Fortinet (FTNT) Financials

$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

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

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

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

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

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

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

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%

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%.

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

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Fortinet (FTNT) Financials

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Fortinet (FTNT) Financials

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