FORTINET, INC. vs NetApp, Inc., two Computer Hardware stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The growth story lives entirely in the multiples: Fortinet at 58.6 times earnings, priced as a cybersecurity compounder; NetApp at 24, priced as a storage annuity in runoff-adjacent maturity. The current economics sit closer than that spread implies, operating margins of 31.4% and 27.3%, gross margins of 80.3% and 70.1%, both excellent. NetApp pays out, a 6.1% free-cash yield and 1.4% dividend; Fortinet retains, yielding 2.2% and no dividend. Both return-on-equity headlines (197% and 94%) are buyback-shrunken-denominator arithmetic; returns on assets, 19.8% and 11.9%, do the honest ranking. Thirty-five turns of multiple separate the same quality of business growing at different speeds.
Comparison updated 2026-07-10.
| Metric | FTNT | NTAP |
|---|---|---|
| Price | $151.29 | $152.40 |
| Market cap | $112.4B | $30.5B |
| Sector | Computer Hardware | Computer Hardware |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | +17.3% |
| P/E | 58.6 | 24.0 |
| P/B | 113.55 | 22.56 |
| P/S | 15.81 | 4.40 |
| EV/EBITDA | 46.8 | 17.0 |
| Revenue growth | +15.7% | +5.2% |
| Gross margin | 80.3% | 70.1% |
| Operating margin | 31.4% | 27.3% |
| Net margin | 27.5% | 18.4% |
| Return on equity | 197.5% | 94.5% |
| Return on assets | 19.8% | 11.9% |
| Return on invested capital | 117.5% | 34.0% |
| FCF yield | 2.2% | 6.1% |
| Dividend yield | — | 1.4% |
| Debt / equity | 0.50 | 1.84 |
| Current ratio | 1.15 | 1.44 |
| Altman Z (solvency) | 6.89 | 2.97 |
| Piotroski F (quality) | 7 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.