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Fortinet

FTNT Nasdaq Systems Software Financials FY2016–FY2025

Fortinet's revenue rose 14.2% to $6.8 billion in fiscal 2025. Its operating margin was 30.7%, up from 30.3% a year earlier. Free cash flow was $2.2 billion, up 18.4%. It paid out $2.3 billion in dividends and buybacks, 103% of free cash flow. The diluted share count fell 0.9%.

Last close · Oct 23, 2026

$179.99

4.1%
Value it Compare
Revenue Total sales reported in the income statement.
$6.8B
14.2% vs prior year
Operating margin Operating income as a share of revenue.
30.7%
0.4 pts
Net income Profit after all expenses, interest and tax.
$1.9B
6.2%
Free cash flow Cash from operations minus capital spending.
$2.2B
18.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$133.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
63.6x
On $2.83 EPS (TTM)

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (5-for-1), so every year is on today's share basis.

What Fortinet does

No business description yet.

Legal name
FORTINET, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001262039-26-000007
0001262039

Revenue and margins

Fortinet had $6.8B of revenue in fiscal 2025, up 14.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 57.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.2B in fiscal 2025, 32.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Fortinet returned $2.3B to shareholders in fiscal 2025, 103% of free cash flow. The diluted share count fell 1.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Fortinet yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $2.6B and divides by 764.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 63.6x · peers 25.5x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Fortinet can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.5B$2.2B$2.4B$4.1B$3.6B
Debt incl. finance leases $988M$990M$992M$994M$996M
Net debt / EBITDA −2.1x−1.1x−1.1x−1.6x−1.2x
Debt / equity 1.3x——0.7x0.8x
Interest coverage 43.7x53.9x59.1x90.2x103.7x
Current ratio 1.6x1.2x1.2x1.5x1.2x
Quick ratio 1.5x1.2x1.1x1.4x1.1x
Total assets $5.9B$6.2B$7.3B$9.8B$10.4B
Total liabilities $5.1B$6.5B$7.7B$8.3B$9.2B
Shareholders' equity $782M−$282M−$463M$1.5B$1.2B
Net debt (− = net cash) −$1.5B−$1.2B−$1.4B−$3.1B−$2.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$79.1M

4 insiders

Of sales under plans

100%

$79.1M

DateInsiderTradeSharesPriceValueFiling
Sep 24, 2026 Christiane OhlgartChief Financial Officer Sold plan 48 $180.00 $0.0M Form 4
Sep 15, 2026 John WhittleChief Operating Officer Sold plan 2,835 $168.74 $0.5M Form 4
Sep 14, 2026 John WhittleChief Operating Officer Sold plan 53,865 $165.44 $8.9M Form 4
Aug 4, 2026 Christiane OhlgartChief Financial Officer Sold plan 387 $164.59 $0.1M Form 4
Aug 3, 2026 Ken XiePresident & CEO, Director Sold plan 161,482 $162.66 $26.3M Form 4
Aug 3, 2026 Michael XieVP, Engineering & CTO, Director Sold plan 3,121 $162.63 $0.5M Form 4
Jun 3, 2026 Michael XieVP, Engineering & CTO, Director Sold plan 3,907 $146.44 $0.6M Form 4
Jun 2, 2026 Ken XiePresident & CEO, Director Sold plan 160,632 $145.58 $23.4M Form 4
May 21, 2026 John WhittleChief Operating Officer Sold plan 146,015 $128.41 $18.7M Form 4
May 20, 2026 Christiane OhlgartChief Financial Officer Sold plan 238 $130.00 $0.0M Form 4
May 14, 2026 Christiane OhlgartChief Financial Officer Sold plan 756 $120.00 $0.1M Form 4
May 11, 2026 Christiane OhlgartChief Financial Officer Sold plan 238 $115.00 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score 8 / 98 / 95 / 9
Accruals ratio −11.7%−6.0%−7.3%
Altman Z'' 0.892.681.88

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Fortinet FTNT $133.2B 14.2% 30.7% 32.7% — 63.6x 5
Twilio TWLO $41.8B 13.7% 3.1% 19.7% 1.5% 36.4x 6 Compare →
Gen Digital GEN $15.0B 27.1% 42.4% 30.5% 13.7% 14.6x 7 Compare →
CrowdStrike CRWD $269.0B 21.7% −6.1% 27.2% — — 4 Compare →
Palo Alto Networks PANW $290.7B 24.5% 6.1% 35.8% 2.6% — 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.3B $1.5B $1.8B $2.2B $2.6B $3.3B $4.4B $5.3B $6.0B $6.8B
Gross profit $938M $1.1B $1.4B $1.7B $2.0B $2.6B $3.3B $4.1B $4.8B $5.5B
Research and development $183M $211M $245M $277M $341M $424M $512M $614M $717M $816M
Operating income $42.9M $110M $234M $351M $532M $650M $970M $1.2B $1.8B $2.1B
Interest expense — — — $0.0M $0.0M $14.9M $18.0M $21.0M $20.0M $20.1M
Pretax income $43.1M $124M $254M $386M $542M $628M $956M $1.3B $2.1B $2.3B
Income tax $10.9M $92.6M −$80.6M $54.3M $53.2M $14.1M $30.8M $144M $284M $439M
Net income $32.2M $31.4M $335M $332M $489M $607M $857M $1.1B $1.7B $1.9B
Diluted EPS $0.04 $0.04 $0.38 $0.38 $0.58 $0.73 $1.06 $1.46 $2.26 $2.42
Diluted shares 0.88B 0.89B 0.87B 0.88B 0.84B 0.84B 0.81B 0.79B 0.77B 0.76B
Cash flow
Cash from operations $346M $594M $639M $808M $1.1B $1.5B $1.7B $1.9B $2.3B $2.6B
Capital expenditure $67.2M $135M $53.0M $92.2M $126M $296M $281M $204M $379M $365M
Free cash flow $279M $459M $586M $716M $958M $1.2B $1.4B $1.7B $1.9B $2.2B
Depreciation and amortization $48.5M $55.5M $55.7M $61.6M $68.8M $84.4M $104M $113M $123M $152M
Stock-based compensation $122M $137M $163M $174M $192M $208M $217M $249M $258M $280M
Acquisitions $22.1M $0.0M $21.7M $34.6M $40.2M $74.9M $30.8M $0.0M $276M $41.6M
Share buybacks $111M $446M $212M $145M $1.1B $742M $2.0B $1.5B $0.6M $2.3B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $111M $446M $212M $145M $1.1B $742M $2.0B $1.5B $0.6M $2.3B
Balance sheet
Cash and short-term investments $1.1B $1.3B $1.6B $2.1B $1.8B $2.5B $2.2B $2.4B $4.1B $3.6B
Total debt — — — — $0.0M $988M $990M $992M $994M $996M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.5B $1.7B $2.2B $2.8B $2.7B $3.6B $3.8B $4.4B $6.0B $5.9B
Current liabilities $829M $1.0B $1.3B $1.5B $1.8B $2.3B $3.1B $3.7B $4.1B $5.0B
Inventory $107M $77.3M $90.0M $118M $140M $176M $265M $485M $316M $400M
Property and equipment, net $137M $245M $271M $344M $448M $688M $899M $1.0B $1.3B $1.6B
Total assets $2.1B $2.3B $3.1B $3.9B $4.0B $5.9B $6.2B $7.3B $9.8B $10.4B
Total liabilities $1.3B $1.7B $2.1B $2.5B $3.2B $5.1B $6.5B $7.7B $8.3B $9.2B
Shareholders' equity $838M $602M $1.0B $1.3B $856M $782M −$282M −$463M $1.5B $1.2B
Margins
Gross margin 73.5% 74.2% 75.0% 76.6% 78.0% 76.6% 75.4% 76.7% 80.6% 80.5%
Operating margin 3.4% 7.3% 13.0% 16.2% 20.5% 19.5% 22.0% 23.4% 30.3% 30.7%
EBITDA margin 7.2% 11.1% 16.1% 19.1% 23.2% 22.0% 24.3% 25.5% 32.3% 32.9%
Net margin 2.5% 2.1% 18.6% 15.3% 18.8% 18.2% 19.4% 21.6% 29.3% 27.3%
FCF margin 21.8% 30.7% 32.5% 33.1% 36.9% 36.0% 32.8% 32.6% 31.6% 32.7%
Returns
Return on capital employed 3.5% 8.6% 15.4% 16.5% 22.9% 22.4% 28.7% 37.1% 39.0% 37.7%
Return on equity 4.0% 4.4% 41.2% 28.0% 44.4% 74.1% — — 338.7% 135.7%
Return on assets 1.6% 1.4% 12.6% 9.5% 12.3% 12.2% 14.1% 17.0% 20.5% 18.4%
Growth
Revenue growth 26.4% 17.2% 20.7% 19.9% 19.9% 28.8% 32.2% 20.1% 12.3% 14.2%
Net income growth 303.2% −2.5% 966.6% −1.0% 47.3% 24.2% 41.3% 33.9% 52.1% 6.2%
EPS growth 260.0% 0.0% 966.7% −1.0% 52.6% 25.9% 45.2% 37.7% 54.8% 7.1%
FCF growth 13.6% 64.9% 27.6% 22.2% 33.8% 25.7% 20.4% 19.5% 8.5% 18.4%
Share count change 0.1% 1.0% −2.2% 0.5% −4.2% −0.4% −3.6% −2.1% −2.1% −1.0%
Financial health
Net debt / EBITDA — — — — −3.1x −2.1x −1.1x −1.1x −1.6x −1.2x
Debt / equity — — — — 0.0x 1.3x — — 0.7x 0.8x
Interest coverage — — — — — 43.7x 53.9x 59.1x 90.2x 103.7x
Current ratio 1.9x 1.7x 1.8x 1.9x 1.5x 1.6x 1.2x 1.2x 1.5x 1.2x
Quick ratio 1.7x 1.6x 1.7x 1.8x 1.4x 1.5x 1.2x 1.1x 1.4x 1.1x
Capital allocation
Capex / revenue 5.3% 9.1% 2.9% 4.3% 4.9% 8.9% 6.4% 3.9% 6.4% 5.4%
Stock comp / revenue 9.6% 9.2% 9.0% 8.1% 7.4% 6.2% 4.9% 4.7% 4.3% 4.1%
Payouts / FCF 39.8% 97.2% 36.2% 20.3% 112.8% 61.6% 137.4% 86.7% 0.0% 102.9%
Quality scores
Piotroski F-score — — — — — 7.0 5.0 8.0 8.0 5.0
Altman Z'' 3.0 2.3 3.0 3.5 2.4 2.1 1.0 0.9 2.7 1.9
Accruals ratio −16.0% −25.6% −11.4% −13.7% −15.0% −17.9% −14.4% −11.7% −6.0% −7.3%

Source: SEC EDGAR XBRL filings (CIK 0001262039). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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