Financials Fortinet, Inc.

Equities

FTNT

US34959E1091

Software

Market Closed - Nasdaq Other stock markets 04:00:00 2024-12-10 pm EST			5-day change	1st Jan Change
97.13 ^USD	+0.09%		+1.93%	+65.95%

Dec. 03	F5, Inc. Appoints John Maddison as Chief Product Marketing and Technology Alliances Officer	CI
Dec. 03	Fortinet Elevates Web Application Security and Performance with New Unified Platform	CI

Projected Income Statement: Fortinet, Inc.

income-statement-evolution-chart FORTINET-INC

Fiscal Period: Diciembre	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,156	2,594	3,342	4,417	5,305	5,879	6,617	7,502
Change	-	20.32%	28.82%	32.17%	20.09%	10.83%	12.54%	13.38%
EBITDA ¹	590.8	766.8	959.9	1,312	1,620	2,096	2,261	2,566
Change	-	29.79%	25.18%	36.72%	23.47%	29.36%	7.85%	13.48%
EBIT ¹	529.2	698	875.5	1,208	1,507	1,973	2,112	2,412
Change	-	31.9%	25.43%	37.99%	24.74%	30.93%	7.04%	14.18%
Interest Paid ¹	-	-	-10.4	-0.6	-21	-20.18	-21	-21
Earnings before Tax (EBT) ¹	379.2	541.7	628.4	955.5	1,334	1,934	1,991	2,328
Change	-	42.85%	16.01%	52.05%	39.58%	45.02%	2.96%	16.91%
Net income ¹	326.5	488.5	606.8	857.3	1,148	1,629	1,690	1,936
Change	-	49.62%	24.22%	41.28%	33.89%	41.91%	3.76%	14.56%
Announcement Date	2/6/20	2/4/21	2/3/22	2/7/23	2/6/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	614.4	576.9	615.5	651.1	748	710.3	801.1	867.2	963.6	954.8	1,030	1,150	1,283	1,262	1,293	1,335	1,415	1,353	1,434	1,508	1,595	1,530	1,605	1,691	1,797	1,724	1,793	1,876
Change	-	-6.1%	6.69%	5.78%	14.88%	-5.04%	12.78%	8.25%	11.12%	-0.91%	7.89%	11.59%	11.61%	-1.61%	2.42%	3.23%	6.03%	-4.37%	5.99%	5.15%	5.76%	-4.05%	4.85%	5.38%	6.29%	-4.05%	3.99%	4.61%
EBITDA ¹	180.6	146	186	195.3	236.6	191.2	222.2	246.5	300	235.7	280.5	351.3	444.9	361.5	375.5	399.7	483.7	414.7	532.8	574.5	566.6	498	553.7	587.5	623	555.6	623	641.4
Change	-	-19.16%	27.4%	5%	21.15%	-19.19%	16.21%	10.94%	21.7%	-21.43%	19.01%	25.24%	26.64%	-18.75%	3.87%	6.44%	21.02%	-14.27%	28.48%	7.83%	-1.38%	-12.1%	11.17%	6.11%	6.05%	-10.82%	12.13%	2.95%
EBIT ¹	164.9	128.4	168.2	178.6	219.9	173.9	203.3	223.6	274.7	210.2	255.4	324.9	417.6	334	348.1	371.4	453.5	386.1	503.6	544.7	540.7	462.3	512.9	554.4	599.3	520.5	579.6	624.5
Change	-	-22.13%	31%	6.18%	23.12%	-20.92%	16.91%	9.99%	22.85%	-23.48%	21.5%	27.21%	28.53%	-20.02%	4.22%	6.69%	22.11%	-14.86%	30.43%	8.16%	-0.74%	-14.5%	10.96%	8.08%	8.1%	-13.16%	11.35%	7.75%
Charge d'intérêts ¹	-	-	-	-	-	-	-3.3	-3.4	-3.5	-4.5	-4.5	0.1	4.6	-5	-5.2	-5.4	-5.4	-5.1	-5	-5	-5.1	-5.25	-5.25	-5.25	-5.25	-5	-5	-5
Earnings before Tax (EBT) ¹	127.7	117.1	121.6	128.4	171.7	119.4	145	156.7	207.3	138.7	183.9	264.7	368.2	291.1	299.2	327.8	415.6	345.4	468.3	626.4	500.5	432.9	475.2	513.9	559.3	480.8	538.7	570.2
Change	-	-8.3%	3.84%	5.59%	33.72%	-30.46%	21.44%	8.07%	32.29%	-33.09%	32.59%	43.94%	39.1%	-20.94%	2.78%	9.56%	26.78%	-16.89%	35.58%	33.76%	-20.1%	-13.5%	9.77%	8.13%	8.85%	-14.05%	12.06%	5.84%
Net income ¹	115.2	104	112.1	123.4	146.7	107.2	137.5	163.1	199	138.4	173.5	231.6	313.8	247.7	266.3	322.9	310.9	299.3	379.8	539.9	412.7	365.6	405.8	438.2	473.3	395.7	445.1	456.7
Change	-	-9.72%	7.79%	10.08%	18.88%	-26.93%	28.26%	18.62%	22.01%	-30.45%	25.36%	33.49%	35.49%	-21.06%	7.51%	21.25%	-3.72%	-3.73%	26.9%	42.15%	-23.55%	-11.43%	11.01%	7.97%	8.01%	-16.39%	12.48%	2.6%
Announcement Date	2/6/20	5/6/20	8/6/20	10/29/20	2/4/21	4/29/21	7/29/21	11/4/21	2/3/22	5/4/22	8/3/22	11/2/22	2/7/23	5/4/23	8/3/23	11/2/23	2/6/24	5/2/24	8/6/24	11/7/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Fortinet, Inc.

balance-sheet-analysis-chart FORTINET-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-2,210	-1,837	-1,563	-1,267	-1,448	-2,838	-4,898	-7,443
Change	-	-183.12%	-185.08%	-181.06%	-214.29%	-295.98%	-272.59%	-251.96%
Announcement Date	2/6/20	2/4/21	2/3/22	2/7/23	2/6/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Fortinet, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	92.2	125.9	295.9	281.2	204.1	388.1	303.9	361.2
Change	-	36.55%	135.03%	-4.97%	-27.42%	90.14%	-21.69%	18.85%
Free Cash Flow (FCF) ¹	715.8	907.8	1,204	1,449	1,731	1,879	2,207	2,570
Change	-	26.82%	32.61%	20.4%	19.46%	8.55%	17.42%	16.47%
Announcement Date	2/6/20	2/4/21	2/3/22	2/7/23	2/6/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Fortinet, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	27.4%	29.56%	28.72%	29.71%	30.55%	35.65%	34.17%	34.2%
EBIT Margin (%)	24.54%	26.9%	26.2%	27.35%	28.41%	33.56%	31.92%	32.14%
EBT Margin (%)	17.59%	20.88%	18.8%	21.63%	25.14%	32.9%	30.1%	31.03%
Net margin (%)	15.14%	18.83%	18.16%	19.41%	21.64%	27.7%	25.54%	25.81%
FCF margin (%)	33.2%	34.99%	36.02%	32.81%	32.64%	31.97%	33.35%	34.26%
FCF / Net Income (%)	219.23%	185.83%	198.38%	169.07%	150.85%	115.38%	130.57%	132.74%
Profitability
ROA	15.21%	12.33%	12.18%	15.8%	19.06%	18.73%	17.22%	15.15%
ROE	37.02%	44.44%	81.33%	-	-	370.55%	85.53%	58.24%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.28%	4.85%	8.85%	6.37%	3.85%	6.6%	4.59%	4.81%
CAPEX / EBITDA (%)	15.61%	16.42%	30.83%	21.43%	12.6%	18.51%	13.44%	14.08%
CAPEX / FCF (%)	12.88%	13.87%	24.58%	19.4%	11.79%	20.65%	13.77%	14.05%
Items per share
Cash flow per share ¹	0.9234	1.292	1.795	2.149	2.456	2.711	3.134	4.092
Change	-	39.96%	38.89%	19.72%	14.27%	10.39%	15.61%	30.57%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	1.511	1.021	0.9356	-0.3556	-0.595	1.753	4.298	6.069
Change	-	-32.43%	-8.35%	-138.01%	67.3%	-394.59%	145.21%	41.2%
EPS ¹	0.374	0.582	0.726	1.06	1.46	2.109	2.164	2.481
Change	-	55.61%	24.74%	46.01%	37.74%	44.43%	2.65%	14.62%
Nbr of stocks (in thousands)	855,169	811,660	817,499	781,236	767,910	766,453	766,453	766,453
Announcement Date	2/6/20	2/4/21	2/3/22	2/7/23	2/6/24	-	-	-