Cash flow Fortinet, Inc.

Stocks

FTNT

US34959E1091

Software

Market Closed - Nasdaq Other stock markets 04:00:00 2026-06-11 pm EDT			After hours 06:19:46 pm
145.06 ^USD	+4.45%		150.74	+3.92%

Jun. 11	A Rebound With Strings Attached
Jun. 11	Analyst recommendations: Chewy, CME Group, Ford Motor, Fortinet, Humana…

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Published financial data: FORTINET, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	3.34B	4.42B	5.3B	5.96B	6.8B
Total Revenues	3.34B	4.42B	5.3B	5.96B	6.8B
Cost of Goods Sold, Total	783M	1.08B	1.24B	1.16B	1.33B
Gross Profit	2.56B	3.33B	4.07B	4.8B	5.47B
Selling General & Admin Expenses, Total	1.49B	1.86B	2.22B	2.28B	2.58B
R&D Expenses	424M	512M	614M	717M	816M
Other Operating Expenses, Total	1.91B	2.37B	2.83B	3B	3.4B
Operating Income	646M	965M	1.24B	1.8B	2.07B
Interest Expense, Total	-14.9M	-18M	-21M	-20M	-20.1M
Interest And Investment Income	4.5M	17.4M	120M	155M	162M
Net Interest Expenses	-10.4M	-600K	98.7M	135M	142M
Income (Loss) On Equity Invest.	-7.6M	-68.1M	-42.1M	-29.4M	10.3M
Currency Exchange Gains (Loss)	-8.2M	-4.6M	-7M	-16.9M	-4.9M
Other Non Operating Income (Expenses)	1.7M	4.2M	5.3M	4.1M	9.5M
EBT, Excl. Unusual Items	621M	896M	1.29B	1.89B	2.23B
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-5.1M	-13.1M	-4.4M	26.4M	10.8M
Gain (Loss) On Sale Of Assets	4.6M	4.6M	4.6M	4.6M	10.4M
Legal Settlements	-	-	-	-	-
Other Unusual Items	-	-	-	106M	39.9M
EBT, Incl. Unusual Items	621M	887M	1.29B	2.03B	2.29B
Income Tax Expense	14.1M	30.8M	144M	284M	439M
Earnings From Continuing Operations	607M	857M	1.15B	1.75B	1.85B
Net Income to Company	607M	857M	1.15B	1.75B	1.85B
Minority Interest	100K	700K	-	-	-
Net Income - (IS)	607M	857M	1.15B	1.75B	1.85B
Net Income to Common Incl Extra Items	607M	857M	1.15B	1.75B	1.85B
Net Income to Common Excl. Extra Items	607M	857M	1.15B	1.75B	1.85B
Per Share Items
Net EPS - Basic	0.74	1.08	1.47	2.28	2.45
Basic EPS - Continuing Operations	0.74	1.08	1.47	2.28	2.45
Basic Weighted Average Shares Outstanding	816M	791M	779M	764M	758M
Net EPS - Diluted	0.73	1.06	1.46	2.26	2.42
Diluted EPS - Continuing Operations	0.73	1.06	1.46	2.26	2.42
Diluted Weighted Average Shares Outstanding	836M	805M	788M	772M	765M
Normalized Basic EPS	0.48	0.71	1.04	1.55	1.84
Normalized Diluted EPS	0.46	0.7	1.02	1.53	1.82
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	730M	1.07B	1.35B	1.92B	2.23B
EBITA	664M	988M	1.26B	1.82B	2.12B
EBIT	646M	965M	1.24B	1.8B	2.07B
EBITDAR	764M	1.12B	1.41B	1.98B	2.3B
Total Revenues (As Reported)	3.34B	4.42B	5.3B	5.96B	6.8B
Effective Tax Rate - (Ratio)	2.27	3.47	11.13	13.99	19.15
Current Domestic Taxes	83.2M	238M	426M	470M	316M
Current Foreign Taxes	23.3M	18.8M	24.3M	36.8M	54.3M
Total Current Taxes	106M	256M	450M	507M	371M
Deferred Domestic Taxes	-91.3M	-223M	-300M	-223M	68.7M
Deferred Foreign Taxes	-1.1M	-2.4M	-6.7M	200K	-400K
Total Deferred Taxes	-92.4M	-226M	-307M	-223M	68.3M
Normalized Net Income	388M	561M	807M	1.18B	1.39B
Interest on Long-Term Debt	14.9M	18M	21M	20M	20.1M
Supplemental Operating Expense Items
Selling and Marketing Expenses	1.35B	1.69B	2.01B	2.04B	2.35B
General and Administrative Expenses	144M	169M	211M	238M	233M
Research And Development Expense From Footnotes	424M	512M	614M	717M	816M
Net Rental Expense, Total	33.3M	46.4M	58.1M	62.1M	72.4M
Imputed Operating Lease Interest Expense	7.16M	6.24M	9.05M	9.26M	10.9M
Imputed Operating Lease Depreciation	26.14M	40.16M	49.05M	52.84M	61.5M
Stock-Based Comp., COGS (Total)	17.4M	20.5M	25.1M	27.3M	29.3M
Stock-Based Comp., R&D Exp. (Total)	56.7M	64.2M	76.8M	85.9M	98.7M
Stock-Based Comp., S&M Exp. (Total)	110M	105M	112M	105M	117M
Stock-Based Comp., G&A Exp. (Total)	27.1M	30.1M	37.9M	41.7M	36.9M
Total Stock-Based Compensation	211M	220M	252M	260M	282M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.32B	1.68B	1.4B	2.88B	2.5B
Short Term Investments	1.23B	528M	1.04B	1.19B	1.09B
Total Cash And Short Term Investments	2.55B	2.21B	2.44B	4.07B	3.58B
Accounts Receivable, Total	808M	1.26B	1.4B	1.46B	1.69B
Other Receivables	-	-	-	-	-
Total Receivables	808M	1.26B	1.4B	1.46B	1.69B
Inventory	176M	265M	485M	316M	400M
Prepaid Expenses	65.4M	73.1M	101M	126M	227M
Total Current Assets	3.6B	3.81B	4.43B	5.97B	5.9B
Gross Property Plant And Equipment	964M	1.28B	1.47B	1.84B	2.17B
Accumulated Depreciation	-212M	-280M	-353M	-416M	-482M
Net Property Plant And Equipment	753M	995M	1.12B	1.42B	1.68B
Long-term Investments	441M	45.5M	50.7M	13.2M	340M
Goodwill	125M	128M	126M	235M	257M
Other Intangibles, Total	63.6M	56M	35.3M	115M	97.3M
Deferred Tax Assets Long-Term	342M	569M	869M	1.34B	1.31B
Deferred Charges Long-Term	423M	518M	606M	623M	736M
Other Long-Term Assets, Total	171M	106M	23.3M	47.8M	60.8M
Total Assets	5.92B	6.23B	7.26B	9.76B	10.39B
Liabilities
Accounts Payable, Total	148M	243M	204M	191M	231M
Accrued Expenses, Total	366M	452M	548M	507M	605M
Current Portion of Long-Term Debt	-	-	-	-	500M
Current Portion of Leases	26.3M	33.2M	33.4M	32.7M	36.1M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	1.78B	2.35B	2.85B	3.28B	3.64B
Other Current Liabilities	-	-	84.7M	54M	26.7M
Total Current Liabilities	2.32B	3.08B	3.72B	4.06B	5.03B
Long-Term Debt	988M	990M	992M	994M	497M
Long-Term Leases	40.5M	62.5M	45.7M	46.4M	29.4M
Unearned Revenue Non Current	1.68B	2.29B	2.89B	3.08B	3.48B
Other Non Current Liabilities	98.2M	87.3M	79M	83.2M	112M
Total Liabilities	5.12B	6.51B	7.72B	8.27B	9.15B
Common Stock, Total	200K	800K	800K	800K	700K
Additional Paid In Capital	1.25B	1.28B	1.42B	1.64B	1.77B
Retained Earnings	-468M	-1.55B	-1.86B	-117M	-508M
Comprehensive Income and Other	-4.8M	-20.2M	-18.9M	-26.1M	-25.4M
Total Common Equity	782M	-282M	-463M	1.49B	1.24B
Minority Interest	16.7M	-	-	-	-
Total Equity	798M	-282M	-463M	1.49B	1.24B
Total Liabilities And Equity	5.92B	6.23B	7.26B	9.76B	10.39B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	804M	784M	763M	769M	740M
ECS Total Common Shares Outstanding	810M	782M	761M	767M	743M
Book Value / Share	0.97	-0.36	-0.61	1.95	1.67
Tangible Book Value	593M	-466M	-625M	1.14B	883M
Tangible Book Value Per Share	0.73	-0.6	-0.82	1.49	1.19
Total Debt	1.06B	1.09B	1.07B	1.07B	1.06B
Net Debt	-1.5B	-1.12B	-1.37B	-2.99B	-2.52B
Debt Equivalent Oper. Leases	266M	371M	465M	497M	579M
Minority Interest, Total (Incl. Fin. Div)	16.7M	-	-	-	-
Equity Method Investments, Total	-	-	50.7M	13.2M	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	40.2M	46.3M	92.1M	90.9M	61.9M
Inventories - Work In Process, Total	9.8M	12M	7.7M	4.1M	3M
Inventories - Finished Goods, Total	126M	206M	385M	220M	335M
Land - (BS)	204M	310M	352M	501M	592M
Buildings, Total	416M	490M	596M	801M	974M
Machinery, Total	203M	254M	295M	316M	377M
Full Time Employees	10.2K	12.6K	13.57K	14.14K	15.11K
Accumulated Allowance for Doubtful Accounts (Supple)	2.4M	3.6M	8.2M	5.9M	7.4M
Order Backlog	162M	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	607M	857M	1.15B	1.75B	1.85B
Depreciation & Amortization - CF	65.9M	81M	94.5M	99.7M	101M
Amortization of Goodwill and Intangible Assets - (CF)	18.5M	23.3M	18.9M	23.1M	50.7M
Depreciation & Amortization, Total	84.4M	104M	113M	123M	152M
Amortization of Deferred Charges, Total - (CF)	176M	223M	266M	294M	336M
(Gain) Loss on Sale of Investments - (CF)	6.9M	4.4M	-27.7M	-48.8M	-33.7M
(Income) Loss On Equity Investments - (CF)	7.6M	68.1M	42.1M	29.4M	-
Stock-Based Compensation (CF)	208M	217M	249M	258M	280M
Other Operating Activities, Total	7.8M	22.9M	18.5M	-122M	-52.7M
Change In Accounts Receivable	-72.5M	-457M	-146M	-45.4M	-216M
Change In Inventories	-19.4M	-109M	-254M	131M	-90.6M
Change In Accounts Payable	-13.1M	105M	-43.1M	-10.2M	27.9M
Change in Unearned Revenues	839M	1.18B	1.1B	578M	754M
Change In Income Taxes	-	-	-	-	-
Change In Deferred Taxes	-94M	-226M	-302M	-223M	66.2M
Change in Other Net Operating Assets	-238M	-258M	-224M	-451M	-486M
Cash from Operations	1.5B	1.73B	1.94B	2.26B	2.59B
Capital Expenditure	-296M	-281M	-204M	-379M	-365M
Cash Acquisitions	-74.9M	-30.8M	-	-276M	-41.6M
Investment in Marketable and Equity Securities, Total	-955M	1.08B	-446M	-73.1M	-193M
Other Investing Activities, Total	400K	-	300K	100K	100K
Cash from Investing	-1.33B	764M	-649M	-727M	-599M
Long-Term Debt Issued, Total	989M	-	-	-	-
Total Debt Issued	989M	-	-	-	-
Long-Term Debt Repaid, Total	-19.5M	-	-	-	-
Total Debt Repaid	-19.5M	-	-	-	-
Issuance of Common Stock	26M	26.1M	43.8M	63.1M	44.7M
Repurchase of Common Stock	-910M	-2.15B	-1.61B	-102M	-2.42B
Other Financing Activities, Total	-3.4M	-4.8M	-1.2M	-11.7M	-100K
Cash from Financing	82.8M	-2.13B	-1.57B	-50.1M	-2.37B
Foreign Exchange Rate Adjustments	-100K	-400K	-800K	-2.6M	-600K
Net Change in Cash	257M	364M	-285M	1.48B	-381M
Supplemental Items
Cash Income Tax Paid (Refund)	127M	260M	426M	579M	452M
Levered Free Cash Flow	906M	1.06B	1.44B	1.83B	1.75B
Unlevered Free Cash Flow	915M	1.07B	1.45B	1.85B	1.76B
Change In Net Working Capital	-336M	-203M	-252M	-425M	-57.5M
Net Debt Issued / Repaid	970M	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	8.1	9.93	11.46	13.21	12.87
Return on Total Capital	29.22	45.38	109.42	70.81	53.28
Return On Equity %	73.34	331.5	-308.13	338.74	135.72
Return on Common Equity	74.1	342.85	-308.13	338.74	135.72
Margin Analysis
Gross Profit Margin %	76.57	75.44	76.68	80.56	80.46
SG&A Margin	44.56	42	41.8	38.33	37.96
EBITDA Margin %	21.85	24.21	25.45	32.26	32.74
EBITA Margin %	19.88	22.37	23.67	30.59	31.25
EBIT Margin %	19.32	21.85	23.31	30.2	30.51
Income From Continuing Operations Margin %	18.15	19.39	21.64	29.3	27.26
Net Income Margin %	18.16	19.41	21.64	29.3	27.26
Net Avail. For Common Margin %	18.16	19.41	21.64	29.3	27.26
Normalized Net Income Margin	11.62	12.69	15.21	19.85	20.51
Levered Free Cash Flow Margin	27.09	24.02	27.12	30.81	25.69
Unlevered Free Cash Flow Margin	27.37	24.27	27.37	31.02	25.88
Asset Turnover
Asset Turnover	0.67	0.73	0.79	0.7	0.67
Fixed Assets Turnover	5.35	5.06	5.02	4.69	4.38
Receivables Turnover (Average Receivables)	4.38	4.27	3.98	4.16	4.31
Inventory Turnover (Average Inventory)	4.96	4.93	3.3	2.89	3.72
Short Term Liquidity
Current Ratio	1.55	1.24	1.19	1.47	1.17
Quick Ratio	1.45	1.13	1.03	1.36	1.05
Operating Cash Flow to Current Liabilities	0.65	0.56	0.52	0.56	0.51
Days Sales Outstanding (Average Receivables)	83.42	85.49	91.64	88.04	84.67
Days Outstanding Inventory (Average Inventory)	73.56	74.08	110.54	126.52	98.19
Average Days Payable Outstanding	64.62	60.92	56.06	73.18	54.47
Cash Conversion Cycle (Average Days)	92.36	98.66	146.12	141.38	128.39
Long Term Solvency
Total Debt/Equity	132.16	-385.69	-231.2	71.86	85.8
Total Debt / Total Capital	56.93	135	176.22	41.81	46.18
LT Debt/Equity	128.87	-373.9	-224	69.67	42.5
Long-Term Debt / Total Capital	55.51	130.88	170.72	40.54	22.88
Total Liabilities / Total Assets	86.51	104.52	106.38	84.7	88.09
EBIT / Interest Expense	43.34	53.61	58.88	89.94	103.2
EBITDA / Interest Expense	51.24	61.98	67.05	99.18	114.36
(EBITDA - Capex) / Interest Expense	31.38	46.36	57.33	80.24	96.21
Total Debt / EBITDA	1.38	0.97	0.76	0.54	0.46
Net Debt / EBITDA	-1.96	-1.01	-0.97	-1.51	-1.1
Total Debt / (EBITDA - Capex)	2.26	1.3	0.89	0.67	0.55
Net Debt / (EBITDA - Capex)	-3.2	-1.35	-1.14	-1.87	-1.3
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	28.82	32.17	20.09	12.27	14.17
Gross Profit, 1 Yr. Growth %	26.42	30.22	22.06	17.96	14.02
EBITDA, 1 Yr. Growth %	30.3	46.44	26.24	42.35	15.86
EBITA, 1 Yr. Growth %	31.57	48.77	27.03	45.12	16.64
EBIT, 1 Yr. Growth %	31.37	49.43	28.13	45.48	15.32
Earnings From Cont. Operations, 1 Yr. Growth %	24.2	41.19	33.99	52.05	6.2
Net Income, 1 Yr. Growth %	24.22	41.28	33.89	52.05	6.2
Normalized Net Income, 1 Yr. Growth %	22.87	44.34	43.97	46.49	17.95
Diluted EPS Before Extra, 1 Yr. Growth %	24.74	45.21	37.74	54.79	7.08
Accounts Receivable, 1 Yr. Growth %	12.18	56.21	11.12	4.38	15.57
Inventory, 1 Yr. Growth %	25.75	50.51	83.22	-34.92	26.62
Net Property, Plant and Equip., 1 Yr. Growth %	51.36	32.16	12.63	26.89	18.41
Total Assets, 1 Yr. Growth %	46.35	5.22	16.55	34.5	6.41
Tangible Book Value, 1 Yr. Growth %	-18.92	-178.52	34.28	-282.89	-22.79
Common Equity, 1 Yr. Growth %	-8.68	-136.02	64.56	-422.36	-17.16
Cash From Operations, 1 Yr. Growth %	38.39	15.4	11.84	16.67	14.72
Capital Expenditures, 1 Yr. Growth %	135.03	-4.97	-27.42	85.64	-3.72
Levered Free Cash Flow, 1 Yr. Growth %	20.45	17.17	35.61	27.53	-4.79
Unlevered Free Cash Flow, 1 Yr. Growth %	21.69	17.21	35.41	27.24	-4.75
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	24.3	30.49	25.98	16.11	13.22
Gross Profit, 2 Yr. CAGR %	24.27	28.3	26.07	19.99	15.97
EBITDA, 2 Yr. CAGR %	33.03	38.13	35.97	34.05	28.42
EBITA, 2 Yr. CAGR %	35.48	39.91	37.47	35.77	30.1
EBIT, 2 Yr. CAGR %	35.64	40.11	38.37	36.53	29.52
Earnings From Cont. Operations, 2 Yr. CAGR %	35.24	32.42	37.55	42.74	27.07
Net Income, 2 Yr. CAGR %	35.25	32.48	37.53	42.68	27.07
Normalized Net Income, 2 Yr. CAGR %	26.89	33.74	44.75	45.22	31.45
Diluted EPS Before Extra, 2 Yr. CAGR %	38.22	35.19	41.42	46.02	28.75
Accounts Receivable, 2 Yr. CAGR %	21.82	32.38	31.75	7.7	9.83
Inventory, 2 Yr. CAGR %	22.11	37.58	66.06	9.2	-9.22
Net Property, Plant and Equip., 2 Yr. CAGR %	39.17	41.44	22	19.55	22.58
Total Assets, 2 Yr. CAGR %	23.53	24.09	10.74	25.2	19.63
Tangible Book Value, 2 Yr. CAGR %	-30.96	-20.21	2.68	56.71	18.83
Common Equity, 2 Yr. CAGR %	-23.69	-42.64	-23.01	130.32	63.42
Cash From Operations, 2 Yr. CAGR %	36.24	26.37	13.6	14.23	15.69
Capital Expenditures, 2 Yr. CAGR %	79.15	49.45	-16.95	16.08	33.69
Levered Free Cash Flow, 2 Yr. CAGR %	31.64	18.8	26.05	31.51	10.19
Unlevered Free Cash Flow, 2 Yr. CAGR %	32.31	19.43	25.98	31.26	10.09
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	22.81	26.87	26.92	21.24	15.46
Gross Profit, 3 Yr. CAGR %	23.63	26.22	26.19	23.31	17.97
EBITDA, 3 Yr. CAGR %	36.03	37.36	34.05	38.06	27.69
EBITA, 3 Yr. CAGR %	39.75	39.78	35.47	39.98	29.07
EBIT, 3 Yr. CAGR %	40.19	40.09	36	40.7	29.06
Earnings From Cont. Operations, 3 Yr. CAGR %	21.9	37.2	32.94	42.22	29.34
Net Income, 3 Yr. CAGR %	21.91	37.23	32.94	42.21	29.3
Normalized Net Income, 3 Yr. CAGR %	35.09	32.46	37.07	45.33	35.5
Diluted EPS Before Extra, 3 Yr. CAGR %	23.65	40.77	36.03	45.75	31.67
Accounts Receivable, 3 Yr. CAGR %	22.03	32.34	24.87	21.91	10.26
Inventory, 3 Yr. CAGR %	25	30.93	51.36	21.52	14.72
Net Property, Plant and Equip., 3 Yr. CAGR %	40.5	36.8	31.09	23.61	19.17
Total Assets, 3 Yr. CAGR %	24.35	17.09	21.53	18.15	18.6
Tangible Book Value, 3 Yr. CAGR %	-14.53	-27.94	-5.1	24.47	23.77
Common Equity, 3 Yr. CAGR %	-8.19	-40.58	-18.5	24.09	63.8
Cash From Operations, 3 Yr. CAGR %	32.9	28.9	21.33	14.62	14.39
Capital Expenditures, 3 Yr. CAGR %	77.4	45.02	17.47	8.59	9.06
Levered Free Cash Flow, 3 Yr. CAGR %	19.82	26.62	24.16	26.54	18.08
Unlevered Free Cash Flow, 3 Yr. CAGR %	20.23	27.07	24.53	26.4	17.95
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	21.25	24.2	24.07	22.46	21.25
Gross Profit, 5 Yr. CAGR %	22.24	24.6	24.6	23.69	22
EBITDA, 5 Yr. CAGR %	50.24	45.21	36	36.03	31.77
EBITA, 5 Yr. CAGR %	63.88	52.79	38.83	38.16	33.3
EBIT, 5 Yr. CAGR %	68.96	54.36	39.46	38.65	33.37
Earnings From Cont. Operations, 5 Yr. CAGR %	79.9	93.72	27.94	39.39	30.56
Net Income, 5 Yr. CAGR %	79.9	93.75	27.94	39.39	30.56
Normalized Net Income, 5 Yr. CAGR %	67.52	48.48	38.64	37.42	34.79
Diluted EPS Before Extra, 5 Yr. CAGR %	82.36	96.7	30.62	42.84	33.07
Accounts Receivable, 5 Yr. CAGR %	20.88	29.37	25.83	21.87	18.62
Inventory, 5 Yr. CAGR %	10.46	27.9	40.04	21.76	23.37
Net Property, Plant and Equip., 5 Yr. CAGR %	40.55	32.3	32.79	29.62	27.62
Total Assets, 5 Yr. CAGR %	22.57	22.5	18.72	20.27	20.77
Tangible Book Value, 5 Yr. CAGR %	-5.77	-3.57	-8.03	-1.67	3.83
Common Equity, 5 Yr. CAGR %	-1.37	-13.73	-14.43	2.16	7.65
Cash From Operations, 5 Yr. CAGR %	34.11	23.83	24.82	22.82	19.04
Capital Expenditures, 5 Yr. CAGR %	34.51	15.76	30.95	32.67	23.71
Levered Free Cash Flow, 5 Yr. CAGR %	33.98	27.76	22.27	28.56	18.37
Unlevered Free Cash Flow, 5 Yr. CAGR %	34.25	28.03	22.5	28.73	18.54