Fortinet

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

                    Revenue
                    FY2025
                
$6.8B
                    3y CAGR +15.5%
                    
                    P80
                    
                    +14.2%
                    
                    Net income
                    FY2025
                
$1.9B
                    Net margin +27.3%
                    
                    P82
                    
                    +6.2%
                    
                    Total assets
                    FY2025
                
$10.4B
                    ROA +17.8%
                    
                    P85
                    
                    +6.4%
                    
                    Operating cash flow
                    FY2025
                
$2.6B
                    FCF margin +32.7%
                    
                    P86
                    
                    +14.7%

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

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 10 years

Total assets $10.4B

Total liabilities $9.2B

Shareholders equity $1.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	+15.0%	+19.1%	+10.2%	+15.5%	+13.2%	+10.6%	+19.9%	+25.3%	+14.4%	—
Short Term Investments	+12.5%	+15.5%	+15.3%	+4.9%	+26.0%	+19.8%	+30.8%	+19.4%	+16.9%	—
Accounts Receivable	+20.6%	+21.3%	+23.9%	+26.2%	+20.9%	+23.2%	+20.3%	+19.2%	+11.2%	—
Inventory	+15.8%	+14.5%	+24.1%	+16.3%	+10.5%	+6.9%	+3.3%	-8.2%	-27.7%	—
Prepaid Expenses	+23.8%	+18.1%	+17.2%	+14.0%	+14.4%	+6.8%	+7.3%	+5.1%	+20.1%	—
Total Current Assets	+16.1%	+18.5%	+16.3%	+16.3%	+18.5%	+15.5%	+21.6%	+20.1%	+11.6%	—
Property,Plant and Equipment	+31.5%	+33.1%	+33.6%	+36.8%	+38.0%	+34.4%	+35.9%	+40.6%	+78.8%	—
Goodwill	+37.6%	+41.6%	+36.2%	+43.7%	+53.8%	+59.0%	+66.5%	+62.0%	+0.3%	—
Intangible Assets	+16.4%	+21.1%	+5.2%	+14.5%	+20.7%	+6.2%	+7.8%	-5.7%	-34.3%	—
Long Term Investments	+4.7%	—	—	-23.4%	+14.4%	-14.8%	-13.8%	-45.4%	-56.4%	—
Deferred Tax Assets	+24.5%	+28.2%	+24.9%	+20.9%	+13.4%	+7.6%	+8.4%	+18.1%	-19.6%	—
Other Noncurrent Assets	+54.8%	+60.9%	+72.1%	+87.0%	+108.2%	+116.1%	+160.2%	+247.3%	+18.0%	—
Total Assets	+19.2%	+20.9%	+19.1%	+19.5%	+22.6%	+17.3%	+22.0%	+19.9%	+5.5%	—
Liabilities
Accounts Payable	+16.9%	+16.4%	+20.1%	+27.5%	+21.2%	+25.7%	+19.3%	+23.4%	+23.4%	—
Accrued Liabilities	+20.2%	+21.2%	+26.7%	+25.0%	+25.2%	+23.4%	+16.9%	+26.6%	+28.3%	—
Deferred Revenue	+21.2%	+22.5%	+23.6%	+24.0%	+22.5%	+21.2%	+22.1%	+22.3%	+23.0%	—
Current Portion of Long Term Debt	—	—	—	—	—	—	—	—	—	—
Total Current Liabilities	+22.2%	+22.0%	+23.9%	+24.4%	+22.8%	+21.9%	+21.1%	+23.1%	+23.8%	—
Long Term Debt	—	—	—	—	—	—	—	—	—	—
Deferred Revenue Noncurrent	+27.5%	+29.5%	+33.1%	+34.3%	+33.8%	+32.8%	+35.1%	+36.0%	+39.1%	—
Other Noncurrent Liabilities	+6.1%	+5.8%	+6.0%	+10.4%	+10.9%	+15.3%	+15.5%	+4.5%	+19.3%	—
Total Liabilities	+24.2%	+26.0%	+29.0%	+30.8%	+31.5%	+25.1%	+25.3%	+26.0%	+28.1%	—
Equity
Common Stock	+16.8%	+21.1%	+24.5%	+29.1%	+35.8%	+3.7%	+5.0%	+7.5%	+15.6%	—
Additional Paid In Capital	+9.2%	+9.3%	+8.5%	+8.2%	+9.4%	+10.8%	+13.8%	+15.5%	+13.6%	—
Retained Earnings	—	—	—	—	—	—	+55.1%	—	—	—
Accumulated Other Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Total Stockholders Equity	+4.4%	+7.5%	—	—	-1.4%	+0.5%	+16.4%	+9.8%	-29.6%	—
Total Liabilitiesand Equity	+19.2%	+20.9%	+19.1%	+19.5%	+22.6%	+17.3%	+22.0%	+19.9%	+5.5%	—

Income Statement

Revenue, expense, and profitability

20 accounts · 10 years

Revenue $6.8B

Operating income $2.1B

Net income $1.9B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	+20.4%	+21.2%	+22.6%	+23.0%	+21.2%	+19.4%	+19.1%	+18.8%	+17.2%	—
Expenses Cost of Revenue	+16.4%	+16.6%	+20.4%	+21.5%	+18.3%	+14.0%	+14.4%	+15.5%	+14.1%	—
Other Income Expense Gross Profit	+21.7%	+22.6%	+23.3%	+23.5%	+22.2%	+21.2%	+20.7%	+20.0%	+18.3%	—
Expenses Research and Development	+18.1%	+18.6%	+18.9%	+18.7%	+18.3%	+16.9%	+14.8%	+15.6%	+15.0%	—
Expenses Selling,General and Administrative	+15.5%	+15.8%	+17.7%	+17.4%	+16.0%	+13.9%	+13.3%	+11.2%	+11.5%	—
Expenses Other Operating Expenses	—	—	—	—	—	—	—	—	—	—
Expenses Operating Expenses	+15.9%	+16.3%	+17.9%	+17.6%	+16.4%	+13.6%	+13.4%	+11.9%	+11.7%	—
Other Income Expense Operating Income	+54.0%	+59.6%	+61.7%	+68.1%	+72.2%	+87.6%	+100.2%	+132.0%	+155.9%	—
Other Income Expense Interest Income	+41.1%	+46.5%	+49.1%	+15.6%	-9.2%	+24.8%	+79.9%	+90.5%	+84.9%	—
Other Income Expense Interest Expense	—	—	—	—	—	—	—	—	—	—
Other Income Expense Other Income/expense	—	—	—	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	+55.4%	+62.1%	+63.3%	+67.6%	+70.9%	+88.3%	+106.4%	+141.3%	+187.7%	—
Income Tax Income Tax Expense	+50.8%	+50.3%	+44.6%	+18.9%	+5.3%	+48.6%	+69.1%	—	+749.5%	—
net Income Other Items Below Tax	—	—	—	—	—	—	—	—	—	—
net Income net Income	+56.9%	+64.7%	+66.6%	+72.8%	+79.9%	+97.4%	+116.4%	+221.2%	-2.5%	—
net Income Comprehensive Income	+56.8%	+64.5%	+66.5%	+72.1%	+79.4%	+97.1%	+116.5%	+220.4%	-3.3%	—
Earnings Per Share Basic Eps	+32.9%	+36.4%	+33.9%	+33.6%	+31.2%	+33.3%	+115.8%	+221.2%	-5.3%	—
Earnings Per Share Diluted Eps	+33.5%	+37.2%	+34.9%	+34.4%	+32.3%	+34.0%	+118.2%	+225.7%	+0.0%	—
Earnings Per Share Weighted Average Shares Basic	+17.9%	+20.4%	+24.0%	+28.9%	+36.4%	+47.7%	-0.3%	-1.0%	+1.0%	—
Earnings Per Share Weighted Average Shares Diluted	+17.7%	+20.3%	+23.9%	+28.8%	+36.5%	+47.7%	-0.2%	-0.6%	+1.0%	—

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $2.6B

Investing cash flow $-599.1M

Financing cash flow $-2.4B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	+56.9%	+64.7%	+66.6%	+72.8%	+79.9%	+97.4%	+117.6%	+222.5%	-2.5%	—
Operating Activities Depreciation and Amortization	+26.9%	+27.3%	+31.0%	+35.6%	+38.0%	+40.5%	+45.3%	+65.5%	+8.8%	—
Operating Activities Stock Based Compensation	+9.6%	+9.8%	+10.7%	+10.0%	+11.2%	+11.9%	+12.5%	+15.4%	+12.1%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	+2.8%	+14.8%	+18.9%	+24.9%	+5.3%	-11.3%	-13.1%	+101.3%	—
Operating Activities Other Non Cash Items	—	—	+56.8%	+81.1%	+42.9%	+23.3%	+29.9%	—	+46.2%	—
Operating Activities net Cash From Operating Activities	+25.1%	+26.4%	+27.9%	+30.8%	+34.1%	+33.1%	+32.7%	+35.9%	+71.9%	—
Investing Activities Capital Expenditures	—	—	—	—	—	—	—	—	—	—
Investing Activities Business Acquisitions	—	—	—	—	—	—	—	—	—	—
Investing Activities Purchases of Investments	—	—	—	—	—	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	+15.6%	+18.4%	+16.4%	+20.1%	+26.1%	+24.4%	+25.1%	+12.8%	+48.9%	—
Investing Activities Other Investing Activities	—	—	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	-0.0%	+4.4%	-0.3%	-8.6%	-10.3%	-16.2%	+3.4%	+39.0%	+69.2%	—
Financing Activities Tax Withholding On Stock Based Compensation	—	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	+31.5%	—	+14.0%	+9.2%	—	-12.7%	+34.9%	-38.4%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+80.5%	+80.6%	+76.7%	+75.4%	+76.6%	+78.0%	+76.5%	+75.0%	+74.2%	+73.5%
Operating margin	+30.7%	+30.3%	+23.4%	+21.9%	+19.5%	+20.5%	+16.0%	+12.8%	+7.3%	+3.4%
Net margin	+27.3%	+29.3%	+21.6%	+19.4%	+18.2%	+18.8%	+15.1%	+18.4%	+2.1%	+2.5%
FCF margin	+32.7%	+31.6%	+32.6%	+32.8%	+36.0%	+36.9%	+33.2%	+32.5%	+30.7%	+21.8%
Growth
Revenue CAGR (3y)	+15.5%	+21.2%	+26.9%	+27.0%	+22.9%	+20.2%	+19.1%	+21.3%	+24.7%	+27.5%
Returns
ROE	+149.8%	+116.8%	-247.7%	-304.4%	+77.6%	+57.1%	+24.7%	+32.9%	+5.3%	+3.8%
ROA	+17.8%	+17.9%	+15.8%	+13.8%	+10.3%	+12.1%	+8.4%	+10.8%	+1.4%	+1.5%
ROIC	-643.8%	-400.9%	-127.4%	-96.3%	+141.0%	-233.0%	—	—	—	—
Liquidity
Current ratio	1.17x	1.47x	1.19x	1.24x	1.55x	1.50x	1.88x	1.77x	1.67x	1.86x
Quick ratio	0.83x	1.07x	0.75x	0.96x	0.92x	0.97x	1.20x	1.24x	1.13x	1.23x
Leverage
D/E	7.40x	5.54x	-16.66x	-23.12x	6.55x	3.72x	1.94x	2.05x	2.83x	1.55x
Interest coverage	103.72x	90.17x	59.10x	53.87x	43.65x	—	—	—	—	—
Efficiency
Asset turnover	0.65x	0.61x	0.73x	0.71x	0.56x	0.64x	0.55x	0.59x	0.66x	0.60x
Cash conversion cycle	+137d	+129d	+179d	+111d	+101d	+100d	+108d	+93d	+92d	+144d

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