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Side-by-side financial comparison of Fortinet (FTNT) and M/I HOMES, INC. (MHO). Click either name above to swap in a different company.
Fortinet is the larger business by last-quarter revenue ($1.9B vs $1.1B, roughly 1.7× M/I HOMES, INC.). Fortinet runs the higher net margin — 26.6% vs 5.6%, a 21.0% gap on every dollar of revenue. On growth, Fortinet posted the faster year-over-year revenue change (14.8% vs -4.8%). Fortinet produced more free cash flow last quarter ($577.4M vs $-13.0M). Over the past eight quarters, Fortinet's revenue compounded faster (18.6% CAGR vs 4.7%).
Fortinet, Inc. is an American cybersecurity company headquartered in Sunnyvale, California. It develops and sells security products including firewalls, endpoint security and intrusion detection systems. Fortinet has offices in the US, Canada, and UK.
M/I Homes, Inc. is a leading U.S. residential construction company that designs, builds and sells single-family homes, townhomes and duplexes across multiple U.S. states. It caters to entry-level, move-up and luxury homebuyers, offering energy-efficient designs, flexible floor plans and personalized customization options.
FTNT vs MHO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.1B |
| Net Profit | $506.0M | $64.0M |
| Gross Margin | 79.6% | 17.4% |
| Operating Margin | 32.8% | 6.5% |
| Net Margin | 26.6% | 5.6% |
| Revenue YoY | 14.8% | -4.8% |
| Net Profit YoY | -3.8% | -52.1% |
| EPS (diluted) | $0.67 | $2.42 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $1.5B | $976.1M | ||
| Q4 24 | $1.7B | $1.2B | ||
| Q3 24 | $1.5B | $1.1B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.4B | $1.0B |
| Q4 25 | $506.0M | $64.0M | ||
| Q3 25 | $473.9M | $106.5M | ||
| Q2 25 | $440.1M | $121.2M | ||
| Q1 25 | $433.4M | $111.2M | ||
| Q4 24 | $526.2M | $133.5M | ||
| Q3 24 | $539.9M | $145.4M | ||
| Q2 24 | $379.8M | $146.7M | ||
| Q1 24 | $299.3M | $138.1M |
| Q4 25 | 79.6% | 17.4% | ||
| Q3 25 | 80.8% | 24.5% | ||
| Q2 25 | 80.7% | 24.7% | ||
| Q1 25 | 81.0% | 25.9% | ||
| Q4 24 | 81.1% | 24.6% | ||
| Q3 24 | 82.5% | 27.1% | ||
| Q2 24 | 80.8% | 27.9% | ||
| Q1 24 | 77.5% | 27.1% |
| Q4 25 | 32.8% | 6.5% | ||
| Q3 25 | 31.7% | 12.0% | ||
| Q2 25 | 28.1% | 13.4% | ||
| Q1 25 | 29.5% | 14.4% | ||
| Q4 24 | 34.6% | 13.6% | ||
| Q3 24 | 31.2% | 15.9% | ||
| Q2 24 | 30.5% | 16.8% | ||
| Q1 24 | 23.7% | 16.6% |
| Q4 25 | 26.6% | 5.6% | ||
| Q3 25 | 27.5% | 9.4% | ||
| Q2 25 | 27.0% | 10.4% | ||
| Q1 25 | 28.1% | 11.4% | ||
| Q4 24 | 31.7% | 11.1% | ||
| Q3 24 | 35.8% | 12.7% | ||
| Q2 24 | 26.5% | 13.2% | ||
| Q1 24 | 22.1% | 13.2% |
| Q4 25 | $0.67 | $2.42 | ||
| Q3 25 | $0.62 | $3.92 | ||
| Q2 25 | $0.57 | $4.42 | ||
| Q1 25 | $0.56 | $3.98 | ||
| Q4 24 | $0.68 | $4.71 | ||
| Q3 24 | $0.70 | $5.10 | ||
| Q2 24 | $0.49 | $5.12 | ||
| Q1 24 | $0.39 | $4.78 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.5B | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $3.2B |
| Total Assets | $10.4B | $4.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $3.4B | — | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.2B | — | ||
| Q1 24 | $1.9B | — |
| Q4 25 | $1.2B | $3.2B | ||
| Q3 25 | $735.1M | $3.1B | ||
| Q2 25 | $2.1B | $3.1B | ||
| Q1 25 | $2.0B | $3.0B | ||
| Q4 24 | $1.5B | $2.9B | ||
| Q3 24 | $908.1M | $2.8B | ||
| Q2 24 | $288.2M | $2.7B | ||
| Q1 24 | $-137.5M | $2.6B |
| Q4 25 | $10.4B | $4.8B | ||
| Q3 25 | $9.4B | $4.8B | ||
| Q2 25 | $10.6B | $4.7B | ||
| Q1 25 | $10.4B | $4.6B | ||
| Q4 24 | $9.8B | $4.5B | ||
| Q3 24 | $8.9B | $4.5B | ||
| Q2 24 | $8.1B | $4.3B | ||
| Q1 24 | $7.7B | $4.2B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $620.2M | $-8.7M |
| Free Cash FlowOCF − Capex | $577.4M | $-13.0M |
| FCF MarginFCF / Revenue | 30.3% | -1.1% |
| Capex IntensityCapex / Revenue | 2.2% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.23× | -0.14× |
| TTM Free Cash FlowTrailing 4 quarters | $2.2B | $127.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $620.2M | $-8.7M | ||
| Q3 25 | $655.2M | $43.4M | ||
| Q2 25 | $451.9M | $37.8M | ||
| Q1 25 | $863.3M | $64.9M | ||
| Q4 24 | $477.6M | $104.4M | ||
| Q3 24 | $608.1M | $-67.9M | ||
| Q2 24 | $342.0M | $27.5M | ||
| Q1 24 | $830.4M | $115.8M |
| Q4 25 | $577.4M | $-13.0M | ||
| Q3 25 | $567.5M | $42.0M | ||
| Q2 25 | $284.1M | $35.1M | ||
| Q1 25 | $796.8M | $63.5M | ||
| Q4 24 | $380.0M | $102.3M | ||
| Q3 24 | $571.8M | $-68.5M | ||
| Q2 24 | $318.9M | $22.0M | ||
| Q1 24 | $608.5M | $115.5M |
| Q4 25 | 30.3% | -1.1% | ||
| Q3 25 | 32.9% | 3.7% | ||
| Q2 25 | 17.4% | 3.0% | ||
| Q1 25 | 51.8% | 6.5% | ||
| Q4 24 | 22.9% | 8.5% | ||
| Q3 24 | 37.9% | -6.0% | ||
| Q2 24 | 22.2% | 2.0% | ||
| Q1 24 | 45.0% | 11.0% |
| Q4 25 | 2.2% | 0.4% | ||
| Q3 25 | 5.1% | 0.1% | ||
| Q2 25 | 10.3% | 0.2% | ||
| Q1 25 | 4.3% | 0.1% | ||
| Q4 24 | 5.9% | 0.2% | ||
| Q3 24 | 2.4% | 0.1% | ||
| Q2 24 | 1.6% | 0.5% | ||
| Q1 24 | 16.4% | 0.0% |
| Q4 25 | 1.23× | -0.14× | ||
| Q3 25 | 1.38× | 0.41× | ||
| Q2 25 | 1.03× | 0.31× | ||
| Q1 25 | 1.99× | 0.58× | ||
| Q4 24 | 0.91× | 0.78× | ||
| Q3 24 | 1.13× | -0.47× | ||
| Q2 24 | 0.90× | 0.19× | ||
| Q1 24 | 2.77× | 0.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FTNT
| Services | $1.2B | 64% |
| Security Subscription | $693.7M | 36% |
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
