Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Fortinet Inc.'s third-quarter 2025 financial results display a combination of strong operational performance and some ongoing challenges.</li><li>The company reported a 14% year-over-year increase in both billings and revenue, reaching $1.81 billion and $1.72 billion, respectively.</li><li>This growth was largely driven by Fortinet's Unified SASE, which grew by 19%, and Secure Operations (SecOps), which increased by 33%.</li></ul>

Fortinet Inc.'s third-quarter 2025 financial results display a combination of strong operational performance and some ongoing challenges.The company reported a 14% year-over-year increase in both billings and revenue, reaching $1.81 billion and $1.72 billion, respectively.This growth was largely driven by Fortinet's Unified SASE, which grew by 19%, and Secure Operations (SecOps), which increased by 33%.

Fortinet: How Is Its One-Box SD-WAN Strategy Crushing the Competition?

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Research Reinvented

<ul>
  <li>Fortinet is a leading cybersecurity vendor, capitalizing on the convergence of networking and security through its integrated 'Security Fabric' platform. This platform approach is a key differentiator in a fragmented market, driving strong customer adoption and retention.</li>
  <li>The company exhibits a robust financial profile, characterized by sustained high-revenue growth, expanding profitability margins, and significant free cash flow generation. This financial strength allows for continuous investment in innovation and strategic acquisitions.</li>
  <li>While Fortinet faces intense competition from peers like Palo Alto Networks and operates in a rapidly evolving industry, its strong market position, particularly in the SMB and mid-market segments, and expansion into high-growth areas like SASE and SecOps, provide a positive long-term outlook.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Fortinet is a leading cybersecurity vendor, capitalizing on the convergence of networking and security through its integrated 'Security Fabric' platform. This platform approach is a key differentiator in a fragmented market, driving strong customer adoption and retention.
  The company exhibits a robust financial profile, characterized by sustained high-revenue growth, expanding profitability margins, and significant free cash flow generation. This financial strength allows for continuous investment in innovation and strategic acquisitions.
  While Fortinet faces intense competition from peers like Palo Alto Networks and operates in a rapidly evolving industry, its strong market position, particularly in the SMB and mid-market segments, and expansion into high-growth areas like SASE and SecOps, provide a positive long-term outlook.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Fortinet Inc (FTNT US) - Sep 2025

<ul><li>Fortinet's second quarter of 2025 financial results reflect a strong and balanced performance, driven by its strategic focus on unified cybersecurity solutions and robust customer growth.</li><li>Fortinet saw a 15% increase in billings to $1.78 billion, with revenue growing 14% to $1.63 billion, primarily fueled by its expanding market presence in unified Secure Access Service Edge (SASE) and AI-driven security operations.</li><li>The company maintained a solid non-GAAP operating margin of 33%, indicating operational efficiency despite increased investment activities.</li></ul>

Fortinet's second quarter of 2025 financial results reflect a strong and balanced performance, driven by its strategic focus on unified cybersecurity solutions and robust customer growth.Fortinet saw a 15% increase in billings to $1.78 billion, with revenue growing 14% to $1.63 billion, primarily fueled by its expanding market presence in unified Secure Access Service Edge (SASE) and AI-driven security operations.The company maintained a solid non-GAAP operating margin of 33%, indicating operational efficiency despite increased investment activities.

Fortinet’s Product Pipeline Surges—Can Its Growth Outpace Rivals?

<ul><li>Fortinet's first-quarter 2025 financial results showcased a mixture of strong operational metrics and cautious forward-looking guidance amid broader economic uncertainties.</li><li>On the positive side, Fortinet reported significant financial achievements, with total revenue rising by 14% year-over-year to $1.54 billion.</li><li>This growth was largely driven by product revenue, which increased 12%, and was complemented by service revenue, which similarly grew by 14%.</li></ul>

Fortinet's first-quarter 2025 financial results showcased a mixture of strong operational metrics and cautious forward-looking guidance amid broader economic uncertainties.On the positive side, Fortinet reported significant financial achievements, with total revenue rising by 14% year-over-year to $1.54 billion.This growth was largely driven by product revenue, which increased 12%, and was complemented by service revenue, which similarly grew by 14%.

Fortinet’s Global Playbook: Can It Withstand Geopolitical Chaos & Still Dominate Cybersecurity?

<ul><li>Fortinet Inc.'s fiscal results for the fourth quarter and the entire year of 2024 demonstrate both strengths and challenges within the company.</li><li>Positively, Fortinet achieved a total revenue growth of 17% for the quarter, marking a significant upturn, especially in product revenue, which attained an 18% increase—the best in six quarters.</li><li>The company's strategic focus on secure networking, particularly in Unified SASE, resulted in a growth of 13% for this segment, making up 23% of the company's business.</li></ul>

Fortinet Inc.'s fiscal results for the fourth quarter and the entire year of 2024 demonstrate both strengths and challenges within the company.Positively, Fortinet achieved a total revenue growth of 17% for the quarter, marking a significant upturn, especially in product revenue, which attained an 18% increase—the best in six quarters.The company's strategic focus on secure networking, particularly in Unified SASE, resulted in a growth of 13% for this segment, making up 23% of the company's business.

Fortinet: Can Its Unified SASE Approach Help Capture A Larger Chunk Of The Market!

United States

Fortinet Inc. provides network security solutions. The Company offers network security appliances and related software, and subscription services. Fortinet systems integrate the industry's broadest suite of security technologies, including firewall, VPN, antivirus, intrusion prevention (IPS), Web filtering, antispam, and traffic shaping.

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Fortinet Inc (FTNT US)

Fortinet: How Is Its One-Box SD-WAN Strategy Crushing the Competition?

Fortinet Inc.'s third-quarter 2025 financial results display a combination of strong operational performance and some ongoing challenges. The...

Baptista Research

Primer: Fortinet Inc (FTNT US) - Sep 2025

Fortinet is a leading cybersecurity vendor, capitalizing on the convergence of networking and security through its integrated 'Security Fabric'...

αSK

Fortinet’s Product Pipeline Surges—Can Its Growth Outpace Rivals?

Fortinet's second quarter of 2025 financial results reflect a strong and balanced performance, driven by its strategic focus on unified...

Baptista Research

Fortinet’s Global Playbook: Can It Withstand Geopolitical Chaos & Still Dominate Cybersecurity?

Fortinet's first-quarter 2025 financial results showcased a mixture of strong operational metrics and cautious forward-looking guidance amid...

Baptista Research

Fortinet: Can Its Unified SASE Approach Help Capture A Larger Chunk Of The Market!

Fortinet Inc.'s fiscal results for the fourth quarter and the entire year of 2024 demonstrate both strengths and challenges within the...

Baptista Research

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