Fortinet, Inc. (FTNT) 10-Year Financial Performance & Capital Metrics

FTNT •

TechnologyInfrastructure SoftwareCybersecurity and identity management

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 Margin 80.84% +0.3%
EBITDA Margin 32.85% +1.6%
Operating Margin 30.62% +1.1%
Net Margin 27.26% -7.0%
ROE 135.72% -59.9%
ROIC -
Debt/Equity 0.81 +21.0%
Interest Coverage 103.58 +14.9%

Technical Analysis

Key Insights

Based on financial 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
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 21.3%

✗Weaknesses

✗Expensive at 47.8x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y21.02%

5Y21.25%

3Y15.46%

TTM14.17%

Profit (Net Income) CAGR

10Y72.41%

5Y30.56%

3Y29.3%

TTM6.2%

EPS CAGR

10Y73.21%

5Y33.18%

3Y31.86%

TTM7.52%

ROCE

10Y Avg23.19%

5Y Avg32.98%

3Y Avg37.93%

Latest37.66%

Peer Comparison

Cybersecurity and identity management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OKTAOkta, Inc.	563.4M	72.50	1208.33	15.33%	6.87%	2.83%	100%	0.15
PANWPalo Alto Networks, Inc.	104.69B	148.92	93.08	14.87%	12.96%	13.65%	3.31%	0.04
ALLTAllot Ltd.	250.63M	6.34	79.05	10.63%	3.63%	3.27%	6.18%	0.10
FTNTFortinet, Inc.	58.77B	79.03	32.52	14.17%	27.26%	149.77%	3.79%	0.81
GENGen Digital Inc.	13.93B	22.57	21.91	3.55%	12.76%	25.86%	8.66%	3.66
CHKPCheck Point Software Technologies Ltd.	16.48B	152.07	20.38	6.22%	37.62%	32.79%	6.24%	0.01
QLYSQualys, Inc.	3.32B	92.47	19.89	9.58%	28.96%	35.73%	6.98%	0.10
RPDRapid7, Inc.	394.95M	6.22	15.55	8.53%	1.44%	2.04%	42.6%	57.49

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.28B	1.49B	1.8B	2.16B	2.59B	3.34B	4.42B	5.3B	5.96B	6.8B
Revenue Growth %	26.37%	17.21%	20.72%	19.86%	19.94%	28.82%	32.17%	20.09%	12.27%	14.17%
Cost of Goods Sold+	337.8M	385.3M	450.4M	505.9M	570M	783M	1.08B	1.24B	1.16B	1.3B
COGS % of Revenue	26.49%	25.77%	24.96%	23.39%	21.97%	23.43%	24.56%	23.32%	19.44%	19.16%
Gross Profit+	937.6M	1.11B	1.35B	1.66B	2.02B	2.56B	3.33B	4.07B	4.8B	5.5B
Gross Margin %	73.51%	74.23%	75.04%	76.61%	78.03%	76.57%	75.44%	76.68%	80.56%	80.84%
Gross Profit Growth %	29.77%	18.34%	22.04%	22.37%	22.17%	26.42%	30.22%	22.06%	17.96%	14.56%
Operating Expenses+	894.7M	999.8M	1.12B	1.31B	1.49B	1.91B	2.36B	2.83B	2.99B	3.42B
OpEx % of Revenue	70.15%	66.88%	62.05%	60.38%	57.53%	57.11%	53.49%	53.28%	50.28%	50.24%
Selling, General & Admin	707.6M	788.9M	875.3M	1.03B	1.19B	1.49B	1.86B	2.22B	2.28B	2.58B
SG&A % of Revenue	55.48%	52.77%	48.5%	47.57%	45.92%	44.56%	42%	41.8%	38.33%	37.96%
Research & Development	183.1M	210.6M	244.5M	277.1M	341.4M	424.2M	512.4M	613.8M	716.8M	815.5M
R&D % of Revenue	14.36%	14.09%	13.55%	12.81%	13.16%	12.69%	11.6%	11.57%	12.04%	11.99%
Other Operating Expenses	4M	300K	0	0	-40.2M	-4.6M	-4.6M	-4.6M	-4.6M	20M
Operating Income+	42.9M	109.8M	234.4M	351M	531.8M	650.4M	969.6M	1.24B	1.8B	2.08B
Operating Margin %	3.36%	7.34%	12.99%	16.23%	20.5%	19.46%	21.95%	23.4%	30.28%	30.62%
Operating Income Growth %	188.36%	155.94%	113.48%	49.74%	51.51%	22.3%	49.08%	28%	45.31%	15.45%
EBITDA+	91.4M	165.3M	290.1M	412.6M	600.6M	734.8M	1.07B	1.35B	1.93B	2.23B
EBITDA Margin %	7.17%	11.06%	16.08%	19.08%	23.15%	21.99%	24.31%	25.53%	32.34%	32.85%
EBITDA Growth %	96.7%	80.85%	75.5%	42.23%	45.56%	22.34%	46.15%	26.13%	42.21%	15.98%
D&A (Non-Cash Add-back)	48.5M	55.5M	55.7M	61.6M	68.8M	84.4M	104.3M	113.4M	122.8M	152M
EBIT	46.9M	110.1M	234.4M	386M	541.7M	643.3M	973.5M	1.35B	2.08B	2.27B
Net Interest Income+	7.3M	13.5M	26.5M	42.5M	17.7M	-10.4M	-600K	98.7M	135.2M	142.2M
Interest Income	7.3M	13.5M	26.5M	42.5M	17.7M	4.5M	17.4M	119.7M	155.2M	162.3M
Interest Expense	0	0	0	0	0	14.9M	18M	21M	20M	20.1M
Other Income/Expense	200K	14.2M	19.9M	35M	9.9M	-29.6M	-82.2M	50.5M	225.7M	210.5M
Pretax Income+	43.1M	124M	254.3M	386M	541.7M	620.8M	887.4M	1.29B	2.03B	2.29B
Pretax Margin %	3.38%	8.29%	14.09%	17.85%	20.88%	18.57%	20.09%	24.35%	34.07%	33.72%
Income Tax+	10.9M	92.6M	-80.6M	54.3M	53.2M	14.1M	30.8M	143.8M	283.9M	439.1M
Effective Tax Rate %	74.71%	25.32%	131.69%	85.93%	90.18%	97.74%	96.61%	88.87%	86.01%	80.85%
Net Income+	32.2M	31.4M	334.9M	331.7M	488.5M	606.8M	857.3M	1.15B	1.75B	1.85B
Net Margin %	2.52%	2.1%	18.56%	15.34%	18.83%	18.16%	19.41%	21.64%	29.3%	27.26%
Net Income Growth %	303.16%	-2.48%	966.56%	-0.96%	47.27%	24.22%	41.28%	33.89%	52.05%	6.2%
Net Income (Continuing)	32.2M	31.4M	334.9M	331.7M	488.5M	606.7M	856.6M	1.15B	1.75B	1.85B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	16.7M	0	0	0	0
EPS (Diluted)+	0.04	0.04	0.38	0.38	0.58	0.73	1.06	1.46	2.26	2.43
EPS Growth %	260%	0%	955.56%	0%	52.63%	25.86%	45.21%	37.74%	54.79%	7.52%
EPS (Basic)	0.04	0.04	0.39	0.39	0.60	0.74	1.08	1.47	2.28	2.44
Diluted Shares Outstanding	881.5M	890.39M	871M	875M	838.5M	835.5M	805.3M	788.2M	771.9M	748M
Basic Shares Outstanding	863M	871.58M	845.5M	855M	821M	816M	791.4M	778.6M	764.4M	743.1M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.54B	1.72B	2.22B	2.77B	2.74B	3.6B	3.81B	4.43B	5.97B	5.9B
Cash & Short-Term Investments	1.09B	1.25B	1.65B	2.07B	1.84B	2.55B	2.21B	2.44B	4.07B	3.58B
Cash Only	709M	811M	1.11B	1.22B	1.06B	1.32B	1.68B	1.4B	2.88B	2.5B
Short-Term Investments	376.52M	440.27M	537.2M	843.1M	775.5M	1.23B	528.1M	1.04B	1.19B	1.09B
Accounts Receivable	313M	348.19M	444.5M	544.3M	720M	807.7M	1.26B	1.4B	1.46B	1.69B
Days Sales Outstanding	89.58	85.01	89.91	91.85	101.3	88.21	104.25	96.47	89.68	90.78
Inventory	106.89M	77.3M	90M	117.9M	139.8M	175.8M	264.6M	484.8M	315.5M	399.5M
Days Inventory Outstanding	115.49	73.23	72.94	85.06	89.52	81.95	89.02	143.03	99.48	111.94
Other Current Assets	0	0	0	0	0	0	73.1M	101.1M	126.1M	0
Total Non-Current Assets+	601.23M	541.1M	857.1M	1.11B	1.3B	2.32B	2.42B	2.83B	3.79B	4.49B
Property, Plant & Equipment	137.25M	245.4M	271.4M	344.3M	448M	687.6M	898.5M	1.04B	1.35B	1.62B
Fixed Asset Turnover	9.29x	6.09x	6.65x	6.28x	5.79x	4.86x	4.92x	5.08x	4.41x	4.20x
Goodwill	14.55M	14.6M	38.2M	67.2M	93M	125.1M	128M	126.5M	235.4M	354.7M
Intangible Assets	24.83M	16.3M	22.1M	31.1M	31.6M	63.6M	56M	35.3M	115M	354.7M
Long-Term Investments	224.98M	98M	67M	144.3M	118.3M	440.8M	45.5M	0	0	339.7M
Other Non-Current Assets	16.87M	19.9M	203.4M	297M	368M	659.1M	720.2M	755.6M	756.1M	2.18B
Total Assets+	2.14B	2.26B	3.08B	3.88B	4.04B	5.92B	6.23B	7.26B	9.76B	10.39B
Asset Turnover	0.60x	0.66x	0.59x	0.56x	0.64x	0.56x	0.71x	0.73x	0.61x	0.65x
Asset Growth %	19.52%	5.51%	36.32%	26.03%	4.26%	46.35%	5.22%	16.55%	34.5%	6.41%
Total Current Liabilities+	829.44M	1.03B	1.26B	1.46B	1.83B	2.32B	3.08B	3.72B	4.06B	5.03B
Accounts Payable	56.73M	70M	86.4M	96.4M	141.6M	148.4M	243.4M	204.3M	190.9M	230.8M
Days Payables Outstanding	61.3	66.31	70.02	69.55	90.67	69.18	81.89	60.27	60.19	64.67
Short-Term Debt	0	0	0	0	0	0	0	0	0	499.7M
Deferred Revenue (Current)	645.34M	793.8M	965.9M	1.16B	1.39B	1.78B	2.35B	2.85B	3.28B	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	3.64B
Current Ratio	1.86x	1.67x	1.77x	1.90x	1.50x	1.55x	1.24x	1.19x	1.47x	1.17x
Quick Ratio	1.73x	1.60x	1.70x	1.82x	1.42x	1.48x	1.15x	1.06x	1.39x	1.09x
Cash Conversion Cycle	143.77	91.93	92.82	107.36	100.14	100.98	111.38	179.22	128.97	138.05
Total Non-Current Liabilities+	472.82M	641.3M	811.4M	1.08B	1.36B	2.8B	3.43B	4B	4.21B	4.12B
Long-Term Debt	0	0	0	0	0	988.4M	990.4M	992.3M	994.3M	496.6M
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	82.81M	98.8M	90.5M	127.7M	146.5M	138.7M	149.8M	124.7M	129.6M	141.3M
Total Liabilities	1.3B	1.67B	2.07B	2.54B	3.19B	5.12B	6.51B	7.72B	8.27B	9.15B
Total Debt+	0	0	0	0	0	988.4M	990.4M	992.3M	994.3M	996.3M
Net Debt	-709M	-811M	-1.11B	-1.22B	-1.06B	-330.7M	-692.5M	-405.6M	-1.88B	-1.5B
Debt / Equity	-	-	-	-	-	1.24x	-	-	0.67x	0.81x
Debt / EBITDA	-	-	-	-	-	1.35x	0.92x	0.73x	0.52x	0.45x
Net Debt / EBITDA	-7.76x	-4.91x	-3.83x	-2.96x	-1.77x	-0.45x	-0.64x	-0.30x	-0.98x	-0.67x
Interest Coverage	-	-	-	-	-	43.65x	53.87x	59.10x	90.17x	103.58x
Total Equity+	837.68M	589.4M	1.01B	1.34B	856M	798.4M	-281.6M	-463.4M	1.49B	1.24B
Equity Growth %	10.9%	-29.64%	71.39%	32.88%	-36.23%	-6.73%	-135.27%	-64.56%	422.36%	-17.16%
Book Value per Share	0.95	0.66	1.16	1.53	1.02	0.96	-0.35	-0.59	1.94	1.65
Total Shareholders' Equity	837.68M	589.4M	1.01B	1.34B	856M	781.7M	-281.6M	-463.4M	1.49B	1.24B
Common Stock	173K	200K	200K	200K	200K	800K	800K	800K	800K	700K
Retained Earnings	37.62M	-319.6M	-57.5M	160.8M	-352.1M	-467.9M	-1.55B	-1.86B	-117.1M	-507.9M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-765K	-800K	-800K	1.1M	700K	-4.8M	-20.2M	-18.9M	-26.1M	-25.4M
Minority Interest	0	0	0	0	0	16.7M	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	345.7M	594.4M	638.9M	808M	1.08B	1.5B	1.73B	1.94B	2.26B	2.59B
Operating CF Margin %	27.11%	39.76%	35.4%	37.36%	41.77%	44.87%	39.18%	36.49%	37.91%	38.1%
Operating CF Growth %	22.35%	71.94%	7.49%	26.47%	34.12%	38.39%	15.4%	11.84%	16.67%	14.72%
Net Income	32.2M	31.4M	334.9M	331.7M	488.5M	606.7M	856.6M	1.15B	1.75B	1.85B
Depreciation & Amortization	48.5M	55.5M	55.7M	61.6M	68.8M	84.4M	104.3M	113.4M	122.8M	336.3M
Stock-Based Compensation	122.4M	137.2M	162.9M	174.1M	191.7M	207.9M	217.3M	249M	257.9M	279.5M
Deferred Taxes	0	0	0	0	0	0	0	0	0	66.2M
Other Non-Cash Items	7.4M	6.3M	89.4M	107.6M	144.7M	198.3M	319.4M	299.2M	152.8M	65.6M
Working Capital Changes	135.2M	364M	-4M	133M	190M	402.4M	233M	126.1M	-20.6M	-10.4M
Change in Receivables	-57.9M	-38.4M	-82M	-96.7M	-176.4M	-72.5M	-456.7M	-146.4M	-45.4M	-215.9M
Change in Inventory	-43M	9.4M	-33.4M	-48.5M	-42.2M	-19.4M	-109.1M	-253.5M	131.2M	-90.6M
Change in Payables	100K	13.1M	14.6M	7.7M	37.4M	-13.1M	105.2M	-43.1M	-10.2M	27.9M
Cash from Investing+	-74.1M	-76.8M	-134.9M	-502.3M	-72.8M	-1.33B	763.9M	-649.3M	-727.4M	-599.1M
Capital Expenditures	-67.2M	-135.3M	-53M	-92.2M	-125.9M	-295.9M	-281.2M	-204.1M	-378.9M	-364.8M
CapEx % of Revenue	5.27%	9.05%	2.94%	4.26%	4.85%	8.85%	6.37%	3.85%	6.36%	5.37%
Acquisitions	-22.1M	0	-21.7M	-34.6M	-40.2M	-234.9M	-30.8M	-8.5M	-275.5M	-41.6M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	1.3M	400K	0	300K	100K	100K
Cash from Financing+	-105.9M	-415.6M	-202.6M	-195.6M	-1.17B	82.8M	-2.13B	-1.57B	-50.1M	-2.37B
Debt Issued (Net)	-1.6M	0	-10.1M	-3.7M	-4.1M	969.9M	0	0	0	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-110.8M	-446.3M	-211.8M	-145.1M	-1.08B	-741.8M	-1.99B	-1.5B	-600K	-2.29B
Other Financing	-38.3M	-45.1M	-67.2M	-96.3M	-109.5M	-171.3M	-165.2M	-113.7M	-112.6M	-126.4M
Net Change in Cash	165.7M	102M	301.4M	110.1M	-160.7M	257.3M	363.8M	-285M	1.48B	-380.6M
Free Cash Flow+	278.5M	459.1M	585.9M	715.8M	957.8M	1.2B	1.45B	1.73B	1.88B	2.23B
FCF Margin %	21.84%	30.71%	32.47%	33.09%	36.92%	36.02%	32.81%	32.64%	31.55%	32.73%
FCF Growth %	13.59%	64.85%	27.62%	22.17%	33.81%	25.68%	20.4%	19.46%	8.54%	18.44%
FCF per Share	0.32	0.52	0.67	0.82	1.14	1.44	1.80	2.20	2.43	2.98
FCF Conversion (FCF/Net Income)	10.74x	18.93x	1.91x	2.44x	2.22x	2.47x	2.02x	1.69x	1.29x	1.40x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	26.6M	32.2M	41.4M	58.7M	39.7M	127.4M	260.2M	426.3M	578.9M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	4.04%	4.4%	41.87%	28.2%	44.44%	73.36%	331.77%	-	338.74%	135.72%
Return on Invested Capital (ROIC)	18.88%	-	-	2974.58%	-	372.51%	-	-	-	-
Gross Margin	73.51%	74.23%	75.04%	76.61%	78.03%	76.57%	75.44%	76.68%	80.56%	80.84%
Net Margin	2.52%	2.1%	18.56%	15.34%	18.83%	18.16%	19.41%	21.64%	29.3%	27.26%
Debt / Equity	-	-	-	-	-	1.24x	-	-	0.67x	0.81x
Interest Coverage	-	-	-	-	-	43.65x	53.87x	59.10x	90.17x	103.58x
FCF Conversion	10.74x	18.93x	1.91x	2.44x	2.22x	2.47x	2.02x	1.69x	1.29x	1.40x
Revenue Growth	26.37%	17.21%	20.72%	19.86%	19.94%	28.82%	32.17%	20.09%	12.27%	14.17%

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Fortinet, Inc. (FTNT) 10-Year Financial Performance & Capital Metrics

FTNT •

TechnologyInfrastructure SoftwareCybersecurity and identity management

Revenue $6.8B +14.2%
EBITDA $2.23B +16.0%
Net Income $1.85B +6.2%
EPS (Diluted) 2.43 +7.5%
Gross Margin 80.84% +0.3%
EBITDA Margin 32.85% +1.6%
Operating Margin 30.62% +1.1%
Net Margin 27.26% -7.0%
ROE 135.72% -59.9%
ROIC -
Debt/Equity 0.81 +21.0%
Interest Coverage 103.58 +14.9%

Technical Analysis

Key Insights

Based on financial 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
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 21.3%

✗Weaknesses

✗Expensive at 47.8x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y21.02%

5Y21.25%

3Y15.46%

TTM14.17%

Profit (Net Income) CAGR

10Y72.41%

5Y30.56%

3Y29.3%

TTM6.2%

EPS CAGR

10Y73.21%

5Y33.18%

3Y31.86%

TTM7.52%

ROCE

10Y Avg23.19%

5Y Avg32.98%

3Y Avg37.93%

Latest37.66%

Peer Comparison

Cybersecurity and identity management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OKTAOkta, Inc.	563.4M	72.50	1208.33	15.33%	6.87%	2.83%	100%	0.15
PANWPalo Alto Networks, Inc.	104.69B	148.92	93.08	14.87%	12.96%	13.65%	3.31%	0.04
ALLTAllot Ltd.	250.63M	6.34	79.05	10.63%	3.63%	3.27%	6.18%	0.10
FTNTFortinet, Inc.	58.77B	79.03	32.52	14.17%	27.26%	149.77%	3.79%	0.81
GENGen Digital Inc.	13.93B	22.57	21.91	3.55%	12.76%	25.86%	8.66%	3.66
CHKPCheck Point Software Technologies Ltd.	16.48B	152.07	20.38	6.22%	37.62%	32.79%	6.24%	0.01
QLYSQualys, Inc.	3.32B	92.47	19.89	9.58%	28.96%	35.73%	6.98%	0.10
RPDRapid7, Inc.	394.95M	6.22	15.55	8.53%	1.44%	2.04%	42.6%	57.49

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.28B	1.49B	1.8B	2.16B	2.59B	3.34B	4.42B	5.3B	5.96B	6.8B
Revenue Growth %	26.37%	17.21%	20.72%	19.86%	19.94%	28.82%	32.17%	20.09%	12.27%	14.17%
Cost of Goods Sold+	337.8M	385.3M	450.4M	505.9M	570M	783M	1.08B	1.24B	1.16B	1.3B
COGS % of Revenue	26.49%	25.77%	24.96%	23.39%	21.97%	23.43%	24.56%	23.32%	19.44%	19.16%
Gross Profit+	937.6M	1.11B	1.35B	1.66B	2.02B	2.56B	3.33B	4.07B	4.8B	5.5B
Gross Margin %	73.51%	74.23%	75.04%	76.61%	78.03%	76.57%	75.44%	76.68%	80.56%	80.84%
Gross Profit Growth %	29.77%	18.34%	22.04%	22.37%	22.17%	26.42%	30.22%	22.06%	17.96%	14.56%
Operating Expenses+	894.7M	999.8M	1.12B	1.31B	1.49B	1.91B	2.36B	2.83B	2.99B	3.42B
OpEx % of Revenue	70.15%	66.88%	62.05%	60.38%	57.53%	57.11%	53.49%	53.28%	50.28%	50.24%
Selling, General & Admin	707.6M	788.9M	875.3M	1.03B	1.19B	1.49B	1.86B	2.22B	2.28B	2.58B
SG&A % of Revenue	55.48%	52.77%	48.5%	47.57%	45.92%	44.56%	42%	41.8%	38.33%	37.96%
Research & Development	183.1M	210.6M	244.5M	277.1M	341.4M	424.2M	512.4M	613.8M	716.8M	815.5M
R&D % of Revenue	14.36%	14.09%	13.55%	12.81%	13.16%	12.69%	11.6%	11.57%	12.04%	11.99%
Other Operating Expenses	4M	300K	0	0	-40.2M	-4.6M	-4.6M	-4.6M	-4.6M	20M
Operating Income+	42.9M	109.8M	234.4M	351M	531.8M	650.4M	969.6M	1.24B	1.8B	2.08B
Operating Margin %	3.36%	7.34%	12.99%	16.23%	20.5%	19.46%	21.95%	23.4%	30.28%	30.62%
Operating Income Growth %	188.36%	155.94%	113.48%	49.74%	51.51%	22.3%	49.08%	28%	45.31%	15.45%
EBITDA+	91.4M	165.3M	290.1M	412.6M	600.6M	734.8M	1.07B	1.35B	1.93B	2.23B
EBITDA Margin %	7.17%	11.06%	16.08%	19.08%	23.15%	21.99%	24.31%	25.53%	32.34%	32.85%
EBITDA Growth %	96.7%	80.85%	75.5%	42.23%	45.56%	22.34%	46.15%	26.13%	42.21%	15.98%
D&A (Non-Cash Add-back)	48.5M	55.5M	55.7M	61.6M	68.8M	84.4M	104.3M	113.4M	122.8M	152M
EBIT	46.9M	110.1M	234.4M	386M	541.7M	643.3M	973.5M	1.35B	2.08B	2.27B
Net Interest Income+	7.3M	13.5M	26.5M	42.5M	17.7M	-10.4M	-600K	98.7M	135.2M	142.2M
Interest Income	7.3M	13.5M	26.5M	42.5M	17.7M	4.5M	17.4M	119.7M	155.2M	162.3M
Interest Expense	0	0	0	0	0	14.9M	18M	21M	20M	20.1M
Other Income/Expense	200K	14.2M	19.9M	35M	9.9M	-29.6M	-82.2M	50.5M	225.7M	210.5M
Pretax Income+	43.1M	124M	254.3M	386M	541.7M	620.8M	887.4M	1.29B	2.03B	2.29B
Pretax Margin %	3.38%	8.29%	14.09%	17.85%	20.88%	18.57%	20.09%	24.35%	34.07%	33.72%
Income Tax+	10.9M	92.6M	-80.6M	54.3M	53.2M	14.1M	30.8M	143.8M	283.9M	439.1M
Effective Tax Rate %	74.71%	25.32%	131.69%	85.93%	90.18%	97.74%	96.61%	88.87%	86.01%	80.85%
Net Income+	32.2M	31.4M	334.9M	331.7M	488.5M	606.8M	857.3M	1.15B	1.75B	1.85B
Net Margin %	2.52%	2.1%	18.56%	15.34%	18.83%	18.16%	19.41%	21.64%	29.3%	27.26%
Net Income Growth %	303.16%	-2.48%	966.56%	-0.96%	47.27%	24.22%	41.28%	33.89%	52.05%	6.2%
Net Income (Continuing)	32.2M	31.4M	334.9M	331.7M	488.5M	606.7M	856.6M	1.15B	1.75B	1.85B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	16.7M	0	0	0	0
EPS (Diluted)+	0.04	0.04	0.38	0.38	0.58	0.73	1.06	1.46	2.26	2.43
EPS Growth %	260%	0%	955.56%	0%	52.63%	25.86%	45.21%	37.74%	54.79%	7.52%
EPS (Basic)	0.04	0.04	0.39	0.39	0.60	0.74	1.08	1.47	2.28	2.44
Diluted Shares Outstanding	881.5M	890.39M	871M	875M	838.5M	835.5M	805.3M	788.2M	771.9M	748M
Basic Shares Outstanding	863M	871.58M	845.5M	855M	821M	816M	791.4M	778.6M	764.4M	743.1M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.54B	1.72B	2.22B	2.77B	2.74B	3.6B	3.81B	4.43B	5.97B	5.9B
Cash & Short-Term Investments	1.09B	1.25B	1.65B	2.07B	1.84B	2.55B	2.21B	2.44B	4.07B	3.58B
Cash Only	709M	811M	1.11B	1.22B	1.06B	1.32B	1.68B	1.4B	2.88B	2.5B
Short-Term Investments	376.52M	440.27M	537.2M	843.1M	775.5M	1.23B	528.1M	1.04B	1.19B	1.09B
Accounts Receivable	313M	348.19M	444.5M	544.3M	720M	807.7M	1.26B	1.4B	1.46B	1.69B
Days Sales Outstanding	89.58	85.01	89.91	91.85	101.3	88.21	104.25	96.47	89.68	90.78
Inventory	106.89M	77.3M	90M	117.9M	139.8M	175.8M	264.6M	484.8M	315.5M	399.5M
Days Inventory Outstanding	115.49	73.23	72.94	85.06	89.52	81.95	89.02	143.03	99.48	111.94
Other Current Assets	0	0	0	0	0	0	73.1M	101.1M	126.1M	0
Total Non-Current Assets+	601.23M	541.1M	857.1M	1.11B	1.3B	2.32B	2.42B	2.83B	3.79B	4.49B
Property, Plant & Equipment	137.25M	245.4M	271.4M	344.3M	448M	687.6M	898.5M	1.04B	1.35B	1.62B
Fixed Asset Turnover	9.29x	6.09x	6.65x	6.28x	5.79x	4.86x	4.92x	5.08x	4.41x	4.20x
Goodwill	14.55M	14.6M	38.2M	67.2M	93M	125.1M	128M	126.5M	235.4M	354.7M
Intangible Assets	24.83M	16.3M	22.1M	31.1M	31.6M	63.6M	56M	35.3M	115M	354.7M
Long-Term Investments	224.98M	98M	67M	144.3M	118.3M	440.8M	45.5M	0	0	339.7M
Other Non-Current Assets	16.87M	19.9M	203.4M	297M	368M	659.1M	720.2M	755.6M	756.1M	2.18B
Total Assets+	2.14B	2.26B	3.08B	3.88B	4.04B	5.92B	6.23B	7.26B	9.76B	10.39B
Asset Turnover	0.60x	0.66x	0.59x	0.56x	0.64x	0.56x	0.71x	0.73x	0.61x	0.65x
Asset Growth %	19.52%	5.51%	36.32%	26.03%	4.26%	46.35%	5.22%	16.55%	34.5%	6.41%
Total Current Liabilities+	829.44M	1.03B	1.26B	1.46B	1.83B	2.32B	3.08B	3.72B	4.06B	5.03B
Accounts Payable	56.73M	70M	86.4M	96.4M	141.6M	148.4M	243.4M	204.3M	190.9M	230.8M
Days Payables Outstanding	61.3	66.31	70.02	69.55	90.67	69.18	81.89	60.27	60.19	64.67
Short-Term Debt	0	0	0	0	0	0	0	0	0	499.7M
Deferred Revenue (Current)	645.34M	793.8M	965.9M	1.16B	1.39B	1.78B	2.35B	2.85B	3.28B	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	3.64B
Current Ratio	1.86x	1.67x	1.77x	1.90x	1.50x	1.55x	1.24x	1.19x	1.47x	1.17x
Quick Ratio	1.73x	1.60x	1.70x	1.82x	1.42x	1.48x	1.15x	1.06x	1.39x	1.09x
Cash Conversion Cycle	143.77	91.93	92.82	107.36	100.14	100.98	111.38	179.22	128.97	138.05
Total Non-Current Liabilities+	472.82M	641.3M	811.4M	1.08B	1.36B	2.8B	3.43B	4B	4.21B	4.12B
Long-Term Debt	0	0	0	0	0	988.4M	990.4M	992.3M	994.3M	496.6M
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	82.81M	98.8M	90.5M	127.7M	146.5M	138.7M	149.8M	124.7M	129.6M	141.3M
Total Liabilities	1.3B	1.67B	2.07B	2.54B	3.19B	5.12B	6.51B	7.72B	8.27B	9.15B
Total Debt+	0	0	0	0	0	988.4M	990.4M	992.3M	994.3M	996.3M
Net Debt	-709M	-811M	-1.11B	-1.22B	-1.06B	-330.7M	-692.5M	-405.6M	-1.88B	-1.5B
Debt / Equity	-	-	-	-	-	1.24x	-	-	0.67x	0.81x
Debt / EBITDA	-	-	-	-	-	1.35x	0.92x	0.73x	0.52x	0.45x
Net Debt / EBITDA	-7.76x	-4.91x	-3.83x	-2.96x	-1.77x	-0.45x	-0.64x	-0.30x	-0.98x	-0.67x
Interest Coverage	-	-	-	-	-	43.65x	53.87x	59.10x	90.17x	103.58x
Total Equity+	837.68M	589.4M	1.01B	1.34B	856M	798.4M	-281.6M	-463.4M	1.49B	1.24B
Equity Growth %	10.9%	-29.64%	71.39%	32.88%	-36.23%	-6.73%	-135.27%	-64.56%	422.36%	-17.16%
Book Value per Share	0.95	0.66	1.16	1.53	1.02	0.96	-0.35	-0.59	1.94	1.65
Total Shareholders' Equity	837.68M	589.4M	1.01B	1.34B	856M	781.7M	-281.6M	-463.4M	1.49B	1.24B
Common Stock	173K	200K	200K	200K	200K	800K	800K	800K	800K	700K
Retained Earnings	37.62M	-319.6M	-57.5M	160.8M	-352.1M	-467.9M	-1.55B	-1.86B	-117.1M	-507.9M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-765K	-800K	-800K	1.1M	700K	-4.8M	-20.2M	-18.9M	-26.1M	-25.4M
Minority Interest	0	0	0	0	0	16.7M	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	345.7M	594.4M	638.9M	808M	1.08B	1.5B	1.73B	1.94B	2.26B	2.59B
Operating CF Margin %	27.11%	39.76%	35.4%	37.36%	41.77%	44.87%	39.18%	36.49%	37.91%	38.1%
Operating CF Growth %	22.35%	71.94%	7.49%	26.47%	34.12%	38.39%	15.4%	11.84%	16.67%	14.72%
Net Income	32.2M	31.4M	334.9M	331.7M	488.5M	606.7M	856.6M	1.15B	1.75B	1.85B
Depreciation & Amortization	48.5M	55.5M	55.7M	61.6M	68.8M	84.4M	104.3M	113.4M	122.8M	336.3M
Stock-Based Compensation	122.4M	137.2M	162.9M	174.1M	191.7M	207.9M	217.3M	249M	257.9M	279.5M
Deferred Taxes	0	0	0	0	0	0	0	0	0	66.2M
Other Non-Cash Items	7.4M	6.3M	89.4M	107.6M	144.7M	198.3M	319.4M	299.2M	152.8M	65.6M
Working Capital Changes	135.2M	364M	-4M	133M	190M	402.4M	233M	126.1M	-20.6M	-10.4M
Change in Receivables	-57.9M	-38.4M	-82M	-96.7M	-176.4M	-72.5M	-456.7M	-146.4M	-45.4M	-215.9M
Change in Inventory	-43M	9.4M	-33.4M	-48.5M	-42.2M	-19.4M	-109.1M	-253.5M	131.2M	-90.6M
Change in Payables	100K	13.1M	14.6M	7.7M	37.4M	-13.1M	105.2M	-43.1M	-10.2M	27.9M
Cash from Investing+	-74.1M	-76.8M	-134.9M	-502.3M	-72.8M	-1.33B	763.9M	-649.3M	-727.4M	-599.1M
Capital Expenditures	-67.2M	-135.3M	-53M	-92.2M	-125.9M	-295.9M	-281.2M	-204.1M	-378.9M	-364.8M
CapEx % of Revenue	5.27%	9.05%	2.94%	4.26%	4.85%	8.85%	6.37%	3.85%	6.36%	5.37%
Acquisitions	-22.1M	0	-21.7M	-34.6M	-40.2M	-234.9M	-30.8M	-8.5M	-275.5M	-41.6M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	1.3M	400K	0	300K	100K	100K
Cash from Financing+	-105.9M	-415.6M	-202.6M	-195.6M	-1.17B	82.8M	-2.13B	-1.57B	-50.1M	-2.37B
Debt Issued (Net)	-1.6M	0	-10.1M	-3.7M	-4.1M	969.9M	0	0	0	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-110.8M	-446.3M	-211.8M	-145.1M	-1.08B	-741.8M	-1.99B	-1.5B	-600K	-2.29B
Other Financing	-38.3M	-45.1M	-67.2M	-96.3M	-109.5M	-171.3M	-165.2M	-113.7M	-112.6M	-126.4M
Net Change in Cash	165.7M	102M	301.4M	110.1M	-160.7M	257.3M	363.8M	-285M	1.48B	-380.6M
Free Cash Flow+	278.5M	459.1M	585.9M	715.8M	957.8M	1.2B	1.45B	1.73B	1.88B	2.23B
FCF Margin %	21.84%	30.71%	32.47%	33.09%	36.92%	36.02%	32.81%	32.64%	31.55%	32.73%
FCF Growth %	13.59%	64.85%	27.62%	22.17%	33.81%	25.68%	20.4%	19.46%	8.54%	18.44%
FCF per Share	0.32	0.52	0.67	0.82	1.14	1.44	1.80	2.20	2.43	2.98
FCF Conversion (FCF/Net Income)	10.74x	18.93x	1.91x	2.44x	2.22x	2.47x	2.02x	1.69x	1.29x	1.40x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	26.6M	32.2M	41.4M	58.7M	39.7M	127.4M	260.2M	426.3M	578.9M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	4.04%	4.4%	41.87%	28.2%	44.44%	73.36%	331.77%	-	338.74%	135.72%
Return on Invested Capital (ROIC)	18.88%	-	-	2974.58%	-	372.51%	-	-	-	-
Gross Margin	73.51%	74.23%	75.04%	76.61%	78.03%	76.57%	75.44%	76.68%	80.56%	80.84%
Net Margin	2.52%	2.1%	18.56%	15.34%	18.83%	18.16%	19.41%	21.64%	29.3%	27.26%
Debt / Equity	-	-	-	-	-	1.24x	-	-	0.67x	0.81x
Interest Coverage	-	-	-	-	-	43.65x	53.87x	59.10x	90.17x	103.58x
FCF Conversion	10.74x	18.93x	1.91x	2.44x	2.22x	2.47x	2.02x	1.69x	1.29x	1.40x
Revenue Growth	26.37%	17.21%	20.72%	19.86%	19.94%	28.82%	32.17%	20.09%	12.27%	14.17%

Fortinet, Inc. (FTNT) 10-Year Financial Performance & Capital Metrics

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✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

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Financial Ratios

Fortinet, Inc. (FTNT) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios