FTNT - Fortinet, Inc.
Price:
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--
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CONSENSUS:
Hold
DETAILS
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PRICE TARGET:
$96.59
DETAILS
HIGH:
$125.00
LOW:
$70.00
MEDIAN:
$92.50
CONSENSUS:
$96.59
DOWNSIDE:
27.88%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||
| Revenue | 6,799.6 | 5,955.8 | 5,304.8 | 4,417.4 | 3,342.2 | 2,594.4 | 2,163 | 1,804.6 | 1,494.9 | 1,275.4 | 1,009.3 | 770.4 | 615.3 | 533.6 | 433.6 | 324.7 | 252.1 | 211.8 | 155.4 | 123.5 |
| Cost of Revenue | 1,302.6 | 1,157.6 | 1,237.2 | 1,084.9 | 783 | 570 | 505.9 | 450.4 | 385.3 | 337.8 | 286.8 | 231.0 | 180.6 | 147.4 | 113.6 | 85.2 | 70.0 | 65.5 | 56.7 | 41.0 |
| Gross Profit | 5,497 | 4,798.2 | 4,067.6 | 3,332.5 | 2,559.2 | 2,024.4 | 1,657.1 | 1,354.2 | 1,109.6 | 937.6 | 722.5 | 539.4 | 434.7 | 386.2 | 320.0 | 239.5 | 182.1 | 146.3 | 98.7 | 82.5 |
| Operating Expenses | ||||||||||||||||||||
| R&D Expenses | 815.5 | 716.8 | 613.8 | 512.4 | 424.2 | 341.4 | 277.1 | 244.5 | 210.6 | 183.1 | 158.1 | 122.9 | 102.7 | 81.1 | 63.6 | 49.8 | 42.2 | 37.0 | 27.6 | 21.4 |
| SG&A Expenses | 2,580.9 | 2,282.6 | 2,217.3 | 1,855.1 | 1,489.2 | 1,191.4 | 1,029 | 875.3 | 788.9 | 707.6 | 541.9 | 357.2 | 259.9 | 204.7 | 167.5 | 134.3 | 114.6 | 104.4 | 92.7 | 67.1 |
| Other Expenses | 20 | (4.6) | (4.6) | (4.6) | (4.6) | (40.2) | 0 | 0 | 0.3 | 4 | 7.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 3,416.4 | 2,994.8 | 2,826.5 | 2,362.9 | 1,908.8 | 1,492.6 | 1,306.1 | 1,119.8 | 999.8 | 894.7 | 707.6 | 480.0 | 362.6 | 285.7 | 231.1 | 184.1 | 156.8 | 141.4 | 120.3 | 88.5 |
| Operating Income | ||||||||||||||||||||
| Operating Income | 2,082 | 1,803.4 | 1,241.1 | 969.6 | 650.4 | 531.8 | 351 | 234.4 | 109.8 | 42.9 | 14.9 | 59.3 | 72.1 | 100.5 | 88.9 | 55.3 | 25.3 | 4.9 | (21.6) | (6.0) |
| Interest Expense | 20.1 | 20 | 21 | 18 | 14.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 162.3 | 155.2 | 119.7 | 17.4 | 4.5 | 17.7 | 42.5 | 26.5 | 13.5 | 7.3 | 5.3 | 5.4 | 5.3 | 5.0 | 3.5 | 1.8 | 2.0 | 2.6 | 3.5 | 2.4 |
| Profitability | ||||||||||||||||||||
| EBITDA | 2,464.6 | 2,201.3 | 1,468.1 | 1,077.8 | 727.7 | 610.5 | 447.6 | 290.1 | 165.6 | 95.4 | 54.1 | 81.4 | 87.7 | 112.0 | 95.9 | 61.0 | 31.3 | 9.2 | (17.4) | (2.5) |
| EBIT | 2,312.6 | 2,078.5 | 1,354.7 | 973.5 | 643.3 | 541.7 | 386 | 234.4 | 110.1 | 46.9 | 22.5 | 59.3 | 72.1 | 100.5 | 88.9 | 55.3 | 25.3 | 4.9 | (21.6) | (6.0) |
| Income Before Tax | 2,292.5 | 2,029.1 | 1,291.6 | 887.4 | 620.8 | 541.7 | 386 | 254.3 | 124 | 43.1 | 17.0 | 61.5 | 75.9 | 105.0 | 92.1 | 56.3 | 27.5 | 9.3 | (20.1) | (4.1) |
| Income Tax Expense | 439.1 | 283.9 | 143.8 | 30.8 | 14.1 | 53.2 | 54.3 | (80.6) | 92.6 | 10.9 | 9.0 | 36.2 | 31.7 | 38.2 | 29.6 | 15.1 | (32.7) | 1.9 | 1.8 | 1.2 |
| Net Income | 1,853.4 | 1,745.2 | 1,147.8 | 857.3 | 606.8 | 488.5 | 331.7 | 334.9 | 31.4 | 32.2 | 8.0 | 25.3 | 44.3 | 66.8 | 62.5 | 41.2 | 60.2 | 7.4 | (21.8) | (5.3) |
| Per Share Data | ||||||||||||||||||||
| EPS (Basic) | 2.44 | 2.28 | 1.47 | 1.08 | 0.74 | 0.60 | 0.39 | 0.39 | 0.04 | 0.04 | 0.01 | 0.03 | 0.05 | 0.08 | 0.08 | 0.06 | 0.10 | 0.01 | -0.04 | -0.01 |
| EPS (Diluted) | 2.43 | 2.26 | 1.46 | 1.06 | 0.73 | 0.58 | 0.38 | 0.38 | 0.04 | 0.04 | 0.01 | 0.03 | 0.05 | 0.08 | 0.08 | 0.05 | 0.09 | 0.01 | -0.03 | -0.01 |
| Shares Outstanding | 743.1 | 764.4 | 778.6 | 791.4 | 816 | 821 | 855 | 845.5 | 871.6 | 863 | 851.9 | 819.2 | 812.2 | 790.4 | 762.9 | 703.6 | 623.4 | 623.4 | 574.9 | 574.9 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||||
| Cash & Cash Equivalents | 2,495.3 | 2,875.9 | 1,397.9 | 1,682.9 | 1,319.1 | 1,061.8 | 1,222.5 | 1,112.4 | 811.0 | 709.0 | 212.5 | 56.6 |
| Short-Term Investments | 1,087.2 | 1,190.6 | 1,042.5 | 528.1 | 1,232.6 | 775.5 | 843.1 | 537.2 | 440.3 | 376.5 | 47.9 | 67.6 |
| Net Receivables | 1,691.2 | 1,463.4 | 1,402 | 1,261.7 | 807.7 | 720 | 544.3 | 444.5 | 348.2 | 313.0 | 54.6 | 46.0 |
| Inventory | 399.5 | 315.5 | 484.8 | 264.6 | 175.8 | 139.8 | 117.9 | 90 | 77.3 | 106.9 | 10.6 | 11.4 |
| Other Current Assets | 0 | 126.1 | 101.1 | 73.1 | 0 | 0 | 0 | 0 | 0 | 0 | 13.6 | 3.5 |
| Total Current Assets | 5,900.2 | 5,971.5 | 4,428.3 | 3,810.4 | 3,600.6 | 2,740.4 | 2,769 | 2,220.9 | 1,716.8 | 1,538.7 | 342.2 | 188.5 |
| Non-Current Assets | ||||||||||||
| Property, Plant & Equipment | 1,619 | 1,349.5 | 1,044.4 | 898.5 | 687.6 | 448 | 344.3 | 271.4 | 245.4 | 137.2 | 6.4 | 3.4 |
| Goodwill | 354.7 | 235.4 | 126.5 | 128 | 125.1 | 93 | 67.2 | 38.2 | 14.6 | 14.6 | 0 | 0 |
| Intangible Assets | 0 | 115 | 35.3 | 56 | 63.6 | 31.6 | 31.1 | 22.1 | 16.3 | 24.8 | 0 | 0 |
| Long-Term Investments | 339.7 | 0 | 0 | 45.5 | 440.8 | 118.3 | 144.3 | 67 | 98 | 225.0 | 0 | 0 |
| Other Non-Current Assets | 2,175.6 | 756.1 | 755.6 | 720.2 | 659.1 | 368 | 297 | 203.4 | 19.9 | 16.9 | 6.9 | 7.2 |
| Total Non-Current Assets | 4,489 | 3,791.6 | 2,830.6 | 2,417.6 | 2,318.5 | 1,304.1 | 1,110.2 | 857.1 | 541.1 | 601.2 | 45.0 | 10.6 |
| Total Assets | 10,389.2 | 9,763.1 | 7,258.9 | 6,228 | 5,919.1 | 4,044.5 | 3,879.2 | 3,078 | 2,257.9 | 2,139.9 | 387.2 | 199.1 |
| Current Liabilities | ||||||||||||
| Account Payables | 230.8 | 190.9 | 204.3 | 243.4 | 148.4 | 141.6 | 96.4 | 86.4 | 70 | 56.7 | 11.0 | 7.0 |
| Short-Term Debt | 499.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 3,276.2 | 2,848.7 | 2,349.3 | 1,777.4 | 1,392.8 | 1,155.8 | 965.9 | 793.8 | 645.3 | 140.5 | 118.3 |
| Other Current Liabilities | 3,636 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 5,034 | 4,060.7 | 3,719 | 3,078.4 | 2,318.1 | 1,829.5 | 1,455.8 | 1,256.4 | 1,027.2 | 829.4 | 180.6 | 150.3 |
| Non-Current Liabilities | ||||||||||||
| Long-Term Debt | 496.6 | 994.3 | 992.3 | 990.4 | 988.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 141.3 | 129.6 | 124.7 | 149.8 | 138.7 | 146.5 | 127.7 | 90.5 | 98.8 | 82.8 | 2.8 | 0.7 |
| Total Non-Current Liabilities | 4,117.7 | 4,208.6 | 4,003.3 | 3,431.2 | 2,802.6 | 1,359 | 1,081 | 811.4 | 641.3 | 472.8 | 64.2 | 54.1 |
| Total Liabilities | 9,151.7 | 8,269.3 | 7,722.3 | 6,509.6 | 5,120.7 | 3,188.5 | 2,536.8 | 2,067.8 | 1,668.5 | 1,302.3 | 244.8 | 204.3 |
| Stockholders' Equity | ||||||||||||
| Common Stock | 0.7 | 0.8 | 0.8 | 0.8 | 0.8 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.0 |
| Retained Earnings | (507.9) | (117.1) | (1,861.7) | (1,546.4) | (467.9) | (352.1) | 160.8 | (57.5) | (319.6) | 37.6 | (60.0) | (120.2) |
| Accumulated Other Comprehensive Income | (25.4) | (26.1) | (18.9) | (20.2) | (4.8) | 0.7 | 1.1 | (0.8) | (0.8) | (0.8) | 1.1 | (0.3) |
| Total Stockholders' Equity | 1,237.5 | 1,493.8 | (463.4) | (281.6) | 781.7 | 856 | 1,342.4 | 1,010.2 | 589.4 | 837.7 | 142.5 | (5.2) |
| Total Liabilities & Equity | 10,389.2 | 9,763.1 | 7,258.9 | 6,228 | 5,919.1 | 4,044.5 | 3,879.2 | 3,078 | 2,257.9 | 2,139.9 | 387.2 | 199.1 |
| Debt Metrics | ||||||||||||
| Total Debt | 996.3 | 994.3 | 992.3 | 990.4 | 988.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | (1,499) | (1,881.6) | (405.6) | (692.5) | (330.7) | (1,061.8) | (1,222.5) | (1,112.4) | (811) | (709.0) | (212.5) | (56.6) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | 1,853.4 | 1,745.2 | 1,147.8 | 856.6 | 606.7 | 488.5 | 331.7 | 334.9 | 31.4 | 32.2 |
| Depreciation & Amortization | 336.3 | 122.8 | 113.4 | 104.3 | 84.4 | 68.8 | 61.6 | 55.7 | 55.5 | 48.5 |
| Stock-Based Compensation | 279.5 | 257.9 | 249 | 217.3 | 207.9 | 191.7 | 174.1 | 162.9 | 137.2 | 122.4 |
| Change in Working Capital | (10.4) | (20.6) | 126.1 | 233 | 402.4 | 190 | 133 | (4) | 364 | 135.2 |
| Other Non-Cash Items | 65.6 | 152.8 | 299.2 | 319.4 | 198.3 | 144.7 | 107.6 | 89.4 | 6.3 | 7.4 |
| Operating Cash Flow | 2,590.6 | 2,258.1 | 1,935.5 | 1,730.6 | 1,499.7 | 1,083.7 | 808 | 638.9 | 594.4 | 345.7 |
| Investing Activities | ||||||||||
| Capital Expenditure | (364.8) | (378.9) | (204.1) | (281.2) | (295.9) | (125.9) | (92.2) | (53) | (135.3) | (67.2) |
| Acquisitions | (41.6) | (275.5) | (8.5) | (30.8) | (234.9) | (40.2) | (34.6) | (21.7) | 0 | (22.1) |
| Purchases of Investments | (1,996.1) | (1,965.3) | (1,855.8) | (389.1) | (2,350.5) | (1,079) | (1,332.3) | (681.8) | (669.2) | (473.6) |
| Sales/Maturities of Investments | 1,803.3 | 1,892.2 | 1,418.8 | 1,465 | 1,555.8 | 1,171 | 956.8 | 621.6 | 727.7 | 488.8 |
| Other Investing Activities | 0.1 | 0.1 | 0.3 | 0 | 0.4 | 1.3 | 0 | 0 | 0 | 0 |
| Investing Cash Flow | (599.1) | (727.4) | (649.3) | 763.9 | (1,325.1) | (72.8) | (502.3) | (134.9) | (76.8) | (74.1) |
| Financing Activities | ||||||||||
| Net Debt Issuance | 0 | 0 | 0 | 0 | 969.9 | (4.1) | (3.7) | (10.1) | 0 | (1.6) |
| Stock Repurchased | (2,289.8) | (0.6) | (1,500.5) | (1,991.2) | (741.8) | (1,080.1) | (145.1) | (211.8) | (446.3) | (110.8) |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (126.4) | (112.6) | (113.7) | (165.2) | (171.3) | (109.5) | (96.3) | (67.2) | (45.1) | (38.3) |
| Financing Cash Flow | (2,371.5) | (50.1) | (1,570.4) | (2,130.3) | 82.8 | (1,171.6) | (195.6) | (202.6) | (415.6) | (105.9) |
| Cash Position | ||||||||||
| Net Change in Cash | (380.6) | 1,478 | (285) | 363.8 | 257.3 | (160.7) | 110.1 | 301.4 | 102 | 165.7 |
| Cash at Beginning | 2,875.9 | 1,397.9 | 1,682.9 | 1,319.1 | 1,061.8 | 1,222.5 | 1,112.4 | 811 | 709 | 543.3 |
| Cash at End | 2,495.3 | 2,875.9 | 1,397.9 | 1,682.9 | 1,319.1 | 1,061.8 | 1,222.5 | 1,112.4 | 811 | 709 |
| Free Cash Flow | 2,225.8 | 1,879.2 | 1,731.4 | 1,449.4 | 1,203.8 | 957.8 | 715.8 | 585.9 | 459.1 | 278.5 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||||||||||
| Revenue | 6,799.6 | 5,955.8 | 5,304.8 | 4,417.4 | 3,342.2 | 2,594.4 | 2,163 | 1,804.6 | 1,494.9 | 1,275.4 | 1,009.3 | 770.4 | 615.3 | 533.6 | 433.6 | 324.7 | 252.1 | 211.8 | 155.4 | 123.5 |
| Gross Profit | 5,497 | 4,798.2 | 4,067.6 | 3,332.5 | 2,559.2 | 2,024.4 | 1,657.1 | 1,354.2 | 1,109.6 | 937.6 | 722.5 | 539.4 | 434.7 | 386.2 | 320.0 | 239.5 | 182.1 | 146.3 | 98.7 | 82.5 |
| Operating Income | 2,082 | 1,803.4 | 1,241.1 | 969.6 | 650.4 | 531.8 | 351 | 234.4 | 109.8 | 42.9 | 14.9 | 59.3 | 72.1 | 100.5 | 88.9 | 55.3 | 25.3 | 4.9 | (21.6) | (6.0) |
| Net Income | 1,853.4 | 1,745.2 | 1,147.8 | 857.3 | 606.8 | 488.5 | 331.7 | 334.9 | 31.4 | 32.2 | 8.0 | 25.3 | 44.3 | 66.8 | 62.5 | 41.2 | 60.2 | 7.4 | (21.8) | (5.3) |
| EPS (Diluted) | 2.43 | 2.26 | 1.46 | 1.06 | 0.73 | 0.58 | 0.38 | 0.38 | 0.04 | 0.04 | 0.01 | 0.03 | 0.05 | 0.08 | 0.08 | 0.05 | 0.09 | 0.01 | -0.03 | -0.01 |
| Balance Sheet | ||||||||||||||||||||
| Cash & Equivalents | 2,495.3 | 2,875.9 | 1,397.9 | 1,682.9 | 1,319.1 | 1,061.8 | 1,222.5 | 1,112.4 | 811.0 | 709.0 | 212.5 | 56.6 | ||||||||
| Total Assets | 10,389.2 | 9,763.1 | 7,258.9 | 6,228 | 5,919.1 | 4,044.5 | 3,879.2 | 3,078 | 2,257.9 | 2,139.9 | 387.2 | 199.1 | ||||||||
| Total Debt | 996.3 | 994.3 | 992.3 | 990.4 | 988.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
| Stockholders' Equity | 1,237.5 | 1,493.8 | (463.4) | (281.6) | 781.7 | 856 | 1,342.4 | 1,010.2 | 589.4 | 837.7 | 142.5 | (5.2) | ||||||||
| Cash Flow | ||||||||||||||||||||
| Operating Cash Flow | 2,590.6 | 2,258.1 | 1,935.5 | 1,730.6 | 1,499.7 | 1,083.7 | 808 | 638.9 | 594.4 | 345.7 | ||||||||||
| Capital Expenditure | (364.8) | (378.9) | (204.1) | (281.2) | (295.9) | (125.9) | (92.2) | (53) | (135.3) | (67.2) | ||||||||||
| Free Cash Flow | 2,225.8 | 1,879.2 | 1,731.4 | 1,449.4 | 1,203.8 | 957.8 | 715.8 | 585.9 | 459.1 | 278.5 | ||||||||||