Fortinet (FTNT) — PoorCharlie Research Report

Price $80 Live quote

Market cap $101,083M ~740M shares (declining)

Enterprise value ~$59B Net debt near zero

Overall score 76 Strong · out of 100

Score breakdown

76/100

Strong

Moat

17/20

Proprietary FortiASIC silicon + single FortiOS across all products — 26 years to build, cannot be closed in a quarter. 55%+ global firewall unit share; TCO ~1/3 of peers. Sovereign SASE has no current competitor.

Management

17/20

Founder-led 26 years; zero dividends, $9B+ buybacks since IPO. Two years of transcripts show near-perfect consistency — refresh cycle, Rule of 45, Sovereign SASE all delivered on stated timelines.

Business risk

13/20

Memory-cost pressure active in 2026 (FY26 GM guide 79–81%, wider than normal). Service-revenue lag creates optics gap. Q1 2026 strength could include some pull-forward despite management push-back. SecOps pillar still proving at scale.

Key ratios

16/20

5yr FCF/share CAGR 20.2%, 10yr 27.6%. Non-GAAP operating margin 35.8% (record Q1). Rule of 45 cleared 7 consecutive years. Q1 2026 FCF $1B in a single quarter, +29% YoY. FCF yield ~2.4%. SBC offset 7:1 by buybacks — owner earnings = FCF.

Valuation

13/20

~42.6x trailing FCF; market prices ~14% FCF/share growth vs 20.2% historical. Base case fair value ~$89 (+11%). Adds compelling at $65–70 (22–24x). Score moves inversely with price.

0–39 Poor 40–59 Weak 60–74 Average 75–89 Strong 90–100 Exceptional

One-line thesis: Fortinet is the only cybersecurity company with proprietary silicon, a single unified OS across all products, and 55%+ global firewall unit-market-share — and AI is expanding both its addressable market and its structural advantages faster than the market expected.

Part 1

Business Overview

1.1Business Model

Three pillars on one OS. Secure Networking (firewall, switch, AP, SD-WAN), Unified SASE (cloud-delivered security for remote users / branches, plus Sovereign on-prem), and AI-Driven SecOps (SIEM, SOAR, EDR, NDR, cloud security). All run on a single unified FortiOS built organically over 26 years.
FortiASIC silicon — the structural moat. Custom application-specific integrated circuits process firewall, VPN, IPS, and SD-WAN functions in hardware. Current generation SP5 handles 14 security functions in silicon. Result: 5–10x throughput per dollar; meaningfully lower energy use; TCO roughly 1/3 of software-based peers.
Revenue model. Sell a hardware appliance (one-time) → attach multi-year security subscriptions and support (recurring). Service is 67% of revenue ($4.58B FY25); product is 33% ($2.22B FY25). Product is the leading indicator; service follows with a 6–18 month lag.
Founder-led capital allocation. Ken Xie (Founder/Chairman/CEO since 2000) is a hardware engineer; the FortiASIC strategy is his personal conviction. Zero dividends; $9B+ buybacks since IPO. Share count ~1B+ at IPO → ~740M today.
TAM. Secure Networking $65B by 2029, Unified SASE $79B, Security Operations $166B. Total $310B+. FY25 billings of $7.6B = less than 3% of combined market.
Manufacturing & supply discipline. Direct chip-fab and component relationships; 6 months of inventory buffer; insulated FTNT during 2020–21 COVID and again during 2025–26 memory-price spike.

SourceFTNT-DOSSIER.md §1 · FTNT-earnings-analysis-FY2025.md ^{[1] [2]}

1.2Revenue Sources

Pillar	% of billings	FY25 growth	Q1 2026 growth
Secure Networking	64%	+12%	+32%
Unified SASE	25%	+24%	+31%
AI-Driven SecOps	11%	+22%	+23%
Total billings	100%	~+14%	+31%

Line	Q1 2026 ($M)	YoY	Note
Revenue	1,850	+20%	Beat high end of guidance
Billings	2,090	+31%	Leading indicator accelerating
Product revenue	645	+41%	Refresh cycle + AI data centre demand
Service revenue	1,210	+11%	Lags product; service billings +27%
FCF	1,010	+29%	Record; FCF margin 58%

SourceFTNT-DOSSIER.md §2 · Q1 2026 Earnings Call Transcript.md ^{[1] [3]}

1.3Key Performance Indicators

Deals >$1M: +60%+ YoY in Q1 2026 (vs +30% in Q1 2025) — large-enterprise platform deals accelerating.
FortiSASE large-enterprise penetration: 11% → 13% → 15% → 16% → 18% across Q1 2025 to Q1 2026. 82% of large enterprises have not yet adopted. Each 1pp gain is substantial upsell on the 890,000+ customer base.
OT (operational technology) billings: >70% YoY in Q1 2026 (vs >25% FY2025). Critical-infrastructure security; only recognised leader in Westland Advisory OT/IT Network Protection 3 consecutive years.
FortiSASE ARR >90% growth in Q4 2025; SecOps ARR $491M (FY2025) +21%.
Non-GAAP operating margin 35.8% in Q1 2026 — record Q1; GAAP 31.4%.
Rule of 45: ~50 in FY2025 (14% revenue growth + 35.5% margin); 7 consecutive years cleared.
Buybacks $827M in Q1 2026 alone (10.6M shares). FY25 buybacks $1,991M vs $282M SBC — 7:1 ratio.
FY2026 guidance raised: billings $8.8–9.1B (+18% midpoint vs prior +13% initial); non-GAAP EPS $3.10–3.16 (+13% vs FY2025 $2.76).

SourceFTNT-DOSSIER.md §2 & §5 · Fortinet Q1 2026 Earnings Presentation.pdf ^{[1] [4]}

Part 2

Moat

2.1Industry Overview & Growth

Cybersecurity is one of the few IT spend categories that grows through downturns. AI is doubling the tailwind — expanding both the threat surface and the data-centre infrastructure that requires security.
AI data-centre buildout is a direct demand accelerator for Fortinet's hardware. High-throughput, energy-efficient segmentation and perimeter security is precisely where the ASIC advantage is largest. Multiple 8-figure AI data-centre wins named in Q1 2026 (cloud-GPU provider, Middle East GenAI).
Firewall refresh cycle. A cohort of FortiGate appliances sold 2016–2018 hit end-of-support in 2026, driving hardware upgrade. Product revenue +20% Q4 2025 → +41% Q1 2026.
SASE consolidation. Large enterprises moving from point products toward unified network + security. Fortinet's single-OS architecture — firewall + SD-WAN + SASE on FortiOS — is the structural distinctness vs cloud-only SASE providers.
OT (industrial control) is under-appreciated. Critical infrastructure (energy, utilities, manufacturing) is connecting to the internet and requires specialised security; Fortinet is the only recognised leader 3 consecutive years.

SourceFTNT-DOSSIER.md §1 & §5 · Fortinet Investor Briefing Session Presentation - Accelerate 2026.pdf ^{[1] [5]}

2.2Qualitative Competitor Analysis

Palo Alto Networks (NASDAQ: PANW)Tier 1

Largest enterprise-cybersecurity peer by revenue. No proprietary silicon — runs on generic Intel processors. Prisma SASE is cloud-only and architecturally cannot deploy on-premise. Higher revenue but TCO disadvantage on hardware.

CrowdStrike (NASDAQ: CRWD)Tier 2

Endpoint-first cybersecurity. Different surface than Fortinet's perimeter/network focus; some overlap in EDR/SecOps. No firewall hardware; no SASE on a single OS.

Zscaler (NASDAQ: ZS)Tier 2

Pure-cloud SASE. Architecturally cannot offer Sovereign / on-premise deployment — the structural limit Ken Xie has repeatedly flagged. Different demand surface than Fortinet's installed-base upsell.

Cisco, Check Point, SonicWallNiche

Legacy network-security vendors. Lack the FortiOS unified-OS architecture and FortiASIC silicon advantage. Slower hardware refresh cadence and weaker SASE positioning.

SourceFTNT-DOSSIER.md §1 & §3 ^[1]

2.3Moat Analysis

Moat type	Strength	Evidence
Proprietary silicon (FortiASIC)	Strong	26-year build; SP5 handles 14 functions in hardware; PANW / CRWD / ZS have no equivalent. 5–10x throughput per dollar.
Single unified OS	Strong	FortiOS across firewall + SD-WAN + SASE + SecOps; competitors stitched together via acquisition. Customer can “expand SD-WAN to SASE in minutes.”
Installed-base / switching costs	Strong	890,000+ customers; multi-pillar deployments make removal impossible. Each FortiGate is the distribution channel for SASE / SecOps upsell.
Sovereign SASE differentiation	Strong	Cloud-only competitors architecturally cannot match. Ken Xie: “may be even bigger than public SASE.”
Cost advantage / TCO	Strong	TCO roughly 1/3 of peers; energy efficiency increasingly decisive in AI data centres.
Brand & OT leadership	Medium	Only recognised leader in Westland Advisory OT/IT 3 consecutive years.
Intangibles / AI IP	Medium	500+ issued and pending AI patents; 20+ AI-enabled products.

SourceFTNT-DOSSIER.md §1 & §5 · Q1 2026 Earnings Call Transcript.md ^{[1] [3]}

2.4Additional Moat Considerations

Selected from the 26-item framework. Items shown are the strongest supporting points and the most material concerns for Fortinet specifically.

YesProprietary technology stackFortiASIC + FortiOS — 26 years organic build, no competitor match

YesFounder-led with alignmentKen Xie since 2000; hardware engineer; ASIC personal conviction

YesBuyback discipline / share count shrinking$9B+ since IPO; ~1B → ~740M shares; 7:1 buyback:SBC

YesDiversified customer base890,000+ customers; no single-customer concentration

YesMission-critical productNetwork security cannot be turned off; recurring service attach

YesPricing powerQ1 2026 price increases passed through on memory cost; TCO still 1/3 of peers

YesHigh ROIC / ROCE5yr ROIIC 20.3%; 3yr 19.3%; expanding with mix shift

YesStrong operating leverageNon-GAAP operating margin 35.8% Q1 2026 (record)

ModSecOps pillar maturityOnly 11% of billings; competitive with PANW / CRWD / Microsoft

ModService-revenue lagProduct +41% / Service +11% Q1 2026 creates a temporary optics gap

NoMemory-cost exposure10–20% of hardware BOM; FY26 GM guide 79–81% (wider than normal)

NoPull-forward riskQ1 2026 strength could include hardware demand pulled from H2

SourceFTNT-DOSSIER.md §5 & §6 · Meta analysis from poorcharlie.io.txt (framework) ^{[1] [9]}

Part 3

Management

3.1Leadership & Tenure

Ken Xie — Founder, Chairman & CEO since 2000. Previously founded NetScreen (sold to Juniper for $4B in 2004). Hardware engineer; the FortiASIC strategy is his personal conviction.
Christiane Ohlgart — CFO since May 2025 (transitioned from CAO / Sales Operations Leader). Co-presented earnings for a year before assuming the role; Q2–Q4 2025 and Q1 2026 all clean execution. Transition complete.
John Whittle — COO.
Two-year transcript consistency. Themes repeated near-verbatim: single-OS structure; ASIC 5–10x performance; Sovereign SASE differentiation; refresh-cycle timing; pricing-to-maintain-margin philosophy; zero-dividend / aggressive-buyback capital allocation; “Rule of 45.” Management under-promises and over-delivers.
M&A philosophy: “We tend to acquire technology or talent, not market or customer base.” Two small FY2025 deals (NextDLP for DLP; a carrier-SASE company) — both immaterial to financials.

SourceFTNT-DOSSIER.md §3 · Q4 2025 Earnings Call Transcript.md ^{[1] [6]}

3.2M&A History

Year	Target	Strategic role	Outcome
Various	Numerous small tuck-ins over 25 years	Technology / talent acquisitions	Folded into FortiOS; no large impairments
FY2025	NextDLP	Data-loss prevention capability	Immaterial to financials; talent / tech
FY2025	Carrier-SASE company	Telecom service-provider SASE channel	Immaterial; supports Sovereign SASE expansion
FY2025	NVIDIA BlueField-3 DPU partnership	AI data-centre / GPU server segmentation	Extends reach into AI infrastructure
N/A	No large acquisitions	Organic build of FortiOS & FortiASIC	Single-OS coherence is the result of NOT acquiring

The discipline Fortinet's structural moat (FortiOS, FortiASIC) exists precisely because Ken Xie did not assemble it via acquisition. Competitors stitched together products; FTNT built one. The M&A track record is small-deal-only and unbroken in discipline.

SourceFTNT-DOSSIER.md §3 ^[1]

3.3Said vs Delivered

Promise	When	Outcome	Consistent?
Firewall refresh cycle will gain momentum in H2 2025	Q1 25	Product revenue Q3 +18%, Q4 +20%, Q1 26 +41%	Yes — on schedule
Will not raise prices for tariffs; only to maintain margin on component costs	Q1 25	Raised 5–20% in response to memory spike; confirmed “not to expand margin”	Yes
Service revenue reaccelerates in H2 2026 (lagging product)	Q4 25 / Q1 25	Service billings +27% Q1 26; deferred revenue +15%; revenue +11% — converting	On track; full delivery H2 2026
FortiSASE is fastest-growing SSE at scale	Q1 25	FortiSASE ARR >90% Q4 25; large-enterprise penetration 11% → 18% across 3 quarters	Yes
Sovereign SASE has no major competitor	Q4 25 / Q1 26	No competitor announced comparable on-premise SASE	Holds
Rule of 45 for 6th consecutive year (FY25)	Every call	FY25 score ~50 (14% + 35.5%); cleared 7 consecutive years	Yes — exceeded
SecOps Q4 25 deceleration (+6%) is not a trend	Q4 25	SecOps billings +23% Q1 26 — reaccelerated sharply	CFO correct
Midterm: billings/revenue CAGR >12%, Rule of 45	Analyst Day, Q4 25	FY26 guide midpoint +18% billings, +15% revenue — ahead of midterm	On track (early)
AI is a tailwind driving SASE and OT demand	Q2 25 onward	OT +70% Q1 26; named AI data-centre wins Middle East + cloud-GPU	Faster than expected
No unusual pull-forward in Q1 2026	Q1 26	Q2 guide +20% (down from Q1 +31%) implies management is managing this	Watch — risk not zero

Verdict Two years of transcripts show near-perfect consistency. Single caveat: SecOps billings are inherently lumpy and single-quarter reads should be ignored. Management under-promises and over-delivers.

SourceFTNT-DOSSIER.md §4 · Q1 2026 Earnings Call Transcript.md ^{[1] [3]}

Part 4

Key Ratios

4.1Growth Rates

Metric	1Y	3Y CAGR	5Y CAGR	10Y CAGR
FCF Growth (Per Share) %	21.30%	17.40%	20.20%	27.60%
Revenue Growth (Per Share) %	18.50%	17.50%	23.70%	23.90%
EPS without NRI Growth %	19.40%	32.40%	35.60%	46.40%

10Y EPS CAGR 46.40% Best EPS compounder in the universe across the full decade; even the 5Y 35.60% and 3Y 32.40% remain firmly in the >20% exceptional band.

Deceleration across the board 1Y vs 5Y: revenue 18.50 vs 23.70, EPS 19.40 vs 35.60, FCF 21.30 vs 20.20 (only line still keeping pace) — firewall-refresh cycle digestion is now the dominant top-line story.

SourcePortfolio snapshot 30.05.2026.txt (GuruFocus export) ^[10]

4.2Margins

Metric	Current	5Y Growth Rate	5Y Median
Gross Margin %	80.30%	0.90%	N/A
Operating Margin %	31.10%	10.20%	23.40%
FCF Margin %	34.26%	N/A	32.73%

Both margin lines elite Operating margin 31.10% sits in the >30% elite tier and 7.7pp above the 5Y median 23.40 — structural margin step-up. FCF margin 34.26% is also above the >25% elite threshold and expanding versus 5Y median 32.73.

SourcePortfolio snapshot 30.05.2026.txt ^[10]

4.3Capital Efficiency

Metric	Current	5Y Median
ROIC %	21.62%	21.20%
ROCE %	45.61%	40.50%
ROE %	139.89%	237.23%
Cash Conversion Ratio	1.25	1.51

ROIIC % (Return on Incremental Invested Capital)

Period	ROIIC %
1-Year	30.74%
3-Year	19.32%
5-Year	20.31%

ROIC clean read 21.62% ROIC 21.62% (above 5Y median 21.20%) is the honest comparison — the 139.89% ROE and 5Y median 237% are inflated by historic low book equity. ROIIC 1Y 30.74% > 3Y 19.32% confirms recent capital is earning above average.

SourcePortfolio snapshot 30.05.2026.txt ^[10]

4.4Balance Sheet Health

Metric	Current
Debt-to-Equity	0.50
Cash-to-Debt	6.63
Interest Coverage	113.96
Current Ratio	1.15

Fortress cash, no interest stress Cash/Debt 6.63 sits well above the >2 fortress threshold and interest coverage 113.96x is effectively unlimited — FTNT can fund any acquisition or buyback program from its own balance sheet.

Current Ratio 1.15 narrow Just inside the 1–1.5 OK band — thin only because of large deferred-revenue liabilities (a feature of the subscription model, not stress), but worth noting alongside the cash position.

SourcePortfolio snapshot 30.05.2026.txt ^[10]

4.5Shareholder Returns & Other Metrics

Metric	Current
1-Year Dividend Growth Rate (Per Share) %	N/A
3-Year Dividend Growth Rate (Per Share) %	N/A
Dividends per Share (TTM)	$0
1-Year Share Buyback Ratio	N/A
3-Year Share Buyback Ratio	1.70
5-Year Share Buyback Ratio	1.80
Goodwill-to-Asset %	0.03
Stock Based Compensation (mm)	$285.90M
Free Cash Flow (mm)	$2,435.50M

SBC normal, goodwill almost nil SBC $285.9M against $2,435.5M FCF = 11.7%, inside the 5–15% normal band; Goodwill-to-Asset 0.03 confirms growth is organic, not bought.

Buybacks modest given the cash 5Y share buyback ratio 1.80% is fine but unambitious given Cash/Debt 6.63 — with a fortress balance sheet, more aggressive repurchase would be expected if management saw real value.

SourcePortfolio snapshot 30.05.2026.txt ^[10]

Part 5

Valuation

5.1Current Multiples vs 10-Year Context

Multiple	Current	10yr median	Read
P / FCF	42.6x	27.5x	Rich vs history
EV / FCF	40.4x	—	Premium reflects quality
EV / EBIT	40.3x	—	Top of historical range
P / E (no NRI)	45.8x	—	Quality is paid for
FCF Yield	2.41%	—	Below cross-portfolio average

SourceFTNT-DOSSIER.md §8 · FTNT-earnings-analysis-FY2025.md ^{[1] [2]}

5.2Reverse DCF — What the Market Prices In

Two-stage model, 10% discount rate. Price ~$80, FCF/share $2.95 (FY25).

Stage	Growth rate	Years	Implied at $80
Growth stage	~14%	1–10	—
Terminal stage	~3%	11+	—
Implied fair value	—	—	~$83

What this means The market is pricing ~14% FCF/share growth for a decade. 5yr historical FCF/share CAGR is 20.2%. The market is pricing meaningful deceleration from trend. Modest asymmetry to the upside if Fortinet merely continues recent history.

SourceFTNT-DOSSIER.md §8 ^[1]

5.3DCF Scenarios

Scenario	Growth yrs 1–10	Terminal	Fair value	vs $80
Market implied	~14%	3%	~$83	—
Bear (market-rate deceleration)	10%	3%	~$62	-23%
Base (management midterm guide)	15%	3%	~$89	+11%
Bull (maintain 5yr trend)	20%	3%	~$122	+52%

Asymmetry Margin of safety at base case is slim but present. The asymmetry: if the business merely continues what it has done for 5 years, fair value is ~$122 — 52% above the analysis price. Q1 2026 acceleration has likely shifted the forward picture upward.

SourceFTNT-DOSSIER.md §8 & §9 ^[1]

Part 6

Risks

6.1Red flags, ranked by severity

Memory-cost / hardware gross-margin pressureSeverity: high (active). DRAM and NAND prices spiked; memory is 10–20% of FTNT's hardware BOM. FY26 GM guide 79–81% — wider than normal. Low single-digit pricing pass-through implemented Q1 2026; 6 months of inventory buffer. If memory prices remain elevated through H2 2026 and the buffer runs out, margins could compress toward 79%, pressuring Rule of 45.
Service-revenue lag creates a temporary earnings gapSeverity: medium. Product +41% in Q1 2026 means service revenue (6–18 month lag) running at only +11%. Service billings +27% and deferred revenue +15% confirm timing, not attrition. If service revenue does NOT reaccelerate in H2 2026, the bull case for FCF expansion weakens.
Pull-forward risk from memory-price-driven hardware demandSeverity: medium. Management said no unusual pull-forward in Q1 2026, but Q2 guide (+20% billings vs Q1's +31%) is consistent with managing the expectation. Risk exists if customers accelerated purchases ahead of expected price increases.
Valuation is not cheapSeverity: medium. ~42.6x trailing FCF is a premium. Reverse DCF implies ~14% FCF/share growth vs 5-year actual 20.2%. Modest asymmetry to the upside but thin margin of safety at current levels.
SecOps pillar not fully proven at scaleSeverity: medium. SecOps remains 11% of billings. Q4 2025 decelerated to +6% (reaccelerated to +23% Q1 2026). SecOps ARR growing well ($491M FY25 +21%) but entering a competitive market (PANW, CRWD, Microsoft). If ARR growth stalls below 20%, the long-term mix-shift story weakens.
CFO transition (mitigated)Severity: low. Keith Jensen stepped down May 2025; Christiane Ohlgart (former CAO) became CFO after co-presenting earnings for a year. Q2–Q4 2025 and Q1 2026 all clean execution. Transition looks complete and smooth.

SourceFTNT-DOSSIER.md §6 ^[1]

Verdict

Hold. Add aggressively on any pullback to ~$65–70.

Stance: Hold. ~42.6x trailing FCF with the market pricing ~14% FCF/share growth vs 20.2% historical. Base case (15% growth): +11%. Bull case (20%): +52%. Add aggressively on any pullback to ~$65–70. Do not sell a founder-led compounder at 20% FCF/share CAGR just because the multiple looks full.
Add zone: $65–70 (22–24x trailing FCF) where the margin of safety widens to 25%+.
Trim trigger: Gross margin sustained below 79% (memory pressure winning), OR service revenue fails to reaccelerate to mid-teens by Q4 2026, OR FortiSASE penetration stalls below 25% by year-end 2026.
Watching: Gross margin every quarter (priority 1), Q3–Q4 2026 service-revenue reacceleration, FortiSASE large-enterprise penetration trajectory, new ASIC chip announcement, AI data-centre pipeline conversion to revenue.
Next review: Q2 2026 results, expected approximately August 2026.

Last reviewed May 25, 2026 after Q1 2026 results · Next review August 2026 (Q2 2026)

References

Where every claim came from

[1]Company information/Fortinet/FTNT-DOSSIER.mdLiving research-report source file, last updated 2026-05-25. Primary reference for all qualitative and quantitative content unless otherwise noted.
[2]Company information/Fortinet/FTNT-earnings-analysis-FY2025.mdInternal FY2025 earnings analysis covering the FY2025 10-K and Q4 2025 print.
[3]Company information/Fortinet/Q1 2026 · Earnings Call Transcript.mdQ1 2026 earnings call transcript (reported May 6, 2026) — Ken Xie commentary on AI data centres, Sovereign SASE, OT, and pricing.
[4]Company information/Fortinet/Fortinet Q1 2026 Earnings Presentation.pdfQ1 2026 investor presentation — pillar billings, FortiSASE penetration, FY2026 guidance.
[5]Company information/Fortinet/Fortinet Investor Briefing Session Presentation - Accelerate 2026.pdfAccelerate 2026 investor briefing — midterm targets, Rule of 45, TAM, and FortiASIC roadmap.
[6]Company information/Fortinet/Q4 2025 · Earnings Call Transcript.mdQ4 2025 earnings call transcript — Sovereign SASE framing, capital allocation, and CFO transition commentary.
[7]Company information/Fortinet/Q2 2025 · Earnings Call Transcript.md and Q3 2025 · Earnings Call Transcript.mdQ2 and Q3 2025 transcripts — refresh-cycle timing, AI tailwind framing, OT growth.
[8]Company information/Fortinet/Fortinet Q2 2025 Earnings Presentation.pdf, Fortinet Q3 2025 Earnings Presentation.pdf, Fortinet Q4 2025 Earnings Presentation.pdfFY2025 quarterly investor presentations — billings, ARR, FortiSASE penetration progression.
[9]Stock portfolio/Meta analysis from poorcharlie.io.txtScoring framework and 26-item additional-moat checklist; used for the structure of Part 2.4 only, not for Fortinet-specific content.
[10]Portfolio snapshot 30.05.2026.txtGuruFocus portfolio snapshot exported 2026-05-30; primary source for Part 4 ratios.

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