Fortinet

Information Technology Systems Software Sunnyvale, California Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$6.8B
                    3y CAGR +15.5%
                    
                    P80
                    
                    n/a
                    
                    Net income
                    FY2025
                
$1.9B
                    Net margin +27.3%
                    
                    P82
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$10.4B
                    ROA +17.8%
                    
                    P85
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$2.6B
                    FCF margin +32.7%
                    
                    P86
                    
                    n/a

17 yrs · FY2009–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 1 year

Total assets $10.4B

Total liabilities $9.2B

Shareholders equity $1.2B

Account	2025	Trend
Assets
Cash and Cash Equivalents	24.0%
Short Term Investments	10.5%
Accounts Receivable	16.3%
Inventory	3.8%
Prepaid Expenses	2.2%
Total Current Assets	56.8%
Property,Plant and Equipment	15.6%
Goodwill	2.5%
Intangible Assets	0.9%
Long Term Investments	3.3%
Deferred Tax Assets	12.7%
Other Noncurrent Assets	8.3%
Total Assets	100.0%
Liabilities
Accounts Payable	2.2%
Accrued Liabilities	6.4%
Deferred Revenue	35.0%
Current Portion of Long Term Debt	4.8%
Total Current Liabilities	48.5%
Long Term Debt	4.8%
Deferred Revenue Noncurrent	33.5%
Other Noncurrent Liabilities	1.4%
Total Liabilities	88.1%
Equity
Common Stock	0.0%
Additional Paid In Capital	17.0%
Retained Earnings	-4.9%
Accumulated Other Comprehensive Income	-0.2%
Total Stockholders Equity	11.9%
Total Liabilitiesand Equity	100.0%

Income Statement

Revenue, expense, and profitability

20 accounts · 1 year

Revenue $6.8B

Operating income $2.1B

Net income $1.9B

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	65.4%
Expenses Cost of Revenue	12.8%
Other Income Expense Gross Profit	52.7%
Expenses Research and Development	7.8%
Expenses Selling,General and Administrative	24.8%
Expenses Other Operating Expenses	-0.1%
Expenses Operating Expenses	32.6%
Other Income Expense Operating Income	20.1%
Other Income Expense Interest Income	1.6%
Other Income Expense Interest Expense	0.2%
Other Income Expense Other Income/expense	0.5%
Other Income Expense Income Before Tax	22.0%
Income Tax Income Tax Expense	4.2%
net Income Other Items Below Tax	0.1%
net Income net Income	17.8%
net Income Comprehensive Income	17.8%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Basic	7.3%
Earnings Per Share Weighted Average Shares Diluted	7.4%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 1 year

Operating cash flow $2.6B

Investing cash flow $-599.1M

Financing cash flow $-2.4B

Account	2025	Trend
CashFlow
Operating Activities net Income	17.8%
Operating Activities Depreciation and Amortization	4.4%
Operating Activities Stock Based Compensation	2.7%
Operating Activities Deferred Income Taxes	0.6%
Operating Activities Changes In Operating Assets and Liabilities	-0.1%
Operating Activities Other Non Cash Items	-0.5%
Operating Activities net Cash From Operating Activities	24.9%
Investing Activities Capital Expenditures	-3.5%
Investing Activities Business Acquisitions	-0.4%
Investing Activities Purchases of Investments	-19.2%
Investing Activities Proceeds From Sale of Investments	17.4%
Investing Activities Other Investing Activities	0.0%
Investing Activities net Cash From Investing Activities	-5.8%
Financing Activities Repurchase of Common Stock	-22.0%
Financing Activities Proceeds From Stock Issuance	0.4%
Financing Activities Tax Withholding On Stock Based Compensation	-1.2%
Financing Activities Other Financing Activities	-0.0%
Financing Activities net Cash From Financing Activities	-22.8%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.0%
Cash Reconciliation net Change In Cash	-3.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	+80.5%
Operating margin	+30.7%
Net margin	+27.3%
FCF margin	+32.7%
Growth
Revenue CAGR (3y)	+15.5%
Returns
ROE	+149.8%
ROA	+17.8%
ROIC	-643.8%
Liquidity
Current ratio	1.17x
Quick ratio	0.83x
Leverage
D/E	7.40x
Interest coverage	103.72x
Efficiency
Asset turnover	0.65x
Cash conversion cycle	+137d

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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Fortinet

Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

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