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.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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 item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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 item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 80.5% | 80.6% | 76.7% | 75.4% | 76.6% | 78.0% |
| Operating margin | 30.7% | 30.3% | 23.4% | 21.9% | 19.5% | 20.5% |
| EBITDA margin | 32.9% | 32.3% | 25.5% | 24.3% | 22.0% | 23.1% |
| Net margin | 27.3% | 29.3% | 21.6% | 19.4% | 18.2% | 18.8% |
| Free cash flow margin | 32.7% | 31.6% | 32.6% | 32.8% | 36.0% | 36.9% |
| FCF / Net income | 1.20 | 1.08 | 1.51 | 1.69 | 1.98 | 1.96 |
| R&D / Revenue | 12.0% | 12.0% | 11.6% | 11.6% | 12.7% | 13.2% |
| SG&A / Revenue | 3.4% | 4.0% | 4.0% | 3.8% | 4.3% | 4.6% |
| Effective tax rate | 19.2% | 14.0% | 11.1% | 3.5% | 2.3% | 9.8% |
| Return on assets | 17.8% | 17.9% | 15.8% | 13.8% | 10.3% | 12.1% |
| Return on equity | 149.8% | 116.8% | -247.7% | -304.4% | 77.6% | 57.1% |
| Return on invested capital | 97.2% | 62.3% | 208.5% | 132.1% | 35.9% | - |
| Liquidity | ||||||
| Current ratio | 1.17 | 1.47 | 1.19 | 1.24 | 1.55 | 1.50 |
| Quick ratio | 1.09 | 1.39 | 1.06 | 1.15 | 1.48 | 1.42 |
| Cash ratio | 0.50 | 0.71 | 0.38 | 0.55 | 0.57 | 0.58 |
| Leverage | ||||||
| Debt / Equity | 0.40 | 0.67 | -2.14 | -3.52 | 1.26 | - |
| Debt / Assets | 0.05 | 0.10 | 0.14 | 0.16 | 0.17 | - |
| Debt / EBITDA | 0.22 | 0.52 | 0.73 | 0.92 | 1.35 | - |
| Interest coverage | 103.7x | 90.2x | 59.1x | 53.9x | - | - |
| Equity multiplier | 8.40 | 6.54 | -15.66 | -22.12 | 7.57 | 4.72 |
| Liabilities / Assets | 0.88 | 0.85 | 1.06 | 1.05 | 0.87 | 0.79 |
| Efficiency | ||||||
| Asset turnover | 0.65 | 0.61 | 0.73 | 0.71 | 0.56 | 0.64 |
| Inventory turnover | 3.33 | 3.67 | 2.55 | 4.10 | 4.45 | 4.08 |
| Days sales outstanding | 91d | 90d | 96d | 104d | 88d | 101d |
| Days inventory outstanding | 110d | 99d | 143d | 89d | 82d | 90d |
| Days payable outstanding | 63d | 60d | 60d | 82d | 69d | 91d |
| Cash conversion cycle | 137d | 129d | 179d | 111d | 101d | 100d |
| Valuation | ||||||
| P / E | 32.8x | 41.8x | 40.1x | 46.1x | 99.0x | 51.0x |
| P / B | 49.1x | 48.8x | - | - | 15.4x | 5.8x |
| P / S | 8.9x | 12.2x | 8.7x | 8.9x | 3.6x | 1.9x |
| EV / EBITDA | 26.3x | 36.9x | 33.8x | 36.0x | 15.9x | 6.5x |
| 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 totalReportable Segment$6.80B · 100.0%
Product / service
$11.38B totalService$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 totalEurope 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
Comparing Fortinet against the 5 most active filers in the same SIC group.