FORTINET, INC. vs Seagate Technology Holdings plc, two Computer Hardware stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both headline returns on equity are broken instruments, Fortinet's 197% and Seagate's 217%, each dividing by an equity base hollowed by buybacks or leverage (Seagate carries 3.5 turns of debt). Returns on assets do the real work: Seagate currently leads 26.7% to 19.8%, storage-cycle economics beating security-franchise economics at this instant. The margin structure says which lasts: Fortinet's 80.3% gross margin is subscription renewals, Seagate's 32.1% operating margin is drive pricing at cycle peak. The market pays 85.1 times for the cycle and 58.6 for the franchise, an ordering that requires AI data demand to have repealed the storage cycle. Fortinet's price merely requires renewals.
Comparison updated 2026-07-10.
| Metric | FTNT | STX |
|---|---|---|
| Price | $151.29 | $896.74 |
| Market cap | $112.4B | $205.4B |
| Sector | Computer Hardware | Computer Hardware |
| Stage | Growth | Growth |
| P/E | 58.6 | 85.1 |
| P/B | 113.55 | 187.54 |
| P/S | 15.81 | 18.65 |
| EV/EBITDA | 46.8 | 65.5 |
| Revenue growth | +15.7% | +29.1% |
| Gross margin | 80.3% | — |
| Operating margin | 31.4% | 32.1% |
| Net margin | 27.5% | 21.6% |
| Return on equity | 197.5% | 217.2% |
| Return on assets | 19.8% | 26.7% |
| Return on invested capital | 117.5% | 54.2% |
| FCF yield | 2.2% | 1.2% |
| Dividend yield | — | 0.3% |
| Debt / equity | 0.50 | 3.53 |
| Current ratio | 1.15 | 1.33 |
| Altman Z (solvency) | 6.89 | 6.66 |
| Piotroski F (quality) | 7 / 9 | 7 / 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.