Fortinet, Inc.(FTNT)Earnings, Financials & Key Ratios

FTNT•NASDAQ

$89.95

$66.56B mkt cap·37.0× P/E·Price updated May 6, 2026

SectorTechnology IndustryInfrastructure Software Sub-IndustryCybersecurity 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 Margin80.84%+0.3%
EBITDA Margin32.85%+1.6%
Operating Margin30.62%+1.1%
Net Margin27.26%-7.0%
ROE135.72%-59.9%
Debt/Equity0.81+21.0%
Interest Coverage115.05+10.7%

Analysis→Technical→

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

✗Weaknesses

✗Expensive at 54.4x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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

Full history →

●Beat EPS 12/12 qtrs (100%)●Beat Revenue 10/12 qtrs (83%)

Q1 2026Latest

Feb 5, 2026

EPS

$0.81

Est $0.74

+9.0%

Revenue

$1.9B

Est $1.9B

+2.4%

Q4 2025

Nov 5, 2025

EPS

$0.74

Est $0.63

+17.3%

Revenue

$1.7B

Est $1.7B

+1.2%

Q3 2025

Aug 6, 2025

EPS

$0.64

Est $0.59

+8.5%

Revenue

$1.6B

Est $1.6B

+0.3%

Q2 2025

May 7, 2025

EPS

$0.58

Est $0.53

+9.2%

Revenue

$1.5B

Est $1.5B

+0.1%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q1 2026Latest	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%
Q2 2025	May 7, 2025	$0.58vs $0.53+9.2%	$1.5Bvs $1.5B+0.1%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
PANWPalo Alto Networks, Inc.Direct Competitor	129.06B	183.59	114.74	14.87%	12.96%	13.65%	0.04
CHKPCheck Point Software Technologies Ltd.Direct Competitor	11.91B	114.27	11.88	6.25%	38.37%	36.43%	0.68
CSCOCisco Systems, Inc.Direct Competitor	362.87B	91.63	35.93	5.3%	18.76%	23.21%	0.63
NTCTNetScout Systems, Inc.Direct Competitor	2.57B	35.52	-7.02	-0.82%	11.13%	6.07%	0.05
CRWDCrowdStrike Holdings, Inc.Product Competitor	118.59B	468.07	-720.11	21.71%	-3.81%	-4.63%	0.18
ZSZscaler, Inc.Product Competitor	22.29B	138.83	-514.19	23.31%	-2.25%	-3.08%	1.00
CNETZW Data Action Technologies Inc.Product Competitor	1.99M	0.75	-0.40	-49.52%	-33.36%	-60.34%	0.03
VRNSVaronis Systems, Inc.Product Competitor	3.24B	27.61	-24.43	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.

Closest Rival

vs PANW

Most directly comparable listed peer for FTNT.

Scale Benchmark

vs NVDA

Larger-name benchmark to compare FTNT against a more recognizable public peer.

Peer Set

Compare Top 5

vs PANW, CHKP, CSCO, NTCT

FTNT Income Statement

Fortinet, Inc. (FTNT) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	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	2.32B
EBITDA Margin %	11.06%	16.08%	19.08%	23.15%	21.99%	24.31%	25.53%	32.34%	32.85%	32.69%
EBITDA Growth %	80.85%	75.5%	42.23%	45.56%	22.34%	46.15%	26.13%	42.21%	15.98%	12.51%
D&A (Non-Cash Add-back)	55.5M	55.7M	61.6M	68.8M	84.4M	104.3M	113.4M	122.8M	152M	116.2M
EBIT	110.1M	234.4M	386M	541.7M	643.3M	973.5M	1.35B	2.08B	2.31B	1.78B
Net Interest Income	13.5M	26.5M	42.5M	17.7M	-10.4M	-600K	98.7M	135.2M	142.2M	102.8M
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	11M
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

Line item	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	0
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	3.35B
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	897.2M
Current Ratio	1.67x	1.77x	1.90x	1.50x	1.55x	1.24x	1.19x	1.47x	1.17x	1.17x
Quick Ratio	1.60x	1.70x	1.82x	1.42x	1.48x	1.15x	1.06x	1.39x	1.09x	1.09x
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	4.22B
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	0.81x
Debt / EBITDA	-	-	-	-	1.35x	0.92x	0.73x	0.52x	0.45x	0.21x
Net Debt / EBITDA	-4.91x	-3.83x	-2.96x	-1.77x	-0.45x	-0.64x	-0.30x	-0.98x	-0.67x	-0.67x
Interest Coverage	-	-	-	-	43.17x	54.08x	64.51x	103.93x	115.05x	161.63x
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

Line item	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	2.59B
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	491.7M
Working Capital Changes	364M	-4M	133M	190M	402.4M	233M	126.1M	-20.6M	-10.4M	-292.5M
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%	-
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	0
Equity Issued (Net)	-370.5M	-125.3M	-95.6M	-1.06B	-715.8M	-1.97B	-1.46B	62.5M	-2.25B	-2.27B
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	-1.42B
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	2.98
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	0.81x
Interest Coverage	-	-	-	-	43.17x	54.08x	64.51x	103.93x	115.05x	161.63x
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%

FTNT SEC Filings & Documents

Fortinet, Inc. (FTNT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 6, 2026·SEC

Material company update

Feb 5, 2026·SEC

Material company update

Nov 5, 2025·SEC

10-K Annual Reports

FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 21, 2025·SEC

10-Q Quarterly Reports

FY 2025

Nov 7, 2025·SEC

FY 2025

Aug 8, 2025·SEC

FY 2025

May 8, 2025·SEC

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.

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