Fortinet, Inc. FTNT

Technology SIC 3577 - Computer Peripheral Equipment, NEC NAICS Manufacturing › Computer and Electronic Product Manufacturing › Computer and Peripheral Equipment Manufacturing › Computer Terminal and Other Computer Peripheral Equipment Manufacturing derived Nasdaq

Fortinet is a leader in cybersecurity, driving the convergence of networking and security. Our mission is to secure people, devices and data everywhere. Our integrated platform, the Fortinet Security Fabric, spans secure networking, unified Secure Access Service Edge ("SASE") and artificial intelligence ("AI")-driven security operations ("SecOps"). As of December 31, 2025, our end-customers were located in over 100 countries and included enterprises across a wide variety of market verticals, including financial services, retail, healthcare and operational technology ("OT") market verticals, communication and security service providers, and government organizations. As a global company headquartered in Sunnyvale, California, our research and development is centered in the United States and Canada with a global footprint of support and centers of excellence around the world. As of December 31, 2025, we held 1,064 U.S. patents and a total of 1,405 global patents, including 321 AI-related patents. We have been recognized in over 140 enterprise analyst reports demonstrating both our vision and execution across security and networking products.

Last close 179.99 2026-10-23
Market cap $132.06B 2026-06-30 share count
52-week range 73.55 - 197.13

Valuation FY2025 figures against the last close

P/S19.4x
P/E74.4x
P/FCF59.3x
EV/EBITDA58.4x
Dividend yield—
Diluted EPS2.42

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $6.80B$5.96B$5.30B$4.42B$3.34B$2.59B$2.16B$1.80B$1.49B$1.28B
Cost of revenue $1.33B$1.16B$1.24B$1.08B$783.0M$570.0M$505.9M$450.4M$385.3M$337.8M
Gross profit $5.47B$4.80B$4.07B$3.33B$2.56B$2.02B$1.66B$1.35B$1.11B$937.6M
R&D $815.5M$716.8M$613.8M$512.4M$424.2M$341.4M$277.1M$244.5M$210.6M$183.1M
SG&A $233.4M$237.8M$211.3M$169.0M$143.5M$119.5M$102.1M$93.0M$87.9M$81.1M
Total operating expenses $3.39B$2.99B$2.83B$2.36B$1.91B$1.49B$1.31B$1.12B$999.8M$894.7M
Operating income $2.08B$1.80B$1.24B$969.6M$650.4M$531.8M$351.0M$234.4M$109.8M$42.9M
Interest expense $20.1M$20.0M$21.0M$18.0M$14.9M$0$0———
Pre-tax income $2.28B$2.06B$1.33B$955.5M$628.4M$541.7M$386.0M$254.3M$124.0M$43.1M
Income tax $439.1M$283.9M$143.8M$30.8M$14.1M$53.2M$54.3M$80.6M$92.6M$10.9M
Net income $1.85B$1.75B$1.15B$857.3M$606.8M$488.5M$331.7M$334.9M$31.4M$32.2M
EPS, basic 2.452.281.471.080.740.601.941.980.180.19
EPS, diluted 2.422.261.461.060.730.581.901.920.180.18
Shares, diluted (wtd. avg.) 764.6M771.9M788.2M805.3M835.3M838.3M175.0M174.2M178.1M176.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $2.50B$2.88B$1.40B$1.68B$1.32B$1.06B$1.22B$1.11B$811.0M$709.0M
Short-term investments —————$775.5M$843.1M$537.2M$440.3M$376.5M
Receivables $1.69B$1.46B$1.40B$1.26B$807.7M$720.0M$544.3M$444.5M$348.2M$313.0M
Inventory $399.5M$315.5M$484.8M$264.6M$175.8M$139.8M$117.9M$90.0M$77.3M$106.9M
Total current assets $5.90B$5.97B$4.43B$3.81B$3.60B$2.74B$2.77B$2.22B$1.72B$1.54B
Property, plant and equipment $1.62B$1.35B$1.04B$898.5M$687.6M$448.0M$344.3M$271.4M$245.4M$137.2M
Goodwill $257.4M$235.4M$126.5M$128.0M$125.1M$93.0M$67.2M$38.2M$14.6M$14.6M
Other intangibles $97.3M$115.0M$35.3M$56.0M$63.6M$31.6M$31.1M$22.1M$16.3M$24.8M
Total assets $10.39B$9.76B$7.26B$6.23B$5.92B$4.04B$3.88B$3.08B$2.26B$2.14B
Accounts payable $230.8M$190.9M$204.3M$243.4M$148.4M$141.6M$96.4M$86.4M$70.0M$56.7M
Short-term debt $499.7M$0————————
Total current liabilities $5.03B$4.06B$3.72B$3.08B$2.32B$1.83B$1.46B$1.26B$1.03B$829.4M
Long-term debt $496.6M$994.3M$992.3M$990.4M$988.4M$0————
Total liabilities $9.15B$8.27B$7.72B$6.51B$5.12B$3.19B$2.54B$2.07B$1.67B$1.30B
Retained earnings -$507.9M-$117.1M-$1.86B-$1.55B-$467.9M-$352.1M$160.8M-$57.5M-$319.6M$37.6M
Total equity $1.24B$1.49B-$463.4M-$281.6M$798.4M$856.0M$1.34B$1.03B$602.0M$837.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $2.59B$2.26B$1.94B$1.73B$1.50B$1.08B$808.0M$638.9M$594.4M$345.7M
Depreciation and amortisation $152.0M$122.8M$113.4M$104.3M$84.4M$68.8M$61.6M$55.7M$55.5M$48.5M
Stock-based compensation $279.5M$257.9M$249.0M$217.3M$207.9M$191.7M$174.1M$162.9M$137.2M$122.4M
Capital expenditure $364.8M$378.9M$204.1M$281.2M$295.9M$125.9M$92.2M$53.0M$135.3M$67.2M
Investing cash flow -$599.1M-$727.4M-$649.3M$763.9M-$1.33B-$72.8M-$502.3M-$134.9M-$76.8M-$74.1M
Financing cash flow -$2.37B-$50.1M-$1.57B-$2.13B$82.8M-$1.17B-$195.6M-$202.6M-$415.6M-$105.9M
Buybacks $2.29B$600.0K$1.50B$1.99B$741.8M$1.08B$145.1M$211.8M$446.3M$110.8M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0002077096-26-000106.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B 8B Revenue, FY2016: 1.3B Gross profit, FY2016: 937.6M Net income, FY2016: 32.2M Revenue, FY2017: 1.5B Gross profit, FY2017: 1.1B Net income, FY2017: 31.4M Revenue, FY2018: 1.8B Gross profit, FY2018: 1.4B Net income, FY2018: 334.9M Revenue, FY2019: 2.2B Gross profit, FY2019: 1.7B Net income, FY2019: 331.7M Revenue, FY2020: 2.6B Gross profit, FY2020: 2B Net income, FY2020: 488.5M Revenue, FY2021: 3.3B Gross profit, FY2021: 2.6B Net income, FY2021: 606.8M Revenue, FY2022: 4.4B Gross profit, FY2022: 3.3B Net income, FY2022: 857.3M Revenue, FY2023: 5.3B Gross profit, FY2023: 4.1B Net income, FY2023: 1.1B Revenue, FY2024: 6B Gross profit, FY2024: 4.8B Net income, FY2024: 1.7B Revenue, FY2025: 6.8B Gross profit, FY2025: 5.5B Net income, FY2025: 1.9B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.28B $1.49B $1.80B $2.16B $2.59B $3.34B $4.42B $5.30B $5.96B $6.80B
Gross profit $937.6M $1.11B $1.35B $1.66B $2.02B $2.56B $3.33B $4.07B $4.80B $5.47B
Net income $32.2M $31.4M $334.9M $331.7M $488.5M $606.8M $857.3M $1.15B $1.75B $1.85B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Shareholder vote Item 5.07
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Annual report filed Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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