Fortinet, Inc. (FTNT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.75	$0.9	+20.0%	—	$2B	—
Q1 26	$0.62	$0.82	+32.3%	—	$1.8B	—
Q4 25	$0.74	$0.81	+9.5%	—	$1.9B	—
Q3 25	$0.63	$0.74	+17.5%	—	$1.7B	—
Q2 25	$0.59	$0.64	+8.5%	—	—	—
Q1 25	$0.53	$0.58	+9.4%	—	—	—
Q4 24	$0.61	$0.74	+21.3%	—	—	—
Q3 24	$0.52	$0.63	+21.2%	—	—	—
Q2 24	$0.41	$0.57	+39.0%	—	—	—
Q1 24	$0.38	$0.43	+13.2%	—	—	—
Q4 23	$0.43	$0.51	+18.6%	—	—	—
Q3 23	$0.36	$0.41	+13.9%	—	—	—
Q2 23	$0.34	$0.38	+11.8%	—	$1.3B	—
Q1 23	$0.29	$0.34	+17.2%	—	$1.3B	—
Q4 22	$0.39	$0.44	+12.8%	—	$1.3B	—
Q3 22	$0.27	$0.33	+22.2%	—	$1.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.45	—	—	$6.8B	—
FY24	—	$2.28	—	—	$6B	—
FY23	—	$1.47	—	—	$5.3B	—
FY22	—	$1.08	—	—	$4.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.3B	$1.5B	$1.8B	$2.2B	$2.6B	$3.3B	$4.4B	$5.3B	$6B	$6.8B
YoY change	+26.4%	+17.2%	+20.7%	+19.9%	+19.9%	+28.8%	+32.2%	+20.1%	+12.3%	+14.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.3B	1.5B	1.8B	2.2B	2.6B	3.3B	4.4B	5.3B	6B	6.8B
Cost of revenue	337.8M	385.3M	450.4M	505.9M	570M	783M	1.1B	1.2B	1.2B	1.3B
Gross profit	937.6M	1.1B	1.4B	1.7B	2B	2.6B	3.3B	4.1B	4.8B	5.5B
Gross margin	73.5%	74.2%	75%	76.6%	78%	76.6%	75.4%	76.7%	80.6%	80.5%
Research & development	183.1M	210.6M	244.5M	277.1M	341.4M	424.2M	512.4M	613.8M	716.8M	815.5M
Selling, general & administrative	707.6M	788.9M	875.3M	1B	1.2B	1.5B	1.9B	2.2B	2.3B	2.6B
Operating expenses	890.7M	999.5M	1.1B	1.3B	1.5B	1.9B	2.4B	2.8B	3B	3.4B
Operating income	46.9M	110.1M	234.4M	351M	531.8M	650.4M	969.6M	1.2B	1.8B	2.1B
Operating margin	3.68%	7.37%	13%	16.2%	20.5%	19.5%	21.9%	23.4%	30.3%	30.7%
Non-operating income, net	-11.1M	400K	-6.6M	-7.5M	-7.8M	-11.6M	-13.5M	-6.1M	119.9M	55.3M
Pretax income	43.1M	124M	254.3M	386M	541.7M	628.4M	955.5M	1.3B	2.1B	2.3B
Income tax	10.9M	92.6M	-80.6M	54.3M	53.2M	14.1M	30.8M	143.8M	283.9M	439.1M
Net income	32.2M	31.4M	334.9M	331.7M	488.5M	606.7M	856.6M	1.1B	1.7B	1.9B
Net margin	2.52%	2.1%	18.6%	15.3%	18.8%	18.2%	19.4%	21.6%	29.3%	27.3%
EBITDA	99.4M	165.9M	290.1M	447.6M	610.5M	727.7M	1.1B	1.5B	2.1B	2.5B
EPS	0.04	0.04	0.4	0.39	0.6	0.74	1.08	1.47	2.28	2.45
Diluted EPS	0.04	0.04	0.38	0.38	0.58	0.73	1.06	1.46	2.26	2.42

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	1.7B	1.9B	1.8B	2B
Cost of revenue	—	—	—	—	—	—	—	—	331.7M	389.2M	364.5M	404.7M
Gross profit	—	—	—	—	—	—	—	—	1.4B	1.5B	1.5B	1.6B
Gross margin	—	—	—	—	—	—	—	—	80.8%	79.6%	80.3%	80.2%
Research & development	—	—	—	—	—	—	—	—	202.4M	205M	214M	225M
Selling, general & administrative	—	—	—	—	—	—	—	—	644.9M	686.6M	692.5M	730.2M
Operating expenses	—	—	—	—	—	—	—	—	845.9M	890.2M	905.1M	953.9M
Operating income	—	—	—	—	—	—	—	—	547.3M	625.6M	580M	689.3M
Operating margin	—	—	—	—	—	—	—	—	31.7%	32.8%	31.4%	33.7%
Non-operating income, net	—	—	—	—	—	—	—	—	13M	-2.7M	47.9M	900K
Pretax income	—	—	—	—	—	—	—	—	594.8M	650.8M	656.6M	720.2M
Income tax	—	—	—	—	—	—	—	—	120.7M	144.8M	122M	115M
Net income	—	—	—	—	—	—	—	—	473.9M	506M	534.5M	606.3M
Net margin	—	—	—	—	—	—	—	—	27.5%	26.6%	28.9%	29.6%
EBITDA	—	—	—	—	—	—	—	—	639.4M	694.7M	700.6M	764.8M
EPS	0.41	0.41	0.39	0.5	0.71	0.69	0.56	0.57	0.63	0.68	0.72	0.83
Diluted EPS	0.41	0.4	0.39	0.49	0.7	0.68	0.56	0.57	0.62	0.68	0.72	0.82

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.2B	7.6B	11.9B	18.3B	24.4B	58.7B	38.7B	45.6B	72.2B	60.2B	129.4B
Enterprise value	4.1B	6.4B	10.3B	16.2B	22.6B	57.1B	37.5B	44.1B	69.1B	57.6B	123.8B
Shares outstanding	863M	871.5M	845.5M	855M	821M	816.1M	791.4M	778.6M	764.4M	758M	758M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	161.5	242.5	35.6	55	49.9	96.7	45.2	39.7	41.4	32.5	61.5
P/S	4.08	5.09	6.6	8.44	9.4	17.6	8.76	8.59	12.1	8.85	16.9
P/B	6.21	12.9	11.8	13.6	28.5	73.5	-137.4	-98.3	48.3	48.6	82.1
EV/EBITDA	41.4	38.4	35.4	36.2	36.9	78.5	34.8	30.1	33	23.5	47.7
EV/Sales	3.23	4.26	5.69	7.49	8.69	17.1	8.48	8.32	11.6	8.47	16.4
Earnings yield	0.62%	0.41%	2.81%	1.82%	2%	1.03%	2.21%	2.52%	2.42%	3.08%	1.63%
FCF yield	5.36%	6.03%	4.92%	3.92%	3.93%	2.05%	3.75%	3.8%	2.6%	3.7%	1.75%
PEG	—	—	—	—	—	—	—	—	—	—	1.35

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	73.5%	74.2%	75%	76.6%	78%	76.6%	75.4%	76.7%	80.6%	80.5%	80.2%
Operating margin	3.68%	7.37%	13%	16.2%	20.5%	19.5%	21.9%	23.4%	30.3%	30.7%	33.6%
Net margin	2.52%	2.1%	18.6%	15.3%	18.8%	18.2%	19.4%	21.6%	29.3%	27.3%	28.2%
ROE	3.84%	5.33%	33.2%	24.7%	57.1%	76%	-304.2%	-247.7%	116.8%	149.8%	117.4%
ROA	1.5%	1.39%	10.9%	8.55%	12.1%	10.2%	13.8%	15.8%	17.9%	17.8%	14.2%
ROIC	-14.1%	-4.21%	-36.7%	-41.7%	-48.9%	-83.1%	-62.5%	-57.9%	-98.5%	-124.8%	-97.7%
Return on tangible assets	1.56%	1.43%	11.3%	9.01%	12.9%	10.9%	14.6%	16.6%	19.3%	19.1%	20.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.86	1.67	1.77	1.9	1.5	1.55	1.24	1.19	1.47	1.17	1.28
Quick ratio	1.73	1.6	1.7	1.82	1.42	1.48	1.15	1.06	1.39	1.09	1.19
Debt / equity	—	—	—	—	—	1.24	-3.52	-2.14	0.67	0.81	0.36
Debt / assets	—	—	—	—	—	0.17	0.16	0.14	0.1	0.1	0.05
Net debt / EBITDA	—	—	—	—	—	-2.15	-1.13	-0.99	-1.47	-1.05	-1.28
Interest coverage	—	—	—	—	—	43.2	54.1	64.5	103.9	114.5	146.7
Effective tax rate	25.3%	74.7%	0%	14.1%	9.82%	2.24%	3.22%	10.8%	13.8%	19.2%	19.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.48	1.72	2.13	2.53	3.16	4.1	5.58	6.81	7.79	8.97	10.1
EPS (basic)	0.04	0.04	0.4	0.39	0.6	0.74	1.08	1.47	2.28	2.45	2.45
EPS (diluted)	0.04	0.04	0.38	0.38	0.58	0.73	1.06	1.46	2.26	2.42	2.82
Book value per share	0.97	0.68	1.19	1.57	1.04	0.98	-0.36	-0.6	1.95	1.63	2.11
FCF per share	0.32	0.53	0.69	0.84	1.17	1.48	1.83	2.22	2.46	2.94	4.21
Cash per share	1.26	1.44	1.95	2.42	2.24	3.13	2.79	3.13	5.32	4.73	5.55
Capex per share	0.08	0.16	0.06	0.11	0.15	0.36	0.36	0.26	0.5	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	5.27%	9.05%	2.94%	4.26%	4.85%	8.85%	6.37%	3.85%	6.36%	—	—
Capex / operating cash flow	21.5%	25%	8.5%	11%	12.6%	21%	17.7%	11.4%	15.8%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$1.7B	$1.9B	$1.8B	$2B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.1B	1.3B	1.6B	2.1B	1.8B	2.6B	2.2B	2.4B	4.1B	3.6B
Receivables	313M	348.2M	444.5M	544.3M	720M	807.7M	1.3B	1.4B	1.5B	1.7B
Inventory	106.9M	77.3M	90M	117.9M	139.8M	175.8M	264.6M	484.8M	315.5M	399.5M
Total current assets	1.5B	1.7B	2.2B	2.8B	2.7B	3.6B	3.8B	4.4B	6B	5.9B
Property, plant & equipment	87.5M	112.2M	127.2M	196.9M	297.4M	271.4M	408.2M	448.9M	548.1M	645M
Goodwill & intangibles	78.8M	61.8M	120.6M	196.6M	249.2M	377.4M	368M	323.6M	700.8M	709.4M
Total assets	2.1B	2.3B	3.1B	3.9B	4B	5.9B	6.2B	7.3B	9.8B	10.4B
Accounts payable	56.7M	70M	86.4M	96.4M	141.6M	148.4M	243.4M	204.3M	190.9M	230.8M
Short-term debt	—	—	—	—	—	—	—	—	—	499.7M
Total current liabilities	829.4M	1B	1.3B	1.5B	1.8B	2.3B	3.1B	3.7B	4.1B	5B
Long-term debt	—	—	—	—	—	988.4M	990.4M	992.3M	994.3M	496.6M
Total liabilities	1.3B	1.7B	2.1B	2.5B	3.2B	5.1B	6.5B	7.7B	8.3B	9.2B
Shareholders' equity	837.7M	589.4M	1B	1.3B	856M	798.4M	-281.6M	-463.4M	1.5B	1.2B
Total debt	—	—	—	—	—	988.4M	990.4M	992.3M	994.3M	996.3M
Net debt	—	—	—	—	—	-330.7M	-692.5M	-405.6M	-1.9B	-1.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.2B	2.4B	3B	3.3B	3.7B	4.1B	4.8B	4.6B	3.1B	3.6B	3.3B	4.1B
Receivables	1B	1.4B	996.2M	1.1B	1B	1.5B	1.2B	1.2B	1.2B	1.7B	1.5B	1.5B
Inventory	467.5M	484.8M	439.5M	383.2M	354.3M	315.5M	362.7M	405.2M	426.6M	399.5M	369.6M	426.3M
Total current assets	4.8B	4.4B	4.6B	4.9B	5.2B	6B	6.4B	6.3B	4.9B	5.9B	5.3B	6.2B
Property, plant & equipment	446.3M	448.9M	534.9M	529.4M	535M	548.1M	560.9M	610.8M	631.1M	645M	710.7M	724.7M
Goodwill & intangibles	330M	323.6M	326.2M	316.2M	648.8M	700.8M	714.8M	764.4M	737M	709.4M	688.8M	669M
Total assets	7.5B	7.3B	7.7B	8.1B	8.9B	9.8B	10.4B	10.6B	9.4B	10.4B	9.9B	10.9B
Accounts payable	253.9M	204.3M	135.2M	132.1M	177.9M	190.9M	224.5M	245.2M	221.3M	230.8M	238.7M	282.5M
Short-term debt	—	—	—	—	—	—	498.7M	499M	499.4M	499.7M	—	—
Total current liabilities	3.6B	3.7B	3.8B	3.7B	3.9B	4.1B	4.7B	4.8B	4.8B	5B	4.6B	4.8B
Long-term debt	991.8M	992.3M	992.8M	993.3M	993.8M	994.3M	496.2M	496.3M	496.5M	496.6M	496.8M	496.9M
Total liabilities	7.4B	7.7B	7.8B	7.8B	7.9B	8.3B	8.4B	8.6B	8.6B	9.2B	8.9B	9.3B
Shareholders' equity	74.1M	-463.4M	-137.5M	288.2M	908.1M	1.5B	2B	2.1B	735.1M	1.2B	989.7M	1.6B
Total debt	991.8M	992.3M	992.8M	993.3M	993.8M	994.3M	994.9M	995.3M	995.9M	996.3M	496.8M	496.9M
Net debt	-1.2B	-405.6M	-933.5M	-1.2B	-1.5B	-1.9B	-2.6B	-2.4B	-999.8M	-1.5B	-1.7B	-2.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	32.2M	31.4M	334.9M	331.7M	488.5M	606.7M	856.6M	1.1B	1.7B	1.9B
Depreciation & amortization	48.5M	55.5M	55.7M	61.6M	68.8M	84.4M	104.3M	113.4M	122.8M	152M
Stock-based compensation	122.4M	137.2M	162.9M	174.1M	191.7M	207.9M	217.3M	249M	257.9M	279.5M
Change in working capital	107M	314.2M	-20.2M	158M	103.9M	326.2M	160.5M	-7.1M	99.8M	83.4M
Operating cash flow	312.7M	542.1M	623.3M	839M	996.3M	1.4B	1.6B	1.8B	2.4B	2.6B
Capital expenditure	-67.2M	-135.3M	-53M	-92.2M	-125.9M	-295.9M	-281.2M	-204.1M	-378.9M	—
Investing cash flow	-74.1M	-76.8M	-134.9M	-502.3M	-72.8M	-1.3B	763.9M	-649.3M	-727.4M	-234.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-110.8M	-446.3M	-211.8M	-145.1M	-1.1B	-741.8M	-2B	-1.5B	-600K	-2.3B
Financing cash flow	-105.9M	-415.6M	-202.6M	-195.6M	-1.2B	82.8M	-2.1B	-1.6B	-50.1M	-2.4B
Net change in cash	132.7M	49.7M	285.8M	141.1M	-248.1M	166.7M	219.2M	-431.8M	1.6B	-15.2M
Free cash flow	278.5M	459.1M	585.9M	715.8M	957.8M	1.2B	1.4B	1.7B	1.9B	2.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	322.9M	310.9M	299.3M	379.8M	539.9M	526.2M	433.4M	440.1M	473.9M	506M	534.5M	606.3M
Depreciation & amortization	28.3M	30.2M	28.6M	29.2M	29.8M	35.2M	35.8M	38.3M	38.4M	39.5M	39.8M	41.4M
Stock-based compensation	64.3M	63.4M	62.3M	63.9M	65.9M	65.8M	66.1M	69.1M	71.8M	72.5M	72.5M	79.3M
Change in working capital	-9.7M	-202.7M	293M	-67.6M	50.3M	-175.9M	236.9M	-81.4M	45.9M	-118M	331.1M	217.9M
Operating cash flow	478.7M	277M	758.5M	475.1M	624.3M	514.8M	814.7M	538.8M	655.2M	620.2M	1.1B	1B
Capital expenditure	-70.1M	-26.9M	-221.9M	-23.1M	-36.3M	-97.6M	-66.5M	-167.8M	—	—	—	—
Investing cash flow	-111.2M	-71.6M	-270.3M	-50.1M	-327.2M	-79.9M	-110.8M	-266.2M	-88.1M	-3.5M	64.9M	-115M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-604.3M	-896.2M	—	—	-600K	0	—	-401.1M	-1.8B	-57.2M	-823M	-149.8M
Financing cash flow	-628.9M	-910.1M	-30.3M	-14M	3M	-8.8M	-32.7M	-414.2M	-1.9B	-72.7M	-1.3B	-147.9M
Net change in cash	-261.4M	-704.7M	457.9M	411M	300.1M	426.1M	671.2M	-141.6M	-1.3B	544M	-200.9M	780.7M
Free cash flow	481.1M	164.8M	608.5M	318.9M	571.8M	380M	796.8M	284.1M	567.5M	577.4M	1B	965.6M

Fortinet, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement