Here's the growth profile of Fortinet
Here's the growth profile of Fortinet $Fortinet(FTNT)$
Note two things:
• The combination of margin expansion and share buybacks means FCF/share growth is faster than revenue ✅
• A low level of multiple expansion means share price growth was slightly faster than FCF/share growth, also suggesting a fair valuation ✅
What are your thoughts on Fortinet's growth going forward?
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Their SBC/OCF is 11%. For reference Alphabet $Alphabet(GOOG)$ $Alphabet(GOOGL)$ ’s is 21% and NVIDIA $NVIDIA Corp(NVDA)$ ’s is 17%.
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