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

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 3 years

Total assets $10.4B

Total liabilities $9.2B

Shareholders equity $1.2B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	36.7%	48.3%	26.4%
Short Term Investments	16.0%	20.0%	19.3%
Accounts Receivable	24.9%	24.6%	26.4%
Inventory	5.9%	5.3%	9.1%
Prepaid Expenses	3.3%	2.1%	1.9%
Total Current Assets	86.8%	100.3%	83.5%
Property,Plant and Equipment	23.8%	22.7%	19.7%
Goodwill	3.8%	4.0%	2.4%
Intangible Assets	1.4%	1.9%	0.7%
Long Term Investments	5.0%	0.0%	—
Deferred Tax Assets	19.3%	22.4%	16.4%
Other Noncurrent Assets	12.7%	12.7%	14.2%
Total Assets	152.8%	163.9%	136.8%
Liabilities
Accounts Payable	3.4%	3.2%	3.9%
Accrued Liabilities	9.8%	10.0%	12.6%
Deferred Revenue	53.5%	55.0%	53.7%
Current Portion of Long Term Debt	7.3%	0.0%	—
Total Current Liabilities	74.0%	68.2%	70.1%
Long Term Debt	7.3%	16.7%	18.7%
Deferred Revenue Noncurrent	51.2%	51.8%	54.4%
Other Noncurrent Liabilities	2.1%	2.2%	2.4%
Total Liabilities	134.6%	138.8%	145.6%
Equity
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	26.0%	27.5%	26.7%
Retained Earnings	-7.5%	-2.0%	-35.1%
Accumulated Other Comprehensive Income	-0.4%	-0.4%	-0.4%
Total Stockholders Equity	18.2%	25.1%	-8.7%
Total Liabilitiesand Equity	152.8%	163.9%	136.8%

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	19.5%	19.4%	23.3%
Other Income Expense Gross Profit	80.5%	80.6%	76.7%
Expenses Research and Development	12.0%	12.0%	11.6%
Expenses Selling,General and Administrative	38.0%	38.3%	41.8%
Expenses Other Operating Expenses	-0.2%	-0.1%	-0.1%
Expenses Operating Expenses	49.8%	50.3%	53.3%
Other Income Expense Operating Income	30.7%	30.3%	23.4%
Other Income Expense Interest Income	2.4%	2.6%	2.3%
Other Income Expense Interest Expense	0.3%	0.3%	0.4%
Other Income Expense Other Income/expense	0.8%	2.0%	-0.1%
Other Income Expense Income Before Tax	33.6%	34.6%	25.1%
Income Tax Income Tax Expense	6.5%	4.8%	2.7%
net Income Other Items Below Tax	0.2%	-0.5%	-0.8%
net Income net Income	27.3%	29.3%	21.6%
net Income Comprehensive Income	27.3%	29.2%	21.7%
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	11.1%	12.8%	14.7%
Earnings Per Share Weighted Average Shares Diluted	11.2%	13.0%	14.9%

Cash Flow Statement

Operating, investing, and financing flows

20 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	27.3%	29.3%	21.6%
Operating Activities Depreciation and Amortization	6.7%	6.2%	6.6%
Operating Activities Stock Based Compensation	4.1%	4.3%	4.7%
Operating Activities Deferred Income Taxes	1.0%	-3.7%	-5.7%
Operating Activities Changes In Operating Assets and Liabilities	-0.2%	3.4%	8.1%
Operating Activities Other Non Cash Items	-0.8%	-1.5%	1.1%
Operating Activities net Cash From Operating Activities	38.1%	37.9%	36.5%
Investing Activities Capital Expenditures	-5.4%	-6.4%	-3.8%
Investing Activities Business Acquisitions	-0.6%	-4.6%	0.0%
Investing Activities Purchases of Investments	-29.4%	-33.0%	-35.1%
Investing Activities Proceeds From Sale of Investments	26.5%	31.8%	26.7%
Investing Activities Other Investing Activities	0.0%	0.0%	0.0%
Investing Activities net Cash From Investing Activities	-8.8%	-12.2%	-12.2%
Financing Activities Repurchase of Common Stock	-33.7%	-0.0%	-28.3%
Financing Activities Proceeds From Stock Issuance	0.7%	1.1%	0.8%
Financing Activities Tax Withholding On Stock Based Compensation	-1.9%	-1.7%	-2.1%
Financing Activities Other Financing Activities	-0.0%	-0.2%	-0.0%
Financing Activities net Cash From Financing Activities	-34.9%	-0.8%	-29.6%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.0%	-0.0%	-0.0%
Cash Reconciliation net Change In Cash	-5.6%	24.8%	-5.4%

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	+32.7%	+31.6%	+32.6%
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

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Fortinet

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