Subtext

Fortinet, Inc. FTNT

SectorInformation Technology
Transcripts29
Date range2018-05-03 – 2025-05-07
Calls charted29

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-14-7+0+7+142018 Q12019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12018 Q1 · Overall: +8.12018 Q2 · Overall: +12.22018 Q3 · Overall: +11.52018 Q4 · Overall: +5.12019 Q1 · Overall: +5.82019 Q2 · Overall: +9.62019 Q3 · Overall: +8.22019 Q4 · Overall: +8.32020 Q1 · Overall: +7.62020 Q2 · Overall: +9.62020 Q3 · Overall: +5.52020 Q4 · Overall: +7.52021 Q1 · Overall: +5.32021 Q2 · Overall: +7.32021 Q3 · Overall: +5.02021 Q4 · Overall: +3.62022 Q1 · Overall: +5.72022 Q2 · Overall: +2.12022 Q3 · Overall: +4.12022 Q4 · Overall: +8.12023 Q1 · Overall: +6.02023 Q2 · Overall: +0.82023 Q3 · Overall: +6.72023 Q4 · Overall: +7.62024 Q1 · Overall: +2.42024 Q2 · Overall: +7.02024 Q3 · Overall: +9.82024 Q4 · Overall: +4.12025 Q1 · Overall: +9.1
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-30-15+0+15+302018 Q12019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12018 Q1 · CEO: +16.72018 Q2 · CEO: +23.92018 Q3 · CEO: +18.32018 Q4 · CEO: +10.02019 Q1 · CEO: +13.02019 Q2 · CEO: +18.82019 Q3 · CEO: +13.72019 Q4 · CEO: +17.52020 Q1 · CEO: +17.22020 Q2 · CEO: +18.02020 Q3 · CEO: +10.92020 Q4 · CEO: +13.92021 Q1 · CEO: +7.42021 Q2 · CEO: +13.12021 Q3 · CEO: +10.82021 Q4 · CEO: +12.52022 Q1 · CEO: +18.62022 Q2 · CEO: +18.22022 Q3 · CEO: +11.32022 Q4 · CEO: +17.12023 Q1 · CEO: +14.12023 Q2 · CEO: +10.92023 Q3 · CEO: +15.92023 Q4 · CEO: +15.62024 Q1 · CEO: +16.12024 Q2 · CEO: +17.22024 Q3 · CEO: +22.12024 Q4 · CEO: +25.72025 Q1 · CEO: +20.22018 Q1 · CFO: +11.12018 Q2 · CFO: +11.12018 Q3 · CFO: +12.02018 Q4 · CFO: +4.82019 Q1 · CFO: +9.42019 Q2 · CFO: +13.12019 Q3 · CFO: +8.92019 Q4 · CFO: +8.92020 Q1 · CFO: +9.52020 Q2 · CFO: +12.12020 Q3 · CFO: +10.22020 Q4 · CFO: +12.32021 Q1 · CFO: +10.62021 Q2 · CFO: +10.72021 Q3 · CFO: +5.12021 Q4 · CFO: +6.42022 Q1 · CFO: +4.72022 Q2 · CFO: +1.82022 Q3 · CFO: +8.92022 Q4 · CFO: +7.82023 Q1 · CFO: +8.42023 Q2 · CFO: +0.52023 Q3 · CFO: +6.92023 Q4 · CFO: +7.62024 Q1 · CFO: +0.02024 Q2 · CFO: +9.52024 Q3 · CFO: +14.32024 Q4 · CFO: +5.72025 Q1 · CFO: +12.1
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-26-13+0+13+262018 Q12019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12018 Q1 · Prepared remarks: +15.12018 Q2 · Prepared remarks: +17.82018 Q3 · Prepared remarks: +18.02018 Q4 · Prepared remarks: +10.02019 Q1 · Prepared remarks: +10.82019 Q2 · Prepared remarks: +17.72019 Q3 · Prepared remarks: +16.32019 Q4 · Prepared remarks: +11.52020 Q1 · Prepared remarks: +10.42020 Q2 · Prepared remarks: +11.42020 Q3 · Prepared remarks: +9.12020 Q4 · Prepared remarks: +11.82021 Q1 · Prepared remarks: +15.22021 Q2 · Prepared remarks: +13.82021 Q3 · Prepared remarks: +6.82021 Q4 · Prepared remarks: +7.52022 Q1 · Prepared remarks: +8.72022 Q2 · Prepared remarks: +9.82022 Q3 · Prepared remarks: +17.72022 Q4 · Prepared remarks: +19.42023 Q1 · Prepared remarks: +14.22023 Q2 · Prepared remarks: +2.82023 Q3 · Prepared remarks: +11.02023 Q4 · Prepared remarks: +6.22024 Q1 · Prepared remarks: +22.32024 Q2 · Prepared remarks: +14.52024 Q3 · Prepared remarks: +16.12024 Q4 · Prepared remarks: +11.72025 Q1 · Prepared remarks: +15.52018 Q1 · Q&A responses: +10.62018 Q2 · Q&A responses: +13.72018 Q3 · Q&A responses: +11.82018 Q4 · Q&A responses: +5.42019 Q1 · Q&A responses: +7.72019 Q2 · Q&A responses: +11.82019 Q3 · Q&A responses: +8.32019 Q4 · Q&A responses: +11.22020 Q1 · Q&A responses: +12.52020 Q2 · Q&A responses: +15.32020 Q3 · Q&A responses: +9.42020 Q4 · Q&A responses: +10.92021 Q1 · Q&A responses: +5.52021 Q2 · Q&A responses: +9.52021 Q3 · Q&A responses: +4.92021 Q4 · Q&A responses: +4.52022 Q1 · Q&A responses: +7.52022 Q2 · Q&A responses: +3.42022 Q3 · Q&A responses: +0.82022 Q4 · Q&A responses: +6.62023 Q1 · Q&A responses: +5.92023 Q2 · Q&A responses: +4.82023 Q3 · Q&A responses: +8.02023 Q4 · Q&A responses: +12.72024 Q1 · Q&A responses: +6.42024 Q2 · Q&A responses: +8.52024 Q3 · Q&A responses: +13.42024 Q4 · Q&A responses: +9.52025 Q1 · Q&A responses: +11.7
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$0.14$1.25$2.352018 Q12019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12018 Q1: $0.292018 Q2: $0.332018 Q3: $0.372018 Q4: $0.402019 Q1: $0.432019 Q2: $0.462019 Q3: $0.492019 Q4: $0.542020 Q1: $0.562020 Q2: $0.612020 Q3: $0.672020 Q4: $0.722021 Q1: $0.772021 Q2: $0.812021 Q3: $0.872021 Q4: $0.922022 Q1: $1.042022 Q2: $1.132022 Q3: $1.252022 Q4: $1.392023 Q1: $1.482023 Q2: $1.602023 Q3: $1.702023 Q4: $1.692024 Q1: $1.772024 Q2: $1.862024 Q3: $2.20

Forward P/E

23.5250.2176.902018 Q12019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12018 Q1: 37.302018 Q2: 39.212018 Q3: 46.722018 Q4: 35.002019 Q1: 38.682019 Q2: 33.822019 Q3: 32.352019 Q4: 40.002020 Q1: 27.202020 Q2: 44.072020 Q3: 34.912020 Q4: 37.042021 Q1: 47.602021 Q2: 56.852021 Q3: 69.522021 Q4: 73.222022 Q1: 57.082022 Q2: 49.122022 Q3: 41.642022 Q4: 39.042023 Q1: 40.872023 Q2: 44.672023 Q3: 36.892023 Q4: 32.752024 Q1: 39.712024 Q2: 31.722024 Q3: 33.98

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2018 Q4 tone ↓ -6.4 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q3 tone ↓ -4.1 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q1 tone ↓ -2.2 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -2.3 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -3.6 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↓ -2.1 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q2 tone ↓ -5.2 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -5.2 fwd EPS ↑ +0.08 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-07+9.1——View →
2024 Q42025-02-06+4.1——View →
2024 Q32024-11-07+9.8$2.2034.0View →
2024 Q22024-08-06+7.0$1.8631.7View →
2024 Q12024-05-02+2.4$1.7739.7View →
2023 Q42024-02-06+7.6$1.6932.8View →
2023 Q32023-11-02+6.7$1.7036.9View →
2023 Q22023-08-03+0.8$1.6044.7View →