.5 | +196 | +17.1 |
| Air Liquide | benef2 | +14.1 | +7.9 | +20.9 | +8.5 | -4.8 | +12.5 |
| Disco Corporation | benef2 | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | +10.2 |
| EO Technics | benef2 | +7.6 | -28.2 | +130.5 | -16.2 | +163.2 | +0.7 |
| HPSP | benef2 | · | · | +216.5 | -30.4 | +54.7 | -4.5 |
| Synopsys | benef2 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -5.2 |
| Photronics | benef2 | +68.9 | -10.7 | +86.4 | -24.9 | +35.8 | -6.6 |
| Leeno Industrial | benef2 | +21 | -5.3 | +18.3 | +9.5 | +150.1 | -30.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
Fortinet's core is the hardware performance/price edge from its in-house FortiASIC (SPU) and the stability of Service recurring revenue at 67% of sales. Within FY2025 revenue of $6,799.6M (+14%), Product at $2.22B is exposed to the firewall-refresh and SASE cycle while Service at $4.58B dampens that swing. The growth trigger is a large 2026 hardware refresh and accelerating unified SASE, seen lifting revenue toward ~$7.6B. The offsetting risk is structural — 87% of hardware depends on Taiwan EMS/ODMs and core ASICs on TSMC foundries, and channel concentration persists, with the top distributor at 28% of revenue and 32% of net receivables. Re-rating triggers are the strength of the refresh cycle, sustained Service growth, and any easing of Taiwan supply and channel concentration.
Analysis generated from returns as of 2026-07-10