Fortinet

Fortinet has a credible competitive position in network security but operates in a very competitive market. Its strengths include a unified FortiOS platform, over 1,400 patents (many AI-related), and a broad end-to-end product suite, which create customer stickiness.

However, competitors like Check Point, Cisco, CrowdStrike, Palo Alto and others can offer similar solutions, so Fortinet’s advantage is not unassailable. We assign a moderate moat score, reflecting solid switching costs and product leadership, but no insurmountable barrier to entry.