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

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	$2.5B -13.2%	$2.9B 105.7%	$1.4B
Short Term Investments	$1.1B -8.7%	$1.2B 16.6%	$1.0B
Accounts Receivable	$1.7B 15.6%	$1.5B 4.4%	$1.4B
Inventory	$399.5M 26.6%	$315.5M -34.9%	$484.8M
Prepaid Expenses	$227.0M 80.0%	$126.1M 24.7%	$101.1M
Total Current Assets	$5.9B -1.2%	$6.0B 34.8%	$4.4B
Property,Plant and Equipment	$1.6B 20.0%	$1.3B 29.2%	$1.0B
Goodwill	$257.4M 9.3%	$235.4M 86.1%	$126.5M
Intangible Assets	$97.3M -15.4%	$115.0M 225.8%	$35.3M
Long Term Investments	$339.7M	$0	—
Deferred Tax Assets	$1.3B -1.5%	$1.3B 53.7%	$868.8M
Other Noncurrent Assets	$860.7M 13.8%	$756.1M 0.1%	$755.6M
Total Assets	$10.4B 6.4%	$9.8B 34.5%	$7.3B
Liabilities
Accounts Payable	$230.8M 20.9%	$190.9M -6.6%	$204.3M
Accrued Liabilities	$667.5M 12.4%	$593.6M -10.9%	$666.0M
Deferred Revenue	$3.6B 11.0%	$3.3B 15.0%	$2.8B
Current Portion of Long Term Debt	$499.7M	$0	—
Total Current Liabilities	$5.0B 24.0%	$4.1B 9.2%	$3.7B
Long Term Debt	$496.6M -50.1%	$994.3M 0.2%	$992.3M
Deferred Revenue Noncurrent	$3.5B 12.8%	$3.1B 6.9%	$2.9B
Other Noncurrent Liabilities	$141.3M 9.0%	$129.6M 3.9%	$124.7M
Total Liabilities	$9.2B 10.7%	$8.3B 7.1%	$7.7B
Equity
Common Stock	$700.0K -12.5%	$800.0K 0.0%	$800.0K
Additional Paid In Capital	$1.8B 8.2%	$1.6B 15.5%	$1.4B
Retained Earnings	$-507.9M -333.7%	$-117.1M 93.7%	$-1.9B
Accumulated Other Comprehensive Income	$-25.4M 2.7%	$-26.1M -38.1%	$-18.9M
Total Stockholders Equity	$1.2B -17.2%	$1.5B 422.4%	$-463.4M
Total Liabilitiesand Equity	$10.4B 6.4%	$9.8B 34.5%	$7.3B

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	$6.8B 14.2%	$6.0B 12.3%	$5.3B
Expenses Cost of Revenue	$1.3B 14.8%	$1.2B -6.4%	$1.2B
Other Income Expense Gross Profit	$5.5B 14.0%	$4.8B 18.0%	$4.1B
Expenses Research and Development	$815.5M 13.8%	$716.8M 16.8%	$613.8M
Expenses Selling,General and Administrative	$2.6B 13.1%	$2.3B 2.9%	$2.2B
Expenses Other Operating Expenses	$-10.4M -126.1%	$-4.6M 0.0%	$-4.6M
Expenses Operating Expenses	$3.4B 13.1%	$3.0B 6.0%	$2.8B
Other Income Expense Operating Income	$2.1B 15.6%	$1.8B 45.3%	$1.2B
Other Income Expense Interest Income	$162.3M 4.6%	$155.2M 29.7%	$119.7M
Other Income Expense Interest Expense	$20.1M 0.5%	$20.0M -4.8%	$21.0M
Other Income Expense Other Income/expense	$55.3M -53.9%	$119.9M 2065.6%	$-6.1M
Other Income Expense Income Before Tax	$2.3B 10.9%	$2.1B 54.3%	$1.3B
Income Tax Income Tax Expense	$439.1M 54.7%	$283.9M 97.4%	$143.8M
net Income Other Items Below Tax	$10.3M 135.0%	$-29.4M 30.2%	$-42.1M
net Income net Income	$1.9B 6.2%	$1.7B 52.0%	$1.1B
net Income Comprehensive Income	$1.9B 6.7%	$1.7B 51.2%	$1.1B
Earnings Per Share Basic Eps	$2 7.5%	$2 55.1%	$1
Earnings Per Share Diluted Eps	$2 7.1%	$2 54.8%	$1
Earnings Per Share Weighted Average Shares Basic	$758.0M -0.8%	$764.4M -1.8%	$778.6M
Earnings Per Share Weighted Average Shares Diluted	$764.6M -0.9%	$771.9M -2.1%	$788.2M

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	$1.9B 6.2%	$1.7B 52.0%	$1.1B
Operating Activities Depreciation and Amortization	$454.6M 23.6%	$367.7M 4.5%	$352.0M
Operating Activities Stock Based Compensation	$279.5M 8.4%	$257.9M 3.6%	$249.0M
Operating Activities Deferred Income Taxes	$66.2M 129.7%	$-223.2M 26.1%	$-301.9M
Operating Activities Changes In Operating Assets and Liabilities	$-10.4M -105.1%	$202.6M -52.7%	$428.0M
Operating Activities Other Non Cash Items	$-52.7M 42.8%	$-92.1M -252.0%	$60.6M
Operating Activities net Cash From Operating Activities	$2.6B 14.7%	$2.3B 16.7%	$1.9B
Investing Activities Capital Expenditures	$-364.8M 3.7%	$-378.9M -85.6%	$-204.1M
Investing Activities Business Acquisitions	$-41.6M 84.9%	$-275.5M	$0
Investing Activities Purchases of Investments	$-2.0B -1.6%	$-2.0B -5.4%	$-1.9B
Investing Activities Proceeds From Sale of Investments	$1.8B -4.7%	$1.9B 33.4%	$1.4B
Investing Activities Other Investing Activities	$100.0K 0.0%	$100.0K -66.7%	$300.0K
Investing Activities net Cash From Investing Activities	$-599.1M 17.6%	$-727.4M -12.0%	$-649.3M
Financing Activities Repurchase of Common Stock	$-2.3B -381533.3%	$-600.0K 100.0%	$-1.5B
Financing Activities Proceeds From Stock Issuance	$44.7M -29.2%	$63.1M 44.1%	$43.8M
Financing Activities Tax Withholding On Stock Based Compensation	$-126.3M -25.2%	$-100.9M 10.3%	$-112.5M
Financing Activities Other Financing Activities	$-100.0K 99.1%	$-11.7M -875.0%	$-1.2M
Financing Activities net Cash From Financing Activities	$-2.4B -4633.5%	$-50.1M 96.8%	$-1.6B
Cash Reconciliation Effect of Exchange Rate On Cash	$-600.0K 76.9%	$-2.6M -225.0%	$-800.0K
Cash Reconciliation net Change In Cash	$-380.6M -125.8%	$1.5B 618.6%	$-285.0M

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

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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