Jul. 20 at 11:49 PM
Moody's Ratings upgraded Fortinet's senior unsecured debt rating to A3 from Baa1 and revised its outlook to stable from positive, citing the company's strong execution, conservative financial policies, and expectations for continued earnings growth. Moody's forecasts revenue growth of 15% in 2026 and 10% in 2027, supported by stable operating margins and Fortinet's expanding cybersecurity portfolio spanning secure networking, cloud security, and security operations.
The agency highlighted Fortinet's leadership in network firewalls and its growth opportunities in Secure Access Service Edge (SASE) and security operations. Its diversified customer base and consistent track record of innovation have supported revenue and profitability growth across multiple technology cycles.
Fortinet also maintains a strong balance sheet, ending 1Q26 with
$3.3 billion in cash and investments against
$500 million of debt.
$FTNT