Core Insights - Fortinet's geographic mix is shifting, with EMEA becoming a crucial growth driver, showing an 18% year-over-year revenue increase in Q2 2025, compared to 11% growth in the Americas and APAC [1][9] - The demand for advanced cybersecurity and secure networking solutions is rising, particularly in EMEA, driven by hybrid work models and stricter data-sovereignty regulations [2] - Fortinet is investing in regional infrastructure, exemplified by a €40 million high-security data center in Spain to enhance its services in key European markets [3] Revenue Growth Projections - The Zacks model forecasts continued momentum, projecting 2025 revenue growth of 13% for EMEA, 12% for the Americas, and 14% for APAC, indicating a balanced expansion strategy [4] Competitive Landscape - Palo Alto Networks generates 67% of its revenues from the Americas, with EMEA at 21% and APAC at 13%, indicating a reliance on the U.S. market but also showing international growth potential [5] - Zscaler has a strong international presence with 55% of revenues from the Americas, 29% from EMEA, and 16% from APAC, demonstrating superior scalability and growth in cloud-first regions [6] Stock Performance and Valuation - Year-to-date, Fortinet shares have declined by 10.1%, underperforming the Zacks Security industry's 21.2% gain and the Zacks Computer and Technology sector's 22.4% rise [7] - Fortinet appears overvalued with a forward 12-month price-to-sales ratio of 8.85, exceeding the sector average of 7.1 [10] - The consensus estimate for 2025 earnings is $2.52 per share, reflecting a 6.33% year-over-year growth [13]