FORTINET, INC. vs WESTERN DIGITAL CORPORATION, two Computer Hardware stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Fortinet carries half a turn of debt against equity and a 1.15 current ratio, working capital run lean because subscription billing arrives ahead of costs; Western Digital carries 0.33 with the fatter cushion a cyclical needs. What the market pays flips the caution: 58.6 times Fortinet's franchise earnings, 34.5 times WDC's peak-cycle ones. The income statements explain it, an 80.3% gross margin on security subscriptions against 50.2% on drives, though WDC's 40.7% net margin currently tops Fortinet's 27.5% while flash and disk pricing hold. Free-cash yields are modest at both, 2.2% and 1.3%. The premium buys the earnings that repeat; the discount holds the earnings that visit.
Comparison updated 2026-07-10.
| Metric | FTNT | WDC |
|---|---|---|
| Price | $151.29 | $578.52 |
| Market cap | $112.4B | $223.9B |
| Sector | Computer Hardware | Computer Hardware |
| Stage | Growth | Growth |
| P/E | 58.6 | 34.5 |
| P/B | 113.55 | 23.13 |
| P/S | 15.81 | 19.01 |
| EV/EBITDA | 46.8 | 61.5 |
| Revenue growth | +15.7% | +32.0% |
| Gross margin | 80.3% | 50.2% |
| Operating margin | 31.4% | 35.7% |
| Net margin | 27.5% | 40.7% |
| Return on equity | 197.5% | 49.6% |
| Return on assets | 19.8% | 31.9% |
| Return on invested capital | 117.5% | 26.5% |
| FCF yield | 2.2% | 1.3% |
| Dividend yield | — | 0.0% |
| Debt / equity | 0.50 | 0.33 |
| Current ratio | 1.15 | 1.49 |
| Altman Z (solvency) | 6.89 | 7.86 |
| 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.