Both Palo Alto Networks (NASDAQ: PANW) and Fortinet (NASDAQ: FTNT) are promising cybersecurity companies.

Palo Alto's stock has risen 240% while Fortinet's has risen 580%.

As a comparison, the Nasdaq Composite rose over 60% and the S&P 500 about 40%.

Investors were impressed by both companies' revenue growth and profits.

The cybersecurity market is also expected to grow 13.4% annually between 2022 and 2026, according to Fortune Business Insights.

Evergreen industry with macro headwinds that are unpredictable.

Both Palo Alto and Fortinet created next-generation firewalls by upgrading traditional versions.

Fortinet launched its first firewall, Fortigate, in 2002 & Palo Alto introduces it's first next-gen firewall Strata in 2022.

These next-generation firewalls allowed both companies to expand their ecosystems.

In fiscal 2022, Palo Alto's revenue rose 29% to $5.5 billion, while Fortigate rose 27% to $7.5 billion.

A 23% increase in adjusted earnings per share was attributed mostly to its next-generation security services, Prisma and Cortex.

Palo Alto still trades at 53 times forward earnings, while Fortinet trades at 38 times forward earnings.

Fortinet, however looks like a slightly better investment because it is growing faster, is trading at a lower multiple and is already firmly profitable.

As long as interest rates continue to rise, those strengths could make it a more attractive investment.

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