CoverageForm 410-K10-Q8-K13D13G13F

FTNT · Fortinet, Inc. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · FTNT

Income Statement

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenue$6.80B$5.96B$5.30B$4.42B$3.34B$2.59B
Cost of Revenue$1.33B$1.16B$1.24B$1.08B$783.00M$570.00M
Gross Profit$5.47B$4.80B$4.07B$3.33B$2.56B$2.02B
R&D$815.50M$716.80M$613.80M$512.40M$424.20M$341.40M
SG&A$233.40M$237.80M$211.30M$169.00M$143.50M$119.50M
Total Operating Expenses$3.39B$2.99B$2.83B$2.36B$1.91B$1.49B
D&A$152.00M$122.80M$113.40M$104.30M$84.40M$68.80M
Operating Income$2.08B$1.80B$1.24B$969.60M$650.40M$531.80M
Interest Expense$20.10M$20.00M$21.00M$18.00M$0-
Income Tax$439.10M$283.90M$143.80M$30.80M$14.10M$53.20M
Net Income$1.85B$1.75B$1.15B$857.30M$606.80M$488.50M
EPS - Basic$2.45$2.28$1.47$1.08$0.74$0.60
EPS - Diluted$2.42$2.26$1.46$1.06$0.73$0.58

Balance Sheet

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash & Equivalents$2.50B$2.88B$1.40B$1.68B$1.32B$1.06B
Accounts Receivable$1.69B$1.46B$1.40B$1.26B$807.70M$720.00M
Inventory$399.50M$315.50M$484.80M$264.60M$175.80M$139.80M
Accounts Payable$230.80M$190.90M$204.30M$243.40M$148.40M$141.60M
Current Assets$5.90B$5.97B$4.43B$3.81B$3.60B$2.74B
Total Assets$10.39B$9.76B$7.26B$6.23B$5.92B$4.04B
Current Liabilities$5.03B$4.06B$3.72B$3.08B$2.32B$1.83B
Long-term Debt$496.60M$994.30M$992.30M$990.40M$988.40M-
Total Liabilities$9.15B$8.27B$7.72B$6.51B$5.12B$3.19B
Stockholders' Equity$1.24B$1.49B($463.40M)($281.60M)$781.70M$856.00M
Retained Earnings($507.90M)($117.10M)($1.86B)($1.55B)($467.90M)($352.10M)

Cash Flow

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Operating Cash Flow$2.59B$2.26B$1.94B$1.73B$1.50B$1.08B
Investing Cash Flow($599.10M)($727.40M)($649.30M)$763.90M($1.33B)($72.80M)
Financing Cash Flow($2.37B)($50.10M)($1.57B)($2.13B)$82.80M($1.17B)
CapEx$364.80M$378.90M$204.10M$281.20M$295.90M$125.90M
Free Cash Flow$2.23B$1.88B$1.73B$1.45B$1.20B$957.80M

Ratios

MetricFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Profitability
Gross margin80.5%80.6%76.7%75.4%76.6%78.0%
Operating margin30.7%30.3%23.4%21.9%19.5%20.5%
EBITDA margin32.9%32.3%25.5%24.3%22.0%23.1%
Net margin27.3%29.3%21.6%19.4%18.2%18.8%
Free cash flow margin32.7%31.6%32.6%32.8%36.0%36.9%
FCF / Net income1.201.081.511.691.981.96
R&D / Revenue12.0%12.0%11.6%11.6%12.7%13.2%
SG&A / Revenue3.4%4.0%4.0%3.8%4.3%4.6%
Effective tax rate19.2%14.0%11.1%3.5%2.3%9.8%
Return on assets17.8%17.9%15.8%13.8%10.3%12.1%
Return on equity149.8%116.8%-247.7%-304.4%77.6%57.1%
Return on invested capital97.2%62.3%208.5%132.1%35.9%-
Liquidity
Current ratio1.171.471.191.241.551.50
Quick ratio1.091.391.061.151.481.42
Cash ratio0.500.710.380.550.570.58
Leverage
Debt / Equity0.400.67-2.14-3.521.26-
Debt / Assets0.050.100.140.160.17-
Debt / EBITDA0.220.520.730.921.35-
Interest coverage103.7x90.2x59.1x53.9x--
Equity multiplier8.406.54-15.66-22.127.574.72
Liabilities / Assets0.880.851.061.050.870.79
Efficiency
Asset turnover0.650.610.730.710.560.64
Inventory turnover3.333.672.554.104.454.08
Days sales outstanding91d90d96d104d88d101d
Days inventory outstanding110d99d143d89d82d90d
Days payable outstanding63d60d60d82d69d91d
Cash conversion cycle137d129d179d111d101d100d
Valuation
P / E32.8x41.8x40.1x46.1x99.0x51.0x
P / B49.1x48.8x--15.4x5.8x
P / S8.9x12.2x8.7x8.9x3.6x1.9x
EV / EBITDA26.3x36.9x33.8x36.0x15.9x6.5x
Growth
Revenue growth (YoY)14.2%12.3%20.1%32.2%28.8%73.6%
Revenue CAGR (3y)15.5%21.2%26.9%43.5%22.9%20.2%
Revenue CAGR (5y)21.3%31.8%24.1%24.2%21.2%20.8%
Gross profit growth (YoY)14.0%18.0%22.1%30.2%26.4%22.7%
Operating income growth (YoY)15.6%45.3%28.0%49.1%22.3%54.5%
Net income growth (YoY)6.2%52.0%33.9%41.3%24.2%49.6%
EPS growth (YoY)7.1%54.8%37.7%46.0%24.7%-68.9%
EPS CAGR (3y)31.7%46.0%35.9%-17.2%-27.6%47.9%
EPS CAGR (5y)33.0%3.9%-5.2%42.6%32.2%63.4%
FCF growth (YoY)18.4%8.5%19.5%20.4%25.7%33.8%
FCF CAGR (5y)18.4%21.3%24.2%25.9%34.0%31.3%
Book value growth (YoY)-17.2%--64.6%--8.7%-35.2%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$6.80B total
Reportable Segment$6.80B · 100.0%

Product / service

$11.38B total
Service$4.58B · 40.3%
Security Subscription$2.63B · 23.1%
Product$2.22B · 19.5%
Technical Support And Other$1.95B · 17.1%

Geographic

$9.50B total
Europe Middle East And Africa$2.83B · 29.8%
Americas$2.70B · 28.4%
US$1.93B · 20.3%
Asia Pacific And Japan$1.26B · 13.3%
Other Americas$770.90M · 8.1%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

1.35
Grey zone

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

6/9
Neutral
  • Net income positive
  • Operating cash flow positive
  • ROA improved YoY
  • Cash flow > net income
  • Long-term debt decreased
  • Current ratio improved
  • No share dilution
  • Gross margin improved
  • Asset turnover improved

Peer comparison

Same SIC group: Computer Peripheral Equipment, NEC

CompanyRevenue (last FY)Net marginROE
PANW---
XRX$7.02B-14.7%-231.8%
ALOT$150.51M-1.6%-3.1%
EVLV$145.91M-22.7%-27.7%
TACT$51.48M-2.4%-4.0%

Comparing Fortinet against the 5 most active filers in the same SIC group.