WallStSmart

Fortinet Inc (FTNT)vsBanco Santander SA ADR (SAN)

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Smart Verdict

WallStSmart Research — data-driven comparison

Banco Santander SA ADR generates 566% more annual revenue ($47.37B vs $7.11B). SAN leads profitability with a 34.1% profit margin vs 27.5%. FTNT appears more attractively valued with a PEG of 3.32. FTNT earns a higher WallStSmart Score of 67/100 (B-).

FTNT

Strong Buy

67

out of 100

Grade: B-

Growth: 8.0Profit: 9.5Value: 4.7Quality: 5.5
Piotroski: 5/9Altman Z: 1.50

SAN

Buy

65

out of 100

Grade: C+

Growth: 7.3Profit: 7.5Value: 5.0Quality: 3.8
Piotroski: 4/9Altman Z: -0.41
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

FTNTUndervalued (+45.4%)

Margin of Safety

+45.4%

Fair Value

$265.15

Current Price

$149.67

$115.48 discount

UndervaluedFair: $265.15Overvalued

Intrinsic value data unavailable for SAN.

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

FTNT6 strengths · Avg: 9.0/10
Return on EquityProfitability
197.5%10/10

Every $100 of equity generates 197 in profit

Operating MarginProfitability
31.3%10/10

Strong operational efficiency at 31.3%

Market CapQuality
$109.06B9/10

Large-cap with strong market position

Profit MarginProfitability
27.5%9/10

Keeps 28 of every $100 in revenue as profit

Revenue GrowthGrowth
20.1%8/10

Revenue surging 20.1% year-over-year

EPS GrowthGrowth
28.6%8/10

Earnings expanding 28.6% YoY

SAN6 strengths · Avg: 9.2/10
Profit MarginProfitability
34.1%10/10

Keeps 34 of every $100 in revenue as profit

Operating MarginProfitability
43.3%10/10

Strong operational efficiency at 43.3%

EPS GrowthGrowth
67.4%10/10

Earnings expanding 67.4% YoY

Market CapQuality
$178.71B9/10

Large-cap with strong market position

P/E RatioValuation
12.1x8/10

Attractively priced relative to earnings

Price/BookValuation
1.5x8/10

Reasonable price relative to book value

Areas to Watch

FTNT4 concerns · Avg: 2.5/10
Altman Z-ScoreHealth
1.504/10

Distress zone — elevated risk

PEG RatioValuation
3.322/10

Expensive relative to growth rate

P/E RatioValuation
57.7x2/10

Premium valuation, high expectations priced in

Price/BookValuation
110.9x2/10

Trading at 110.9x book value

SAN4 concerns · Avg: 2.3/10
Revenue GrowthGrowth
4.6%4/10

4.6% revenue growth

PEG RatioValuation
3.412/10

Expensive relative to growth rate

Altman Z-ScoreHealth
-0.412/10

Distress zone — elevated risk

Debt/EquityHealth
4.091/10

Elevated debt levels

Comparative Analysis Report

WallStSmart Research

Bull Case : FTNT

The strongest argument for FTNT centers on Return on Equity, Operating Margin, Market Cap. Profitability is solid with margins at 27.5% and operating margin at 31.3%. Revenue growth of 20.1% demonstrates continued momentum.

Bull Case : SAN

The strongest argument for SAN centers on Profit Margin, Operating Margin, EPS Growth. Profitability is solid with margins at 34.1% and operating margin at 43.3%.

Bear Case : FTNT

The primary concerns for FTNT are Altman Z-Score, PEG Ratio, P/E Ratio. A P/E of 57.7x leaves little room for execution misses.

Bear Case : SAN

The primary concerns for SAN are Revenue Growth, PEG Ratio, Altman Z-Score. Debt-to-equity of 4.09 is elevated, increasing financial risk.

Key Dynamics to Monitor

FTNT profiles as a growth stock while SAN is a value play — different risk/reward profiles.

SAN carries more volatility with a beta of 0.95 — expect wider price swings.

FTNT is growing revenue faster at 20.1% — sustainability is the question.

Monitor SOFTWARE - INFRASTRUCTURE industry trends, competitive dynamics, and regulatory changes.

Bottom Line

FTNT scores higher overall (67/100 vs 65/100), backed by strong 27.5% margins and 20.1% revenue growth. Both earn "Strong Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Fortinet Inc

TECHNOLOGY · SOFTWARE - INFRASTRUCTURE · USA

Fortinet (Nasdaq: FTNT) is an American multinational corporation headquartered in Sunnyvale, California. It develops and sells cybersecurity solutions, including but not limited to physical products such as firewalls, plus software and services such as anti-virus protection, intrusion prevention systems and endpoint security components.

Banco Santander SA ADR

FINANCIAL SERVICES · BANKS - DIVERSIFIED · USA

Banco Santander, SA, offers various commercial and retail banking products and services to individuals, small and medium-sized companies and large companies worldwide. The company is headquartered in Madrid, Spain.

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