Free Trial

Fortinet (FTNT) Financials

Fortinet logo
$104.74 +1.58 (+1.53%)
Closing price 05/27/2025 04:00 PM Eastern
Extended Trading
$103.74 -1.00 (-0.95%)
As of 04:18 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
Annual Income Statements for Fortinet

Annual Income Statements for Fortinet

This table shows Fortinet's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Net Income / (Loss) Attributable to Common Shareholders
1,745 1,148 857 607 489 332 335 31 32 7.99
Consolidated Net Income / (Loss)
1,745 1,148 857 607 489 332 335 31 32 7.99
Net Income / (Loss) Continuing Operations
1,745 1,148 857 607 489 332 335 31 32 7.99
Total Pre-Tax Income
2,059 1,334 956 628 542 386 254 124 43 17
Total Operating Income
1,803 1,241 970 650 532 351 234 110 43 15
Total Gross Profit
4,798 4,068 3,333 2,559 2,024 1,657 1,354 1,110 938 722
Total Revenue
5,956 5,305 4,417 3,342 2,594 2,163 1,805 1,495 1,275 1,009
Operating Revenue
5,956 5,305 4,417 3,342 2,594 2,163 1,805 1,495 1,275 1,009
Total Cost of Revenue
1,158 1,237 1,085 783 570 506 450 385 338 287
Operating Cost of Revenue
1,158 1,237 1,085 783 570 506 450 385 338 287
Total Operating Expenses
2,995 2,827 2,363 1,909 1,493 1,306 1,120 1,000 895 708
Selling, General & Admin Expense
238 - - - - - 93 88 81 72
Marketing Expense
2,045 2,006 1,686 1,346 1,072 927 782 701 627 470
Research & Development Expense
717 614 512 424 341 277 245 211 183 158
Other Operating Expenses / (Income)
-4.60 211 169 144 120 102 0.00 - - -
Total Other Income / (Expense), net
255 93 -14 -22 9.90 35 20 14 0.20 2.13
Interest Expense
20 21 18 15 0.00 0.00 - - - -
Interest & Investment Income
155 120 17 4.50 18 43 27 14 7.30 5.30
Other Income / (Expense), net
120 -6.10 -14 -12 -7.80 -7.50 -6.60 0.70 -7.10 -3.17
Income Tax Expense
284 144 31 14 53 54 -81 93 11 9.02
Other Gains / (Losses), net
-29 -42 -68 -7.60 0.00 0.00 - - - -
Net Income / (Loss) Attributable to Noncontrolling Interest
0.00 0.00 -0.70 -0.10 0.00 0.00 - - - -
Basic Earnings per Share
$2.28 $1.47 $1.08 $0.74 $0.60 $1.94 $1.98 $0.18 $0.19 $0.05
Weighted Average Basic Shares Outstanding
764.40M 778.60M 791.40M 816.10M 821M 171M 169.10M 174.30M 172.60M 170.39M
Diluted Earnings per Share
$2.26 $1.46 $1.06 $0.73 $0.58 $1.90 $1.92 $0.18 $0.18 $0.05
Weighted Average Diluted Shares Outstanding
771.90M 788.20M 805.30M 835.30M 838.30M 175M 174.20M 178.10M 176.30M 176.14M
Weighted Average Basic & Diluted Shares Outstanding
768.97M 763.03M 784.07M 160.82M 163.19M 172.51M 169.50M 174.40M 169.40M 159.70M

Quarterly Income Statements for Fortinet

This table shows Fortinet's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Income / (Loss) Attributable to Common Shareholders
526 540 380 299 311 323 266 248 314 232
Consolidated Net Income / (Loss)
526 540 380 299 311 323 266 248 314 231
Net Income / (Loss) Continuing Operations
526 540 380 299 311 323 266 248 314 231
Total Pre-Tax Income
618 626 468 345 416 328 299 291 368 265
Total Operating Income
574 471 437 321 385 303 279 274 358 266
Total Gross Profit
1,346 1,245 1,159 1,049 1,099 1,017 997 955 986 867
Total Revenue
1,660 1,508 1,434 1,353 1,415 1,335 1,293 1,262 1,283 1,150
Operating Revenue
1,660 1,508 1,434 1,353 1,415 1,335 1,293 1,262 1,283 1,150
Total Cost of Revenue
315 263 275 305 316 318 296 308 297 283
Operating Cost of Revenue
315 263 275 305 316 318 296 308 297 283
Total Operating Expenses
772 774 722 727 714 714 718 681 628 601
Selling, General & Admin Expense
55 72 57 54 - 54 50 53 - -
Marketing Expense
527 516 501 501 507 504 516 478 456 427
Research & Development Expense
191 187 165 173 153 157 153 151 129 134
Total Other Income / (Expense), net
44 156 31 24 30 25 20 18 10 -0.80
Interest Expense
4.90 5.00 5.00 5.10 5.40 5.40 5.20 5.00 4.50 4.50
Interest & Investment Income
42 42 38 32 31 37 32 21 9.10 4.60
Other Income / (Expense), net
6.90 118 -2.20 -2.90 5.10 -7.00 -6.20 2.00 5.80 -0.90
Income Tax Expense
87 81 77 40 95 -0.30 28 21 9.20 27
Other Gains / (Losses), net
-5.50 -5.30 -12 -6.60 -9.50 -5.20 -5.30 -22 -45 -6.30
Basic Earnings per Share
$0.68 $0.71 $0.50 $0.39 $0.40 $0.41 $0.34 $0.32 $0.40 $0.29
Weighted Average Basic Shares Outstanding
764.40M 765M 763.80M 762.40M 778.60M 781.20M 785M 783.20M 791.40M 786.20M
Diluted Earnings per Share
$0.68 $0.70 $0.49 $0.39 $0.40 $0.41 $0.33 $0.31 $0.40 $0.29
Weighted Average Diluted Shares Outstanding
771.90M 771.90M 769.90M 770.50M 788.20M 791.20M 795.90M 793.40M 805.30M 798.60M
Weighted Average Basic & Diluted Shares Outstanding
768.97M 766.45M 764.91M 763.94M 763.03M 767.91M 785.34M 785.20M 784.07M 781.24M

Annual Cash Flow Statements for Fortinet

This table details how cash moves in and out of Fortinet's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Net Change in Cash & Equivalents
1,478 -285 364 257 -161 110 301 102 166 260
Net Cash From Operating Activities
2,258 1,936 1,731 1,500 1,084 808 639 594 346 283
Net Cash From Continuing Operating Activities
2,258 1,936 1,731 1,500 1,084 808 639 594 346 283
Net Income / (Loss) Continuing Operations
1,745 1,148 857 607 489 332 335 31 32 7.99
Consolidated Net Income / (Loss)
1,745 1,148 857 607 489 332 335 31 32 7.99
Depreciation Expense
123 113 104 84 69 62 56 56 49 32
Amortization Expense
245 239 228 183 139 102 90 2.50 4.80 7.46
Non-Cash Adjustments To Reconcile Net Income
166 310 309 223 198 180 162 141 125 98
Changes in Operating Assets and Liabilities, net
-21 126 233 402 190 133 -4.00 364 135 137
Net Cash From Investing Activities
-727 -649 764 -1,325 -73 -502 -135 -77 -74 -0.97
Net Cash From Continuing Investing Activities
-727 -649 764 -1,325 -73 -502 -135 -77 -74 -0.97
Purchase of Property, Plant & Equipment
-379 -204 -281 -296 -126 -92 -53 -135 -67 -37
Acquisitions
-276 -8.50 -31 -235 -40 -35 -22 0.00 -22 -38
Purchase of Investments
-1,965 -1,856 -389 -2,351 -1,079 -1,332 -682 -669 -474 -460
Sale and/or Maturity of Investments
1,892 1,419 1,465 1,556 1,171 957 622 728 489 534
Other Investing Activities, net
0.10 0.30 0.00 0.40 1.30 0.00 0.00 - - -
Net Cash From Financing Activities
-50 -1,570 -2,130 83 -1,172 -196 -203 -416 -106 -22
Net Cash From Continuing Financing Activities
-50 -1,570 -2,130 83 -1,172 -196 -203 -416 -106 -22
Repayment of Debt
-12 -1.20 -4.80 -23 -5.40 -4.00 -10 0.00 -1.60 0.00
Repurchase of Common Equity
-0.60 -1,501 -1,991 -742 -1,080 -145 -212 -446 -111 -60
Issuance of Common Equity
63 44 26 26 22 50 87 76 45 67
Other Financing Activities, net
-101 -113 -160 -168 -108 -96 -67 -45 -38 -29
Effect of Exchange Rate Changes
-2.60 -0.80 -0.40 -0.10 0.00 0.00 - - - -
Cash Income Taxes Paid
579 426 260 127 40 59 41 32 27 19

Quarterly Cash Flow Statements for Fortinet

This table details how cash moves in and out of Fortinet's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Change in Cash & Equivalents
387 286 277 528 -789 -190 72 621 719 254
Net Cash From Operating Activities
478 608 342 830 192 551 515 678 528 483
Net Cash From Continuing Operating Activities
478 608 342 830 192 551 515 678 528 483
Net Income / (Loss) Continuing Operations
526 540 380 299 311 323 266 248 314 231
Consolidated Net Income / (Loss)
526 540 380 299 311 323 266 248 314 231
Depreciation Expense
35 30 29 29 30 28 27 28 27 26
Amortization Expense
64 61 60 60 59 58 60 62 60 58
Non-Cash Adjustments To Reconcile Net Income
59 -45 80 72 78 74 75 82 102 59
Changes in Operating Assets and Liabilities, net
-207 23 -207 371 -286 68 86 258 24 109
Net Cash From Investing Activities
-80 -327 -50 -270 -72 -111 -424 -42 217 298
Net Cash From Continuing Investing Activities
-80 -327 -50 -270 -72 -111 -424 -42 217 298
Purchase of Property, Plant & Equipment
-98 -36 -23 -222 -27 -70 -77 -30 -31 -88
Acquisitions
-29 -241 - -5.70 - -8.50 - 0.00 -31 -
Purchase of Investments
-463 -528 -538 -436 -528 -523 -597 -207 - -
Sale and/or Maturity of Investments
510 478 511 393 483 490 250 195 279 386
Net Cash From Financing Activities
-8.80 3.00 -14 -30 -910 -629 -18 -14 -27 -527
Net Cash From Continuing Financing Activities
-8.80 3.00 -14 -30 -910 -629 -18 -14 -27 -527
Repayment of Debt
-11 - - -0.80 - -0.20 -0.60 -0.40 -3.50 -0.20
Issuance of Common Equity
23 20 6.20 13 7.80 6.70 8.10 21 4.40 5.80
Other Financing Activities, net
-21 -17 -20 -43 -22 -31 -25 -35 -28 -32
Effect of Exchange Rate Changes
-2.30 2.10 -1.00 -1.40 1.10 -0.60 -1.20 -0.10 0.80 -0.20
Cash Income Taxes Paid
156 140 252 31 341 26 38 21 63 69

Annual Balance Sheets for Fortinet

This table presents Fortinet's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Total Assets
9,763 7,259 6,228 5,919 4,045 3,879 3,078 2,258 2,140 1,791
Total Current Assets
5,972 4,428 3,810 3,601 2,740 2,769 2,221 1,717 1,539 1,271
Cash & Equivalents
2,876 1,398 1,683 1,319 1,062 1,223 1,112 811 709 543
Short-Term Investments
1,191 1,043 528 1,233 776 843 537 440 377 348
Accounts Receivable
1,463 1,402 1,262 808 720 544 445 348 313 260
Inventories, net
316 485 265 176 140 118 90 77 107 84
Prepaid Expenses
126 101 73 65 43 41 37 40 33 36
Plant, Property, & Equipment, net
1,350 1,044 899 688 448 344 271 245 137 91
Total Noncurrent Assets
2,442 1,786 1,519 1,631 856 766 586 296 464 429
Goodwill
235 127 128 125 93 67 38 15 15 4.69
Intangible Assets
115 35 56 64 32 31 22 16 25 18
Noncurrent Deferred & Refundable Income Taxes
1,336 869 569 342 245 226 255 147 183 119
Other Noncurrent Operating Assets
756 756 720 659 368 297 203 20 17 14
Total Liabilities & Shareholders' Equity
9,763 7,259 6,228 5,919 4,045 3,879 3,078 2,258 2,140 1,791
Total Liabilities
8,269 7,722 6,510 5,121 3,189 2,537 2,068 1,669 1,302 1,035
Total Current Liabilities
4,061 3,719 3,078 2,318 1,830 1,456 1,256 1,027 829 679
Accounts Payable
191 204 243 148 142 96 86 70 57 62
Accrued Expenses
338 424 266 197 149 102 78 50 36 33
Current Deferred Revenue
3,276 2,849 2,349 1,777 1,393 1,156 966 794 645 515
Current Employee Benefit Liabilities
256 242 219 195 146 102 98 92 78 61
Total Noncurrent Liabilities
4,209 4,003 3,431 2,803 1,359 1,081 811 641 473 356
Long-Term Debt
994 992 990 988 0.00 - - - - -
Noncurrent Deferred Revenue
3,085 2,886 2,291 1,755 1,303 1,036 798 633 459 337
Other Noncurrent Operating Liabilities
130 125 150 59 56 45 13 8.60 14 19
Commitments & Contingencies
0.00 0.00 0.00 0.00 - - - - - -
Total Equity & Noncontrolling Interests
1,494 -463 -282 798 856 1,342 1,010 589 838 755
Total Preferred & Common Equity
1,494 -463 -282 782 856 1,342 1,010 589 838 755
Total Common Equity
1,494 -463 -282 782 856 1,342 1,010 589 838 755
Common Stock
1,637 1,417 1,285 1,254 1,207 1,181 1,069 910 801 688
Retained Earnings
-117 -1,862 -1,546 -468 -352 161 -58 -320 38 68
Accumulated Other Comprehensive Income / (Loss)
-26 -19 -20 -4.80 0.70 1.10 -0.80 -0.80 -0.77 -0.93

Quarterly Balance Sheets for Fortinet

This table presents Fortinet's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Total Assets
9,763 8,852 8,053 7,662 7,259 7,479 7,486 6,832 6,228 5,336
Total Current Assets
5,972 5,221 4,919 4,560 4,428 4,753 4,878 4,359 3,810 2,982
Cash & Equivalents
2,876 2,489 2,203 1,926 1,398 2,187 2,376 2,304 1,683 964
Short-Term Investments
1,191 1,211 1,136 1,097 1,043 982 937 575 528 766
Accounts Receivable
1,463 1,044 1,083 996 1,402 1,014 1,079 1,087 1,262 963
Inventories, net
316 354 383 440 485 468 376 303 265 216
Prepaid Expenses
126 122 113 101 101 103 110 90 73 73
Plant, Property, & Equipment, net
1,350 1,273 1,243 1,247 1,044 1,038 982 917 899 890
Total Noncurrent Assets
2,442 2,358 1,891 1,855 1,786 1,689 1,626 1,556 1,519 1,464
Goodwill
235 213 128 129 127 125 126 128 128 120
Intangible Assets
115 112 30 34 35 40 45 51 56 39
Noncurrent Deferred & Refundable Income Taxes
1,336 1,300 999 943 869 789 729 650 569 516
Other Noncurrent Operating Assets
756 733 734 749 756 734 722 712 720 706
Total Liabilities & Shareholders' Equity
9,763 8,852 8,053 7,662 7,259 7,479 7,486 6,832 6,228 5,336
Total Liabilities
8,269 7,944 7,765 7,800 7,722 7,405 7,165 6,821 6,510 5,959
Total Current Liabilities
4,061 3,884 3,725 3,800 3,719 3,649 3,501 3,262 3,078 2,780
Accounts Payable
191 178 132 135 204 254 238 238 243 215
Accrued Expenses
338 377 401 539 424 317 267 347 266 245
Current Deferred Revenue
3,276 3,081 2,975 2,912 2,849 2,647 2,588 2,463 2,349 2,129
Current Employee Benefit Liabilities
256 248 217 215 242 211 225 213 219 191
Total Noncurrent Liabilities
4,209 4,060 4,039 3,999 4,003 3,756 3,664 3,559 3,431 3,179
Long-Term Debt
994 994 993 993 992 992 991 991 990 990
Noncurrent Deferred Revenue
3,085 2,931 2,921 2,878 2,886 2,700 2,600 2,488 2,291 2,132
Other Noncurrent Operating Liabilities
130 136 125 129 125 65 73 80 150 57
Commitments & Contingencies
0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
1,494 908 288 -138 -463 74 321 11 -282 -623
Total Preferred & Common Equity
1,494 908 288 -138 -463 74 321 11 -282 -635
Total Common Equity
1,494 908 288 -138 -463 74 321 11 -282 -635
Common Stock
1,637 1,569 1,500 1,450 1,417 1,398 1,377 1,328 1,285 1,251
Retained Earnings
-117 -643 -1,183 -1,562 -1,862 -1,299 -1,032 -1,299 -1,546 -1,860
Accumulated Other Comprehensive Income / (Loss)
-26 -18 -29 -25 -19 -24 -23 -18 -20 -26

Annual Metrics And Ratios for Fortinet

This table displays calculated financial ratios and metrics derived from Fortinet's official financial filings.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Growth Metrics
- - - - - - - - - -
Revenue Growth
12.27% 20.09% 32.17% 28.82% 19.94% 19.86% 20.72% 17.21% 26.37% 31.01%
EBITDA Growth
44.36% 23.20% 42.17% 23.86% 44.28% 35.63% 121.84% 89.11% 75.55% -41.58%
EBIT Growth
55.73% 29.17% 49.67% 21.91% 52.55% 50.79% 106.15% 208.66% 205.72% -79.15%
NOPAT Growth
40.41% 18.00% 47.58% 32.58% 59.00% -2.29% 1,010.24% -13.25% 358.68% -71.39%
Net Income Growth
52.05% 33.99% 41.19% 24.20% 47.27% -0.96% 966.56% -2.48% 303.16% -68.48%
EPS Growth
54.79% 37.74% 45.21% 24.20% 47.27% -1.04% 966.67% 0.00% 260.00% -66.67%
Operating Cash Flow Growth
16.67% 11.84% 15.40% 38.39% 34.12% 26.47% 7.49% 71.94% 22.35% 43.73%
Free Cash Flow Firm Growth
-16.96% 14.90% 72.58% 4.25% 53.80% 81.32% -18.95% 228.19% -4.19% 20.77%
Invested Capital Growth
17.43% -23.51% -28.37% -9.65% -26.76% -22.81% 7.04% -60.71% -15.62% -29.50%
Revenue Q/Q Growth
4.29% 2.55% 7.79% 6.90% 5.16% 5.37% 5.48% 3.73% 5.48% 7.75%
EBITDA Q/Q Growth
9.60% 1.82% 14.59% 7.36% 8.50% 9.24% 22.72% -0.22% 59.23% -6.14%
EBIT Q/Q Growth
10.99% 2.23% 19.02% 6.88% 9.55% 12.37% 24.75% -0.45% 480.98% -36.93%
NOPAT Q/Q Growth
14.29% -4.46% 17.24% 11.78% 7.45% -16.13% 177.33% -64.71% 752.81% -55.72%
Net Income Q/Q Growth
14.07% -0.25% 15.51% 9.39% 5.78% -16.45% 177.69% -63.31% 617.63% -53.92%
EPS Q/Q Growth
13.00% -0.68% 12.77% 9.39% 5.78% -18.10% 178.26% -62.50% 500.00% -50.00%
Operating Cash Flow Q/Q Growth
14.50% -14.81% 10.28% 4.92% 10.85% 1.28% 3.68% 10.50% 10.37% 13.31%
Free Cash Flow Firm Q/Q Growth
15.83% -19.00% 32.04% -5.54% 26.27% -11.45% -5.87% 24.64% 24.54% 32.60%
Invested Capital Q/Q Growth
12.25% 9.17% -6.94% 5.66% -3.60% 8.11% 9.58% -22.29% -5.65% -9.26%
Profitability Metrics
- - - - - - - - - -
Gross Margin
80.56% 76.68% 75.44% 76.57% 78.03% 76.61% 75.04% 74.23% 73.51% 71.59%
EBITDA Margin
38.47% 29.92% 29.16% 27.11% 28.20% 23.44% 20.71% 11.27% 6.99% 5.03%
Operating Margin
30.28% 23.40% 21.95% 19.46% 20.50% 16.23% 12.99% 7.35% 3.36% 1.47%
EBIT Margin
32.29% 23.28% 21.64% 19.11% 20.20% 15.88% 12.62% 7.39% 2.81% 1.16%
Profit (Net Income) Margin
29.30% 21.64% 19.39% 18.15% 18.83% 15.34% 18.56% 2.10% 2.52% 0.79%
Tax Burden Percent
84.78% 86.06% 89.65% 96.55% 90.18% 85.93% 131.69% 25.32% 74.71% 46.97%
Interest Burden Percent
107.03% 107.99% 99.94% 98.37% 103.38% 112.37% 111.63% 112.22% 120.39% 145.22%
Effective Tax Rate
13.79% 10.78% 3.22% 2.24% 9.82% 14.07% -31.69% 74.68% 25.29% 53.03%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)
338.74% -308.13% 331.50% 73.34% 44.44% 28.20% 41.87% 4.40% 4.04% 1.12%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)
22.60% 18.31% 15.74% 12.82% 13.23% 9.87% 8.54% 5.03% 1.82% 0.73%
Return on Assets (ROA)
20.51% 17.02% 14.10% 12.18% 12.33% 9.54% 12.55% 1.43% 1.64% 0.50%
Return on Common Equity (ROCE)
338.74% -308.13% 320.79% 72.60% 44.44% 28.20% 41.87% 4.40% 4.04% 1.12%
Return on Equity Simple (ROE_SIMPLE)
116.83% -247.69% -304.19% 77.61% 57.07% 24.71% 33.15% 5.33% 3.84% 1.06%
Net Operating Profit after Tax (NOPAT)
1,555 1,107 938 636 480 302 309 28 32 6.99
NOPAT Margin
26.10% 20.87% 21.24% 19.02% 18.48% 13.94% 17.11% 1.86% 2.51% 0.69%
Net Nonoperating Expense Percent (NNEP)
8.43% 2.99% -5.00% -1.47% 0.43% 1.53% 1.71% 0.27% 0.01% 0.09%
Return On Investment Capital (ROIC_SIMPLE)
62.48% 209.36% 132.39% - - - - - - -
Cost of Revenue to Revenue
19.44% 23.32% 24.56% 23.43% 21.97% 23.39% 24.96% 25.77% 26.49% 28.41%
SG&A Expenses to Revenue
3.99% 0.00% 0.00% 0.00% 0.00% 0.00% 5.15% 5.88% 6.36% 7.09%
R&D to Revenue
12.04% 11.57% 11.60% 12.69% 13.16% 12.81% 13.55% 14.09% 14.36% 15.67%
Operating Expenses to Revenue
50.28% 53.28% 53.49% 57.11% 57.53% 60.38% 62.05% 66.88% 70.15% 70.11%
Earnings before Interest and Taxes (EBIT)
1,923 1,235 956 639 524 344 228 111 36 12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
2,291 1,587 1,288 906 732 507 374 169 89 51
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
48.48 0.00 0.00 15.03 5.63 2.72 2.38 2.58 1.24 1.42
Price to Tangible Book Value (P/TBV)
63.33 0.00 0.00 19.82 6.59 2.94 2.53 2.72 1.31 1.47
Price to Revenue (P/Rev)
12.16 8.47 8.65 3.52 1.86 1.69 1.33 1.02 0.82 1.06
Price to Earnings (P/E)
41.49 39.16 44.55 19.37 9.87 11.01 7.17 48.39 32.37 134.46
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
2.41% 2.55% 2.24% 5.16% 10.13% 9.08% 13.96% 2.07% 3.09% 0.74%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)
11.64 8.20 8.36 2.92 1.10 0.67 0.38 0.11 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)
30.27 27.41 28.67 10.78 3.92 2.84 1.83 1.01 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)
36.05 35.22 38.62 15.29 5.47 4.20 3.00 1.54 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)
44.60 39.28 39.35 15.36 5.98 4.78 2.21 6.12 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
30.71 22.47 21.34 6.51 2.65 1.78 1.07 0.29 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
56.76 29.57 28.84 13.16 4.03 3.12 2.68 0.54 0.00 0.00
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
0.67 -2.14 -3.52 1.24 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity
0.67 -2.14 -3.52 1.24 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage
-4.39 3.64 -6.33 -2.39 -1.89 -1.67 -1.92 -1.86 -1.55 -1.51
Leverage Ratio
16.52 -18.10 23.50 6.02 3.60 2.96 3.34 3.08 2.47 2.25
Compound Leverage Factor
17.68 -19.55 23.49 5.92 3.73 3.32 3.72 3.46 2.97 3.26
Debt to Total Capital
39.96% 187.62% 139.73% 55.32% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
39.96% 187.62% 139.73% 55.32% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.93% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
60.04% -87.62% -39.73% 43.75% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA
0.43 0.63 0.77 1.09 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA
-1.34 -0.91 -0.98 -2.21 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA
0.43 0.63 0.77 1.09 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT
0.64 0.90 1.06 1.55 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT
-1.98 -1.31 -1.35 -3.15 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT
0.64 0.90 1.06 1.55 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score
6.73 4.54 4.53 2.45 2.12 2.18 1.88 1.54 1.55 1.66
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 3.23% 1.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
1.47 1.19 1.24 1.55 1.50 1.90 1.77 1.67 1.86 1.87
Quick Ratio
1.36 1.03 1.13 1.45 1.40 1.79 1.67 1.56 1.69 1.70
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
1,222 1,471 1,280 742 712 463 255 315 96 100
Operating Cash Flow to CapEx
595.96% 948.31% 615.43% 506.83% 860.76% 876.36% 1,205.47% 439.32% 514.43% 756.32%
Free Cash Flow to Firm to Interest Expense
61.08 70.05 71.13 49.79 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense
112.91 92.17 96.14 100.65 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
93.96 82.45 80.52 80.79 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
0.70 0.79 0.73 0.67 0.65 0.62 0.68 0.68 0.65 0.63
Accounts Receivable Turnover
4.16 3.98 4.27 4.38 4.10 4.38 4.55 4.52 4.46 4.54
Inventory Turnover
2.89 3.30 4.93 4.96 4.42 4.87 5.38 4.18 3.54 3.74
Fixed Asset Turnover
4.98 5.46 5.57 5.89 6.55 7.03 6.98 7.81 11.17 13.46
Accounts Payable Turnover
5.86 5.53 5.54 5.40 4.79 5.54 5.76 6.08 5.71 5.15
Days Sales Outstanding (DSO)
87.80 91.64 85.50 83.42 88.94 83.43 80.17 80.72 81.93 80.34
Days Inventory Outstanding (DIO)
126.17 110.54 74.08 73.56 82.51 75.00 67.79 87.24 103.06 97.59
Days Payable Outstanding (DPO)
62.30 66.04 65.91 67.59 76.20 65.94 63.37 60.03 63.88 70.92
Cash Conversion Cycle (CCC)
151.67 136.14 93.67 89.39 95.24 92.48 84.58 107.93 121.11 107.00
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
-1,578 -1,912 -1,548 -1,206 -1,100 -868 -706 -760 -473 -409
Invested Capital Turnover
-3.41 -3.07 -3.21 -2.90 -2.64 -2.75 -2.46 -2.43 -2.89 -2.79
Increase / (Decrease) in Invested Capital
333 -364 -342 -106 -232 -161 54 -287 -64 -93
Enterprise Value (EV)
69,342 43,498 36,929 9,765 2,867 1,442 683 170 -268 -90
Market Capitalization
72,414 44,946 38,195 11,752 4,822 3,652 2,400 1,520 1,042 1,074
Book Value per Share
$1.95 ($0.60) ($0.36) $4.78 $5.27 $7.85 $5.93 $3.39 $4.84 $4.39
Tangible Book Value per Share
$1.49 ($0.81) ($0.60) $3.63 $4.51 $7.27 $5.58 $3.21 $4.61 $4.26
Total Capital
2,488 529 709 1,787 856 1,342 1,010 589 838 755
Total Debt
994 992 990 988 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt
994 992 990 988 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt
-3,072 -1,448 -1,266 -2,004 -1,956 -2,210 -1,717 -1,349 -1,311 -1,164
Capital Expenditures (CapEx)
379 204 281 296 126 92 53 135 67 37
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-2,156 -1,731 -1,479 -1,269 -926 -752 -685 -562 -376 -299
Debt-free Net Working Capital (DFNWC)
1,911 709 732 1,283 911 1,313 965 690 709 592
Net Working Capital (NWC)
1,911 709 732 1,283 911 1,313 965 690 709 592
Net Nonoperating Expense (NNE)
-191 -41 82 29 -8.93 -30 -26 -3.60 -0.15 -1.00
Net Nonoperating Obligations (NNO)
-3,072 -1,448 -1,266 -2,004 -1,956 -2,210 -1,717 -1,349 -1,311 -1,164
Total Depreciation and Amortization (D&A)
368 352 332 267 208 164 146 58 53 39
Debt-free, Cash-free Net Working Capital to Revenue
-36.20% -32.63% -33.48% -37.98% -35.71% -34.79% -37.96% -37.57% -29.50% -29.67%
Debt-free Net Working Capital to Revenue
32.08% 13.37% 16.57% 38.37% 35.11% 60.71% 53.45% 46.13% 55.61% 58.64%
Net Working Capital to Revenue
32.08% 13.37% 16.57% 38.37% 35.11% 60.71% 53.45% 46.13% 55.61% 58.64%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
$2.28 $1.47 $1.08 $3.72 $2.98 $1.91 $1.96 $0.18 $0.19 $0.05
Adjusted Weighted Average Basic Shares Outstanding
764.40M 778.60M 791.40M 163.20M 164.20M 171M 169.10M 174.32M 172.62M 170.39M
Adjusted Diluted Earnings per Share
$2.26 $1.46 $1.06 $3.63 $2.91 $1.87 $1.91 $0.18 $0.18 $0.05
Adjusted Weighted Average Diluted Shares Outstanding
771.90M 788.20M 805.30M 167.10M 167.70M 175M 174.20M 178.08M 176.34M 176.14M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $1.91 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
768.97M 763.03M 784.07M 160.82M 163.19M 172.51M 170.63M 168.02M 175.32M 171.60M
Normalized Net Operating Profit after Tax (NOPAT)
1,555 1,103 934 631 443 302 164 77 35 16
Normalized NOPAT Margin
26.10% 20.80% 21.14% 18.89% 17.09% 13.94% 9.09% 5.16% 2.75% 1.56%
Pre Tax Income Margin
34.56% 25.14% 21.63% 18.80% 20.88% 17.85% 14.09% 8.29% 3.38% 1.68%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
96.17 58.81 53.12 42.87 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense
77.73 52.73 52.13 42.67 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense
77.22 49.09 37.49 23.01 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense
58.79 43.01 36.51 22.81 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
0.03% 130.73% 232.45% 122.27% 221.11% 43.74% 63.24% 1,421.34% 344.10% 751.22%

Quarterly Metrics And Ratios for Fortinet

This table displays calculated financial ratios and metrics derived from Fortinet's official financial filings.

Metric Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Growth Metrics
- - - - - - - - - -
Revenue Growth
17.31% 13.00% 10.95% 7.21% 10.30% 16.10% 25.50% 32.21% 33.15% 32.55%
EBITDA Growth
41.84% 77.87% 45.61% 11.36% 6.27% 9.70% 34.93% 64.80% 57.10% 51.52%
EBIT Growth
48.78% 98.85% 59.46% 15.54% 7.40% 11.94% 46.67% 94.15% 72.49% 65.27%
NOPAT Growth
66.13% 35.05% 44.43% 12.22% -14.83% 27.45% 31.39% 58.61% 65.29% 35.08%
Net Income Growth
69.25% 67.20% 42.62% 20.83% -0.92% 39.72% 53.58% 79.10% 57.85% 41.61%
EPS Growth
70.00% 70.73% 48.48% 25.81% 0.00% 41.38% 57.14% 82.35% 66.67% 52.63%
Operating Cash Flow Growth
149.14% 10.32% -33.61% 22.57% -63.70% 14.12% 59.28% 71.04% 43.97% 21.11%
Free Cash Flow Firm Growth
-75.71% -89.15% -54.76% -35.32% -4.33% 135.77% 352.81% 170.57% 117.82% 3.70%
Invested Capital Growth
17.43% 14.52% -2.62% -14.55% -23.51% -45.40% -50.36% -47.81% -28.37% -13.25%
Revenue Q/Q Growth
10.08% 5.15% 5.99% -4.37% 6.03% 3.23% 2.42% -1.61% 11.61% 11.59%
EBITDA Q/Q Growth
0.01% 29.72% 28.89% -15.18% 25.43% 6.19% -1.42% -19.06% 29.47% 30.62%
EBIT Q/Q Growth
-1.36% 35.40% 36.66% -18.49% 31.84% 8.58% -0.98% -24.23% 37.42% 42.26%
NOPAT Q/Q Growth
20.43% 12.05% 28.58% -4.26% -2.10% 19.83% -0.09% -27.34% 46.51% 23.54%
Net Income Q/Q Growth
-2.54% 42.15% 26.90% -3.73% -3.72% 21.25% 7.51% -21.06% 35.79% 33.28%
EPS Q/Q Growth
-2.86% 42.86% 25.64% -2.50% -2.44% 24.24% 6.45% -22.50% 37.93% 38.10%
Operating Cash Flow Q/Q Growth
-21.46% 77.81% -58.82% 333.18% -65.22% 7.01% -23.97% 28.29% 9.34% 49.35%
Free Cash Flow Firm Q/Q Growth
53.96% -75.08% -25.27% -15.29% -31.20% 3.86% 6.85% 25.29% 69.57% 99.47%
Invested Capital Q/Q Growth
12.25% 12.59% 5.07% -13.41% 9.17% -4.95% -5.96% -22.27% -6.94% -8.53%
Profitability Metrics
- - - - - - - - - -
Gross Margin
81.06% 82.53% 80.83% 77.48% 77.68% 76.20% 77.12% 75.62% 76.83% 75.38%
EBITDA Margin
40.97% 45.09% 36.55% 30.05% 33.88% 28.65% 27.85% 28.93% 35.17% 30.32%
Operating Margin
34.58% 31.22% 30.48% 23.73% 27.23% 22.72% 21.58% 21.67% 27.89% 23.10%
EBIT Margin
35.00% 39.06% 30.33% 23.52% 27.60% 22.19% 21.10% 21.83% 28.34% 23.02%
Profit (Net Income) Margin
31.70% 35.80% 26.48% 22.12% 21.97% 24.19% 20.60% 19.62% 24.46% 20.10%
Tax Burden Percent
85.09% 86.19% 81.10% 86.65% 74.81% 98.51% 89.00% 85.09% 85.23% 87.31%
Interest Burden Percent
106.44% 106.35% 107.66% 108.51% 106.43% 110.67% 109.68% 105.66% 101.27% 100.04%
Effective Tax Rate
14.02% 12.96% 16.34% 11.44% 22.91% -0.09% 9.22% 7.32% 2.50% 10.31%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)
338.74% 311.53% 430.88% -1,902.30% -308.13% -419.43% -3,626.37% 789.86% 331.50% 289.24%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)
24.49% 27.31% 21.62% 17.51% 21.71% 17.92% 16.47% 16.52% 20.61% 16.69%
Return on Assets (ROA)
22.18% 25.04% 18.87% 16.47% 17.28% 19.53% 16.08% 14.85% 17.79% 14.57%
Return on Common Equity (ROCE)
338.74% 311.53% 430.88% -1,902.30% -308.13% -428.52% -4,452.24% 739.81% 320.79% 272.65%
Return on Equity Simple (ROE_SIMPLE)
0.00% 168.47% 455.55% -872.29% 0.00% 1,552.90% 329.67% 0.00% 0.00% -116.84%
Net Operating Profit after Tax (NOPAT)
494 410 366 284 297 303 253 253 349 238
NOPAT Margin
29.73% 27.18% 25.50% 21.02% 21.00% 22.74% 19.59% 20.08% 27.19% 20.71%
Net Nonoperating Expense Percent (NNEP)
1.44% 5.32% 0.60% 0.75% 1.02% 1.29% 0.79% -0.34% -2.14% -0.43%
Return On Investment Capital (ROIC_SIMPLE)
19.84% - - - 56.18% - - - 49.22% -
Cost of Revenue to Revenue
18.94% 17.47% 19.17% 22.52% 22.32% 23.80% 22.88% 24.38% 23.17% 24.62%
SG&A Expenses to Revenue
3.32% 4.75% 3.95% 4.02% 0.00% 4.01% 3.86% 4.18% 0.00% 0.00%
R&D to Revenue
11.51% 12.42% 11.53% 12.78% 10.78% 11.76% 11.86% 11.97% 10.05% 11.68%
Operating Expenses to Revenue
46.47% 51.31% 50.35% 53.75% 50.44% 53.48% 55.54% 53.95% 48.94% 52.28%
Earnings before Interest and Taxes (EBIT)
581 589 435 318 391 296 273 276 364 265
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
680 680 524 407 480 382 360 365 451 349
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
48.48 65.32 159.76 0.00 0.00 621.91 184.79 4,570.97 0.00 0.00
Price to Tangible Book Value (P/TBV)
63.33 101.63 353.90 0.00 0.00 0.00 394.11 0.00 0.00 0.00
Price to Revenue (P/Rev)
12.16 10.39 8.32 9.72 8.47 8.91 11.90 11.03 8.65 9.45
Price to Earnings (P/E)
41.49 38.77 35.07 43.74 39.16 40.05 56.03 53.91 44.55 52.18
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
2.41% 2.58% 2.85% 2.29% 2.55% 2.50% 1.78% 1.86% 2.24% 1.92%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)
11.64 9.91 7.89 9.35 8.20 8.49 11.43 10.63 8.36 9.26
Enterprise Value to EBITDA (EV/EBITDA)
30.27 27.08 24.37 30.96 27.41 28.17 37.40 35.07 28.67 33.74
Enterprise Value to EBIT (EV/EBIT)
36.05 32.67 30.34 39.46 35.22 36.34 48.47 46.07 38.62 47.21
Enterprise Value to NOPAT (EV/NOPAT)
44.60 41.62 34.93 44.30 39.28 37.88 52.14 48.61 39.35 47.39
Enterprise Value to Operating Cash Flow (EV/OCF)
30.71 28.70 22.81 24.15 22.47 19.33 25.88 24.95 21.34 24.17
Enterprise Value to Free Cash Flow (EV/FCFF)
56.76 53.68 33.52 35.67 29.57 24.18 32.30 30.52 28.84 39.11
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
0.67 1.09 3.45 -7.22 -2.14 13.38 3.09 86.92 -3.52 -1.59
Long-Term Debt to Equity
0.67 1.09 3.45 -7.22 -2.14 13.38 3.09 86.92 -3.52 -1.59
Financial Leverage
-4.39 -4.97 -7.67 31.20 3.64 5.47 56.17 -13.97 -6.33 -6.31
Leverage Ratio
16.52 16.63 25.50 -114.94 -18.10 -23.36 -218.85 51.04 23.50 22.05
Compound Leverage Factor
17.58 17.68 27.45 -124.73 -19.27 -25.85 -240.02 53.93 23.80 22.06
Debt to Total Capital
39.96% 52.25% 77.51% 116.08% 187.62% 93.05% 75.53% 98.86% 139.73% 269.65%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
39.96% 52.25% 77.51% 116.08% 187.62% 93.05% 75.53% 98.86% 139.73% 269.65%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.24%
Common Equity to Total Capital
60.04% 47.75% 22.49% -16.08% -87.62% 6.95% 24.47% 1.14% -39.73% -172.90%
Debt to EBITDA
0.43 0.48 0.55 0.61 0.63 0.64 0.65 0.69 0.77 0.88
Net Debt to EBITDA
-1.34 -1.29 -1.31 -1.25 -0.91 -1.40 -1.53 -1.33 -0.98 -0.73
Long-Term Debt to EBITDA
0.43 0.48 0.55 0.61 0.63 0.64 0.65 0.69 0.77 0.88
Debt to NOPAT
0.64 0.73 0.79 0.87 0.90 0.86 0.91 0.96 1.06 1.24
Net Debt to NOPAT
-1.98 -1.99 -1.88 -1.78 -1.31 -1.88 -2.13 -1.84 -1.35 -1.03
Long-Term Debt to NOPAT
0.64 0.73 0.79 0.87 0.90 0.86 0.91 0.96 1.06 1.24
Altman Z-Score
6.28 5.42 4.40 4.71 4.16 4.49 5.78 5.33 4.22 4.39
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% -2.17% -22.77% 6.34% 3.23% 5.73%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
1.47 1.34 1.32 1.20 1.19 1.30 1.39 1.34 1.24 1.07
Quick Ratio
1.36 1.22 1.19 1.06 1.03 1.15 1.25 1.22 1.13 0.97
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
161 104 418 560 661 961 925 866 691 407
Operating Cash Flow to CapEx
489.34% 1,675.21% 1,480.52% 374.22% 712.64% 786.31% 670.70% 2,235.97% 1,709.06% 550.11%
Free Cash Flow to Firm to Interest Expense
32.76 20.85 83.68 109.78 122.39 177.88 177.86 173.12 153.52 90.54
Operating Cash Flow to Interest Expense
97.47 121.62 68.40 162.82 35.50 102.07 99.06 135.50 117.36 107.33
Operating Cash Flow Less CapEx to Interest Expense
77.55 114.36 63.78 119.31 30.52 89.09 84.29 129.44 110.49 87.82
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
0.70 0.70 0.71 0.74 0.79 0.81 0.78 0.76 0.73 0.72
Accounts Receivable Turnover
4.16 5.55 5.12 5.18 3.98 5.23 4.99 5.03 4.27 5.23
Inventory Turnover
2.89 2.82 3.20 3.33 3.30 3.57 4.14 4.67 4.93 5.16
Fixed Asset Turnover
4.98 4.94 4.98 4.99 5.46 5.37 5.55 5.55 5.57 5.67
Accounts Payable Turnover
5.86 5.37 6.55 6.61 5.53 5.20 5.49 5.51 5.54 5.68
Days Sales Outstanding (DSO)
87.80 65.76 71.26 70.47 91.64 69.75 73.12 72.52 85.50 69.83
Days Inventory Outstanding (DIO)
126.17 129.40 114.24 109.76 110.54 102.33 88.10 78.09 74.08 70.73
Days Payable Outstanding (DPO)
62.30 67.99 55.71 55.25 66.04 70.24 66.50 66.20 65.91 64.20
Cash Conversion Cycle (CCC)
151.67 127.18 129.79 124.98 136.14 101.85 94.72 84.41 93.67 76.35
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
-1,578 -1,799 -2,058 -2,168 -1,912 -2,104 -2,005 -1,892 -1,548 -1,447
Invested Capital Turnover
-3.41 -2.93 -2.73 -2.66 -3.07 -2.91 -2.99 -2.98 -3.21 -3.01
Increase / (Decrease) in Invested Capital
333 306 -53 -275 -364 -657 -672 -612 -342 -169
Enterprise Value (EV)
69,342 56,612 43,697 50,426 43,498 43,905 57,027 50,205 36,929 37,927
Market Capitalization
72,414 59,319 46,043 52,456 44,946 46,084 59,353 52,109 38,195 38,740
Book Value per Share
$1.95 $1.19 $0.38 ($0.18) ($0.60) $0.09 $0.41 $0.01 ($0.36) ($0.80)
Tangible Book Value per Share
$1.49 $0.76 $0.17 ($0.39) ($0.81) ($0.12) $0.19 ($0.21) ($0.60) ($1.01)
Total Capital
2,488 1,902 1,282 855 529 1,066 1,313 1,002 709 367
Total Debt
994 994 993 993 992 992 991 991 990 990
Total Long-Term Debt
994 994 993 993 992 992 991 991 990 990
Net Debt
-3,072 -2,707 -2,346 -2,030 -1,448 -2,179 -2,326 -1,904 -1,266 -825
Capital Expenditures (CapEx)
98 36 23 222 27 70 77 30 31 88
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-2,156 -2,364 -2,145 -2,264 -1,731 -2,065 -1,936 -1,782 -1,479 -1,528
Debt-free Net Working Capital (DFNWC)
1,911 1,337 1,194 759 709 1,104 1,378 1,097 732 203
Net Working Capital (NWC)
1,911 1,337 1,194 759 709 1,104 1,378 1,097 732 203
Net Nonoperating Expense (NNE)
-33 -130 -14 -15 -14 -19 -13 5.79 35 7.02
Net Nonoperating Obligations (NNO)
-3,072 -2,707 -2,346 -2,030 -1,448 -2,179 -2,326 -1,904 -1,266 -825
Total Depreciation and Amortization (D&A)
99 91 89 88 89 86 87 90 88 84
Debt-free, Cash-free Net Working Capital to Revenue
-36.20% -41.40% -38.74% -41.95% -32.63% -39.92% -38.82% -37.72% -33.48% -37.28%
Debt-free Net Working Capital to Revenue
32.08% 23.41% 21.56% 14.07% 13.37% 21.34% 27.62% 23.22% 16.57% 4.94%
Net Working Capital to Revenue
32.08% 23.41% 21.56% 14.07% 13.37% 21.34% 27.62% 23.22% 16.57% 4.94%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
$0.68 $0.71 $0.50 $0.39 $0.40 $0.41 $0.34 $0.32 $0.40 $0.29
Adjusted Weighted Average Basic Shares Outstanding
764.40M 765M 763.80M 762.40M 778.60M 781.20M 785M 783.20M 791.40M 786.20M
Adjusted Diluted Earnings per Share
$0.68 $0.70 $0.49 $0.39 $0.40 $0.41 $0.33 $0.31 $0.40 $0.29
Adjusted Weighted Average Diluted Shares Outstanding
771.90M 771.90M 769.90M 770.50M 788.20M 791.20M 795.90M 793.40M 805.30M 798.60M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.40 $0.00 $0.00 $0.00 $0.40 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
768.97M 766.45M 764.91M 763.94M 763.03M 767.91M 785.34M 785.20M 784.07M 781.24M
Normalized Net Operating Profit after Tax (NOPAT)
494 410 365 284 297 212 253 252 348 237
Normalized NOPAT Margin
29.73% 27.18% 25.43% 21.02% 21.00% 15.90% 19.59% 19.99% 27.10% 20.63%
Pre Tax Income Margin
37.25% 41.54% 32.65% 25.52% 29.37% 24.56% 23.14% 23.06% 28.70% 23.03%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
118.57 117.80 87.00 62.41 72.31 54.85 52.46 55.10 80.80 58.80
NOPAT to Interest Expense
100.74 81.97 73.16 55.78 55.02 56.20 48.70 50.70 77.52 52.92
EBIT Less CapEx to Interest Expense
98.65 110.54 82.38 18.90 67.33 41.87 37.69 49.04 73.93 39.29
NOPAT Less CapEx to Interest Expense
80.82 74.71 68.54 12.27 50.04 43.22 33.94 44.64 70.66 33.40
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
0.03% 58.62% 0.00% 0.00% 130.73% 52.52% 0.00% 0.00% 232.45% 345.60%

Frequently Asked Questions About Fortinet's Financials

When does Fortinet's fiscal year end?

According to the most recent income statement we have on file, Fortinet's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Fortinet's net income changed over the last 9 years?

Fortinet's net income appears to be on an upward trend, with a most recent value of $1.75 billion in 2024, rising from $7.99 million in 2015. The previous period was $1.15 billion in 2023. Find out what analysts predict for Fortinet in the coming months.

What is Fortinet's operating income?
Fortinet's total operating income in 2024 was $1.80 billion, based on the following breakdown:
  • Total Gross Profit: $4.80 billion
  • Total Operating Expenses: $2.99 billion
How has Fortinet revenue changed over the last 9 years?

Over the last 9 years, Fortinet's total revenue changed from $1.01 billion in 2015 to $5.96 billion in 2024, a change of 490.1%.

How much debt does Fortinet have?

Fortinet's total liabilities were at $8.27 billion at the end of 2024, a 7.1% increase from 2023, and a 698.9% increase since 2015.

How much cash does Fortinet have?

In the past 9 years, Fortinet's cash and equivalents has ranged from $543.28 million in 2015 to $2.88 billion in 2024, and is currently $2.88 billion as of their latest financial filing in 2024.

How has Fortinet's book value per share changed over the last 9 years?

Over the last 9 years, Fortinet's book value per share changed from 4.39 in 2015 to 1.95 in 2024, a change of -55.6%.



This page (NASDAQ:FTNT) was last updated on 5/28/2025 by MarketBeat.com Staff
From Our Partners