Fortinet

The company reinvests heavily in R&D (builds ASICs and led in threat intelligence) – R&D spending was about $717M (12% of 2024 revenue) – which strengthens its technology moat. It has also done disciplined buybacks: a multi-billion share repurchase program has returned ~$6.2B of capital. Stock-based comp is modest relative to cash flows.

Recent acquisitions have been in line with strategy.