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Fortinet, Inc.

FTNT· Nasdaq· Computer Peripheral Equipment, NEC

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
32.7%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+21.3%
We record prices for the companies we cover; FTNT is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
764.6M
Revenue
$6.8B
Free cash flow
$2.2B
Owner earnings
$1.9B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
80.5%
Operating
30.7%
Net
27.3%
Free cash flow
32.7%
Owner earnings
28.6%
Stock pay
4.1%

Returns

ROIC, FY2025
–
ROIC, 5 yr avg
–
ROE, FY2025
149.8%
ROE, 5 yr avg
–

Growth (CAGR)

Revenue, 3 yr
15.5%
Revenue, 5 yr
21.3%
Revenue, 9 yr
20.4%
Diluted EPS, 3 yr
31.7%
Diluted EPS, 5 yr
33.1%
Diluted EPS, 9 yr
59.6%
Free cash flow, 3 yr
15.4%
Free cash flow, 5 yr
18.4%
Free cash flow, 9 yr
26.0%

Financial health · FY2025

Cash and investments
$2.5B
Total debt
$996.3M
Net cash
$1.5B
Debt/Equity
0.8x
Debt/FCF
0.4x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-1.8%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$6.8B

+20.4% a year over 9 years

FY2016: Revenue $1.3BFY2017: Revenue $1.5BFY2018: Revenue $1.8BFY2019: Revenue $2.2BFY2020: Revenue $2.6BFY2021: Revenue $3.3BFY2022: Revenue $4.4BFY2023: Revenue $5.3BFY2024: Revenue $6.0BFY2025: Revenue $6.8B
FY2016FY2025

Margins

Gross80.5%Operating30.7%Net27.3%

FY2025

FY2016: Gross 73.5%, Operating 3.4%, Net 2.5%FY2017: Gross 74.2%, Operating 7.3%, Net 2.1%FY2018: Gross 75.0%, Operating 13.0%, Net 18.6%FY2019: Gross 76.6%, Operating 16.2%, Net 15.3%FY2020: Gross 78.0%, Operating 20.5%, Net 18.8%FY2021: Gross 76.6%, Operating 19.5%, Net 18.2%FY2022: Gross 75.4%, Operating 21.9%, Net 19.4%FY2023: Gross 76.7%, Operating 23.4%, Net 21.6%FY2024: Gross 80.6%, Operating 30.3%, Net 29.3%FY2025: Gross 80.5%, Operating 30.7%, Net 27.3%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$2.2BOwner earnings$1.9B

Free cash flow +26.0% a year

FY2016: Free cash flow $278.5M, Owner earnings $156.1MFY2017: Free cash flow $459.1M, Owner earnings $321.9MFY2018: Free cash flow $585.9M, Owner earnings $423.0MFY2019: Free cash flow $715.8M, Owner earnings $541.7MFY2020: Free cash flow $957.8M, Owner earnings $766.1MFY2021: Free cash flow $1.2B, Owner earnings $995.9MFY2022: Free cash flow $1.4B, Owner earnings $1.2BFY2023: Free cash flow $1.7B, Owner earnings $1.5BFY2024: Free cash flow $1.9B, Owner earnings $1.6BFY2025: Free cash flow $2.2B, Owner earnings $1.9B
FY2016FY2025

Diluted shares

764.6M

-13.3% over 9 years, net buybacks

FY2016: Diluted shares 881.5MFY2017: Diluted shares 890.5MFY2018: Diluted shares 871.0MFY2019: Diluted shares 875.0MFY2020: Diluted shares 838.3MFY2021: Diluted shares 835.3MFY2022: Diluted shares 805.3MFY2023: Diluted shares 788.2MFY2024: Diluted shares 771.9MFY2025: Diluted shares 764.6M
FY2016FY2025

Return on invested capital

–

FY2025

FY2016: ROIC –FY2017: ROIC –FY2018: ROIC –FY2019: ROIC –FY2020: ROIC –FY2021: ROIC 141.0%FY2022: ROIC –FY2023: ROIC –FY2024: ROIC –FY2025: ROIC –
FY2016FY2025

Net cash

$1.5B

$1.5B more cash than debt

FY2016: Net cash –FY2017: Net cash –FY2018: Net cash –FY2019: Net cash –FY2020: Net cash $1.8BFY2021: Net cash $330.7MFY2022: Net cash $692.5MFY2023: Net cash $405.6MFY2024: Net cash $1.9BFY2025: Net cash $1.5B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$1.3B$1.5B$1.8B$2.2B$2.6B$3.3B$4.4B$5.3B$6.0B$6.8B
Revenue growth26.4%17.2%20.7%19.9%19.9%28.8%32.2%20.1%12.3%14.2%
Gross margin73.5%74.2%75.0%76.6%78.0%76.6%75.4%76.7%80.6%80.5%
Operating margin3.4%7.3%13.0%16.2%20.5%19.5%21.9%23.4%30.3%30.7%
Net income$32.2M$31.4M$334.9M$331.7M$488.5M$606.8M$857.3M$1.1B$1.7B$1.9B
Net margin2.5%2.1%18.6%15.3%18.8%18.2%19.4%21.6%29.3%27.3%
Diluted EPS$0.04s$0.04s$0.38s$0.38s$0.58$0.73$1.06$1.46$2.26$2.42
Return on invested capital?–––––141.0%––––
Cash
Operating cash flow$345.7M$594.4M$638.9M$808.0M$1.1B$1.5B$1.7B$1.9B$2.3B$2.6B
Capital expenditure$67.2M$135.3M$53.0M$92.2M$125.9M$295.9M$281.2M$204.1M$378.9M$364.8M
Free cash flow$278.5M$459.1M$585.9M$715.8M$957.8M$1.2B$1.4B$1.7B$1.9B$2.2B
Stock-based compensation$122.4M$137.2M$162.9M$174.1M$191.7M$207.9M$217.3M$249.0M$257.9M$279.5M
Owner earnings?$156.1M$321.9M$423.0M$541.7M$766.1M$995.9M$1.2B$1.5B$1.6B$1.9B
Free cash flow per share$0.32$0.52$0.67$0.82$1.14$1.44$1.80$2.20$2.43$2.91
Capital allocation
Dividends paid––––––––––
Share repurchases$110.8M$446.3M$211.8M$145.1M$1.1B$741.8M$2.0B$1.5B$600.0K$2.3B
Diluted shares881.5Ms890.5Ms871.0Ms875.0Ms838.3M835.3M805.3M788.2M771.9M764.6M
Share count change?0.1%1.0%-2.2%0.5%-4.2%-0.4%-3.6%-2.1%-2.1%-0.9%
Balance sheet
Cash and equivalents$709.0M$811.0M$1.1B$1.2B$1.1B$1.3B$1.7B$1.4B$2.9B$2.5B
Short-term investments$376.5M$440.3M$537.2M$843.1M$775.5M–––––
Total debt––––$0$988.4M$990.4M$992.3M$994.3M$996.3M
Net debt––––-$1.8B-$330.7M-$692.5M-$405.6M-$1.9B-$1.5B
Shareholders' equity$837.7M$602.0M$1.0B$1.3B$856.0M$781.7M-$281.6M-$463.4M$1.5B$1.2B

Latest filings

All on EDGAR
2026-10-3010-QQuarterly report
2026-10-288-KEarnings release
2026-07-3010-QQuarterly report
2026-07-298-KEarnings release
2026-05-0810-QQuarterly report
2026-05-068-KEarnings release
2026-04-29DEF 14AProxy statement
2026-02-2510-KAnnual report
2026-02-058-KEarnings release
2025-11-0710-QQuarterly report

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