VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Fortinet, Inc. vs Teradyne, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Fortinet, Inc.

FTNT · NASDAQ

Market cap (USD)$61.3B
Gross margin (TTM)80.8%
Operating margin (TTM)30.6%
Net margin (TTM)27.3%
SectorTechnology
IndustrySoftware - Infrastructure
CountryUS
Data as of2025-12-26
Moat score
84/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Fortinet, Inc.'s moat claims, evidence, and risks.

View FTNT analysis

Teradyne, Inc.

TER · Nasdaq Stock Market

Market cap (USD)$51.7B
Gross margin (TTM)58.3%
Operating margin (TTM)20.9%
Net margin (TTM)17.4%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2025-12-23
Moat score
79/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Teradyne, Inc.'s moat claims, evidence, and risks.

View TER analysis

Comparison highlights

  • Moat score gap: Fortinet, Inc. leads (84 / 100 vs 79 / 100 for Teradyne, Inc.).
  • Segment focus: Fortinet, Inc. has 2 segments (68% in Subscriptions & Support Services); Teradyne, Inc. has 3 segments (77.9% in Semiconductor Test).
  • Primary market structure: Quasi-Monopoly vs Duopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Fortinet, Inc. has 7 moat types across 3 domains; Teradyne, Inc. has 6 across 3.

Primary market context

Fortinet, Inc.

Subscriptions & Support Services

Market

Cybersecurity subscriptions and technical support for Fortinet installed base (FortiGuard + FortiCare)

Geography

Global

Customer

Installed-base enterprises and channel partners

Role

Vendor (subscription/support services)

Revenue share

68%

Teradyne, Inc.

Semiconductor Test

Market

Semiconductor automated test equipment (ATE) and system-level test (SLT)

Geography

Global

Customer

IDMs, foundries, fabless, OSATs

Role

Capital equipment supplier

Revenue share

77.9%

Side-by-side metrics

Fortinet, Inc.
Teradyne, Inc.
Ticker / Exchange
FTNT - NASDAQ
TER - Nasdaq Stock Market
Market cap (USD)
$61.3B
$51.7B
Gross margin (TTM)
80.8%
58.3%
Operating margin (TTM)
30.6%
20.9%
Net margin (TTM)
27.3%
17.4%
Sector
Technology
Technology
Industry
Software - Infrastructure
Semiconductors
HQ country
US
US
Primary segment
Subscriptions & Support Services
Semiconductor Test
Market structure
Quasi-Monopoly
Duopoly
Market share
n/a
27%-30% (implied)
HHI estimate
n/a
3,565
Pricing power
Strong
Moderate
Moat score
84 / 100
79 / 100
Moat domains
Demand, Supply, Financial
Demand, Supply, Network
Last update
2025-12-26
2025-12-23

Moat coverage

Shared moat types

Switching Costs General

Fortinet, Inc. strengths

Suite BundlingKeystone ComponentScope EconomiesBenchmark Pricing PowerInstalled Base ConsumablesLong Term Contracts

Teradyne, Inc. strengths

Format Lock InCapex Knowhow ScaleDesign In QualificationEcosystem ComplementsBrand Trust

Segment mix

Fortinet, Inc. segments

Full profile >

Secure Networking Products

Oligopoly

32%

Subscriptions & Support Services

Quasi-Monopoly

68%

Teradyne, Inc. segments

Full profile >

Semiconductor Test

Duopoly

77.9%

Product Test

Competitive

11.7%

Robotics

Competitive

10.4%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.