NASDAQ Shariah screener · October 2026
Is Fortinet, Inc. (FTNT) Halal?
Fortinet, Inc. · NASDAQ: FTNT · Technology
The short answer
Yes — Fortinet (FTNT) passes this Shariah stock screen. The Sunnyvale, California cybersecurity company sells FortiGate network firewalls, the integrated Fortinet Security Fabric platform (secure networking, unified SASE, AI-powered threat detection, security operations tools) and security services and subscriptions to enterprises, carriers, service providers and governments — all cybersecurity activity, with no haram business segments disclosed in its FY2025 10-K. The financial ratios pass comfortably: total interest-bearing debt of $496.9M per the Q2 2026 10-Q is about 0.38% of its ~$131.13B market cap (October 1, 2026), below the ~33% ceiling, and FY2025 interest income of $162.3M is 2.39% of FY2025 revenue ($6,799.6M), below the 5% ceiling. This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.
Gate 1 — Business activity: PASS
Fortinet, Inc. (NASDAQ: FTNT), founded in 2000 and headquartered in Sunnyvale, California, is a global cybersecurity company: FortiGate network firewalls (hardware and software appliances) and the Fortinet Security Fabric — an integrated platform combining secure networking, wireless LAN, unified SASE (secure access service edge), AI-powered threat detection and security operations tools — plus security services (subscriptions, technical support and professional services) sold to enterprises, carriers, service providers, governments and small-to-medium businesses. FY2025 revenue of $6,799.6M = product $2,218.4M + service $4,581.2M. Business-screen implication (factual): all activity is cybersecurity; the 10-K discloses no alcohol, gambling, conventional finance, pork, weapons or tobacco revenue — no haram segments. Gate 1 passes. Facts only.
Gate 2 — Debt and cash: PASS
Per FTNT's Q2 2026 10-Q (quarter ended June 30, 2026; SEC CIK 0001262039), the debt note shows total debt of $500.0M less unamortized discount and issuance costs ($3.1M) and a zero current portion — total interest-bearing debt of $496.9M. The 1.0% 2026 Senior Notes ($500M, matured March 2026) were repaid in Q1 2026; the remaining debt is the 2.2% 2031 Senior Notes. Against a market cap of about $131.13B (NASDAQ, October 1, 2026, stockanalysis.com), debt ÷ market cap is about 0.38% — below the ~33% ceiling. Cash, cash equivalents and investments of $4,468.7M (cash $2,934.9M + short-term investments $1,134.7M + long-term investments $399.1M) at June 30, 2026 are about 3.41% of market cap. The debt gate passes. Facts only.
Gate 3 — Non-compliant income: PASS
FTNT's FY2025 10-K (filed February 2026; SEC CIK 0001262039) reports interest income of $162.3M against FY2025 total revenue of $6,799.6M (product $2,218.4M + service $4,581.2M) — about 2.39% of revenue, below the 5% non-compliant income ceiling. These are the same audited figures Fortinet disclosed in its Q4 2025 earnings release, and Zoya's own FTNT page cites this same $162.3M figure and computes the same 2.39% ratio. The income gate passes. Facts only.
Key figures used
- Business: Fortinet (founded 2000, Sunnyvale CA) — FortiGate network firewalls, Fortinet Security Fabric (secure networking, wireless LAN, unified SASE, AI-powered threat detection, security operations); customers: enterprises, carriers, service providers, governments, SMBs
- FY2025 revenue $6,799.6M = product $2,218.4M + service $4,581.2M; no haram segments disclosed
- Debt: $496.9M total interest-bearing (long-term $496.9M, current portion $0 on the Q2 2026 10-Q; 2026 Senior Notes repaid March 2026); debt ÷ market cap ≈ 0.38% of ~$131.13B, under the ~33% ceiling
- Market cap ~$131.13B: NASDAQ, October 1, 2026 (stockanalysis.com, close $178.72)
- Cash & investments: $4,468.7M at Jun 30, 2026 (cash $2,934.9M + ST investments $1,134.7M + LT investments $399.1M) ≈ 3.41% of market cap
- Interest income: $162.3M vs FY2025 revenue $6,799.6M = 2.39%, under the 5% ceiling (FY2025 10-K, filed Feb 2026; same figures in Q4 2025 earnings release)
- Zoya: FTNT page exists with FY2025 figures but rating text contradictory — inconclusive; Musaffa: partial historical coverage (Jan 2022 halal-stock article); ShariaPortfolio: no FTNT entry
Frequently asked questions
What does Fortinet do?
Fortinet, Inc., founded in 2000 and headquartered in Sunnyvale, California, is a global cybersecurity company. Its core products are FortiGate network firewalls and the Fortinet Security Fabric — an integrated platform combining secure networking, firewalls, wireless LAN, unified SASE (secure access service edge), AI-powered threat detection and security operations tools — plus security services and subscriptions sold to enterprises, carriers, service providers, governments and small-to-medium businesses. FY2025 revenue was $6,799.6M: product (appliances and software licences) $2,218.4M and service (subscriptions, technical support, professional services) $4,581.2M — all cybersecurity activity with no haram segments disclosed.
Why does FTNT pass this Shariah stock screen?
FTNT passes this Shariah stock screen at all three gates. Gate 1 (business activities): network firewalls, the Security Fabric platform, SASE, security operations tools and services are cybersecurity activity — no alcohol, gambling, conventional finance, pork, weapons or tobacco revenue. Gate 2 (debt): the Q2 2026 10-Q shows total interest-bearing debt of $496.9M (the $500M 2026 Senior Notes were repaid at maturity in March 2026; only the 2031 Senior Notes remain), which is about 0.38% of FTNT's ~$131.13B market cap against the ~33% ceiling. Gate 3 (interest income): FY2025 interest income of $162.3M is about 2.39% of $6,799.6M revenue, under the 5% ceiling. This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.
What is FTNT's interest-bearing debt ratio?
Per FTNT's Q2 2026 10-Q (quarter ended June 30, 2026; SEC CIK 0001262039), the debt note shows total debt of $500.0M less unamortized discount and issuance costs ($3.1M) and a zero current portion — total long-term debt of $496.9M, i.e. total interest-bearing debt of $496.9M. The 1.0% 2026 Senior Notes ($500M, matured March 2026) were repaid in Q1 2026; the remaining debt is the 2.2% 2031 Senior Notes. Against a market cap of about $131.13B (NASDAQ, October 1, 2026, stockanalysis.com), debt ÷ market cap is about 0.38% — below the ~33% ceiling. Cash, cash equivalents and investments of $4,468.7M at June 30, 2026 (cash $2,934.9M + short-term investments $1,134.7M + long-term investments $399.1M) are about 3.41% of market cap. The debt gate passes.
What is FTNT's non-compliant income ratio?
FTNT's FY2025 10-K (filed February 2026; SEC CIK 0001262039) reports interest income of $162.3M against FY2025 total revenue of $6,799.6M (product $2,218.4M + service $4,581.2M) — about 2.39% of revenue, below the 5% non-compliant income ceiling. These are the same audited figures Fortinet disclosed in its Q4 2025 earnings release, and Zoya's own FTNT page cites the same $162.3M figure and computes the same 2.39%. The income gate passes.
Do Zoya, Musaffa, or ShariaPortfolio cover FTNT?
Zoya covers FTNT (zoya.finance/stocks/ftnt) and cites FY2025 revenue of $6,799.6M with interest income of $162.3M (2.39%), but its public page renders contradictory auto-generated template text (simultaneously describing FTNT as Shariah-compliant/halal and not), so no clean Zoya rating is retrievable — reported as inconclusive. Musaffa listed FTNT in its January 2022 Musaffa Academy article of top-performing US halal stocks (Shariah-compliance degree 3); no live Musaffa stock-page rating for FTNT was verified — reported as partial historical coverage only. ShariaPortfolio: no FTNT entry found. All honestly reported as found, not invented. This page applies the screen directly from FTNT's own filings.
Sources
- Fortinet — FY2025 Form 10-K (filed Feb 2026; SEC CIK 0001262039): total revenue $6,799.6M (product $2,218.4M + service $4,581.2M); interest income $162.3M; business description
- Fortinet — Q2 2026 Form 10-Q (quarter ended Jun 30, 2026; SEC CIK 0001262039): long-term debt $496.9M, current portion of long-term debt $0; 2026 Senior Notes repaid March 2026; debt note detail; cash & investments $4,468.7M
- Fortinet investor relations — Q4 2025 earnings release (audited FY2025 figures: revenue $6,799.6M, interest income $162.3M) and Q2 2026 financial results (balance sheet)
- stockanalysis.com — FTNT market cap $131.13B at close, October 1, 2026
- Zoya — Fortinet (FTNT) stock page (cites $6,799.6M revenue, $162.3M interest income = 2.39%; rating text inconclusive)
- Musaffa Academy — 11 top-performing US halal stocks of 2021 (Jan 2022; lists FTNT with compliance degree 3)
Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).