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Fortinet, Inc.(FTNT)Earnings, Financials & Key Ratios
FTNT•NASDAQ
59.6× P/E·Price updated Jun 19, 2026
AboutFortinet, Inc. provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration. The company also provides FortiSwitch product family that offers secure switching solutions for connecting customers their end devices; FortiAP product family, which provides secure wireless networking solutions; FortiExtender, a hardware appliance; FortiAnalyzer product family, which offers centralized network logging, analyzing, and reporting solutions; and FortiManager product family that provides central and scalable management solution for its FortiGate products. It offers FortiWeb product family provides web application firewall solutions; FortiMail product family that secure email gateway solutions; FortiSandbox technology that delivers proactive detection and mitigation services; FortiClient that provides endpoint protection with pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall; FortiToken and FortiAuthenticator product families for multi-factor authentication to safeguard systems, assets, and data; and FortiEDR/XDR, an endpoint protection solution that provides both comprehensive machine-learning anti-malware execution and real-time post-infection protection. It provides security subscription, technical support, professional, and training services. It sells its security solutions to channel partners and directly to various customers in telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare industries. It has strategic alliance with Linksys. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.Show more
- Revenue$6.8B+14.2%
- EBITDA$2.23B+16.0%
- Net Income$1.85B+6.2%
- EPS (Diluted)2.43+7.5%
- Gross Margin80.84%+0.3%
- EBITDA Margin32.85%+1.6%
- Operating Margin30.62%+1.1%
- Net Margin27.26%-7.0%
- ROE135.72%-59.9%
FTNT Key Insights
Fortinet, Inc. (FTNT) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Excellent 3Y average ROE of 237.2%
- ✓Strong 5Y profit CAGR of 30.6%
- ✓Strong Piotroski F-Score: 7/9
- ✓FCF machine: 32.7% free cash flow margin
- ✓Momentum leader: RS Rating 94 (top 6%)
- ✓High quality earnings: Operating CF exceeds net income
✗Weaknesses
- ✗Expensive at 87.5x book value
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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FTNT Price & Volume
Fortinet, Inc. (FTNT) stock price & volume — 10-year historical chart
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FTNT Growth Metrics
Fortinet, Inc. (FTNT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years21.02%
5 Years21.25%
3 Years15.46%
TTM15.75%
Profit CAGR
10 Years72.41%
5 Years30.56%
3 Years29.3%
TTM4%
EPS CAGR
10 Years73.21%
5 Years33.18%
3 Years31.86%
TTM6.58%
Return on Capital
10 Years23.19%
5 Years32.98%
3 Years37.93%
Last Year37.66%
FTNT Recent Earnings
Fortinet, Inc. (FTNT) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
May 6, 2026Metric
Actual
Est
EPS
$0.82+32.5%
$0.62
Rev
$1.8B+6.7%
$1.7B
Q1 2026
Feb 5, 2026Metric
Actual
Est
EPS
$0.81+9.0%
$0.74
Rev
$1.9B+2.4%
$1.9B
Q4 2025
Nov 5, 2025Metric
Actual
Est
EPS
$0.74+17.3%
$0.63
Rev
$1.7B+1.2%
$1.7B
Q3 2025
Aug 6, 2025Metric
Actual
Est
EPS
$0.64+8.5%
$0.59
Rev
$1.6B+0.3%
$1.6B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 6, 2026 | $0.82vs $0.62+32.5% | $1.8Bvs $1.7B+6.7% |
| Q1 2026 | Feb 5, 2026 | $0.81vs $0.74+9.0% | $1.9Bvs $1.9B+2.4% |
| Q4 2025 | Nov 5, 2025 | $0.74vs $0.63+17.3% | $1.7Bvs $1.7B+1.2% |
| Q3 2025 | Aug 6, 2025 | $0.64vs $0.59+8.5% | $1.6Bvs $1.6B+0.3% |
Based on last 12 quarters of dataView full earnings history →
FTNT Peer Comparison
Fortinet, Inc. (FTNT) competitors in Cybersecurity and identity management — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 PANW | 196.13B | 287.78 | 179.86 | 14.87% | 7.95% | 6.3% | 0.04 | |
 CHKP | 12.75B | 122.33 | 12.72 | 6.25% | 38.37% | 36.43% | 0.68 | |
 CSCO | 471.16B | 119.54 | 46.88 | 5.3% | 19.69% | 25.14% | 0.60 | |
 NTCT | 2.84B | 39.67 | 30.52 | 4.47% | 11.12% | 5.96% | 0.02 | |
 CRWD | 174.34B | 684.86 | -1053.63 | 21.71% | -0.48% | -0.58% | 0.18 | |
 ZS | 20.19B | 124.85 | -462.41 | 23.31% | -2.44% | -3.71% | 1.00 | |
 CNET | 3.27M | 1.00 | -1.49 | -70.11% | -33.27% | -28.25% | 0.04 | |
 VRNS | 3.92B | 33.38 | -29.54 | 13.17% | -20.71% | -27.37% | 0.96 |
Compare FTNT vs Peers
Fortinet, Inc. (FTNT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FTNT Income Statement
Fortinet, Inc. (FTNT) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Sales/Revenue | 1.49B | 1.8B | 2.16B | 2.59B | 3.34B | 4.42B | 5.3B | 5.96B | 6.8B | 7.11B |
Revenue Growth % | 17.21% | 20.72% | 19.86% | 19.94% | 28.82% | 32.17% | 20.09% | 12.27% | 14.17% | 15.75% |
Cost of Goods Sold | 385.3M | 450.4M | 505.9M | 570M | 783M | 1.08B | 1.24B | 1.16B | 1.3B | 1.37B |
COGS % of Revenue | 25.77% | 24.96% | 23.39% | 21.97% | 23.43% | 24.56% | 23.32% | 19.44% | 19.16% | - |
Gross Profit | 1.11B▲ 0% | 1.35B▲ 22.0% | 1.66B▲ 22.4% | 2.02B▲ 22.2% | 2.56B▲ 26.4% | 3.33B▲ 30.2% | 4.07B▲ 22.1% | 4.8B▲ 18.0% | 5.5B▲ 14.6% | 5.74B▲ 0% |
Gross Margin % | 74.23% | 75.04% | 76.61% | 78.03% | 76.57% | 75.44% | 76.68% | 80.56% | 80.84% | 80.67% |
Gross Profit Growth % | 18.34% | 22.04% | 22.37% | 22.17% | 26.42% | 30.22% | 22.06% | 17.96% | 14.56% | - |
Operating Expenses | 999.8M | 1.12B | 1.31B | 1.49B | 1.91B | 2.36B | 2.83B | 2.99B | 3.42B | 3.53B |
OpEx % of Revenue | 66.88% | 62.05% | 60.38% | 57.53% | 57.11% | 53.49% | 53.28% | 50.28% | 50.24% | - |
Selling, General & Admin | 788.9M | 875.3M | 1.03B | 1.19B | 1.49B | 1.86B | 2.22B | 2.28B | 2.58B | 2.67B |
SG&A % of Revenue | 52.77% | 48.5% | 47.57% | 45.92% | 44.56% | 42% | 41.8% | 38.33% | 37.96% | - |
Research & Development | 210.6M | 244.5M | 277.1M | 341.4M | 424.2M | 512.4M | 613.8M | 716.8M | 815.5M | 830.9M |
R&D % of Revenue | 14.09% | 13.55% | 12.81% | 13.16% | 12.69% | 11.6% | 11.57% | 12.04% | 11.99% | - |
Other Operating Expenses | 300K | 0 | 0 | -40.2M | -4.6M | -4.6M | -4.6M | -4.6M | 20M | 2M |
Operating Income | 109.8M▲ 0% | 234.4M▲ 113.5% | 351M▲ 49.7% | 531.8M▲ 51.5% | 650.4M▲ 22.3% | 969.6M▲ 49.1% | 1.24B▲ 28.0% | 1.8B▲ 45.3% | 2.08B▲ 15.4% | 2.21B▲ 0% |
Operating Margin % | 7.34% | 12.99% | 16.23% | 20.5% | 19.46% | 21.95% | 23.4% | 30.28% | 30.62% | 31.06% |
Operating Income Growth % | 155.94% | 113.48% | 49.74% | 51.51% | 22.3% | 49.08% | 28% | 45.31% | 15.45% | - |
EBITDA | 165.3M | 290.1M | 412.6M | 600.6M | 734.8M | 1.07B | 1.35B | 1.93B | 2.23B | 2.46B |
EBITDA Margin % | 11.06% | 16.08% | 19.08% | 23.15% | 21.99% | 24.31% | 25.53% | 32.34% | 32.85% | 34.58% |
EBITDA Growth % | 80.85% | 75.5% | 42.23% | 45.56% | 22.34% | 46.15% | 26.13% | 42.21% | 15.98% | 18.99% |
D&A (Non-Cash Add-back) | 55.5M | 55.7M | 61.6M | 68.8M | 84.4M | 104.3M | 113.4M | 122.8M | 152M | 250.2M |
EBIT | 110.1M | 234.4M | 386M | 541.7M | 643.3M | 973.5M | 1.35B | 2.08B | 2.31B | 2.36B |
Net Interest Income | 13.5M | 26.5M | 42.5M | 17.7M | -10.4M | -600K | 98.7M | 135.2M | 142.2M | 131.5M |
Interest Income | 13.5M | 26.5M | 42.5M | 17.7M | 4.5M | 17.4M | 119.7M | 155.2M | 162.3M | 150.9M |
Interest Expense | 0 | 0 | 0 | 0 | 14.9M | 18M | 21M | 20M | 20.1M | 19.4M |
Other Income/Expense | 14.2M | 19.9M | 35M | 9.9M | -29.6M | -82.2M | 50.5M | 225.7M | 210.5M | 211M |
Pretax Income | 124M▲ 0% | 254.3M▲ 105.1% | 386M▲ 51.8% | 541.7M▲ 40.3% | 620.8M▲ 14.6% | 887.4M▲ 42.9% | 1.29B▲ 45.5% | 2.03B▲ 57.1% | 2.29B▲ 13.0% | 2.42B▲ 0% |
Pretax Margin % | 8.29% | 14.09% | 17.85% | 20.88% | 18.57% | 20.09% | 24.35% | 34.07% | 33.72% | 34.03% |
Income Tax | 92.6M | -80.6M | 54.3M | 53.2M | 14.1M | 30.8M | 143.8M | 283.9M | 439.1M | 464.6M |
Effective Tax Rate % | 74.68% | -31.69% | 14.07% | 9.82% | 2.27% | 3.47% | 11.13% | 13.99% | 19.15% | 19.2% |
Net Income | 31.4M▲ 0% | 334.9M▲ 966.6% | 331.7M▼ 1.0% | 488.5M▲ 47.3% | 606.8M▲ 24.2% | 857.3M▲ 41.3% | 1.15B▲ 33.9% | 1.75B▲ 52.0% | 1.85B▲ 6.2% | 1.95B▲ 0% |
Net Margin % | 2.1% | 18.56% | 15.34% | 18.83% | 18.16% | 19.41% | 21.64% | 29.3% | 27.26% | 27.49% |
Net Income Growth % | -2.48% | 966.56% | -0.96% | 47.27% | 24.22% | 41.28% | 33.89% | 52.05% | 6.2% | 4% |
Net Income (Continuing) | 31.4M | 334.9M | 331.7M | 488.5M | 606.7M | 856.6M | 1.15B | 1.75B | 1.85B | 1.95B |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 | 16.7M | 0 | 0 | 0 | 0 | 0 |
EPS (Diluted) | 0.04▲ 0% | 0.38▲ 955.6% | 0.38▲ 0.0% | 0.58▲ 52.6% | 0.73▲ 25.9% | 1.06▲ 45.2% | 1.46▲ 37.7% | 2.26▲ 54.8% | 2.43▲ 7.5% | 2.63▲ 0% |
EPS Growth % | 0% | 955.56% | 0% | 52.63% | 25.86% | 45.21% | 37.74% | 54.79% | 7.52% | 6.58% |
EPS (Basic) | 0.04 | 0.39 | 0.39 | 0.60 | 0.74 | 1.08 | 1.47 | 2.28 | 2.44 | - |
Diluted Shares Outstanding | 890.39M | 871M | 875M | 838.5M | 835.5M | 805.3M | 788.2M | 771.9M | 748M | 742.8M |
Basic Shares Outstanding | 871.58M | 845.5M | 855M | 821M | 816M | 791.4M | 778.6M | 764.4M | 743.1M | 738.8M |
Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
FTNT Balance Sheet
Fortinet, Inc. (FTNT) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Current Assets | 1.72B | 2.22B | 2.77B | 2.74B | 3.6B | 3.81B | 4.43B | 5.97B | 5.9B | 5.33B |
Cash & Short-Term Investments | 1.25B | 1.65B | 2.07B | 1.84B | 2.55B | 2.21B | 2.44B | 4.07B | 3.58B | 3.29B |
Cash Only | 811M | 1.11B | 1.22B | 1.06B | 1.32B | 1.68B | 1.4B | 2.88B | 2.5B | 2.22B |
Short-Term Investments | 440.27M | 537.2M | 843.1M | 775.5M | 1.23B | 528.1M | 1.04B | 1.19B | 1.09B | 1.07B |
Accounts Receivable | 348.19M | 444.5M | 544.3M | 720M | 807.7M | 1.26B | 1.4B | 1.46B | 1.69B | 1.49B |
Days Sales Outstanding | 85.01 | 89.91 | 91.85 | 101.3 | 88.21 | 104.25 | 96.47 | 89.68 | 90.78 | 71.38 |
Inventory | 77.3M | 90M | 117.9M | 139.8M | 175.8M | 264.6M | 484.8M | 315.5M | 399.5M | 369.6M |
Days Inventory Outstanding | 73.23 | 72.94 | 85.06 | 89.52 | 81.95 | 89.02 | 143.03 | 99.48 | 111.94 | 106.32 |
Other Current Assets | 0 | 0 | 0 | 0 | 0 | 73.1M | 101.1M | 126.1M | 0 | 181.9M |
Total Non-Current Assets | 541.1M | 857.1M | 1.11B | 1.3B | 2.32B | 2.42B | 2.83B | 3.79B | 4.49B | 4.55B |
Property, Plant & Equipment | 245.4M | 271.4M | 344.3M | 448M | 687.6M | 898.5M | 1.04B | 1.35B | 1.62B | 1.69B |
Fixed Asset Turnover | 6.09x | 6.65x | 6.28x | 5.79x | 4.86x | 4.92x | 5.08x | 4.41x | 4.20x | 4.40x |
Goodwill | 14.6M | 38.2M | 67.2M | 93M | 125.1M | 128M | 126.5M | 235.4M | 354.7M | 344.4M |
Intangible Assets | 16.3M | 22.1M | 31.1M | 31.6M | 63.6M | 56M | 35.3M | 115M | 0 | 0 |
Long-Term Investments | 98M | 67M | 144.3M | 118.3M | 440.8M | 45.5M | 0 | 0 | 339.7M | 1.08B |
Other Non-Current Assets | 19.9M | 203.4M | 297M | 368M | 659.1M | 720.2M | 755.6M | 756.1M | 2.18B | 870.8M |
Total Assets | 2.26B▲ 0% | 3.08B▲ 36.3% | 3.88B▲ 26.0% | 4.04B▲ 4.3% | 5.92B▲ 46.3% | 6.23B▲ 5.2% | 7.26B▲ 16.6% | 9.76B▲ 34.5% | 10.39B▲ 6.4% | 9.88B▲ 0% |
Asset Turnover | 0.66x | 0.59x | 0.56x | 0.64x | 0.56x | 0.71x | 0.73x | 0.61x | 0.65x | 0.71x |
Asset Growth % | 5.51% | 36.32% | 26.03% | 4.26% | 46.35% | 5.22% | 16.55% | 34.5% | 6.41% | 39.28% |
Total Current Liabilities | 1.03B | 1.26B | 1.46B | 1.83B | 2.32B | 3.08B | 3.72B | 4.06B | 5.03B | 4.62B |
Accounts Payable | 70M | 86.4M | 96.4M | 141.6M | 148.4M | 243.4M | 204.3M | 190.9M | 230.8M | 238.7M |
Days Payables Outstanding | 66.31 | 70.02 | 69.55 | 90.67 | 69.18 | 81.89 | 60.27 | 60.19 | 64.67 | 62.16 |
Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 499.7M | 0 |
Deferred Revenue (Current) | 793.8M | 965.9M | 1.16B | 1.39B | 1.78B | 2.35B | 2.85B | 3.28B | 0 | 14.24B |
Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.64B | 658.5M |
Current Ratio | 1.67x | 1.77x | 1.90x | 1.50x | 1.55x | 1.24x | 1.19x | 1.47x | 1.17x | 1.15x |
Quick Ratio | 1.60x | 1.70x | 1.82x | 1.42x | 1.48x | 1.15x | 1.06x | 1.39x | 1.09x | 1.07x |
Cash Conversion Cycle | 91.93 | 92.82 | 107.36 | 100.14 | 100.98 | 111.38 | 179.22 | 128.97 | 138.05 | 115.54 |
Total Non-Current Liabilities | 641.3M | 811.4M | 1.08B | 1.36B | 2.8B | 3.43B | 4B | 4.21B | 4.12B | 4.27B |
Long-Term Debt | 0 | 0 | 0 | 0 | 988.4M | 990.4M | 992.3M | 994.3M | 496.6M | 496.8M |
Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Current Liabilities | 98.8M | 90.5M | 127.7M | 146.5M | 138.7M | 149.8M | 124.7M | 129.6M | 141.3M | 3.77B |
Total Liabilities | 1.67B | 2.07B | 2.54B | 3.19B | 5.12B | 6.51B | 7.72B | 8.27B | 9.15B | 8.89B |
Total Debt | 0 | 0 | 0 | 0 | 988.4M | 990.4M | 992.3M | 994.3M | 996.3M | 496.8M |
Net Debt | -811M | -1.11B | -1.22B | -1.06B | -330.7M | -692.5M | -405.6M | -1.88B | -1.5B | -1.73B |
Debt / Equity | - | - | - | - | 1.24x | - | - | 0.67x | 0.81x | 0.50x |
Debt / EBITDA | - | - | - | - | 1.35x | 0.92x | 0.73x | 0.52x | 0.45x | 0.20x |
Net Debt / EBITDA | -4.91x | -3.83x | -2.96x | -1.77x | -0.45x | -0.64x | -0.30x | -0.98x | -0.67x | -0.70x |
Interest Coverage | - | - | - | - | 43.17x | 54.08x | 64.51x | 103.93x | 115.05x | 121.54x |
Total Equity | 589.4M▲ 0% | 1.01B▲ 71.4% | 1.34B▲ 32.9% | 856M▼ 36.2% | 798.4M▼ 6.7% | -281.6M▼ 135.3% | -463.4M▼ 64.6% | 1.49B▲ 422.4% | 1.24B▼ 17.2% | 989.7M▲ 0% |
Equity Growth % | -29.64% | 71.39% | 32.88% | -36.23% | -6.73% | -135.27% | -64.56% | 422.36% | -17.16% | 529.13% |
Book Value per Share | 0.66 | 1.16 | 1.53 | 1.02 | 0.96 | -0.35 | -0.59 | 1.94 | 1.65 | 1.33 |
Total Shareholders' Equity | 589.4M | 1.01B | 1.34B | 856M | 781.7M | -281.6M | -463.4M | 1.49B | 1.24B | 989.7M |
Common Stock | 200K | 200K | 200K | 200K | 800K | 800K | 800K | 800K | 700K | 700K |
Retained Earnings | -319.6M | -57.5M | 160.8M | -352.1M | -467.9M | -1.55B | -1.86B | -117.1M | -507.9M | -782M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | -800K | -800K | 1.1M | 700K | -4.8M | -20.2M | -18.9M | -26.1M | -25.4M | -27.7M |
Minority Interest | 0 | 0 | 0 | 0 | 16.7M | 0 | 0 | 0 | 0 | 0 |
FTNT Cash Flow Statement
Fortinet, Inc. (FTNT) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 594.4M | 638.9M | 808M | 1.08B | 1.5B | 1.73B | 1.94B | 2.26B | 2.59B | 2.8B |
Operating CF Margin % | 39.76% | 35.4% | 37.36% | 41.77% | 44.87% | 39.18% | 36.49% | 37.91% | 38.1% | - |
Operating CF Growth % | 71.94% | 7.49% | 26.47% | 34.12% | 38.39% | 15.4% | 11.84% | 16.67% | 14.72% | 94.5% |
Net Income | 31.4M | 334.9M | 331.7M | 488.5M | 606.7M | 856.6M | 1.15B | 1.75B | 1.85B | 1.95B |
Depreciation & Amortization | 55.5M | 55.7M | 61.6M | 68.8M | 84.4M | 104.3M | 113.4M | 122.8M | 336.3M | 300.7M |
Stock-Based Compensation | 137.2M | 162.9M | 174.1M | 191.7M | 207.9M | 217.3M | 249M | 257.9M | 279.5M | 286.5M |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66.2M | 63.5M |
Other Non-Cash Items | 6.3M | 89.4M | 107.6M | 144.7M | 198.3M | 319.4M | 299.2M | 152.8M | 65.6M | 116.9M |
Working Capital Changes | 364M | -4M | 133M | 190M | 402.4M | 233M | 126.1M | -20.6M | -10.4M | 82.3M |
Change in Receivables | -38.4M | -82M | -96.7M | -176.4M | -72.5M | -456.7M | -146.4M | -45.4M | -215.9M | -314.6M |
Change in Inventory | 9.4M | -33.4M | -48.5M | -42.2M | -19.4M | -109.1M | -253.5M | 131.2M | -90.6M | -32.9M |
Change in Payables | 13.1M | 14.6M | 7.7M | 37.4M | -13.1M | 105.2M | -43.1M | -10.2M | 27.9M | -22.7M |
Cash from Investing | -76.8M | -134.9M | -502.3M | -72.8M | -1.33B | 763.9M | -649.3M | -727.4M | -599.1M | -494M |
Capital Expenditures | -135.3M | -53M | -92.2M | -125.9M | -295.9M | -281.2M | -204.1M | -378.9M | -364.8M | -368.9M |
CapEx % of Revenue | 9.05% | 2.94% | 4.26% | 4.85% | 8.85% | 6.37% | 3.85% | 6.36% | 5.37% | 5.19% |
Acquisitions | 0 | -21.7M | -34.6M | -40.2M | -234.9M | -30.8M | -8.5M | -275.5M | -41.6M | -30.4M |
Investments | - | - | - | - | - | - | - | - | - | - |
Other Investing | 0 | 0 | 0 | 1.3M | 400K | 0 | 300K | 100K | 100K | -100K |
Cash from Financing | -415.6M | -202.6M | -195.6M | -1.17B | 82.8M | -2.13B | -1.57B | -50.1M | -2.37B | -3.68B |
Debt Issued (Net) | 0 | -10.1M | -3.7M | -4.1M | 969.9M | 0 | 0 | 0 | 0 | -500M |
Equity Issued (Net) | -370.5M | -125.3M | -95.6M | -1.06B | -715.8M | -1.97B | -1.46B | 62.5M | -2.25B | -3.07B |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | -446.3M | -211.8M | -145.1M | -1.08B | -741.8M | -1.99B | -1.5B | -600K | -2.29B | -3.11B |
Other Financing | -45.1M | -67.2M | -96.3M | -109.5M | -171.3M | -165.2M | -113.7M | -112.6M | -126.4M | -111M |
Net Change in Cash | 102M▲ 0% | 301.4M▲ 195.5% | 110.1M▼ 63.5% | -160.7M▼ 246.0% | 257.3M▲ 260.1% | 363.8M▲ 41.4% | -285M▼ 178.3% | 1.48B▲ 618.6% | -380.6M▼ 125.8% | -1.37B▲ 0% |
Free Cash Flow | 459.1M▲ 0% | 585.9M▲ 27.6% | 715.8M▲ 22.2% | 957.8M▲ 33.8% | 1.2B▲ 25.7% | 1.45B▲ 20.4% | 1.73B▲ 19.5% | 1.88B▲ 8.5% | 2.23B▲ 18.4% | 2.44B▲ 0% |
FCF Margin % | 30.71% | 32.47% | 33.09% | 36.92% | 36.02% | 32.81% | 32.64% | 31.55% | 32.73% | 34.26% |
FCF Growth % | 64.85% | 27.62% | 22.17% | 33.81% | 25.68% | 20.4% | 19.46% | 8.54% | 18.44% | 17.8% |
FCF per Share | 0.52 | 0.67 | 0.82 | 1.14 | 1.44 | 1.80 | 2.20 | 2.43 | 2.98 | 3.28 |
FCF Conversion (FCF/Net Income) | 18.93x | 1.91x | 2.44x | 2.22x | 2.47x | 2.02x | 1.69x | 1.29x | 1.40x | 1.25x |
Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Taxes Paid | 32.2M | 41.4M | 58.7M | 39.7M | 127.4M | 260.2M | 426.3M | 578.9M | 0 | 307.1M |
FTNT Key Ratios
Fortinet, Inc. (FTNT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | 4.4% | 41.87% | 28.2% | 44.44% | 73.36% | 331.77% | - | 338.74% | 135.72% | 155.65% |
Return on Invested Capital (ROIC) | - | - | 2974.58% | - | 372.51% | - | - | - | - | -420.26% |
Gross Margin | 74.23% | 75.04% | 76.61% | 78.03% | 76.57% | 75.44% | 76.68% | 80.56% | 80.84% | 80.67% |
Net Margin | 2.1% | 18.56% | 15.34% | 18.83% | 18.16% | 19.41% | 21.64% | 29.3% | 27.26% | 27.49% |
Debt / Equity | - | - | - | - | 1.24x | - | - | 0.67x | 0.81x | 0.50x |
Interest Coverage | - | - | - | - | 43.17x | 54.08x | 64.51x | 103.93x | 115.05x | 121.54x |
FCF Conversion | 18.93x | 1.91x | 2.44x | 2.22x | 2.47x | 2.02x | 1.69x | 1.29x | 1.40x | 1.25x |
Revenue Growth | 17.21% | 20.72% | 19.86% | 19.94% | 28.82% | 32.17% | 20.09% | 12.27% | 14.17% | 15.75% |
Related:FTNT Dividend History·FTNT Revenue History·FTNT Price History·FTNT P/E History·FTNT Financial Ratios·FTNT Institutional Holders
FTNT SEC Filings & Documents
Fortinet, Inc. (FTNT) SEC filings — annual & quarterly reports (10-K, 10-Q)
FTNT Frequently Asked Questions
Fortinet, Inc. (FTNT) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Fortinet, Inc. (FTNT) reported $7.11B in revenue for fiscal year 2025. This represents a 4476% increase from $155.4M in 2007.
Fortinet, Inc. (FTNT) grew revenue by 14.2% over the past year. This is steady growth.
Yes, Fortinet, Inc. (FTNT) is profitable, generating $1.95B in net income for fiscal year 2025 (27.3% net margin).
Dividend & Returns
Fortinet, Inc. (FTNT) has a return on equity (ROE) of 135.7%. This is excellent, indicating efficient use of shareholder capital.
Fortinet, Inc. (FTNT) generated $2.44B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.