Fortinet

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

                    Revenue
                    FY2025
                
$6.8B
                    3y CAGR +15.5%
                    
                    P83
                    
                    +14.2%
                    
                    Net income
                    FY2025
                
$1.9B
                    Net margin +27.3%
                    
                    P80
                    
                    +6.2%
                    
                    Total assets
                    FY2025
                
$10.4B
                    ROA +17.8%
                    
                    P83
                    
                    +6.4%
                    
                    Operating cash flow
                    FY2025
                
$2.6B
                    
                    +14.7%

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

29 accounts · 3 years

Total assets $10.4B

Total liabilities $9.2B

Shareholders equity $1.2B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	24.0%	29.5%	19.3%
Short Term Investments	12.8%	11.5%	14.1%
Accounts Receivable	16.3%	15.0%	19.3%
Inventory	3.8%	3.2%	6.7%
Prepaid Expenses	2.2%	1.3%	1.4%
Other Current Assets	1.2%	1.4%	2.1%
Total Current Assets	56.8%	61.2%	61.0%
Property,Plant and Equipment	15.6%	13.8%	14.4%
Goodwill	2.5%	2.4%	1.7%
Intangible Assets	0.9%	1.2%	0.5%
Long Term Investments	3.3%	—	—
Deferred Tax Assets	12.7%	13.7%	12.0%
Other Noncurrent Assets	1.2%	1.4%	2.1%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	2.2%	2.0%	2.8%
Accrued Liabilities	3.4%	3.5%	5.8%
Current Portion of Long Term Debt	4.8%	—	—
Other Current Liabilities	1.4%	1.3%	1.7%
Total Current Liabilities	48.5%	41.6%	51.2%
Long Term Debt	4.8%	10.2%	13.7%
Deferred Tax Liabilities	0.0%	1.7%	2.2%
Other Noncurrent Liabilities	1.4%	1.3%	1.7%
Total Liabilities	88.1%	84.7%	106.4%
Equity
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	17.0%	16.8%	19.5%
Retained Earnings	-4.9%	-1.2%	-25.6%
Accumulated Other Comprehensive Income	-0.2%	-0.3%	-0.3%
Total Stockholders Equity	11.9%	15.3%	-6.4%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

20 accounts · 3 years

Revenue $6.8B

Operating income $2.1B

Net income $1.9B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	65.4%	61.0%	73.1%
Expenses Cost of Revenue	12.8%	11.9%	17.0%
Expenses Research and Development	7.8%	7.3%	8.5%
Expenses Selling,General and Administrative	2.2%	2.4%	2.9%
Expenses Depreciation and Amortization	1.5%	1.3%	1.6%
Expenses Share Based Compensation	2.7%	2.6%	3.4%
Expenses Operating Expenses	32.6%	30.7%	38.9%
Other Income Expense Gross Profit	52.7%	49.1%	56.0%
Other Income Expense Operating Income	20.1%	18.5%	17.1%
Other Income Expense Interest Income	1.6%	1.6%	1.6%
Other Income Expense Interest Expense	0.2%	0.2%	0.3%
Other Income Expense Other Income/expense	0.5%	1.2%	-0.1%
Other Income Expense Income Before Tax	22.0%	21.1%	18.4%
Income Tax Income Tax Expense	4.2%	2.9%	2.0%
net Income net Income	17.8%	17.9%	15.8%
net Income Comprehensive Income	17.8%	17.8%	15.8%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	7.3%	7.8%	10.7%
Earnings Per Share Weighted Average Shares Diluted	7.4%	7.9%	10.9%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $2.6B

Investing cash flow $-599.1M

Financing cash flow $-2.4B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	17.8%	17.9%	15.8%
Operating Activities Depreciation and Amortization	1.5%	1.3%	1.6%
Operating Activities Stock Based Compensation	2.7%	2.6%	3.4%
Operating Activities Deferred Income Taxes	0.7%	-2.3%	-4.2%
Operating Activities Changes In Operating Assets and Liabilities	11.5%	4.0%	22.3%
Operating Activities net Cash From Operating Activities	24.9%	23.1%	26.7%
Investing Activities Business Acquisitions	0.4%	2.8%	0.0%
Investing Activities Proceeds From Sale of Investments	17.3%	19.4%	19.5%
Investing Activities Other Investing Activities	-0.0%	-0.0%	-0.0%
Investing Activities net Cash From Investing Activities	-5.8%	-7.5%	-8.9%
Financing Activities Repurchase of Common Stock	22.0%	0.0%	20.7%
Financing Activities Proceeds From Stock Issuance	0.4%	0.6%	0.6%
Financing Activities Tax Withholding On Stock Based Compensation	1.2%	1.0%	1.5%
Financing Activities Other Financing Activities	-0.0%	-0.1%	-0.0%
Financing Activities net Cash From Financing Activities	-22.8%	-0.5%	-21.6%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.0%	-0.0%	-0.0%
Cash Reconciliation net Change In Cash	-3.7%	15.1%	-3.9%
Cash Reconciliation Cash At Beginning of Period	24.0%	29.5%	19.3%
Cash Reconciliation Cash At End of Period	24.0%	29.5%	19.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+80.5%	+80.6%	+76.7%
Operating margin	+30.7%	+30.3%	+23.4%
Net margin	+27.3%	+29.3%	+21.6%
FCF margin	—	—	—
Growth
Revenue CAGR (3y)	+15.5%	+21.2%	+26.9%
Returns
ROE	+149.8%	+116.8%	-247.7%
ROA	+17.8%	+17.9%	+15.8%
ROIC	-643.8%	-400.9%	-127.4%
Liquidity
Current ratio	1.17x	1.47x	1.19x
Quick ratio	0.83x	1.07x	0.75x
Leverage
D/E	7.40x	5.54x	-16.66x
Interest coverage	103.72x	90.17x	59.10x
Efficiency
Asset turnover	0.65x	0.61x	0.73x
Cash conversion cycle	+137d	+129d	+179d

Valuation

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Fortinet

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