Fortinet, Inc.

10-K & 10-Q Filings

Fortinet is a cybersecurity company headquartered in Sunnyvale, California. Its mission is to secure people, devices, and data everywhere. Fortinet offers a platform approach, the Fortinet Security Fabric, which converges networking and security and consolidates point products. The company's solutions include secure networking, unified Secure Access Service Edge (SASE), and security operations. Fortinet sells its products and services through a two-tier distribution model, primarily to distributors, resellers, and service providers. The company focuses on research and development to design, develop, and sell new or enhanced products and services. Fortinet's website is fortinet.com, and its ticker symbol is FTNT.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$433.58
533.64
615.30
770.36
1009.27
1275.44
1494.93
1801.20
2156.20
2594.40
3342.20
4417.40
5304.80
1262.30
1353.30
23.21%7.21%Cost of Revenue (-)
$113.60
147.42
180.64
231.01
286.78
337.84
385.28
450.40
505.90
570.00
783.00
1084.90
1237.20
307.80
304.70
22.02%-1.01%Gross Profit (+)
$319.98
386.22
434.65
539.36
722.49
937.61
1109.65
1350.80
1650.30
2024.40
2559.20
3332.50
4067.60
954.50
1048.60
23.60%9.86%Selling, General & Administrative (-)
$167.50
204.67
259.90
357.15
541.88
707.58
788.89
875.30
1029.00
1191.40
1489.20
1855.10
2217.30
531.10
555.50
24.02%4.59%Research & Development (-)
$63.58
81.08
102.66
122.88
158.13
183.08
210.61
244.50
277.10
341.40
424.20
512.40
613.80
151.10
173.00
20.80%14.49%Non-recurring Operating Expenses (-)
$
7.60
4.00
0.34
Operating Expenses (-)
$231.07
285.74
362.56
480.03
707.61
894.66
999.84
1119.80
1306.10
1492.60
1908.80
2362.90
2826.50
681.00
727.40
23.20%6.81%Costs & Expenses (Total) (-)
$344.67
433.16
543.21
711.04
994.39
1232.50
1385.13
1570.20
1812.00
2062.60
2691.80
3447.80
4063.70
988.80
1032.10
22.83%4.38%Operating Income/Loss (+)
$88.90
100.47
72.09
59.32
14.88
42.94
109.80
231.00
344.20
531.80
650.40
969.60
1241.10
273.50
321.20
24.57%17.44%Non-operating Income/Expense (+)
$3.17
4.52
3.85
2.22
2.13
0.20
14.19
19.90
35.00
9.90
-14.70
-64.20
71.50
0.50
22.70
29.65%4440.00%Interest Expense (-)
$
14.90
18.00
21.00
5.00
5.10
2.00%Earnings before Tax (+)
$92.07
105.00
75.94
61.55
17.00
43.15
123.99
250.90
379.20
541.70
628.40
955.50
1333.70
291.10
345.40
24.95%18.65%Tax Expense (-)
$29.58
38.16
31.67
36.21
9.02
10.96
92.59
-81.30
52.70
53.20
14.10
30.80
143.80
21.30
39.50
14.09%85.45%Income/Loss (Continuing Operations) (+)
$62.49
66.84
44.27
25.34
7.99
32.19
31.40
332.20
326.50
488.50
614.30
924.70
1189.90
269.80
305.90
27.83%13.38%Profit/Loss (+)
$
606.70
856.60
1147.80
247.70
Net Income/Loss (NCI) (-)
$
-0.10
-0.70
Net Income/Loss (+)
$62.49
66.84
44.27
25.34
7.99
32.19
31.40
332.20
326.50
488.50
606.80
857.30
1147.80
247.70
299.30
27.45%20.83%Net Income/Loss (Common) (+)
$62.49
66.84
44.27
25.34
7.99
32.19
31.40
332.20
326.50
488.50
606.80
857.30
1147.80
247.70
299.30
27.45%20.83%EPS (Basic)
$0.41
0.42
0.27
0.15
0.05
0.19
0.18
1.96
1.91
2.98
3.72
1.08
1.47
0.32
0.39
11.23%21.88%EPS (Diluted)
$0.38
0.40
0.26
0.15
0.05
0.18
0.18
1.91
1.87
2.91
3.63
1.06
1.46
0.31
0.39
11.87%25.81%Weighted Avg Shares (Basic)
152.58
158.07
162.44
163.83
170.38
172.62
174.31
169.10
171.00
164.20
163.20
791.40
778.60
783.20
762.40
14.55%-2.66%Weighted Avg Shares (Diluted)
163.78
166.33
168.18
169.29
176.14
176.34
178.08
174.20
175.00
167.70
167.10
805.30
788.20
793.40
770.50
13.99%-2.89%Cash
$71.99
122.97
115.87
283.25
543.28
709.00
811.00
1112.40
1222.50
1061.80
1319.10
1682.90
1397.90
2304.20
1926.30
28.04%-16.40%Short-term Investments
$318.28
290.72
375.50
436.77
348.07
376.52
440.27
537.20
843.10
775.50
1232.60
528.10
1042.50
574.90
1096.80
10.39%90.78%Receivables
$95.52
107.64
130.47
184.74
259.56
313.00
348.19
444.50
544.30
720.00
807.70
1261.70
1402.00
1087.20
996.20
25.09%-8.37%Inventory
$16.25
21.06
48.67
69.48
83.87
106.89
77.29
90.00
117.90
139.80
175.80
264.60
484.80
302.70
439.50
32.71%45.19%Prepaid Expenses (Current)
$11.81
13.21
14.05
31.14
35.76
33.31
40.07
36.80
41.20
43.30
65.40
73.10
101.10
89.70
100.90
19.60%12.49%Other Assets (Current)
$9.72
13.66
50.98
41.48
Assets (Current)
$523.57
569.27
735.55
1046.87
1270.54
1538.72
1716.82
2220.90
2769.00
2740.40
3600.60
3810.40
4428.30
4358.70
4559.70
19.47%4.61%Securities & Long-term Investments
$148.41
325.89
351.68
271.72
272.96
224.98
98.02
67.00
144.30
118.30
440.80
45.50
15.60
Property, Plant & Equipment (Net)
$7.97
25.64
36.65
58.92
91.07
137.25
245.40
271.40
344.30
448.00
687.60
898.50
1044.40
917.40
1247.40
50.13%35.97%Goodwill & Intangibles
$
9.71
2.83
22.33
39.38
30.81
60.30
98.30
124.60
188.70
184.00
161.80
178.90
163.10
-8.83%Other Assets
$54.80
54.69
34.88
41.61
133.61
199.61
166.87
458.40
529.60
613.20
1001.40
1289.60
1624.40
1361.70
1691.90
32.64%24.25%Assets (Non-current)
$211.18
406.22
432.92
377.91
519.97
601.23
541.10
857.10
1116.50
1304.10
2318.50
2417.60
2830.60
2473.60
3102.40
24.15%25.42%Assets (Total)
$734.75
975.50
1168.46
1424.77
1790.51
2139.94
2257.92
3078.00
3885.50
4044.50
5919.10
6228.00
7258.90
6832.30
7662.10
21.03%12.15%Accounts Payable
$59.94
72.04
119.40
127.53
164.02
184.10
233.40
290.50
300.00
436.70
540.70
729.10
870.30
798.50
888.40
24.98%11.26%Other Liabilities (Current)
$206.93
247.27
293.66
368.93
514.65
645.34
793.82
965.90
1173.60
1392.80
1777.40
2349.30
2848.70
2463.30
2912.00
24.42%18.22%Liabilities (Current)
$266.86
319.30
413.06
496.46
678.67
829.44
1027.22
1256.40
1473.60
1829.50
2318.10
3078.40
3719.00
3261.80
3800.40
24.55%16.51%Debt (Non-current)
$
988.40
990.40
992.30
990.90
992.80
0.19%Other Liabilities
$109.53
145.26
169.64
252.35
356.46
472.82
641.32
811.40
1090.00
1359.00
1814.20
2440.80
3011.00
2568.20
3006.40
31.80%17.06%Liabilities (Non-current)
$109.53
145.26
169.64
252.35
356.46
472.82
641.32
811.40
1090.00
1359.00
2802.60
3431.20
4003.30
3559.10
3999.20
34.97%12.37%Liabilities (Total)
$376.39
464.56
582.70
748.81
1035.13
1302.26
1668.54
2067.80
2563.60
3188.50
5120.70
6509.60
7722.30
6820.90
7799.60
28.63%14.35%Treasury Stock
$3.00
3.00
Retained Earnings
$43.77
110.60
121.86
113.64
68.48
37.62
-319.58
-57.50
140.30
-352.10
-467.90
-1546.40
-1861.70
-1298.70
-1562.40
-20.30%AOCI
$0.40
3.09
1.09
-0.35
-0.93
-0.77
-0.85
-0.80
1.10
0.70
-4.80
-20.20
-18.90
-18.10
-24.80
-37.02%Shareholder's Equity
$358.35
510.93
585.76
675.97
755.38
837.68
589.38
1010.20
1321.90
856.00
798.40
-281.60
-463.40
11.40
-137.50
-1306.14%Liabilities & Equity
$734.75
975.50
1168.46
1424.77
1790.51
2139.94
2257.92
3078.00
3885.50
4044.50
5919.10
6228.00
7258.90
6832.30
7662.10
21.03%12.15%Net Income/Loss
$62.49
66.84
44.27
25.34
7.99
32.19
31.40
332.20
326.50
488.50
606.70
856.60
1147.80
247.70
299.30
27.45%20.83%Depreciation & Amortization
$19.50
24.53
27.26
30.73
39.05
53.30
58.02
55.10
55.60
70.10
91.30
108.70
85.70
27.20
16.40
13.13%-39.71%Increase/Decrease in Working Capital
$-51.64
-73.00
-33.96
-77.37
-137.04
-135.15
-364.02
1.30
-138.20
-190.00
-402.40
-233.00
-126.10
-257.90
-370.50
-43.66%Share-based Compensation
$19.02
30.69
43.91
58.99
95.09
122.42
137.18
162.90
174.10
191.70
207.90
217.30
249.00
56.30
62.30
23.91%10.66%Adjustments to Reconcile Net Income
$70.35
117.03
103.11
171.24
274.56
313.52
563.01
306.70
481.50
595.20
893.00
874.00
787.70
429.80
531.10
22.30%23.57%Net Cash (Operating)
$132.84
183.87
147.38
196.58
282.55
345.71
594.40
638.90
808.00
1083.70
1499.70
1730.60
1935.50
677.50
830.40
25.01%22.57%Capital Expenditure
$6.25
23.33
21.51
32.21
75.38
89.27
135.31
74.70
126.80
166.10
530.80
312.00
212.60
30.30
227.60
34.17%651.16%Net Cash (Investing)
$-166.83
-182.71
-146.73
-29.35
-0.97
-74.12
-76.80
-134.90
-502.30
-72.80
-1325.10
763.90
-649.30
-42.40
-270.30
-537.50%Increase/Decrease in Debt
$
-1.63
-10.10
-3.70
-4.10
969.90
Increase/Decrease in Equity
$
38.09
-7.95
11.35
7.31
-65.97
-370.46
-125.30
-95.60
-1058.00
-718.20
-1965.10
-1456.70
21.20
13.40
-36.79%Net Cash (Financing)
$39.80
50.16
-6.42
0.75
-21.56
-105.86
-415.60
-202.60
-195.60
-1171.60
82.80
-2130.30
-1570.40
-13.70
-30.30
-121.17%Cash Taxes Paid
$-0.30
17.09
25.45
40.55
18.89
26.61
32.16
41.40
58.70
39.70
127.40
260.20
426.30
20.70
31.10
50.24%Effect of Exchange Rate
$-0.68
-0.33
-1.33
-0.60
-0.10
-0.40
-0.80
-0.10
-1.40
-1300.00%Increase/Decrease in Cash
$5.13
50.98
-7.10
167.38
260.02
165.73
102.00
301.40
110.10
-160.70
257.30
363.80
-285.00
621.30
528.40
-14.95%Cash (Beginning)
$66.86
71.99
122.97
115.87
283.25
543.28
709.00
811.00
1112.40
1222.50
1061.80
1319.10
1682.90
1682.90
1397.90
30.84%-16.94%Cash (Ending)
$71.99
122.97
115.87
283.25
543.28
709.00
811.00
1112.40
1222.50
1061.80
1319.10
1682.90
1397.90
2304.20
1926.30
28.04%-16.40%NOPAT
$60.34
84.12
47.94
20.24
-1.65
16.46
81.33
305.85
290.92
492.83
518.54
705.56
844.40
254.05
292.28
24.59%15.05%Gross Margin %
73.80%
72.37%
70.64%
70.01%
71.59%
73.51%
74.23%
74.99%
76.54%
78.03%
76.57%
75.44%
76.68%
75.62%
77.48%
Operating Margin %
20.50%
18.83%
11.72%
7.70%
1.47%
3.37%
7.35%
12.82%
15.96%
20.50%
19.46%
21.95%
23.40%
21.67%
23.73%
NOPAT Margin %
13.92%
15.76%
7.79%
2.63%
-0.16%
1.29%
5.44%
16.98%
13.49%
19.00%
15.51%
15.97%
15.92%
20.13%
21.60%
Net Margin %
14.41%
12.52%
7.20%
3.29%
0.79%
2.52%
2.10%
18.44%
15.14%
18.83%
18.16%
19.41%
21.64%
19.62%
22.12%
Tax Rate %
32.13%
16.27%
33.51%
65.88%
111.10%
61.67%
25.93%
-32.40%
15.48%
7.33%
20.27%
27.23%
31.96%
7.11%
9.00%
ROA
8.21%
8.62%
4.10%
1.42%
-0.09%
0.77%
3.60%
9.94%
7.49%
12.19%
8.76%
11.33%
11.63%
3.72%
3.81%
ROE
16.84%
16.46%
8.18%
2.99%
-0.22%
1.97%
13.80%
30.28%
22.01%
57.57%
64.95%
-250.55%
-182.22%
2228.52%
-212.57%
ROIC
524.59%
333.17%
137.50%
18.05%
-0.96%
6.57%
31.17%
98.77%
61.27%
81.86%
62.47%
57.84%
59.05%
37.81%
39.60%
Asset Turnover
0.59
0.55
0.53
0.54
0.56
0.60
0.66
0.59
0.55
0.64
0.56
0.71
0.73
0.18
0.18
Inventory Turnover
6.99
7.00
3.71
3.32
3.42
3.16
4.98
5.00
4.29
4.08
4.45
4.10
2.55
1.02
0.69
Equity Multiplier
2.05
1.91
1.99
2.11
2.37
2.55
3.83
3.05
2.94
4.72
7.41
-22.12
-15.66
599.32
-55.72
Current Ratio
1.96
1.78
1.78
2.11
1.87
1.86
1.67
1.77
1.88
1.50
1.55
1.24
1.19
1.34
1.20
Quick Ratio
1.82
1.63
1.51
1.82
1.70
1.69
1.56
1.67
1.77
1.40
1.45
1.13
1.03
1.22
1.06
Debt/Equity Ratio
1.24
-3.52
-2.14
86.92
-7.22
Working Capital/Sales
0.01
-0.00
-0.02
0.07
0.06
0.06
-0.01
-0.01
0.01
0.01
-0.01
0.03
0.04
-0.34
-0.50
R&D/Sales
0.15
0.15
0.17
0.16
0.16
0.14
0.14
0.14
0.13
0.13
0.13
0.12
0.12
0.12
0.13
Total Payout
$
-38.09
7.95
-11.35
-7.31
67.59
370.46
135.40
99.30
1062.10
-251.70
1965.10
1456.70
-21.20
-13.40
36.79%Payout Ratio %
-45.28%
16.57%
-56.07%
-442.81%
410.61%
455.52%
44.27%
34.13%
215.51%
-48.54%
278.52%
172.51%
-8.34%
-4.58%