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Fortinet

FTNT Clue Score80
United States Fiscal year ends December CIK 0001262039
$194.75 +2.99% Close, 9 Oct 2026
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Price $194.75 −36.52% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1.28Operating income0.04Net income0.03EPS, diluted0.18Fiscal year 2017Revenue1.49 +17.2%Operating income0.11Net income0.03 −2.5%EPS, diluted0.18Fiscal year 2018Revenue1.80 +20.7%Operating income0.23Net income0.33 +966.6%EPS, diluted1.92Fiscal year 2019Revenue2.16 +19.9%Operating income0.35Net income0.33 −1.0%EPS, diluted1.90Fiscal year 2020Revenue2.59 +19.9%Operating income0.53Net income0.49 +47.3%EPS, diluted0.58Fiscal year 2021Revenue3.34 +28.8%Operating income0.65Net income0.61 +24.2%EPS, diluted0.73Fiscal year 2022Revenue4.42 +32.2%Operating income0.97Net income0.86 +41.3%EPS, diluted1.06Fiscal year 2023Revenue5.30 +20.1%Operating income1.24Net income1.15 +33.9%EPS, diluted1.46Fiscal year 2024Revenue5.96 +12.3%Operating income1.80Net income1.75 +52.0%EPS, diluted2.26Fiscal year 2025Revenue6.80 +14.2%Operating income2.08Net income1.85 +6.2%EPS, diluted2.42
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.28 1.49 1.80 2.16 2.59 3.34 4.42 5.30 5.96 6.80
Growth +17.2% +20.7% +19.9% +19.9% +28.8% +32.2% +20.1% +12.3% +14.2%
Operating income 0.04 0.11 0.23 0.35 0.53 0.65 0.97 1.24 1.80 2.08
Net income 0.03 0.03 0.33 0.33 0.49 0.61 0.86 1.15 1.75 1.85
Growth −2.5% +966.6% −1.0% +47.3% +24.2% +41.3% +33.9% +52.0% +6.2%
EPS, diluted 0.18 0.18 1.92 1.90 0.58 0.73 1.06 1.46 2.26 2.42

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin73.5%Operating margin3.4%Net margin2.5%Free cash flow margin21.8%Fiscal year 2017Gross margin74.2%Operating margin7.3%Net margin2.1%Free cash flow margin30.7%Fiscal year 2018Gross margin75.0%Operating margin13.0%Net margin18.6%Free cash flow margin32.5%Fiscal year 2019Gross margin76.6%Operating margin16.2%Net margin15.3%Free cash flow margin33.1%Fiscal year 2020Gross margin78.0%Operating margin20.5%Net margin18.8%Free cash flow margin36.9%Fiscal year 2021Gross margin76.6%Operating margin19.5%Net margin18.2%Free cash flow margin36.0%Fiscal year 2022Gross margin75.4%Operating margin21.9%Net margin19.4%Free cash flow margin32.8%Fiscal year 2023Gross margin76.7%Operating margin23.4%Net margin21.6%Free cash flow margin32.6%Fiscal year 2024Gross margin80.6%Operating margin30.3%Net margin29.3%Free cash flow margin31.6%Fiscal year 2025Gross margin80.5%Operating margin30.7%Net margin27.3%Free cash flow margin32.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 73.5% 74.2% 75.0% 76.6% 78.0% 76.6% 75.4% 76.7% 80.6% 80.5%
Operating margin 3.4% 7.3% 13.0% 16.2% 20.5% 19.5% 21.9% 23.4% 30.3% 30.7%
Net margin 2.5% 2.1% 18.6% 15.3% 18.8% 18.2% 19.4% 21.6% 29.3% 27.3%
Free cash flow margin 21.8% 30.7% 32.5% 33.1% 36.9% 36.0% 32.8% 32.6% 31.6% 32.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.35Capital expenditure−0.07Free cash flow0.28Buybacks−0.11Fiscal year 2017Operating cash flow0.59Capital expenditure−0.14Free cash flow0.46 +64.8%Buybacks−0.45Fiscal year 2018Operating cash flow0.64Capital expenditure−0.05Free cash flow0.59 +27.6%Buybacks−0.21Fiscal year 2019Operating cash flow0.81Capital expenditure−0.09Free cash flow0.72 +22.2%Buybacks−0.15Fiscal year 2020Operating cash flow1.08Capital expenditure−0.13Free cash flow0.96 +33.8%Buybacks−1.08Fiscal year 2021Operating cash flow1.50Capital expenditure−0.30Free cash flow1.20 +25.7%Buybacks−0.74Fiscal year 2022Operating cash flow1.73Capital expenditure−0.28Free cash flow1.45 +20.4%Buybacks−1.99Fiscal year 2023Operating cash flow1.94Capital expenditure−0.20Free cash flow1.73 +19.5%Buybacks−1.50Fiscal year 2024Operating cash flow2.26Capital expenditure−0.38Free cash flow1.88 +8.5%Buybacks−0.00Fiscal year 2025Operating cash flow2.59Capital expenditure−0.36Free cash flow2.23 +18.4%Buybacks−2.29
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.35 0.59 0.64 0.81 1.08 1.50 1.73 1.94 2.26 2.59
Capital expenditure −0.07 −0.14 −0.05 −0.09 −0.13 −0.30 −0.28 −0.20 −0.38 −0.36
Free cash flow 0.28 0.46 0.59 0.72 0.96 1.20 1.45 1.73 1.88 2.23
Growth +64.8% +27.6% +22.2% +33.8% +25.7% +20.4% +19.5% +8.5% +18.4%
Buybacks −0.11 −0.45 −0.21 −0.15 −1.08 −0.74 −1.99 −1.50 −0.00 −2.29

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.71Shareholders’ equity0.84Fiscal year 2017Cash0.81Shareholders’ equity0.60Fiscal year 2018Cash1.11Shareholders’ equity1.03Fiscal year 2019Cash1.22Shareholders’ equity1.34Fiscal year 2020Cash1.06Total debt0.00Net cash (debt)1.06Shareholders’ equity0.86Debt to equity0.00Fiscal year 2021Cash1.32Total debt0.99Net cash (debt)0.33Shareholders’ equity0.78Debt to equity1.26Fiscal year 2022Cash1.68Total debt0.99Net cash (debt)0.69Shareholders’ equity−0.28Fiscal year 2023Cash1.40Total debt0.99Net cash (debt)0.41Shareholders’ equity−0.46Fiscal year 2024Cash2.88Total debt0.99Net cash (debt)1.88Shareholders’ equity1.49Debt to equity0.67Fiscal year 2025Cash2.50Total debt1.00Net cash (debt)1.50Shareholders’ equity1.24Debt to equity0.81
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.71 0.81 1.11 1.22 1.06 1.32 1.68 1.40 2.88 2.50
Total debt n/a n/a n/a n/a 0.00 0.99 0.99 0.99 0.99 1.00
Net cash (debt) n/a n/a n/a n/a 1.06 0.33 0.69 0.41 1.88 1.50
Shareholders’ equity 0.84 0.60 1.03 1.34 0.86 0.78 −0.28 −0.46 1.49 1.24
Debt to equity n/a n/a n/a n/a 0.00 1.26 n/a n/a 0.67 0.81

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
73.5% 74.2% 75.0% 76.6% 78.0% 76.6% 75.4% 76.7% 80.6% 80.5%
3.4% 7.3% 13.0% 16.2% 20.5% 19.5% 21.9% 23.4% 30.3% 30.7%
3.4% 8.3% 14.1% 17.8% 20.9% 18.8% 21.6% 25.1% 34.6% 33.6%
2.5% 2.1% 18.6% 15.3% 18.8% 18.2% 19.4% 21.6% 29.3% 27.3%
21.8% 30.7% 32.5% 33.1% 36.9% 36.0% 32.8% 32.6% 31.6% 32.7%
Spending
14.4% 14.1% 13.5% 12.8% 13.2% 12.7% 11.6% 11.6% 12.0% 12.0%
6.4% 5.9% 5.2% 4.7% 4.6% 4.3% 3.8% 4.0% 4.0% 3.4%
5.3% 9.1% 2.9% 4.3% 4.9% 8.9% 6.4% 3.8% 6.4% 5.4%
25.3% 74.7% −31.7% 14.1% 9.8% 2.2% 3.2% 10.8% 13.8% 19.2%
Returns
3.8% 5.2% 32.7% 24.7% 57.1% 77.6% n/a n/a 116.8% 149.8%
1.5% 1.4% 10.9% 8.6% 12.1% 10.3% 13.8% 15.8% 17.9% 17.8%
Balance and payout
n/a n/a n/a n/a 0.00 1.26 n/a n/a 0.67 0.81
60.9% 73.9% 67.2% 65.4% 78.8% 86.5% 104.5% 106.4% 84.7% 88.1%
39.8% 97.2% 36.1% 20.3% 112.8% 61.6% 137.4% 86.7% 0.0% 102.9%