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

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

29 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	-13.2%	+105.7%	-16.9%	+27.6%	+24.2%	-13.1%	+9.9%	+37.2%	+14.4%	—
Short Term Investments	+18.0%	+10.3%	+86.4%	-66.5%	+110.8%	-8.0%	+56.9%	+22.0%	+16.9%	—
Accounts Receivable	+15.6%	+4.4%	+11.1%	+56.2%	+12.2%	+32.3%	+22.5%	+27.7%	+11.2%	—
Inventory	+26.6%	-34.9%	+83.2%	+50.5%	+25.8%	+18.6%	+31.0%	+16.4%	-27.7%	—
Prepaid Expenses	+80.0%	+24.7%	+38.3%	+11.8%	+51.0%	+5.1%	+12.0%	-8.2%	+20.3%	—
Other Current Assets	-6.0%	-11.2%	-25.7%	-14.3%	+273.1%	+5.3%	+188.5%	+4.3%	+18.2%	—
Total Current Assets	-1.2%	+34.8%	+16.2%	+5.8%	+31.4%	-1.0%	+24.7%	+29.4%	+11.6%	—
Property,Plant and Equipment	+20.0%	+29.2%	+16.2%	+30.7%	+53.5%	+30.1%	+26.9%	+10.6%	+78.8%	—
Goodwill	+9.3%	+86.1%	-1.2%	+2.3%	+34.5%	+38.4%	+75.9%	+162.5%	+0.0%	—
Intangible Assets	-15.4%	+225.8%	-37.0%	-11.9%	+101.3%	+1.6%	+40.7%	+36.0%	-34.5%	—
Long Term Investments	—	—	—	-89.7%	+272.6%	-18.0%	+115.4%	-31.6%	-56.4%	—
Deferred Tax Assets	-1.5%	+53.7%	+52.6%	+66.3%	+39.6%	+5.4%	-22.0%	+102.9%	-19.6%	—
Other Noncurrent Assets	-6.0%	-11.2%	-25.7%	-14.3%	+273.1%	+5.3%	+188.5%	+4.3%	+18.2%	—
Total Assets	+6.4%	+34.5%	+16.6%	+5.2%	+46.3%	+4.1%	+26.2%	+36.3%	+5.5%	—
Liabilities
Accounts Payable	+20.9%	-6.6%	-16.1%	+64.0%	+4.8%	+46.9%	+11.6%	+23.4%	+23.4%	—
Accrued Liabilities	+4.9%	-20.3%	+59.1%	+35.0%	+32.2%	+52.7%	+26.1%	+55.0%	+40.3%	—
Current Portion of Long Term Debt	—	—	—	—	—	—	—	—	—	—
Other Current Liabilities	+9.0%	+3.9%	+52.1%	+38.5%	+5.3%	+25.2%	+245.4%	+51.0%	-39.6%	—
Total Current Liabilities	+24.0%	+9.2%	+20.8%	+32.8%	+26.7%	+24.2%	+17.3%	+22.3%	+23.8%	—
Long Term Debt	-50.1%	+0.2%	+0.2%	+0.2%	—	—	—	—	—	—
Deferred Tax Liabilities	-100.0%	+8.5%	+6.9%	+17.8%	+47.4%	+22.2%	+33.2%	—	—	—
Other Noncurrent Liabilities	+9.0%	+3.9%	+52.1%	+38.5%	+5.3%	+25.2%	+245.4%	+51.0%	-39.6%	—
Total Liabilities	+10.7%	+7.1%	+18.6%	+27.1%	+60.6%	+24.4%	+24.0%	+23.9%	+28.1%	—
Equity
Common Stock	-12.5%	+0.0%	+0.0%	+300.0%	+0.0%	+0.0%	+0.0%	+19.0%	-2.9%	—
Additional Paid In Capital	+8.2%	+15.5%	+10.3%	+2.4%	+3.9%	+2.3%	+10.5%	+17.4%	+13.6%	—
Retained Earnings	-333.7%	+93.7%	-20.4%	-230.5%	-32.9%	-351.0%	+344.0%	+82.0%	-949.5%	—
Accumulated Other Comprehensive Income	+2.7%	-38.1%	+6.4%	-320.8%	-785.7%	-36.4%	+237.5%	+5.5%	-10.7%	—
Total Stockholders Equity	-17.2%	+422.4%	-64.6%	-136.0%	-8.7%	-36.2%	+32.9%	+71.4%	-29.6%	—
Total Liabilitiesand Equity	+6.4%	+34.5%	+16.6%	+5.2%	+46.3%	+4.1%	+26.2%	+36.3%	+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	+14.2%	+12.3%	+20.1%	+32.2%	+28.8%	+19.9%	+19.9%	+20.7%	+17.2%	—
Expenses Cost of Revenue	+14.8%	-6.4%	+14.0%	+38.6%	+37.4%	+12.7%	+12.3%	+16.9%	+14.1%	—
Expenses Research and Development	+13.8%	+16.8%	+19.8%	+20.8%	+24.3%	+23.2%	+13.3%	+16.1%	+15.0%	—
Expenses Selling,General and Administrative	-1.9%	+12.5%	+25.0%	+17.8%	+20.1%	+17.0%	+9.8%	+5.8%	+8.4%	—
Expenses Depreciation and Amortization	+23.8%	+8.3%	+8.7%	+23.6%	+22.7%	+11.7%	+10.6%	+0.4%	+14.4%	—
Expenses Share Based Compensation	+8.4%	+3.6%	+14.6%	+4.5%	+8.5%	+10.1%	+6.9%	+18.7%	+12.1%	—
Expenses Operating Expenses	+13.1%	+6.0%	+19.6%	+23.8%	+27.9%	+14.3%	+16.6%	+12.0%	+11.7%	—
Other Income Expense Gross Profit	+14.0%	+18.0%	+22.1%	+30.2%	+26.4%	+22.2%	+22.4%	+22.0%	+18.3%	—
Other Income Expense Operating Income	+15.6%	+45.3%	+28.0%	+49.1%	+22.3%	+51.5%	+49.7%	+113.5%	+155.9%	—
Other Income Expense Interest Income	+4.6%	+29.7%	+587.9%	+286.7%	-74.6%	-58.4%	+60.4%	+96.3%	+84.9%	—
Other Income Expense Interest Expense	+0.5%	-4.8%	+16.7%	+20.8%	—	—	—	—	—	—
Other Income Expense Other Income/expense	-53.9%	+2065.6%	+54.8%	-16.4%	-48.7%	-4.0%	-13.6%	-1042.9%	+109.9%	—
Other Income Expense Income Before Tax	+10.9%	+54.3%	+39.6%	+52.1%	+16.0%	+40.3%	+51.8%	+105.1%	+187.7%	—
Income Tax Income Tax Expense	+54.7%	+97.4%	+366.9%	+118.4%	-73.5%	-2.0%	+167.4%	-187.0%	+749.5%	—
net Income net Income	+6.2%	+52.0%	+33.9%	+41.3%	+24.2%	+47.3%	-1.0%	+966.6%	-2.5%	—
net Income Comprehensive Income	+6.7%	+51.2%	+36.5%	+40.0%	+23.2%	+46.3%	-0.4%	+970.0%	-3.4%	—
Earnings Per Share Basic Eps	+7.5%	+55.1%	+36.1%	+45.9%	+23.3%	-69.1%	-2.0%	+1000.0%	-5.3%	—
Earnings Per Share Diluted Eps	+7.1%	+54.8%	+37.7%	+45.2%	+25.9%	-69.5%	-1.0%	+966.7%	+0.0%	—
Earnings Per Share Weighted Average Shares Basic	-0.8%	-1.8%	-1.6%	-3.0%	-0.6%	+380.1%	+1.1%	-3.0%	+1.0%	—
Earnings Per Share Weighted Average Shares Diluted	-0.9%	-2.1%	-2.1%	-3.6%	-0.4%	+379.0%	+0.5%	-2.2%	+1.0%	—

Cash Flow Statement

Operating, investing, and financing flows

19 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	+6.2%	+52.0%	+33.9%	+41.3%	+24.2%	+47.3%	-1.0%	+966.6%	-2.5%	—
Operating Activities Depreciation and Amortization	+23.8%	+8.3%	+8.7%	+23.6%	+22.7%	+11.7%	+10.6%	+0.4%	+14.4%	—
Operating Activities Stock Based Compensation	+8.4%	+3.6%	+14.6%	+4.5%	+8.5%	+10.1%	+6.9%	+18.7%	+12.1%	—
Operating Activities Deferred Income Taxes	+130.6%	+27.3%	-35.9%	-144.2%	-1201.4%	-122.3%	+129.7%	-463.6%	+288.5%	—
Operating Activities Changes In Operating Assets and Liabilities	+208.1%	-76.0%	-15.4%	+93.9%	+23.2%	-21.7%	+22.3%	+129.4%	+7.6%	—
Operating Activities net Cash From Operating Activities	+14.7%	+16.7%	+11.8%	+15.4%	+38.4%	+34.1%	+26.5%	+7.5%	+71.9%	—
Investing Activities Business Acquisitions	-84.9%	—	-100.0%	-58.9%	+86.3%	+16.2%	+59.4%	—	-100.0%	—
Investing Activities Proceeds From Sale of Investments	-5.2%	+33.7%	-3.2%	-0.6%	+866.0%	+386.3%	-26.9%	-85.7%	+961.1%	—
Investing Activities Other Investing Activities	+0.0%	+66.7%	—	+100.0%	+69.2%	—	—	—	—	—
Investing Activities net Cash From Investing Activities	+17.6%	-12.0%	-185.0%	+157.6%	-1720.2%	+85.5%	-272.3%	-75.7%	-3.6%	—
Financing Activities Repurchase of Common Stock	+381533.3%	-100.0%	-24.6%	+168.4%	-31.3%	+644.4%	-31.5%	-52.5%	+302.8%	—
Financing Activities Proceeds From Stock Issuance	-29.2%	+44.1%	+67.8%	+0.4%	+17.6%	-55.4%	-42.8%	+14.1%	+69.2%	—
Financing Activities Tax Withholding On Stock Based Compensation	+25.2%	-10.3%	-29.9%	-4.5%	+55.2%	+12.7%	+42.9%	+49.0%	+17.8%	—
Financing Activities Other Financing Activities	+99.1%	-875.0%	+75.0%	-380.0%	+23.1%	-333.3%	—	—	—	—
Financing Activities net Cash From Financing Activities	-4633.5%	+96.8%	+26.3%	-2672.8%	+107.1%	-499.0%	+3.5%	+51.3%	-292.4%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+76.9%	-225.0%	-100.0%	-300.0%	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	-125.8%	+618.6%	-178.3%	+41.4%	+260.1%	-246.0%	-63.5%	+195.5%	-38.4%	—
Cash Reconciliation Cash At Beginning of Period	-13.2%	+105.7%	-16.9%	+27.6%	+24.2%	-13.1%	+9.9%	+37.2%	+14.4%	—
Cash Reconciliation Cash At End of Period	-13.2%	+105.7%	-16.9%	+27.6%	+24.2%	-13.1%	+9.9%	+37.2%	+14.4%	—

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%	+76.6%	+75.0%	+74.2%	+73.5%
Operating margin	+30.7%	+30.3%	+23.4%	+21.9%	+19.5%	+20.5%	+16.2%	+13.0%	+7.3%	+3.4%
Net margin	+27.3%	+29.3%	+21.6%	+19.4%	+18.2%	+18.8%	+15.3%	+18.6%	+2.1%	+2.5%
FCF margin	—	—	—	—	—	—	—	—	—	—
Growth
Revenue CAGR (3y)	+15.5%	+21.2%	+26.9%	+26.9%	+22.8%	+20.2%	+19.3%	+21.4%	+24.7%	+27.5%
Returns
ROE	+149.8%	+116.8%	-247.7%	-304.4%	+77.6%	+57.1%	+24.7%	+33.2%	+5.3%	+3.8%
ROA	+17.8%	+17.9%	+15.8%	+13.8%	+10.3%	+12.1%	+8.5%	+10.9%	+1.4%	+1.5%
ROIC	-643.8%	-400.9%	-127.4%	-96.3%	+141.0%	-233.0%	+251.6%	-229.4%	-12.5%	+24.9%
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	1.91x	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	0.56x	0.59x	0.66x	0.60x
Cash conversion cycle	+137d	+129d	+179d	+111d	+101d	+100d	+107d	+93d	+92d	+144d

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