Cash flow Fortinet, Inc.

Equities

FTNT

US34959E1091

Software

Market Closed - Nasdaq Other stock markets 04:00:00 2025-06-17 pm EDT			5-day change	1st Jan Change
102.88 ^USD	+0.91%		+0.78%	+8.89%

Jun. 17	Fortinet, Inc. Strengthens Code-to-Cloud Security with CNAPP Enhancements and Launches Expanded Solution Availability in AWS Marketplace	CI
Jun. 04	Fortinet Unveils New AI-Powered Workspace Security Suite to Protect the Modern Enterprise	CI

4355d6a7cdbbd0da0a.8ToB114nQlSmlRU8p7v-eFGaUeYjac3EbOfBdkgEzkU.yFNjmglfITzf71l7ntOvQDb2OotMXpuHX47xEXxbmRO2VUulNFEwZO7KJQ

Published financial data: FORTINET, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	2.59B	3.34B	4.42B	5.3B	5.96B
Total Revenues	2.59B	3.34B	4.42B	5.3B	5.96B
Cost of Goods Sold, Total	570M	783M	1.08B	1.24B	1.16B
Gross Profit	2.02B	2.56B	3.33B	4.07B	4.8B
Selling General & Admin Expenses, Total	1.19B	1.49B	1.86B	2.22B	2.28B
R&D Expenses	341M	424M	512M	614M	717M
Other Operating Expenses, Total	1.53B	1.91B	2.37B	2.83B	3B
Operating Income	492M	646M	965M	1.24B	1.8B
Interest Expense, Total	-	-14.9M	-18M	-21M	-20M
Interest And Investment Income	17.7M	4.5M	17.4M	120M	155M
Net Interest Expenses	17.7M	-10.4M	-600K	98.7M	135M
Income (Loss) On Equity Invest.	-	-7.6M	-68.1M	-42.1M	-29.4M
Currency Exchange Gains (Loss)	-5.5M	-8.2M	-4.6M	-7M	-16.9M
Other Non Operating Income (Expenses)	2M	1.7M	4.2M	5.3M	56.9M
EBT, Excl. Unusual Items	506M	621M	896M	1.29B	1.94B
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-4.3M	-5.1M	-13.1M	-4.4M	-26.4M
Gain (Loss) On Sale Of Assets	40.2M	4.6M	4.6M	4.6M	4.6M
Legal Settlements	-	-	-	-	-
Other Unusual Items	-	-	-	-	106M
EBT, Incl. Unusual Items	542M	621M	887M	1.29B	2.03B
Income Tax Expense	53.2M	14.1M	30.8M	144M	284M
Earnings From Continuing Operations	488M	607M	857M	1.15B	1.75B
Net Income to Company	488M	607M	857M	1.15B	1.75B
Minority Interest	-	100K	700K	-	-
Net Income - (IS)	488M	607M	857M	1.15B	1.75B
Net Income to Common Incl Extra Items	488M	607M	857M	1.15B	1.75B
Net Income to Common Excl. Extra Items	488M	607M	857M	1.15B	1.75B
Per Share Items
Net EPS - Basic	0.6	0.74	1.08	1.47	2.28
Basic EPS - Continuing Operations	0.6	0.74	1.08	1.47	2.28
Basic Weighted Average Shares Outstanding	821M	816M	791M	779M	764M
Net EPS - Diluted	0.58	0.73	1.06	1.46	2.26
Diluted EPS - Continuing Operations	0.58	0.73	1.06	1.46	2.26
Diluted Weighted Average Shares Outstanding	838M	836M	805M	788M	772M
Normalized Basic EPS	0.39	0.48	0.71	1.04	1.59
Normalized Diluted EPS	0.38	0.46	0.7	1.02	1.57
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	560M	730M	1.07B	1.35B	1.92B
EBITA	505M	664M	988M	1.26B	1.82B
EBIT	492M	646M	965M	1.24B	1.8B
EBITDAR	585M	764M	1.12B	1.41B	1.98B
Total Revenues (As Reported)	2.59B	3.34B	4.42B	5.3B	5.96B
Effective Tax Rate - (Ratio)	9.82	2.27	3.47	11.13	13.99
Current Domestic Taxes	46.7M	83.2M	238M	426M	470M
Current Foreign Taxes	13.6M	23.3M	18.8M	24.3M	36.8M
Total Current Taxes	60.3M	106M	256M	450M	507M
Deferred Domestic Taxes	-8.9M	-91.3M	-223M	-300M	-223M
Deferred Foreign Taxes	1.8M	-1.1M	-2.4M	-6.7M	200K
Total Deferred Taxes	-7.1M	-92.4M	-226M	-307M	-223M
Normalized Net Income	316M	388M	561M	807M	1.22B
Interest on Long-Term Debt	-	14.9M	18M	21M	20M
Supplemental Operating Expense Items
Selling and Marketing Expenses	1.07B	1.35B	1.69B	2.01B	2.04B
General and Administrative Expenses	120M	144M	169M	211M	238M
Research And Development Expense From Footnotes	341M	424M	512M	614M	717M
Net Rental Expense, Total	24.6M	33.3M	46.4M	58.1M	62.1M
Imputed Operating Lease Interest Expense	-	7.16M	6.24M	9.05M	9.26M
Imputed Operating Lease Depreciation	-	26.14M	40.16M	49.05M	52.84M
Stock-Based Comp., COGS (Total)	14.5M	17.4M	20.5M	25.1M	27.3M
Stock-Based Comp., R&D Exp. (Total)	47.6M	56.7M	64.2M	76.8M	85.9M
Stock-Based Comp., S&M Exp. (Total)	108M	110M	105M	112M	105M
Stock-Based Comp., G&A Exp. (Total)	23.3M	27.1M	30.1M	37.9M	41.7M
Total Stock-Based Compensation	194M	211M	220M	252M	260M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.06B	1.32B	1.68B	1.4B	2.88B
Short Term Investments	776M	1.23B	528M	1.04B	1.19B
Total Cash And Short Term Investments	1.84B	2.55B	2.21B	2.44B	4.07B
Accounts Receivable, Total	720M	808M	1.26B	1.4B	1.46B
Other Receivables	2.8M	-	-	-	-
Total Receivables	723M	808M	1.26B	1.4B	1.46B
Inventory	140M	176M	265M	485M	316M
Prepaid Expenses	40.5M	65.4M	73.1M	101M	126M
Total Current Assets	2.74B	3.6B	3.81B	4.43B	5.97B
Gross Property Plant And Equipment	670M	964M	1.28B	1.47B	1.84B
Accumulated Depreciation	-172M	-212M	-280M	-353M	-416M
Net Property Plant And Equipment	497M	753M	995M	1.12B	1.42B
Long-term Investments	119M	441M	45.5M	50.7M	13.2M
Goodwill	93M	125M	128M	126M	235M
Other Intangibles, Total	31.6M	63.6M	56M	35.3M	115M
Deferred Tax Assets Long-Term	245M	342M	569M	869M	1.34B
Deferred Charges Long-Term	305M	423M	518M	606M	623M
Other Long-Term Assets, Total	12.9M	171M	106M	23.3M	47.8M
Total Assets	4.04B	5.92B	6.23B	7.26B	9.76B
Liabilities
Accounts Payable, Total	142M	148M	243M	204M	191M
Accrued Expenses, Total	276M	366M	452M	548M	507M
Current Portion of Leases	19.1M	26.3M	33.2M	33.4M	32.7M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	1.39B	1.78B	2.35B	2.85B	3.28B
Other Current Liabilities	-	-	-	84.7M	54M
Total Current Liabilities	1.83B	2.32B	3.08B	3.72B	4.06B
Long-Term Debt	-	988M	990M	992M	994M
Long-Term Leases	34M	40.5M	62.5M	45.7M	46.4M
Unearned Revenue Non Current	1.21B	1.68B	2.29B	2.89B	3.08B
Other Non Current Liabilities	112M	98.2M	87.3M	79M	83.2M
Total Liabilities	3.19B	5.12B	6.51B	7.72B	8.27B
Common Stock, Total	200K	200K	800K	800K	800K
Additional Paid In Capital	1.21B	1.25B	1.28B	1.42B	1.64B
Retained Earnings	-352M	-468M	-1.55B	-1.86B	-117M
Comprehensive Income and Other	700K	-4.8M	-20.2M	-18.9M	-26.1M
Total Common Equity	856M	782M	-282M	-463M	1.49B
Minority Interest	-	16.7M	-	-	-
Total Equity	856M	798M	-282M	-463M	1.49B
Total Liabilities And Equity	4.04B	5.92B	6.23B	7.26B	9.76B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	816M	804M	784M	763M	769M
ECS Total Common Shares Outstanding	812M	810M	782M	761M	767M
Book Value / Share	1.05	0.97	-0.36	-0.61	1.95
Tangible Book Value	731M	593M	-466M	-625M	1.14B
Tangible Book Value Per Share	0.9	0.73	-0.6	-0.82	1.49
Total Debt	53.1M	1.06B	1.09B	1.07B	1.07B
Net Debt	-1.78B	-1.5B	-1.12B	-1.37B	-2.99B
Debt Equivalent Oper. Leases	197M	266M	371M	465M	497M
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	13.8M	40.2M	46.3M	92.1M	90.9M
Inventories - Work In Process, Total	-	9.8M	12M	7.7M	4.1M
Inventories - Finished Goods, Total	126M	126M	206M	385M	220M
Land - (BS)	93.3M	204M	310M	352M	501M
Buildings, Total	151M	416M	490M	596M	801M
Machinery, Total	158M	203M	254M	295M	316M
Full Time Employees	8.24K	10.2K	12.6K	13.57K	14.14K
Accumulated Allowance for Doubtful Accounts (Supple)	2.5M	2.4M	3.6M	8.2M	5.9M
Order Backlog	-	162M	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	488M	607M	857M	1.15B	1.75B
Depreciation & Amortization - CF	55.5M	65.9M	81M	94.5M	99.7M
Amortization of Goodwill and Intangible Assets - (CF)	13.3M	18.5M	23.3M	18.9M	23.1M
Depreciation & Amortization, Total	68.8M	84.4M	104M	113M	123M
Amortization of Deferred Charges, Total - (CF)	137M	176M	223M	266M	294M
(Gain) Loss on Sale of Investments - (CF)	1.3M	6.9M	4.4M	-27.7M	-48.8M
(Income) Loss On Equity Investments - (CF)	-	7.6M	68.1M	42.1M	29.4M
Stock-Based Compensation (CF)	192M	208M	217M	249M	258M
Other Operating Activities, Total	6M	7.8M	22.9M	18.5M	-122M
Change In Accounts Receivable	-176M	-72.5M	-457M	-146M	-45.4M
Change In Inventories	-42.2M	-19.4M	-109M	-254M	131M
Change In Accounts Payable	37.4M	-13.1M	105M	-43.1M	-10.2M
Change in Unearned Revenues	496M	839M	1.18B	1.1B	578M
Change In Income Taxes	-	-	-	-	-
Change In Deferred Taxes	-10.5M	-94M	-226M	-302M	-223M
Change in Other Net Operating Assets	-114M	-238M	-258M	-224M	-451M
Cash from Operations	1.08B	1.5B	1.73B	1.94B	2.26B
Capital Expenditure	-126M	-296M	-281M	-204M	-379M
Cash Acquisitions	-40.2M	-74.9M	-30.8M	-	-276M
Investment in Marketable and Equity Securities, Total	92M	-955M	1.08B	-446M	-73.1M
Other Investing Activities, Total	1.3M	400K	-	300K	100K
Cash from Investing	-72.8M	-1.33B	764M	-649M	-727M
Long-Term Debt Issued, Total	-	989M	-	-	-
Total Debt Issued	-	989M	-	-	-
Long-Term Debt Repaid, Total	-4.1M	-19.5M	-	-	-
Total Debt Repaid	-4.1M	-19.5M	-	-	-
Issuance of Common Stock	22.1M	26M	26.1M	43.8M	63.1M
Repurchase of Common Stock	-1.19B	-910M	-2.15B	-1.61B	-102M
Other Financing Activities, Total	-1.3M	-3.4M	-4.8M	-1.2M	-11.7M
Cash from Financing	-1.17B	82.8M	-2.13B	-1.57B	-50.1M
Foreign Exchange Rate Adjustments	-	-100K	-400K	-800K	-2.6M
Net Change in Cash	-161M	257M	364M	-285M	1.48B
Supplemental Items
Cash Income Tax Paid (Refund)	39.7M	127M	260M	426M	579M
Levered Free Cash Flow	752M	906M	1.06B	1.44B	1.83B
Unlevered Free Cash Flow	752M	915M	1.07B	1.45B	1.85B
Change In Net Working Capital	-170M	-336M	-203M	-252M	-425M
Net Debt Issued / Repaid	-4.1M	970M	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	7.76	8.1	9.93	11.46	13.21
Return on Total Capital	26.75	29.22	45.38	109.42	70.81
Return On Equity %	44.44	73.34	331.5	-308.13	338.74
Return on Common Equity	44.44	74.1	342.85	-308.13	338.74
Margin Analysis
Gross Profit Margin %	78.03	76.57	75.44	76.68	80.56
SG&A Margin	45.92	44.56	42	41.8	38.33
EBITDA Margin %	21.6	21.85	24.21	25.45	32.26
EBITA Margin %	19.46	19.88	22.37	23.67	30.59
EBIT Margin %	18.95	19.32	21.85	23.31	30.2
Income From Continuing Operations Margin %	18.83	18.15	19.39	21.64	29.3
Net Income Margin %	18.83	18.16	19.41	21.64	29.3
Net Avail. For Common Margin %	18.83	18.16	19.41	21.64	29.3
Normalized Net Income Margin	12.18	11.62	12.69	15.21	20.41
Levered Free Cash Flow Margin	28.98	27.09	24.02	27.12	30.81
Unlevered Free Cash Flow Margin	28.98	27.37	24.27	27.37	31.02
Asset Turnover
Asset Turnover	0.65	0.67	0.73	0.79	0.7
Fixed Assets Turnover	5.86	5.35	5.06	5.02	4.69
Receivables Turnover (Average Receivables)	4.1	4.38	4.27	3.98	4.16
Inventory Turnover (Average Inventory)	4.42	4.96	4.93	3.3	2.89
Short Term Liquidity
Current Ratio	1.5	1.55	1.24	1.19	1.47
Quick Ratio	1.4	1.45	1.13	1.03	1.36
Operating Cash Flow to Current Liabilities	0.59	0.65	0.56	0.52	0.56
Days Sales Outstanding (Average Receivables)	89.18	83.42	85.49	91.64	88.04
Days Outstanding Inventory (Average Inventory)	82.74	73.56	74.08	110.54	126.52
Average Days Payable Outstanding	73.58	64.62	60.92	56.06	73.18
Cash Conversion Cycle (Average Days)	98.33	92.36	98.66	146.12	141.38
Long Term Solvency
Total Debt/Equity	6.2	132.16	-385.69	-231.2	71.86
Total Debt / Total Capital	5.84	56.93	135	176.22	41.81
LT Debt/Equity	3.97	128.87	-373.9	-224	69.67
Long-Term Debt / Total Capital	3.74	55.51	130.88	170.72	40.54
Total Liabilities / Total Assets	78.84	86.51	104.52	106.38	84.7
EBIT / Interest Expense	-	43.34	53.61	58.88	89.94
EBITDA / Interest Expense	-	51.24	61.98	67.05	99.18
(EBITDA - Capex) / Interest Expense	-	31.38	46.36	57.33	80.24
Total Debt / EBITDA	0.09	1.38	0.97	0.76	0.54
Net Debt / EBITDA	-3.05	-1.96	-1.01	-0.97	-1.51
Total Debt / (EBITDA - Capex)	0.12	2.26	1.3	0.89	0.67
Net Debt / (EBITDA - Capex)	-3.89	-3.2	-1.35	-1.14	-1.87
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	19.94	28.82	32.17	20.09	12.27
Gross Profit, 1 Yr. Growth %	22.17	26.42	30.22	22.06	17.96
EBITDA, 1 Yr. Growth %	35.82	30.3	46.44	26.24	42.35
EBITA, 1 Yr. Growth %	39.51	31.57	48.77	27.03	45.12
EBIT, 1 Yr. Growth %	40.06	31.37	49.43	28.13	45.48
Earnings From Cont. Operations, 1 Yr. Growth %	47.27	24.2	41.19	33.99	52.05
Net Income, 1 Yr. Growth %	47.27	24.22	41.28	33.89	52.05
Normalized Net Income, 1 Yr. Growth %	29.76	22.87	44.34	43.97	50.58
Diluted EPS Before Extra, 1 Yr. Growth %	53.16	24.74	45.21	37.74	54.79
Accounts Receivable, 1 Yr. Growth %	32.28	12.18	56.21	11.12	4.38
Inventory, 1 Yr. Growth %	18.58	25.75	50.51	83.22	-34.92
Net Property, Plant and Equip., 1 Yr. Growth %	27.97	51.36	32.16	12.63	26.89
Total Assets, 1 Yr. Growth %	4.26	46.35	5.22	16.55	34.5
Tangible Book Value, 1 Yr. Growth %	-41.21	-18.92	-178.52	34.28	-282.89
Common Equity, 1 Yr. Growth %	-36.23	-8.68	-136.02	64.56	-422.36
Cash From Operations, 1 Yr. Growth %	34.12	38.39	15.4	11.84	16.67
Capital Expenditures, 1 Yr. Growth %	36.55	135.03	-4.97	-27.42	85.64
Levered Free Cash Flow, 1 Yr. Growth %	43.85	20.45	17.17	35.61	27.53
Unlevered Free Cash Flow, 1 Yr. Growth %	43.85	21.69	17.21	35.41	27.24
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	19.9	24.3	30.49	25.98	16.11
Gross Profit, 2 Yr. CAGR %	22.27	24.27	28.3	26.07	19.99
EBITDA, 2 Yr. CAGR %	38.99	33.03	38.13	35.97	34.05
EBITA, 2 Yr. CAGR %	44.03	35.48	39.91	37.47	35.77
EBIT, 2 Yr. CAGR %	44.82	35.64	40.11	38.37	36.53
Earnings From Cont. Operations, 2 Yr. CAGR %	20.77	35.24	32.42	37.55	42.74
Net Income, 2 Yr. CAGR %	20.77	35.25	32.48	37.53	42.68
Normalized Net Income, 2 Yr. CAGR %	41.65	26.89	33.74	44.75	47.24
Diluted EPS Before Extra, 2 Yr. CAGR %	23.11	38.22	35.19	41.42	46.02
Accounts Receivable, 2 Yr. CAGR %	27.27	21.82	32.38	31.75	7.7
Inventory, 2 Yr. CAGR %	24.63	22.11	37.58	66.06	9.2
Net Property, Plant and Equip., 2 Yr. CAGR %	35.36	39.17	41.44	22	19.55
Total Assets, 2 Yr. CAGR %	14.63	23.53	24.09	10.74	25.2
Tangible Book Value, 2 Yr. CAGR %	-12.25	-30.96	-20.21	2.68	56.71
Common Equity, 2 Yr. CAGR %	-7.95	-23.69	-42.64	-23.01	130.32
Cash From Operations, 2 Yr. CAGR %	30.24	36.24	26.37	13.6	14.23
Capital Expenditures, 2 Yr. CAGR %	54.13	79.15	49.45	-16.95	16.08
Levered Free Cash Flow, 2 Yr. CAGR %	19.5	31.64	18.8	26.05	31.51
Unlevered Free Cash Flow, 2 Yr. CAGR %	19.5	32.31	19.43	25.98	31.26
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	20.17	22.81	26.87	26.92	21.24
Gross Profit, 3 Yr. CAGR %	22.19	23.63	26.22	26.19	23.31
EBITDA, 3 Yr. CAGR %	50.13	36.03	37.36	34.05	38.06
EBITA, 3 Yr. CAGR %	62.03	39.75	39.78	35.47	39.98
EBIT, 3 Yr. CAGR %	64.67	40.19	40.09	36	40.7
Earnings From Cont. Operations, 3 Yr. CAGR %	149.64	21.9	37.2	32.94	42.22
Net Income, 3 Yr. CAGR %	149.64	21.91	37.23	32.94	42.21
Normalized Net Income, 3 Yr. CAGR %	59.65	35.09	32.46	37.07	46.67
Diluted EPS Before Extra, 3 Yr. CAGR %	152.86	23.65	40.77	36.03	45.75
Accounts Receivable, 3 Yr. CAGR %	27.4	22.03	32.34	24.87	21.91
Inventory, 3 Yr. CAGR %	21.84	25	30.93	51.36	21.52
Net Property, Plant and Equip., 3 Yr. CAGR %	26.55	40.5	36.8	31.09	23.61
Total Assets, 3 Yr. CAGR %	21.45	24.35	17.09	21.53	18.15
Tangible Book Value, 3 Yr. CAGR %	9.41	-14.53	-27.94	-5.1	24.47
Common Equity, 3 Yr. CAGR %	13.25	-8.19	-40.58	-18.5	24.09
Cash From Operations, 3 Yr. CAGR %	22.16	32.9	28.9	21.33	14.62
Capital Expenditures, 3 Yr. CAGR %	-2.37	77.4	45.02	17.47	8.59
Levered Free Cash Flow, 3 Yr. CAGR %	34.11	19.82	26.62	24.16	26.54
Unlevered Free Cash Flow, 3 Yr. CAGR %	34.11	20.23	27.07	24.53	26.4
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	20.78	21.25	24.2	24.07	22.46
Gross Profit, 5 Yr. CAGR %	22.88	22.24	24.6	24.6	23.69
EBITDA, 5 Yr. CAGR %	58.64	50.24	45.21	36	36.03
EBITA, 5 Yr. CAGR %	79.13	63.88	52.79	38.83	38.16
EBIT, 5 Yr. CAGR %	82.66	68.96	54.36	39.46	38.65
Earnings From Cont. Operations, 5 Yr. CAGR %	127.66	79.9	93.72	27.94	39.39
Net Income, 5 Yr. CAGR %	127.66	79.9	93.75	27.94	39.39
Normalized Net Income, 5 Yr. CAGR %	80.63	67.52	48.48	38.64	38.18
Diluted EPS Before Extra, 5 Yr. CAGR %	128.34	82.36	96.7	30.62	42.84
Accounts Receivable, 5 Yr. CAGR %	22.64	20.88	29.37	25.83	21.87
Inventory, 5 Yr. CAGR %	10.76	10.46	27.9	40.04	21.76
Net Property, Plant and Equip., 5 Yr. CAGR %	40.43	40.55	32.3	32.79	29.62
Total Assets, 5 Yr. CAGR %	17.7	22.57	22.5	18.72	20.27
Tangible Book Value, 5 Yr. CAGR %	-0.04	-5.77	-3.57	-8.03	-1.67
Common Equity, 5 Yr. CAGR %	2.53	-1.37	-13.73	-14.43	2.16
Cash From Operations, 5 Yr. CAGR %	30.85	34.11	23.83	24.82	22.82
Capital Expenditures, 5 Yr. CAGR %	27.51	34.51	15.76	30.95	32.67
Levered Free Cash Flow, 5 Yr. CAGR %	31.28	33.98	27.76	22.27	28.56
Unlevered Free Cash Flow, 5 Yr. CAGR %	31.28	34.25	28.03	22.5	28.73