NASDAQ : FTNT
Fortinet, Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 136.08 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 99.98B
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Financial statements
Fortinet, Inc. (FTNT) reported revenue of 7.88B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 7.88B | 6.80B | 5.96B | 5.30B | 4.42B | 3.34B |
| Cost of Revenue | 1.60B | 1.33B | 1.16B | 1.24B | 1.08B | 783.00M |
| Gross Profit | 6.29B | 5.47B | 4.80B | 4.07B | 3.33B | 2.56B |
| Selling, General & Admin | 2.83B | 2.58B | 2.28B | 2.22B | 1.86B | 1.49B |
| Research & Development | 857.40M | 815.50M | 716.80M | 613.80M | 512.40M | 424.20M |
| Operating Expenses | 3.69B | 3.40B | 3.00B | 2.83B | 2.37B | 1.91B |
| Operating Income | 2.59B | 2.07B | 1.80B | 1.24B | 965.00M | 645.80M |
| Interest Expense | -14.80M | -20.10M | -20.00M | -21.00M | -18.00M | -14.90M |
| Interest & Investment Income | 141.10M | 162.30M | 155.20M | 119.70M | 17.40M | 4.50M |
| Earnings From Equity Investments | 1.00M | 10.30M | -29.40M | -42.10M | -68.10M | -7.60M |
| Currency Exchange Gain (Loss) | -4.90M | -4.90M | -16.90M | -7.00M | -4.60M | -8.20M |
| Other Non Operating Income (Expenses) | 13.20M | 9.50M | 4.10M | 5.30M | 4.20M | -3.40M |
| EBT Excluding Unusual Items | 2.73B | 2.23B | 1.89B | 1.29B | 895.90M | 616.20M |
| Gain (Loss) on Sale of Investments | 48.80M | 10.80M | 26.40M | -4.40M | -13.10M | |
| Gain (Loss) on Sale of Assets | 5.50M | 10.40M | 4.60M | 4.60M | 4.60M | 4.60M |
| Other Unusual Items | 39.90M | 106.30M | ||||
| Pretax Income | 2.78B | 2.29B | 2.03B | 1.29B | 887.40M | 620.80M |
| Income Tax Expense | 501.30M | 439.10M | 283.90M | 143.80M | 30.80M | 14.10M |
| Earnings From Continuing Operations | 2.28B | 1.85B | 1.75B | 1.15B | 856.60M | 606.70M |
| Minority Interest in Earnings | 700.00K | 100.00K | ||||
| Net Income | 2.28B | 1.85B | 1.75B | 1.15B | 857.30M | 606.80M |
| Net Income to Common | 2.28B | 1.85B | 1.75B | 1.15B | 857.30M | 606.80M |
| Shares Outstanding (Basic) | 737.15M | 758.00M | 764.40M | 778.60M | 791.40M | 816.10M |
| Shares Outstanding (Diluted) | 743.23M | 764.60M | 771.90M | 788.20M | 805.30M | 835.30M |
| EPS (Basic) | 3.10 | 2.45 | 2.28 | 1.47 | 1.08 | 0.74 |
| EPS (Diluted) | 3.06 | 2.42 | 2.26 | 1.46 | 1.06 | 0.73 |
| Free Cash Flow | 3.43B | 2.23B | 1.88B | 1.73B | 1.45B | 1.20B |
| Free Cash Flow Per Share | 4.62 | 2.91 | 2.44 | 2.20 | 1.80 | 1.44 |
| Gross Margin | 79.75% | 80.46% | 80.56% | 76.68% | 75.44% | 76.57% |
| Operating Margin | 32.91% | 30.51% | 30.20% | 23.31% | 21.84% | 19.32% |
| Profit Margin | 28.96% | 27.26% | 29.30% | 21.64% | 19.41% | 18.16% |
| Free Cash Flow Margin | 43.54% | 32.73% | 31.55% | 32.64% | 32.81% | 36.02% |
| EBITDA | 2.75B | 2.23B | 1.92B | 1.35B | 1.07B | 730.20M |
| EBITDA Margin | 34.94% | 32.74% | 32.26% | 25.45% | 24.21% | 21.85% |
| D&A For EBITDA | 160.10M | 152.00M | 122.80M | 113.40M | 104.30M | 84.40M |
| EBIT | 2.59B | 2.07B | 1.80B | 1.24B | 965.00M | 645.80M |
| EBIT Margin | 32.91% | 30.51% | 30.20% | 23.31% | 21.84% | 19.32% |
| Effective Tax Rate | 18.01% | 19.15% | 13.99% | 11.13% | 3.47% | 2.27% |
| Revenue as Reported | 7.88B | 6.80B | 5.96B | 5.30B | 4.42B | 3.34B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.75B | 2.50B | 2.88B | 1.40B | 1.68B | 1.32B |
| Short-Term Investments | 1.05B | 1.09B | 1.19B | 1.04B | 528.10M | 1.23B |
| Cash & Short-Term Investments | 4.80B | 3.58B | 4.07B | 2.44B | 2.21B | 2.55B |
| Receivables | 1.46B | 1.69B | 1.46B | 1.40B | 1.26B | 807.70M |
| Inventory | 591.20M | 399.50M | 315.50M | 484.80M | 264.60M | 175.80M |
| Prepaid Expenses | 256.80M | 227.00M | 126.10M | 101.10M | 73.10M | 65.40M |
| Total Current Assets | 7.11B | 5.90B | 5.97B | 4.43B | 3.81B | 3.60B |
| Property, Plant & Equipment | 1.73B | 1.68B | 1.42B | 1.12B | 994.80M | 752.70M |
| Long-Term Investments | 519.40M | 339.70M | 42.20M | 129.80M | 440.80M | |
| Goodwill | 273.70M | 257.40M | 235.40M | 126.50M | 128.00M | 125.10M |
| Other Intangible Assets | 74.40M | 97.30M | 115.00M | 35.30M | 56.00M | 63.60M |
| Long-Term Deferred Tax Assets | 1.31B | 1.31B | 1.34B | 868.80M | 569.40M | 342.30M |
| Long-Term Deferred Charges | 815.40M | 735.50M | 622.90M | 605.60M | 518.20M | 423.30M |
| Other Long-Term Assets | 115.50M | 60.80M | 61.00M | 31.80M | 21.40M | 170.70M |
| Total Assets | 11.94B | 10.39B | 9.76B | 7.26B | 6.23B | 5.92B |
| Accounts Payable | 430.30M | 230.80M | 190.90M | 204.30M | 243.40M | 148.40M |
| Accrued Expenses | 665.90M | 604.70M | 506.90M | 547.90M | 452.50M | 366.00M |
| Current Portion of Long-Term Debt | 499.70M | |||||
| Current Portion of Leases | 36.10M | 32.70M | 33.40M | 33.20M | 26.30M | |
| Current Unearned Revenue | 3.96B | 3.64B | 3.28B | 2.85B | 2.35B | 1.78B |
| Other Current Liabilities | 30.30M | 26.70M | 54.00M | 84.70M | ||
| Total Current Liabilities | 5.09B | 5.03B | 4.06B | 3.72B | 3.08B | 2.32B |
| Long-Term Debt | 497.10M | 496.60M | 994.30M | 992.30M | 990.40M | 988.40M |
| Long-Term Leases | 63.40M | 29.40M | 46.40M | 45.70M | 62.50M | 40.50M |
| Long-Term Unearned Revenue | 3.97B | 3.48B | 3.08B | 2.89B | 2.29B | 1.68B |
| Other Long-Term Liabilities | 74.60M | 111.90M | 83.20M | 79.00M | 87.30M | 98.20M |
| Total Liabilities | 9.70B | 9.15B | 8.27B | 7.72B | 6.51B | 5.12B |
| Common Stock | 700.00K | 700.00K | 800.00K | 800.00K | 800.00K | 800.00K |
| Additional Paid-In Capital | 1.96B | 1.77B | 1.64B | 1.42B | 1.28B | 1.25B |
| Retained Earnings | 318.80M | -507.90M | -117.10M | -1.86B | -1.55B | -467.90M |
| Comprehensive Income & Other | -32.40M | -25.40M | -26.10M | -18.90M | -20.20M | -4.80M |
| Total Common Equity | 2.25B | 1.24B | 1.49B | -463.40M | -281.60M | 781.70M |
| Minority Interest | 16.70M | |||||
| Shareholders' Equity | 2.25B | 1.24B | 1.49B | -463.40M | -281.60M | 798.40M |
| Total Liabilities & Equity | 11.94B | 10.39B | 9.76B | 7.26B | 6.23B | 5.92B |
| Total Debt | 560.50M | 1.06B | 1.07B | 1.07B | 1.09B | 1.06B |
| Net Cash (Debt) | 4.24B | 2.52B | 2.99B | 1.37B | 1.12B | 1.50B |
| Net Cash Per Share | 5.70 | 3.30 | 3.88 | 1.74 | 1.40 | 1.79 |
| Filing Date Shares Outstanding | 734.71M | 739.92M | 768.97M | 763.03M | 784.07M | 804.08M |
| Total Common Shares Outstanding | 734.60M | 743.00M | 767.00M | 761.00M | 781.50M | 810.00M |
| Working Capital | 2.02B | 866.20M | 1.91B | 709.30M | 732.00M | 1.28B |
| Book Value Per Share | 3.06 | 1.67 | 1.95 | -0.61 | -0.36 | 0.97 |
| Tangible Book Value | 1.90B | 882.80M | 1.14B | -625.20M | -465.60M | 593.00M |
| Tangible Book Value Per Share | 2.58 | 1.19 | 1.49 | -0.82 | -0.60 | 0.73 |
| Land | 653.70M | 592.40M | 500.60M | 351.70M | 310.00M | 204.50M |
| Buildings | 1.01B | 974.00M | 801.40M | 595.50M | 490.30M | 416.20M |
| Machinery | 466.50M | 377.30M | 315.50M | 294.70M | 254.00M | 203.00M |
| Construction In Progress | 77.60M | 74.60M | 52.00M | 63.30M | 51.70M | 19.90M |
| Leasehold Improvements | 58.40M | 58.50M | 64.30M | 61.40M | 53.50M | 40.10M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.28B | 1.85B | 1.75B | 1.15B | 857.30M | 606.80M |
| Depreciation & Amortization | 160.10M | 152.00M | 122.80M | 113.40M | 104.30M | 84.40M |
| Other Amortization | 380.50M | 336.30M | 293.70M | 266.30M | 223.30M | 175.90M |
| Loss (Gain) From Sale of Investments | -19.70M | -33.70M | -48.80M | -27.70M | 4.40M | 6.90M |
| Loss (Gain) on Equity Investments | 68.10M | 7.60M | ||||
| Stock-Based Compensation | 304.40M | 279.50M | 257.90M | 249.00M | 217.30M | 207.90M |
| Other Operating Activities | -41.30M | -52.70M | -92.10M | 60.60M | 22.90M | 7.80M |
| Change in Accounts Receivable | -293.50M | -215.90M | -45.40M | -146.40M | -456.70M | -72.50M |
| Change in Inventory | -190.20M | -90.60M | 131.20M | -253.50M | -109.10M | -19.40M |
| Change in Accounts Payable | 218.80M | 27.90M | -10.20M | -43.10M | 105.20M | -13.10M |
| Change in Unearned Revenue | 1.28B | 754.20M | 577.80M | 1.10B | 1.18B | 839.40M |
| Change in Other Net Operating Assets | -459.80M | -486.00M | -450.80M | -224.30M | -257.50M | -238.00M |
| Operating Cash Flow | 3.69B | 2.59B | 2.26B | 1.94B | 1.73B | 1.50B |
| Capital Expenditures | -255.60M | -364.80M | -378.90M | -204.10M | -281.20M | -295.90M |
| Cash Acquisitions | -9.80M | -41.60M | -275.50M | -30.80M | -74.90M | |
| Investment in Securities | -91.70M | -192.80M | -73.10M | -445.50M | 1.08B | -954.70M |
| Other Investing Activities | 8.40M | 100.00K | 100.00K | 300.00K | 400.00K | |
| Investing Cash Flow | -348.70M | -599.10M | -727.40M | -649.30M | 763.90M | -1.33B |
| Long-Term Debt Issued | 989.40M | |||||
| Long-Term Debt Repaid | -19.50M | |||||
| Net Debt Issued (Repaid) | -500.00M | 969.90M | ||||
| Issuance of Common Stock | 92.10M | 44.70M | 63.10M | 43.80M | 26.10M | 26.00M |
| Repurchase of Common Stock | -1.15B | -2.42B | -101.50M | -1.61B | -2.15B | -909.70M |
| Other Financing Activities | -22.00M | -100.00K | -11.70M | -1.20M | -4.80M | -3.40M |
| Financing Cash Flow | -1.58B | -2.37B | -50.10M | -1.57B | -2.13B | 82.80M |
| Foreign Exchange Rate Adjustments | -1.60M | -600.00K | -2.60M | -800.00K | -400.00K | -100.00K |
| Net Cash Flow | 1.75B | -380.60M | 1.48B | -285.00M | 363.80M | 257.30M |
| Free Cash Flow | 3.43B | 2.23B | 1.88B | 1.73B | 1.45B | 1.20B |
| Free Cash Flow Margin | 43.54% | 32.73% | 31.55% | 32.64% | 32.81% | 36.02% |
| Free Cash Flow Per Share | 4.62 | 2.91 | 2.44 | 2.20 | 1.80 | 1.44 |
| Levered Free Cash Flow | 2.49B | 1.75B | 1.83B | 1.44B | 1.06B | 905.51M |
| Unlevered Free Cash Flow | 2.50B | 1.76B | 1.85B | 1.45B | 1.07B | 914.83M |
| Cash Income Tax Paid | 436.10M | 451.50M | 578.90M | 426.30M | 260.20M | 127.40M |
| Change in Working Capital | 620.60M | 55.80M | -20.60M | 126.10M | 233.00M | 402.40M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 99.98B | 59.05B | 72.41B | 44.95B | 38.19B | 58.76B |
| Enterprise Value | 95.74B | 57.02B | 69.79B | 42.83B | 37.47B | 56.73B |
| Last Close Price | 136.08 | 79.41 | 94.48 | 58.53 | 48.89 | 71.88 |
| PE Ratio | 44.45 | 31.86 | 41.49 | 39.16 | 44.55 | 96.84 |
| Forward PE | 36.26 | 27.97 | 40.11 | 35.89 | 36.17 | 82.80 |
| PS Ratio | 12.69 | 8.69 | 12.16 | 8.47 | 8.65 | 17.58 |
| PB Ratio | 44.49 | 47.72 | 48.48 | -96.99 | -135.63 | 73.60 |
| P/TBV Ratio | 52.66 | 66.89 | 63.33 | 99.09 | ||
| P/FCF Ratio | 29.14 | 26.53 | 38.53 | 25.96 | 26.35 | 48.81 |
| P/OCF Ratio | 27.12 | 22.80 | 32.07 | 23.22 | 22.07 | 39.18 |
| PEG Ratio | 2.26 | 2.01 | 2.24 | 1.96 | 1.64 | 4.99 |
| EV/Sales Ratio | 12.15 | 8.39 | 11.72 | 8.07 | 8.48 | 16.97 |
| EV/EBITDA Ratio | 34.77 | 25.61 | 36.32 | 31.73 | 35.04 | 77.69 |
| EV/EBIT Ratio | 36.91 | 27.49 | 38.80 | 34.64 | 38.83 | 87.84 |
| EV/FCF Ratio | 27.90 | 25.62 | 37.14 | 24.74 | 25.85 | 47.12 |
| Debt / Equity Ratio | 0.25 | 0.86 | 0.72 | -2.31 | -3.86 | 1.32 |
| Debt / EBITDA Ratio | 0.20 | 0.46 | 0.54 | 0.76 | 0.97 | 1.38 |
| Debt / FCF Ratio | 0.16 | 0.48 | 0.57 | 0.62 | 0.75 | 0.88 |
| Net Debt / Equity Ratio | -1.89 | -2.04 | -2.00 | 2.95 | 4.00 | -1.87 |
| Net Debt / EBITDA Ratio | -1.54 | -1.13 | -1.56 | -1.01 | -1.05 | -2.05 |
| Net Debt / FCF Ratio | -1.24 | -1.13 | -1.59 | -0.79 | -0.78 | -1.24 |
| Asset Turnover | 0.74 | 0.68 | 0.70 | 0.79 | 0.73 | 0.67 |
| Inventory Turnover | 3.14 | 3.72 | 2.89 | 3.30 | 4.93 | 4.96 |
| Quick Ratio | 1.23 | 1.05 | 1.36 | 1.03 | 1.13 | 1.45 |
| Current Ratio | 1.40 | 1.17 | 1.47 | 1.19 | 1.24 | 1.55 |
| Return on Equity (ROE) | 153.08% | 135.72% | 338.74% | 331.50% | 73.34% | |
| Return on Assets (ROA) | 15.22% | 12.87% | 13.21% | 11.46% | 9.93% | 8.10% |
| Return on Invested Capital (ROIC) | 32.85% | 29.58% | ||||
| Return on Capital Employed (ROCE) | 37.80% | 38.70% | 31.50% | 34.90% | 30.60% | 17.90% |
| Earnings Yield | 2.25% | 3.14% | 2.41% | 2.55% | 2.25% | 1.03% |
| FCF Yield | 3.43% | 3.77% | 2.60% | 3.85% | 3.79% | 2.05% |
| Buyback Yield / Dilution | 3.66% | 0.95% | 2.07% | 2.12% | 3.59% | 0.36% |