Fortinet
FTNT
189.37
+0.09
+0.05%
Fortinet
US · FTNT
#179 by market cap
Listed 2009
189.37
+0.09
+0.05%
Live - 5344 symbols - heartbeat 128s ago
· 2026-10-08 10:10
Pre-market
189.55
+0.14%
After-hours
190.00
+0.38%
Overnight
188.38
-0.48%
- Market cap
- 138.94B
- P/E (TTM)i
- 66.92
- P/Bi
- 89.58
- EPSi
- 2.42
- Div yieldi
- 0.00%
- 52W posi
- 97%
Reader sentiment
Are you bullish or bearish on FTNT?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Good
- Altman Z-Score is 10.46, above the 3.0 "safe zone" threshold.
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 8 years
Latest year +14.17% YoY
Margins
- Gross margin
- 80.46%
- Operating margin
- 30.66%
- Net margin
- 27.26%
Key ratios & quality
- Enterprise valuei
- 136.36B
- PEG ratioi
- 2.28
- Altman Z-Scorei
- 10.46
PEG uses trailing P/E against the 3-year net income growth rate (29.30%/yr) since forward earnings estimates aren't available here, so this is not a "forward PEG." Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.80B | 2.16B | 2.59B | 3.34B | 4.42B | 5.30B | 5.96B | 6.80B |
| Gross profit | 1.35B | 1.66B | 2.02B | 2.56B | 3.33B | 4.07B | 4.80B | 5.47B |
| Selling & admin expenses | 875.30M | 1.03B | 1.19B | 1.49B | 1.86B | 2.22B | 2.28B | 2.58B |
| Research & development | 244.50M | 277.10M | 341.40M | 424.20M | 512.40M | 613.80M | 716.80M | 815.50M |
| Operating profit | 234.40M | 351.00M | 531.80M | 650.40M | 969.60M | 1.24B | 1.80B | 2.08B |
| Pretax profit | 254.30M | 386.00M | 541.70M | 628.40M | 955.50M | 1.33B | 2.06B | 2.28B |
| Tax | -80.60M | 54.30M | 53.20M | 14.10M | 30.80M | 143.80M | 283.90M | 439.10M |
| Net profit | 334.90M | 331.70M | 488.50M | 606.70M | 856.60M | 1.15B | 1.75B | 1.85B |
| Basic EPS | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 2 |
| Diluted EPS | 0.38 | 0.38 | 0.58 | 0.73 | 1.06 | 1.46 | 2.26 | 2.42 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 1.54B | 1.63B | 1.72B | 1.91B | 1.85B | 2.05B |
| Gross profit | 1.25B | 1.32B | 1.39B | 1.52B | 1.49B | 1.64B |
| Selling & admin expenses | 600.50M | 648.90M | 644.90M | 686.60M | 692.50M | 730.20M |
| Research & development | 198.60M | 209.50M | 202.40M | 205.00M | 214.00M | 225.00M |
| Operating profit | 453.80M | 458.00M | 547.30M | 625.60M | 580.00M | 689.30M |
| Pretax profit | 519.30M | 517.30M | 594.80M | 650.80M | 656.60M | 720.20M |
| Tax | 96.50M | 77.10M | 120.70M | 144.80M | 122.00M | 115.00M |
| Net profit | 433.40M | 440.10M | 473.90M | 506.00M | 534.50M | 606.30M |
| Basic EPS | 1 | 1 | 1 | 1 | 1 | 1 |
| Diluted EPS | 0.56 | 0.57 | 0.62 | 0.68 | 0.72 | 0.82 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 2.22B | 2.77B | 2.74B | 3.60B | 3.81B | 4.43B | 5.97B | 5.90B |
| Cash & ST investments | 1.65B | 2.07B | 1.84B | 2.55B | 2.21B | 2.44B | 4.07B | 3.58B |
| Inventory | 90.00M | 117.90M | 139.80M | 175.80M | 264.60M | 484.80M | 315.50M | 399.50M |
| Total assets | 3.08B | 3.88B | 4.04B | 5.92B | 6.23B | 7.26B | 9.76B | 10.39B |
| Total current liabilities | 1.26B | 1.46B | 1.83B | 2.32B | 3.08B | 3.72B | 4.06B | 5.03B |
| Short-term debt | -- | -- | -- | -- | -- | -- | -- | 499.70M |
| Long-term debt | -- | -- | -- | 988.40M | 990.40M | 992.30M | 994.30M | 496.60M |
| Total liabilities | 2,067,800,000.00 | 2,536,800,000.00 | 3,188,500,000.00 | 5,120,700,000.00 | 6,509,600,000.00 | 7,722,300,000.00 | 8,269,300,000.00 | 9,151,700,000.00 |
| Total equity | 1.01B | 1.34B | 856.00M | 798.40M | -281.60M | -463.40M | 1.49B | 1.24B |
| Retained earnings | -57.50M | 160.80M | -352.10M | -467.90M | -1.55B | -1.86B | -117.10M | -507.90M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 6.44B | 6.35B | 4.91B | 5.90B | 5.33B | 6.21B |
| Cash & ST investments | 4.78B | 4.56B | 3.12B | 3.58B | 3.29B | 4.07B |
| Inventory | 362.70M | 405.20M | 426.60M | 399.50M | 369.60M | 426.30M |
| Total assets | 10.41B | 10.64B | 9.36B | 10.39B | 9.88B | 10.86B |
| Total current liabilities | 4.73B | 4.78B | 4.79B | 5.03B | 4.62B | 4.84B |
| Short-term debt | 498.70M | 499.00M | 499.40M | 499.70M | -- | -- |
| Long-term debt | 496.20M | 496.30M | 496.50M | 496.60M | 496.80M | 496.90M |
| Total liabilities | 8,444,100,000.00 | 8,581,000,000.00 | 8,626,200,000.00 | 9,151,700,000.00 | 8,893,800,000.00 | 9,308,100,000.00 |
| Total equity | 1.96B | 2.06B | 735.10M | 1.24B | 989.70M | 1.55B |
| Retained earnings | 316.30M | 364.40M | -958.50M | -507.90M | -782.00M | -316.70M |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 638.90M | 808.00M | 1.08B | 1.50B | 1.73B | 1.94B | 2.26B | 2.59B |
| Depreciation & amortization | 55.70M | 61.60M | 68.80M | 84.40M | 104.30M | 113.40M | 122.80M | 152.00M |
| Free cash flow | 585.90M | 715.80M | 957.80M | 1.20B | 1.45B | 1.73B | 1.88B | 2.23B |
| Dividends paid | -- | -- | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | -125.30M | -95.60M | -1.06B | -715.80M | -1.97B | -1.46B | 62.50M | -2.25B |
| Ending cash balance | 1.11B | 1.22B | 1.06B | 1.32B | 1.68B | 1.40B | 2.88B | 2.50B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | 863.30M | 451.90M | 655.20M | 620.20M | 1.08B | 1.04B |
| Depreciation & amortization | 35.80M | 38.30M | 38.40M | 39.50M | 39.80M | 41.40M |
| Free cash flow | 796.80M | 284.10M | 567.50M | 577.40M | 1.01B | 965.60M |
| Dividends paid | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | 20.20M | -390.00M | -1.83B | -50.10M | -805.40M | -105.10M |
| Ending cash balance | 3.60B | 3.37B | 2.00B | 2.50B | 2.22B | 2.93B |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | 41.54 | 28.00 | 44.86 | 74.10 | 342.85 | -- | 338.74 | 135.72 |
| ROA %i | 12.45 | 9.38 | 12.32 | 12.18 | 14.12 | 17.02 | 20.51 | 18.39 |
| ROIC %i | 39.12 | 24.87 | 43.40 | 34.14 | 69.21 | -- | 107.98 | 66.58 |
| 5-year avg ROE %i | 11.09 | 15.93 | 24.59 | 38.60 | 106.24 | -- | -- | -- |
| EBIT margin %i | 12.82 | 15.96 | 20.50 | 19.25 | 22.04 | 25.54 | 34.90 | 33.86 |
| FCF / sales %i | 32.53 | 33.20 | 36.92 | 36.02 | 32.81 | 32.64 | 31.55 | 32.73 |
| Current ratioi | 1.77 | 1.90 | 1.50 | 1.55 | 1.24 | 1.19 | 1.47 | 1.17 |
| Quick ratioi | 1.67 | 1.79 | 1.40 | 1.45 | 1.13 | 1.03 | 1.36 | 1.05 |
| Debt / assetsi | -- | -- | -- | 16.70 | 15.90 | 13.67 | 10.18 | 9.59 |
| LT debt / equityi | -- | -- | -- | 126.44 | -- | -- | 66.56 | 40.13 |
| Interest coveragei | -- | -- | -- | 43.17 | 54.08 | 64.51 | 103.93 | 114.54 |
| Revenue CAGR (3Y) %i | 21.37 | 19.25 | 20.17 | 22.81 | 26.87 | 26.92 | 21.24 | 15.46 |
| Net income CAGR (3Y) %i | 247.41 | 117.59 | 149.64 | 21.91 | 37.23 | 32.94 | 42.21 | 29.30 |
| FCF CAGR (3Y) %i | 33.69 | 36.98 | 27.78 | 27.13 | 26.51 | 21.82 | 16.00 | 15.37 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | 205.91 | 165.17 | 228.04 | 135.72 | 132.39 | 117.44 |
| ROA %i | 20.80 | 20.75 | 20.57 | 18.39 | 19.27 | 19.73 |
| ROIC %i | 81.37 | 74.78 | 84.58 | 66.58 | 93.69 | 87.86 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | 36.67 | 36.30 | 34.64 | 33.86 | 34.30 | 35.08 |
| FCF / sales %i | 33.66 | 32.07 | 30.95 | 32.73 | 34.26 | 41.41 |
| Current ratioi | 1.36 | 1.33 | 1.03 | 1.17 | 1.15 | 1.28 |
| Quick ratioi | 1.26 | 1.21 | 0.90 | 1.05 | 1.03 | 1.14 |
| Debt / assetsi | 9.56 | 9.35 | 10.64 | 9.59 | 5.03 | 4.58 |
| LT debt / equityi | 25.28 | 24.09 | 67.54 | 40.13 | 50.20 | 32.04 |
| Interest coveragei | 113.75 | 118.60 | 110.21 | 114.54 | 125.72 | 146.69 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Diversified
- Product is the largest reported line at 37.75% of revenue, across 3 reported segments.
- No single line clears half of revenue; Security subscription is next at 35.63%, spreading the business across more than one real driver.
Revenue breakdown most recent period
Business
Product37.75%
Security subscription35.63%
Technical support and other26.62%
Quote time 2026-10-08 10:10:09 · For reference only, not investment advice and not tailored to your situation.