Fortinet (FTNT) Financials

$96.85 -0.88 (-0.90%)

As of 04:00 PM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	7.99	32	31	335	332	489	607	857	1,148	1,745
Consolidated Net Income / (Loss)	7.99	32	31	335	332	489	607	857	1,148	1,745
Net Income / (Loss) Continuing Operations	7.99	32	31	335	332	489	607	857	1,148	1,745
Total Pre-Tax Income	17	43	124	254	386	542	628	956	1,334	2,059
Total Operating Income	15	43	110	234	351	532	650	970	1,241	1,803
Total Gross Profit	722	938	1,110	1,354	1,657	2,024	2,559	3,333	4,068	4,798
Total Revenue	1,009	1,275	1,495	1,805	2,163	2,594	3,342	4,417	5,305	5,956
Operating Revenue	1,009	1,275	1,495	1,805	2,163	2,594	3,342	4,417	5,305	5,956
Total Cost of Revenue	287	338	385	450	506	570	783	1,085	1,237	1,158
Operating Cost of Revenue	287	338	385	450	506	570	783	1,085	1,237	1,158
Total Operating Expenses	708	895	1,000	1,120	1,306	1,493	1,909	2,363	2,827	2,995
Selling, General & Admin Expense	72	81	88	93	-	-	-	-	-	238
Marketing Expense	470	627	701	782	927	1,072	1,346	1,686	2,006	2,045
Research & Development Expense	158	183	211	245	277	341	424	512	614	717
Other Operating Expenses / (Income)	-	-	-	0.00	102	120	144	169	211	-4.60
Total Other Income / (Expense), net	2.13	0.20	14	20	35	9.90	-22	-14	93	255
Interest Expense	-	-	-	-	0.00	0.00	15	18	21	20
Interest & Investment Income	5.30	7.30	14	27	43	18	4.50	17	120	155
Other Income / (Expense), net	-3.17	-7.10	0.70	-6.60	-7.50	-7.80	-12	-14	-6.10	120
Income Tax Expense	9.02	11	93	-81	54	53	14	31	144	284
Other Gains / (Losses), net	-	-	-	-	0.00	0.00	-7.60	-68	-42	-29
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	0.00	-0.10	-0.70	0.00	0.00
Basic Earnings per Share	$0.05	$0.19	$0.18	$1.98	$1.94	$0.60	$0.74	$1.08	$1.47	$2.28
Weighted Average Basic Shares Outstanding	170.39M	172.60M	174.30M	169.10M	171M	821M	816.10M	791.40M	778.60M	764.40M
Diluted Earnings per Share	$0.05	$0.18	$0.18	$1.92	$1.90	$0.58	$0.73	$1.06	$1.46	$2.26
Weighted Average Diluted Shares Outstanding	176.14M	176.30M	178.10M	174.20M	175M	838.30M	835.30M	805.30M	788.20M	771.90M
Weighted Average Basic & Diluted Shares Outstanding	159.70M	169.40M	174.40M	169.50M	172.51M	163.19M	160.82M	784.07M	763.03M	768.97M

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

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About Fortinet's Financials

When does Fortinet's financial year end?

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

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 4/14/2025 by MarketBeat.com Staff

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Fortinet (FTNT) Financials

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Fortinet (FTNT) Financials

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