The company has significantly strengthened its financial foundation, transitioning from negative equity in 2023Q4 to a positive $989.7 million position by 2026Q1 while maintaining a conservative debt-to-equity ratio of 0.50.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Total Current Assets | 5.33B | 5.9B | 5.97B | 4.43B | 3.81B | 3.6B | 2.74B | 2.77B | 2.22B | 1.72B | 1.54B | 1.27B | 1.01B | 735.55M | 569.27M | 523.57M | 420.16M | 342.22M | 188.46M | 134.6M |
| Cash & Short-Term Investments | 3.29B | 3.58B | 4.07B | 2.44B | 2.21B | 2.55B | 1.84B | 2.07B | 1.65B | 1.25B | 1.09B | 891.35M | 720.02M | 491.37M | 413.69M | 390.27M | 313.51M | 260.31M | 124.19M | 90.16M |
| Cash Only | 2.22B | 2.5B | 2.88B | 1.4B | 1.68B | 1.32B | 1.06B | 1.22B | 1.11B | 811M | 709M | 543.28M | 283.25M | 115.87M | 122.97M | 71.99M | 66.86M | 212.46M | 56.57M | 71.41M |
| Short-Term Investments | 1.07B | 1.09B | 1.19B | 1.04B | 528.1M | 1.23B | 775.5M | 843.1M | 537.2M | 440.27M | 376.52M | 348.07M | 436.77M | 375.5M | 290.72M | 318.28M | 246.65M | 47.86M | 67.62M | 18.75M |
| Accounts Receivable | 1.49B | 1.69B | 1.46B | 1.4B | 1.26B | 807.7M | 720M | 544.3M | 444.5M | 348.19M | 313M | 259.56M | 184.74M | 130.47M | 107.64M | 95.52M | 72.34M | 54.55M | 46.04M | 27.48M |
| Days Sales Outstanding | 71.38 | 90.78 | 89.68 | 96.47 | 104.25 | 88.21 | 101.3 | 91.85 | 89.91 | 85.01 | 89.58 | 93.87 | 87.53 | 77.4 | 73.63 | 80.41 | 81.31 | 78.98 | 79.35 | 64.55 |
| Inventory | 369.6M | 399.5M | 315.5M | 484.8M | 264.6M | 175.8M | 139.8M | 117.9M | 90M | 77.3M | 106.89M | 83.87M | 69.48M | 48.67M | 21.06M | 16.25M | 13.52M | 10.65M | 11.42M | 14.02M |
| Days Inventory Outstanding | 106.32 | 111.94 | 99.48 | 143.03 | 89.02 | 81.95 | 89.52 | 85.06 | 72.94 | 73.23 | 115.49 | 106.74 | 109.78 | 98.34 | 52.14 | 52.21 | 57.9 | 55.55 | 63.66 | 90.33 |
| Other Current Assets | 181.9M | 0 | 126.1M | 101.1M | 73.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50.98M | 13.66M | 7.58M | 11.95M | 13.6M | 3.54M | 301K |
| Total Non-Current Assets | 4.55B | 4.49B | 3.79B | 2.83B | 2.42B | 2.32B | 1.3B | 1.11B | 857.1M | 541.1M | 601.23M | 519.97M | 419.39M | 432.92M | 406.22M | 211.18M | 125.26M | 45M | 10.64M | 10.6M |
| Property, Plant & Equipment | 1.69B | 1.62B | 1.35B | 1.04B | 898.5M | 687.6M | 448M | 344.3M | 271.4M | 245.4M | 137.25M | 91.07M | 58.92M | 36.65M | 25.64M | 7.97M | 7.06M | 6.39M | 3.42M | 2.94M |
| Fixed Asset Turnover | 4.40x | 4.20x | 4.41x | 5.08x | 4.92x | 4.86x | 5.79x | 6.28x | 6.65x | 6.09x | 9.29x | 11.08x | 13.07x | 16.79x | 20.81x | 54.43x | 46.02x | 39.47x | 61.84x | 52.79x |
| Goodwill | 344.4M | 354.7M | 235.4M | 126.5M | 128M | 125.1M | 93M | 67.2M | 38.2M | 14.6M | 14.55M | 4.69M | 2.82M | 2.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 115M | 35.3M | 56M | 63.6M | 31.6M | 31.1M | 22.1M | 16.3M | 24.83M | 17.64M | 2.83M | 6.84M | 2.12M | 1.38M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.08B | 339.7M | 0 | 0 | 45.5M | 440.8M | 118.3M | 144.3M | 67M | 98M | 224.98M | 272.96M | 271.72M | 351.68M | 325.89M | 148.41M | 73.95M | 0 | 0 | 0 |
| Other Non-Current Assets | 870.8M | 2.18B | 756.1M | 755.6M | 720.2M | 659.1M | 368M | 297M | 203.4M | 19.9M | 16.87M | 14.39M | 10.53M | 4.82M | 4.05M | 6.9M | 6.82M | 6.94M | 7.22M | 7.65M |
| Total Assets | 9.88B | 10.39B | 9.76B | 7.26B | 6.23B | 5.92B | 4.04B | 3.88B | 3.08B | 2.26B | 2.14B | 1.79B | 1.42B | 1.17B | 975.5M | 734.75M | 545.42M | 387.21M | 199.1M | 145.19M |
| Asset Turnover | 0.71x | 0.65x | 0.61x | 0.73x | 0.71x | 0.56x | 0.64x | 0.56x | 0.59x | 0.66x | 0.60x | 0.56x | 0.54x | 0.53x | 0.55x | 0.59x | 0.60x | 0.65x | 1.06x | 1.07x |
| Asset Growth % | 39.28% | 6.41% | 34.5% | 16.55% | 5.22% | 46.35% | 4.26% | 26.03% | 36.32% | 5.51% | 19.52% | 25.67% | 21.94% | 19.78% | 32.77% | 34.71% | 40.86% | 94.48% | 37.13% | - |
| Total Current Liabilities | 4.62B | 5.03B | 4.06B | 3.72B | 3.08B | 2.32B | 1.83B | 1.46B | 1.26B | 1.03B | 829.44M | 678.67M | 496.46M | 413.06M | 319.3M | 266.86M | 218.38M | 180.56M | 150.27M | 121.73M |
| Accounts Payable | 238.7M | 230.8M | 190.9M | 204.3M | 243.4M | 148.4M | 141.6M | 96.4M | 86.4M | 70M | 56.73M | 61.5M | 49.95M | 35.6M | 20.82M | 19.77M | 12.76M | 10.99M | 7M | 8.46M |
| Days Payables Outstanding | 62.16 | 64.67 | 60.19 | 60.27 | 81.89 | 69.18 | 90.67 | 69.55 | 70.02 | 66.31 | 61.3 | 78.28 | 78.92 | 71.93 | 51.54 | 63.52 | 54.66 | 57.31 | 39.05 | 54.51 |
| Short-Term Debt | 0 | 499.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 14.24B | 0 | 3.28B | 2.85B | 2.35B | 1.78B | 1.39B | 1.16B | 965.9M | 793.8M | 645.34M | 514.65M | 368.93M | 293.66M | 247.27M | 206.93M | 169.65M | 140.54M | 118.3M | 89.62M |
| Other Current Liabilities | 658.5M | 3.64B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.15x | 1.17x | 1.47x | 1.19x | 1.24x | 1.55x | 1.50x | 1.90x | 1.77x | 1.67x | 1.86x | 1.87x | 2.03x | 1.78x | 1.78x | 1.96x | 1.92x | 1.90x | 1.25x | 1.11x |
| Quick Ratio | 1.07x | 1.09x | 1.39x | 1.06x | 1.15x | 1.48x | 1.42x | 1.82x | 1.70x | 1.60x | 1.73x | 1.75x | 1.89x | 1.66x | 1.72x | 1.90x | 1.86x | 1.84x | 1.18x | 0.99x |
| Cash Conversion Cycle | 115.54 | 138.05 | 128.97 | 179.22 | 111.38 | 100.98 | 100.14 | 107.36 | 92.82 | 91.93 | 143.77 | 122.34 | 118.39 | 103.81 | 74.23 | 69.11 | 84.55 | 77.21 | 103.96 | 100.38 |
| Total Non-Current Liabilities | 4.27B | 4.12B | 4.21B | 4B | 3.43B | 2.8B | 1.36B | 1.08B | 811.4M | 641.3M | 472.82M | 356.46M | 252.35M | 169.64M | 145.26M | 109.53M | 94.59M | 64.2M | 54.07M | 42.38M |
| Long-Term Debt | 496.8M | 496.6M | 994.3M | 992.3M | 990.4M | 988.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3.77B | 141.3M | 129.6M | 124.7M | 149.8M | 138.7M | 146.5M | 127.7M | 90.5M | 98.8M | 82.81M | 79.81M | 62.52M | 30.68M | 29.34M | 21.62M | 11.6M | 2.8M | 746K | 746K |
| Total Liabilities | 8.89B | 9.15B | 8.27B | 7.72B | 6.51B | 5.12B | 3.19B | 2.54B | 2.07B | 1.67B | 1.3B | 1.04B | 748.81M | 582.7M | 464.56M | 376.39M | 312.97M | 244.76M | 204.33M | 164.12M |
| Total Debt | 496.8M | 996.3M | 994.3M | 992.3M | 990.4M | 988.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -1.73B | -1.5B | -1.88B | -405.6M | -692.5M | -330.7M | -1.06B | -1.22B | -1.11B | -811M | -709M | -543.28M | -283.25M | -115.87M | -122.97M | -71.99M | -66.86M | -212.46M | -56.57M | -71.41M |
| Debt / Equity | 0.50x | 0.81x | 0.67x | - | - | 1.24x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.20x | 0.45x | 0.52x | 0.73x | 0.92x | 1.35x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.70x | -0.67x | -0.98x | -0.30x | -0.64x | -0.45x | -1.77x | -2.96x | -3.83x | -4.91x | -7.76x | -11.69x | -3.48x | -1.32x | -1.10x | -0.75x | -1.10x | -6.79x | -6.18x | - |
| Interest Coverage | 121.54x | 115.05x | 103.93x | 64.51x | 54.08x | 43.17x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 989.7M | 1.24B | 1.49B | -463.4M | -281.6M | 798.4M | 856M | 1.34B | 1.01B | 589.4M | 837.68M | 755.38M | 675.97M | 585.76M | 510.93M | 358.35M | 232.45M | 142.45M | -5.23M | -18.93M |
| Equity Growth % | 529.13% | -17.16% | 422.36% | -64.56% | -135.27% | -6.73% | -36.23% | 32.88% | 71.39% | -29.64% | 10.9% | 11.75% | 15.4% | 14.64% | 42.58% | 54.16% | 63.18% | 2824.27% | 72.37% | - |
| Book Value per Share | 1.33 | 1.65 | 1.94 | -0.59 | -0.35 | 0.96 | 1.02 | 1.53 | 1.16 | 0.66 | 0.95 | 0.86 | 0.80 | 0.70 | 0.61 | 0.44 | 0.30 | 0.22 | -0.01 | -0.03 |
| Total Shareholders' Equity | 989.7M | 1.24B | 1.49B | -463.4M | -281.6M | 781.7M | 856M | 1.34B | 1.01B | 589.4M | 837.68M | 755.38M | 675.97M | 585.76M | 510.93M | 358.35M | 232.45M | 142.45M | -5.23M | -18.93M |
| Common Stock | 700K | 700K | 800K | 800K | 800K | 800K | 200K | 200K | 200K | 200K | 173K | 171K | 166K | 161K | 162K | 156K | 75K | 67K | 21K | 20K |
| Retained Earnings | -782M | -507.9M | -117.1M | -1.86B | -1.55B | -467.9M | -352.1M | 160.8M | -57.5M | -319.6M | 37.62M | 68.48M | 113.64M | 121.86M | 110.6M | 43.77M | -18.73M | -59.97M | -120.15M | -127.51M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3M | -3M | -3M | -3M | 0 | 0 |
| Accumulated OCI | -27.7M | -25.4M | -26.1M | -18.9M | -20.2M | -4.8M | 700K | 1.1M | -800K | -800K | -765K | -933K | -349K | 1.09M | 3.09M | 402K | 2.18M | 1.08M | -300K | 783K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 16.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Hardware refresh cycle volatility
According to recent financial statements, Fortinet has successfully transitioned from a negative equity position of $463.4 million in 2023Q4 to a positive $989.7 million by 2026Q1, reflecting a significant improvement in retained earnings and a strengthening of the company's overall financial foundation over the observed period.
The reversal of negative retained earnings suggests that the company's core profitability is now consistently outpacing the impact of aggressive share repurchases. This trajectory indicates that the business model is generating sufficient internal capital to fund both shareholder returns and operational growth without compromising the balance sheet.
As reported in quarterly filings, Fortinet maintains a current ratio of 1.15 as of 2026Q1, supported by a substantial deferred revenue balance of $3.7 billion, which provides a predictable liquidity buffer against potential fluctuations in hardware demand and short-term operational cash requirements.
While the current ratio appears modest, the presence of massive deferred revenue suggests that a significant portion of current liabilities will be satisfied through service delivery rather than cash outflows. Investors should monitor this ratio closely, as any material decline in deferred revenue could signal a weakening in future service contract renewals.
Based on the provided balance sheet data, Fortinet's net PPE of $1.7 billion in 2026Q1 highlights the company's commitment to maintaining a physical hardware footprint, which serves as the foundational infrastructure for its high-margin security subscription services and proprietary ASIC-based competitive advantage.
The steady growth in PPE relative to total assets suggests that the company continues to invest in its manufacturing and testing capabilities to support its hardware-centric strategy. This asset-heavy approach differentiates the firm from pure-play software competitors and warrants monitoring for potential obsolescence risks in a cloud-first market.
As evidenced by the company's financial disclosures, Fortinet maintains a disciplined debt-to-equity ratio of 0.50 as of 2026Q1, with total debt of $496.8 million, indicating a conservative capital structure that provides significant room for strategic investment or further capital returns to shareholders.
The reduction in debt from the $996 million levels observed in 2025 suggests a proactive approach to deleveraging as the company's cash position stabilizes. This low leverage profile enhances the company's resilience against interest rate volatility and provides management with substantial optionality for future capital allocation decisions.
Analysis of the balance sheet reveals that the company's current ratio is heavily influenced by the accounting treatment of deferred revenue, which represents a non-cash liability that may mask the true liquidity profile of the firm's underlying hardware and service operations.
Investors should be cautious when interpreting the current ratio, as the large deferred revenue balance is a liability that is settled through service performance rather than cash. This accounting nuance suggests that the company's liquidity is structurally stronger than the headline current ratio might otherwise imply.
Quick answers to the most common questions about buying FTNT stock.
As of 2025, Fortinet, Inc. (FTNT) had total assets of $10.39B including $5.90B in current assets.
Fortinet, Inc. (FTNT) carries total debt of $996.3M, offset by $3.58B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fortinet, Inc. (FTNT) has total shareholders' equity (book value) of $1.24B ($1.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fortinet, Inc. (FTNT) reported a current ratio of 1.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.