WallStSmart

Fortinet Inc (FTNT)vsPicpay Holdings Netherlands N.V. Class A Common Shares (PICS)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Picpay Holdings Netherlands N.V. Class A Common Shares generates 65% more annual revenue ($11.73B vs $7.11B). FTNT leads profitability with a 27.5% profit margin vs 10.0%. PICS trades at a lower P/E of 5.7x. 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

PICS

Buy

65

out of 100

Grade: C+

Growth: 7.3Profit: 8.0Value: 6.7Quality: 4.8
Piotroski: 3/9
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 PICS.

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

PICS5 strengths · Avg: 10.0/10
P/E RatioValuation
5.7x10/10

Attractively priced relative to earnings

Price/BookValuation
1.3x10/10

Reasonable price relative to book value

Return on EquityProfitability
40.4%10/10

Every $100 of equity generates 40 in profit

Operating MarginProfitability
41.7%10/10

Strong operational efficiency at 41.7%

Revenue GrowthGrowth
70.2%10/10

Revenue surging 70.2% year-over-year

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

PICS4 concerns · Avg: 2.5/10
Market CapQuality
$1.27B3/10

Smaller company, higher risk/reward

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

EPS GrowthGrowth
-99.7%2/10

Earnings declined 99.7%

Free Cash FlowQuality
$-423.66M2/10

Negative free cash flow — burning cash

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 : PICS

The strongest argument for PICS centers on P/E Ratio, Price/Book, Return on Equity. Revenue growth of 70.2% demonstrates continued momentum.

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 : PICS

The primary concerns for PICS are Market Cap, Piotroski F-Score, EPS Growth.

Key Dynamics to Monitor

FTNT profiles as a growth stock while PICS is a hypergrowth play — different risk/reward profiles.

PICS is growing revenue faster at 70.2% — sustainability is the question.

FTNT generates stronger free cash flow (1.0B), providing more financial flexibility.

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.

Picpay Holdings Netherlands N.V. Class A Common Shares

TECHNOLOGY · SOFTWARE - INFRASTRUCTURE · USA

Picpay Holdings Netherlands N.V. (PICS) is a preeminent Brazilian digital payments platform that revolutionizes financial transactions for both consumers and merchants. With a robust ecosystem encompassing digital wallets, peer-to-peer payments, and an array of financial services, Picpay effectively merges innovative technology with social engagement to foster user growth and sustainability. Positioned at the forefront of the rapidly evolving fintech landscape in Latin America, Picpay is dedicated to promoting financial inclusion and enhancing user experience, making it a strategic investment opportunity for institutional investors focused on high-growth sectors.

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