FirmAtlas
Company handbook · FTNT · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
FTNT · CIK 1262039 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
FORTINET, INC.
$169.13
−12.78 (−7.03%)
Close, Oct 16, 2026 · 52-week $74–197
Last fiscal year
FORTINET, INC. reported revenue of $6.8B for the year ended Dec 31, 2025 (FY25), up 14.2% from FY24. Net income was $1.9B, operating cash flow $2.6B and free cash flow $2.2B. Source: 10-K filed Feb 25, 2026.
Market cap
$125.7B
P/E
59.3
EV/EBITDA
55.5x
P/B
81.0
Revenue 1Y
14.2%/yr
EPS 1Y
7.1%/yr
Shares 1Y
−3%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOKen Xie
HQSunnyvale, CA
AuditorDeloitte & Touche LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
39.2%
21.8%
41.9%
103.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$3.4B deployed
Capex
$744M
22.2%
Acquisitions
$317M
9.5%
Buybacks
$2.3B
68.3%
Operating cash flow over the period: $4.8B. Total debt changed by +$2M. R&D of $1.5B is already inside operating costs.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (5-for-1 split after FY20).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
5,956
6,800+14.2%
7,527
YoY
+14.2%
Gross profit
4,798
5,471+14.0%
6,037
Gross margin
80.6%
80.5%−0.1 pp
—
Operating income
1,803
2,085+15.6%
2,442
Operating margin
30.3%
30.7%+0.4 pp
—
EBITDA
1,926
2,237+16.1%
—
EBITDA margin
32.3%
32.9%+0.6 pp
—
Interest expense
20
20+0.5%
—
Interest coverage
96.31x
111.28x+14.97x
—
Net income
1,745
1,853+6.2%
2,121
YoY
+6.2%
Net margin
29.3%
27.3%−2.0 pp
—
EPS (diluted, $)
2.26
2.42+7.1%
2.84
YoY
+7.1%
Balance sheet
Total assets
9,763
10,389+6.4%
10,859
Cash & short-term investments
2,876
2,495−13.2%
—
Accounts receivable
1,463
1,691+15.6%
—
Inventory
316
400+26.6%
—
Net PP&E
1,350
1,619+20.0%
—
Other assets
3,759
4,184+11.3%
—
Total liabilities
8,269
9,152+10.7%
9,308
Accounts payable
191
231+20.9%
—
Total debt
994
996+0.2%
497
Other liabilities
7,084
7,925+11.9%
—
Shareholders’ equity
1,494
1,238−17.2%
1,551
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,258
2,591+14.7%
3,396
Net income
1,745
1,853+6.2%
—
Depreciation & amortization
123
152+23.8%
—
Stock-based compensation
258
280+8.4%
—
Working capital & other
132
306+131.2%
—
Cash from investing
(727)
(599)n/m
—
Capex
(379)
(365)n/m
—
Acquisitions
(276)
(42)n/m
—
Investments sold / matured
1,892
1,793−5.2%
—
Other investing
(1,965)
(1,985)n/m
—
Cash from financing
(50)
(2,372)n/m
—
Buybacks
(0.6)
(2,290)n/m
—
Shares issued
63
45−29.2%
—
Other financing
(113)
(126)n/m
—
Net change in cash
1,478
(381)−125.8%
—
Free cash flow (OCF − capex)
1,879
2,226+18.4%
3,117
Where the cash went
Operating cash flow
2,258
2,591+14.7%
3,396
Reinvested in the business
654
406−37.9%
—
% of operating cash flow
29.0%
15.7%
Capex
379
365−3.7%
279
Acquisitions
276
42−84.9%
—
R&D (memo, already in costs)
717
816+13.8%
—
Free cash flow
1,879
2,226+18.4%
3,117
YoY
+18.4%
Returned to shareholders
0.6
2,290+381533.3%
—
% of free cash flow
0.0%
102.9%
Buybacks
0.6
2,290+381533.3%
—
Change in total debt
—
2
—
Cash left over
—
(104)
—
FCF conversion (FCF ÷ net income)
107.7%
120.1%+12.4 pp
—
Owner earnings
—
1,369
—
Owner earnings margin
—
20.1%
—
Returns & ratios
ROIC (operating)
52.9%
52.5%−0.4 pp
—
Net debt / EBITDA
−0.98x
−0.67x+0.31x
—
Debt / equity
0.67x
0.81x+0.14x
—
Cash conversion cycle (days)
129
137+8 d
—
ROE
116.8%
149.8%+32.9 pp
—
ROA
17.9%
17.8%−0.0 pp
—
ROCE
31.6%
38.9%+7.3 pp
—
NOPAT
1,555
1,684+8.3%
—
Invested capital (operating)
2,938
3,479+18.4%
—
Invested capital (all)
(388)
(262)n/m
—
Reinvestment rate
—
32.2%
—
Debtor days
90
91+1 d
—
Inventory days
99
110+10 d
—
Days payable
60
63+3 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,725
1,905
1,850
2,048
vs year-ago quarter
Gross profit
1,393
1,516
1,485
1,643
Gross margin
80.8%
79.6%
80.3%
80.2%
Operating income
547
626
580
689
Net income
474
506
534
606
vs year-ago quarter
Net margin
27.5%
26.6%
28.9%
29.6%
EPS (diluted, $)
0.62
0.68
0.72
0.82
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
9,361
10,389
9,884
10,859
Cash & equivalents
1,996
2,495
2,224
2,935
Total debt
996
996
497
497
Shareholders’ equity
735
1,238
990
1,551
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
655
620
1,077
1,044
Capex
88
43
71
78
Free cash flow
568
577
1,006
966
vs year-ago quarter