Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Fortinet, Inc. (FTNT) Halal?

PASS

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

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

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).