First quarter results: Check Point growth is still slow

Cleveland Research has released financial analysis for the main security vendors, following reported Q1 results.

There is also prognosis for the rest of 2015, see in the table below.

Revs ($000s)	2013	2014	1Q15
Checkpoint	$1,394	$1,496	$373
Y/Y	3.80%	7.30%	9.00%
Palo Alto*	$483	$739	$234
Y/Y	49.20%	53.00%	55.30%
Fireeye	$162	$425	$125
Y/Y	93.90%	163.40%	69.50%
Fortinet	$615	$770	212.9
Y/Y	15.30%	25.20%	26.10%
Juniper	$564	$464	$93
Y/Y	-16.20%	-17.80%	-30.80%

*PANW report one month off calendar Q

As you can see, Check Point market share remains the largest among the FW vendors, with the slowest growth.

Interestingly, Check Point maintains the highest gross and operating margins (87.7% and 58.7% respectively). In comparison, Fortinet's margings are 70.7% and 16.4%, Juniper's are 61.3% and 21.9%. Gross margin for FireEye is 62.7%, operation margin is unknown.

Some could say, Check Point "high price, low cost" policy works out for its margins just fine but does not help its market to grow faster.