Fortinet, Inc.

FTNT · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006
Valuation
Market cap	$59,053	$72,414	$44,946	$38,195	$58,762	$24,285	$17,455	$11,515	$7,143	$4,925	$5,096	$5,021	$3,111	$3,320	$3,326	$2,280	$1,097	–	–	–
Enterprise value	$56,467	$69,342	$43,498	$36,974	$57,215	$22,447	$15,390	$9,866	$5,892	$3,839	$4,205	$4,301	$2,619	$2,906	$2,936	$1,966	$837	–	–	–
P/E (TTM) at period end	31.86×	41.49×	39.16×	44.55×	96.84×	49.71×	52.62×	34.38×	227.49×	152.94×	638.07×	198.14×	70.26×	49.67×	53.23×	55.27×	21.55×	–	–	–
P/S (TTM) at period end	8.68×	12.16×	8.47×	8.65×	17.58×	9.36×	8.07×	6.39×	4.78×	3.86×	5.05×	6.52×	5.06×	6.22×	7.67×	7.02×	4.35×	–	–	–
P/B at period end	47.72×	48.48×	–	–	75.17×	28.37×	13.00×	11.23×	11.87×	5.88×	6.75×	7.43×	5.31×	6.50×	9.28×	9.81×	7.70×	–	–	–
EV / EBITDA (TTM)	25.25×	36.00×	32.11×	34.43×	77.87×	37.37×	37.30×	34.01×	35.64×	42.00×	90.49×	52.87×	29.86×	25.94×	30.62×	32.21×	26.76×	–	–	–
EV / Sales (TTM)	8.30×	11.64×	8.20×	8.37×	17.12×	8.65×	7.11×	5.48×	3.94×	3.01×	4.17×	5.58×	4.26×	5.45×	6.77×	6.06×	3.32×	–	–	–
Returns
Return on equity	149.8%	116.8%	–	–	77.6%	57.1%	24.7%	32.7%	5.2%	3.8%	1.1%	3.7%	7.6%	13.1%	17.4%	17.7%	35.7%	–	–	–
Return on invested capital	–	–	–	–	135.9%	–	251.6%	–	–	24.9%	3.3%	6.2%	8.9%	16.5%	21.1%	24.5%	–	–	–	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.17×	1.47×	1.19×	1.24×	1.55×	1.50×	1.90×	1.77×	1.67×	1.86×	1.87×	2.03×	1.78×	1.78×	1.96×	1.92×	1.90×	1.25×	1.11×	–
Debt / equity	0.81×	0.67×	(2.14×)	(3.52×)	1.26×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Effective tax rate	19.2%	13.8%	10.8%	3.2%	2.2%	9.8%	14.1%	(31.7%)	74.7%	25.3%	53.0%	58.8%	41.7%	36.3%	32.1%	26.8%	(118.7%)	20.4%	(8.9%)	(29.6%)
Share count
Diluted shares outstanding	765	772	788	805	835	838	875	871	890	882	881	846	841	832	819	782	652	656	671	671

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006
Revenue and gross profit
Revenue	$7,527	$6,800	$5,956	$5,305	$4,417	$3,342	$2,594	$2,163	$1,801	$1,495	$1,275	$1,009	$770	$615	$534	$434	$325	$252	$212	$155	$123
Cost of revenue	($1,490)	($1,329)	($1,158)	($1,237)	($1,085)	($783)	($570)	($506)	($450)	($385)	($338)	($287)	($231)	($181)	($147)	($114)	($85)	($70)	($65)	($57)	($41)
Gross profit	$6,037	$5,471	$4,798	$4,068	$3,332	$2,559	$2,024	$1,657	$1,354	$1,110	$938	$722	$539	$435	$386	$320	$239	$182	$146	$99	$83
Operating expenses
Research and development	($846)	($816)	($717)	($614)	($512)	($424)	($341)	($277)	($244)	($211)	($183)	($158)	($123)	($103)	($81)	($64)	($50)	($42)	($37)	($28)	($21)
Selling, general and administrative	($236)	($233)	($238)	($211)	($169)	($144)	($120)	($102)	($93)	($88)	($81)	($72)	($41)	($35)	($26)	($22)	($22)	($18)	($104)	($93)	($67)
Total operating expenses	($3,595)	($3,386)	($2,995)	($2,826)	($2,363)	($1,909)	($1,493)	($1,306)	($1,120)	($1,000)	($895)	($708)	($480)	($363)	($286)	($231)	($184)	($157)	($141)	($120)	($88)
Total costs and expenses	($5,085)	($4,715)	($4,152)	($4,064)	($3,448)	($2,692)	($2,063)	($1,812)	($1,567)	($1,385)	($1,232)	($994)	($711)	($543)	($433)	($345)	($269)	($227)	($207)	($177)	($129)
Operating income	$2,442	$2,085	$1,803	$1,241	$970	$650	$532	$351	$234	$110	$43	$15	$59	$72	$100	$89	$55	$25	$5	($22)	($6)
Earnings
EBITDA	$2,601	$2,237	$1,926	$1,354	$1,074	$735	$601	$413	$290	$165	$91	$46	$81	$88	$112	$96	$61	$31	$9	($17)	($2)
Interest income	$139	$162	$155	$120	$17	$4	$18	$42	$26	$14	$7	$5	$5	$5	$5	$4	$2	$2	$3	$4	$2
Interest expense	($18)	($20)	($20)	($21)	($18)	($15)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,622	$2,282	$2,058	$1,334	$956	$628	$542	$386	$254	$124	$43	$17	$62	$76	$105	$92	$56	$28	$9	($20)	($4)
Income tax expense	($502)	($439)	($284)	($144)	($31)	($14)	($53)	($54)	$81	($93)	($11)	($9)	($36)	($32)	($38)	($30)	($15)	$33	($2)	($2)	($1)
Net income	$2,121	$1,853	$1,745	$1,148	$857	$607	$488	$332	$335	$31	$32	$8	$25	$44	$67	$62	$41	$60	$7	($22)	($5)
Per share
Diluted EPS (GAAP)	$2.84	$2.42	$2.26	$1.46	$1.06	$0.73	$0.58	$0.38	$0.384	$0.036	$0.036	$0.01	$0.03	$0.052	$0.08	$0.076	$0.052	$0.078	$0.0112	($0.0325)	($0.008)
Basic EPS (GAAP)	$2.86	$2.45	$2.28	$1.47	$1.08	$0.74	$0.60	$0.388	$0.396	$0.036	$0.038	$0.01	$0.03	$0.054	$0.084	$0.082	$0.058	$0.194	$0.0118	($0.038)	($0.0093)
Basic shares outstanding	743	758	764	779	791	816	821	855	846	872	863	852	819	812	790	763	704	263	623	575	575
Margins
Gross margin	80.2%	80.5%	80.6%	76.7%	75.4%	76.6%	78.0%	76.6%	75.2%	74.2%	73.5%	71.6%	70.0%	70.6%	72.4%	73.8%	73.8%	72.2%	69.1%	63.5%	66.8%
Operating margin	32.4%	30.7%	30.3%	23.4%	21.9%	19.5%	20.5%	16.2%	13.0%	7.3%	3.4%	1.5%	7.7%	11.7%	18.8%	20.5%	17.0%	10.0%	2.3%	(13.9%)	(4.9%)
Net margin	28.2%	27.3%	29.3%	21.6%	19.4%	18.2%	18.8%	15.3%	18.6%	2.1%	2.5%	0.8%	3.3%	7.2%	12.5%	14.4%	12.7%	23.9%	3.5%	(14.1%)	(4.3%)

Analyst consensus

Hold69 analysts

Bearish · 6 · Hold · 34 · Bullish · 29

Earnings history

	EPS	Estimate
Q3 2024	$0.63	$0.52	Beat
Q4 2024	$0.74	$0.60	Beat
Q1 2025	$0.58	$0.53	Beat
Q2 2025	$0.64	$0.59	Beat
Q3 2025	$0.74	$0.63	Beat
Q4 2025	$0.81	$0.74	Beat
Q1 2026	$0.82	$0.62	Beat
Q2 2026	$0.90	$0.75	Beat

Peers

Company overview

IPO dateNov 18, 2009

CEOKen Xie

Employees15,472

SectorTechnology

IndustrySoftware - Infrastructure

CountryUS

ExchangeNASDAQ Global Select

Websitewww.fortinet.com

Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network (VPN) services, application control, web filtering, anti-spam measures, and wide area network (WAN) acceleration. Beyond its flagship product, Fortinet provides a diverse portfolio of specialized security tools. These range from FortiSwitch for secure network switching and FortiAP for robust wireless connectivity, to FortiExtender, a versatile hardware appliance. For centralized network visibility and control, clients utilize FortiAnalyzer for logging, analysis, and reporting, and FortiManager for scalable administration of FortiGate devices. The company further fortifies digital defenses with FortiWeb (web application firewalls), FortiMail (secure email gateways), and FortiSandbox technology, which offers proactive threat detection and mitigation. Endpoint protection is a key focus, delivered through FortiClient (featuring pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall) and the advanced FortiEDR/XDR suite, which leverages machine learning for anti-malware execution and real-time post-infection defense. Additionally, FortiToken and FortiAuthenticator product families provide essential multi-factor authentication to safeguard systems and data. Fortinet's service offerings include security subscriptions, technical support, professional consulting, and training programs. Its robust security technologies are distributed both directly to end-users and through an extensive network of channel partners. The company serves a wide array of sectors, including telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare. Headquartered in Sunnyvale, California, Fortinet, Inc. was established in 2000 and maintains a strategic alliance with Linksys.

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