tickdelta
tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

FTNTFortinet

Technology · Computer Peripherals · Nasdaq
FTNT quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 14.2%, free cash flow up to $2.2B

XBRL, from each 10-K
RevenueStatements ↓
$6.8B
from $6.0B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.9B
from $1.7B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$2.2B
from $1.9B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$2.42
from $2.26 in FY2024
FY2016FY2025
Operating marginStatements ↓
30.7%
from 30.3% in FY2024
FY2016FY2025
Total debtStatements ↓
$996.3M
from $994.3M in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)3.06Sales (ttm)7.9BNet income (ttm)2.3BSales growth+14.2%EPS growth+7.1%Sales Q/Q+20.5%
Free cash flow3.3BGross margin79.7%Oper. margin33.0%Net margin29.0%FCF margin42.2%ROE101.6%
ROA19.1%R&D / sales12.0%Dividend-Debt/Eq0.22Curr. ratio1.40Cash3.8B
Op. cash flow (ttm)3.7BEBITDA2.2BEBITDA margin32.9%Net debt-3.3BQuick ratio1.32Interest cover103.72
ROIC61.4%Tax rate19.2%Stock pay / sales4.1%Shares out.734.7MShares Y/Y-0.9%Book / share3.06
Cash / share5.10Sales / share10.73Asset turnover0.66Inventory turns3.33Days sales out.91Sales 3Y CAGR+15.5%
Sales 5Y CAGR+21.3%EPS 3Y CAGR+31.7%EPS 5Y CAGR+33.1%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

FTNT against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
FTNTPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+14.2%37th of 75 · median +14.1%
Net margin
29.0%21st of 75 · median 19.1%
Return on equity
101.6%5th of 69 · median 23.9%
Free cash flow margin
42.2%8th of 71 · median 22.3%
Debt / equity (less is better)
0.2214th of 61 · median 0.46
FTNT and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
FTNT Fortinet$7.9B +14.2%79.7%29.0%101.6%42.2%0.22
ROP Roper Technologies$8.4B +12.3%69.7%30.7%13.5%-0.51
COHR Coherent Corp.$7.9B +22.5%38.2%12.2%8.5%-23.2%0.35
ADSK Autodesk$7.8B +17.5%91.2%21.1%48.5%36.4%1.03
NTAP NetApp$7.4B +5.4%70.6%19.2%94.8%22.3%1.66
PLTR Palantir Technologies$7.3B +56.2%84.7%50.3%32.7%55.6%-
Where each dollar goes

From $3.3B of sales to $606.8M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.6BRevenue to Cost of revenue: $783.0MGross profit to Operating profit: $650.4MGross profit to Operating expenses: $1.9BOperating profit to Net profit: $606.8MOperating profit to Tax & other: $43.6MOperating expenses to R&D: $424.2MOperating expenses to Sales, admin & other: $1.5B Revenue: $3.3B Revenue$3.3B +29% Y/Y Gross profit: $2.6B · 77% margin Gross profit$2.6B77% margin +26% Y/Y Cost of revenue: $783.0M · 23% of revenue Cost of revenue$783.0M23% of revenue Operating profit: $650.4M · 19% margin Operating profit$650.4M19% margin +22% Y/Y Operating expenses: $1.9B · 57% of revenue Operating expenses$1.9B57% of revenue Net profit: $606.8M · 18% margin Net profit$606.8M18% margin +24% Y/Y Tax & other: $43.6M · 1% of revenue Tax & other$43.6M1% of revenue R&D: $424.2M · 13% of revenue R&D$424.2M13% of revenue Sales, admin & other: $1.5B · 44% of revenue Sales, admin & other$1.5B44% of revenue

Swipe sideways for the whole flow →

From $4.4B of sales to $857.3M of profit

FY2022, from the 10-K income statement and revenue by product
Security subscription to Revenue: $1.4BProduct to Revenue: $1.8BTechnical support and other to Revenue: $1.2BRevenue to Gross profit: $3.3BRevenue to Cost of revenue: $1.1BGross profit to Operating profit: $969.6MGross profit to Operating expenses: $2.4BOperating profit to Net profit: $857.3MOperating profit to Tax & other: $112.3MOperating expenses to R&D: $512.4MOperating expenses to Sales, admin & other: $1.9B Security subscription: $1.4B · 32% Security subscription$1.4B32% Product: $1.8B · 40% Product$1.8B40% Technical support and other: $1.2B · 27% Technical support and o…$1.2B27% Revenue: $4.4B Revenue$4.4B +32% Y/Y Gross profit: $3.3B · 75% margin Gross profit$3.3B75% margin +30% Y/Y Cost of revenue: $1.1B · 25% of revenue Cost of revenue$1.1B25% of revenue Operating profit: $969.6M · 22% margin Operating profit$969.6M22% margin +49% Y/Y Operating expenses: $2.4B · 53% of revenue Operating expenses$2.4B53% of revenue Net profit: $857.3M · 19% margin Net profit$857.3M19% margin +41% Y/Y Tax & other: $112.3M · 3% of revenue Tax & other$112.3M3% of revenue R&D: $512.4M · 12% of revenue R&D$512.4M12% of revenue Sales, admin & other: $1.9B · 42% of revenue Sales, admin & other$1.9B42% of revenue

Swipe sideways for the whole flow →

From $5.3B of sales to $1.1B of profit

FY2023, from the 10-K income statement and revenue by product
Security subscription to Revenue: $1.9BProduct to Revenue: $1.9BTechnical support and other to Revenue: $1.5BRevenue to Gross profit: $4.1BRevenue to Cost of revenue: $1.2BGross profit to Operating profit: $1.2BGross profit to Operating expenses: $2.8BOperating profit to Net profit: $1.1BOperating profit to Tax & other: $93.3MOperating expenses to R&D: $613.8MOperating expenses to Sales, admin & other: $2.2B Security subscription: $1.9B · 36% Security subscription$1.9B36% Product: $1.9B · 36% Product$1.9B36% Technical support and other: $1.5B · 28% Technical support and o…$1.5B28% Revenue: $5.3B Revenue$5.3B +20% Y/Y Gross profit: $4.1B · 77% margin Gross profit$4.1B77% margin +22% Y/Y Cost of revenue: $1.2B · 23% of revenue Cost of revenue$1.2B23% of revenue Operating profit: $1.2B · 23% margin Operating profit$1.2B23% margin +28% Y/Y Operating expenses: $2.8B · 53% of revenue Operating expenses$2.8B53% of revenue Net profit: $1.1B · 22% margin Net profit$1.1B22% margin +34% Y/Y Tax & other: $93.3M · 2% of revenue Tax & other$93.3M2% of revenue R&D: $613.8M · 12% of revenue R&D$613.8M12% of revenue Sales, admin & other: $2.2B · 42% of revenue Sales, admin & other$2.2B42% of revenue

Swipe sideways for the whole flow →

From $6.0B of sales to $1.7B of profit

FY2024, from the 10-K income statement and revenue by product
Security subscription to Revenue: $2.3BProduct to Revenue: $1.9BTechnical support and other to Revenue: $1.7BRevenue to Gross profit: $4.8BRevenue to Cost of revenue: $1.2BGross profit to Operating profit: $1.8BGross profit to Operating expenses: $3.0BOperating profit to Net profit: $1.5BOperating profit to Tax: $283.9MOther income to Net profit: $225.7MOperating expenses to R&D: $716.8MOperating expenses to Sales, admin & other: $2.3B Security subscription: $2.3B · 39% Security subscription$2.3B39% Product: $1.9B · 32% Product$1.9B32% Technical support and other: $1.7B · 29% Technical support and o…$1.7B29% Revenue: $6.0B Revenue$6.0B +12% Y/Y Gross profit: $4.8B · 81% margin Gross profit$4.8B81% margin +18% Y/Y Cost of revenue: $1.2B · 19% of revenue Cost of revenue$1.2B19% of revenue Operating profit: $1.8B · 30% margin Operating profit$1.8B30% margin +45% Y/Y Other income: $225.7M · 4% of revenue Other income$225.7M4% of revenue Operating expenses: $3.0B · 50% of revenue Operating expenses$3.0B50% of revenue Net profit: $1.7B · 29% margin Net profit$1.7B29% margin +52% Y/Y Tax: $283.9M · 5% of revenue Tax$283.9M5% of revenue R&D: $716.8M · 12% of revenue R&D$716.8M12% of revenue Sales, admin & other: $2.3B · 38% of revenue Sales, admin & other$2.3B38% of revenue

Swipe sideways for the whole flow →

From $6.8B of sales to $1.9B of profit

FY2025, from the 10-K income statement and revenue by product
Security subscription to Revenue: $2.6BProduct to Revenue: $2.2BTechnical support and other to Revenue: $1.9BRevenue to Gross profit: $5.5BRevenue to Cost of revenue: $1.3BGross profit to Operating profit: $2.1BGross profit to Operating expenses: $3.4BOperating profit to Net profit: $1.6BOperating profit to Tax: $439.1MOther income to Net profit: $207.8MOperating expenses to R&D: $815.5MOperating expenses to Sales, admin & other: $2.6B Security subscription: $2.6B · 39% Security subscription$2.6B39% Product: $2.2B · 33% Product$2.2B33% Technical support and other: $1.9B · 29% Technical support and o…$1.9B29% Revenue: $6.8B Revenue$6.8B +14% Y/Y Gross profit: $5.5B · 80% margin Gross profit$5.5B80% margin +14% Y/Y Cost of revenue: $1.3B · 20% of revenue Cost of revenue$1.3B20% of revenue Operating profit: $2.1B · 31% margin Operating profit$2.1B31% margin +16% Y/Y Other income: $207.8M · 3% of revenue Other income$207.8M3% of revenue Operating expenses: $3.4B · 50% of revenue Operating expenses$3.4B50% of revenue Net profit: $1.9B · 27% margin Net profit$1.9B27% margin +6% Y/Y Tax: $439.1M · 6% of revenue Tax$439.1M6% of revenue R&D: $815.5M · 12% of revenue R&D$815.5M12% of revenue Sales, admin & other: $2.6B · 38% of revenue Sales, admin & other$2.6B38% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median29.0% vs 19.1%
  • ✓
    Gross margin up over 5 years78.0% → 80.5%
  • ✓
    Return on equity above 15%101.6%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 2.5% → 27.3%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is over 100× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.22 on the latest balance sheet (peer median 0.46)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.40
  • ✓
    More cash than debtNet cash $3.3B
Debt / equity at each year end, FY2016 to FY2025: 0.00 → 0.81

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$2.2B last year
  • ✓
    Share count down over 5 years−8.8%
  • ✓
    Cash from operations above net income$2.6B vs $1.9B
Free cash flow, FY2016 to FY2025: 278.5M → 2.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 6.8B Net income 1.9B
FY2016 revenue 1.3B · SalesRevenueNet, 0001262039-19-000006 FY2016 net income 32.2M · NetIncomeLoss, 0001262039-19-000006 1.3B FY2016 FY2017 revenue 1.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001262039-20-000011 FY2017 net income 31.4M · NetIncomeLoss, 0001262039-20-000011 1.5B FY2017 FY2018 revenue 1.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001262039-21-000008 FY2018 net income 334.9M · NetIncomeLoss, 0001262039-21-000008 1.8B FY2018 FY2019 revenue 2.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001262039-22-000008 FY2019 net income 331.7M · NetIncomeLoss, 0001262039-22-000008 2.2B FY2019 FY2020 revenue 2.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001262039-23-000010 FY2020 net income 488.5M · NetIncomeLoss, 0001262039-23-000010 2.6B FY2020 FY2021 revenue 3.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001262039-24-000014 FY2021 net income 606.8M · NetIncomeLoss, 0001262039-24-000014 3.3B FY2021 FY2022 revenue 4.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001262039-25-000011 FY2022 net income 857.3M · NetIncomeLoss, 0001262039-25-000011 4.4B FY2022 FY2023 revenue 5.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001262039-26-000007 FY2023 net income 1.1B · NetIncomeLoss, 0001262039-26-000007 5.3B FY2023 FY2024 revenue 6.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001262039-26-000007 FY2024 net income 1.7B · NetIncomeLoss, 0001262039-26-000007 6.0B FY2024 FY2025 revenue 6.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001262039-26-000007 FY2025 net income 1.9B · NetIncomeLoss, 0001262039-26-000007 6.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

FTNT's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue6.8B
FY2016: 1.3BFY2017: 1.5BFY2018: 1.8BFY2019: 2.2BFY2020: 2.6BFY2021: 3.3BFY2022: 4.4BFY2023: 5.3BFY2024: 6.0BFY2025: 6.8B FY2017FY2019FY2021FY2023FY2025
Net income1.9B
FY2016: 32.2MFY2017: 31.4MFY2018: 334.9MFY2019: 331.7MFY2020: 488.5MFY2021: 606.8MFY2022: 857.3MFY2023: 1.1BFY2024: 1.7BFY2025: 1.9B FY2017FY2019FY2021FY2023FY2025
Free cash flow2.2B
FY2016: 278.5MFY2017: 459.1MFY2018: 585.9MFY2019: 715.8MFY2020: 957.8MFY2021: 1.2BFY2022: 1.4BFY2023: 1.7BFY2024: 1.9BFY2025: 2.2B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)2.42
FY2016: 0.04FY2017: 0.04FY2018: 0.38FY2019: 0.38FY2020: 0.58FY2021: 0.73FY2022: 1.06FY2023: 1.46FY2024: 2.26FY2025: 2.42 FY2017FY2019FY2021FY2023FY2025
Diluted shares764.6M
FY2016: 881.5MFY2017: 890.5MFY2018: 871.0MFY2019: 875.0MFY2020: 838.3MFY2021: 835.3MFY2022: 805.3MFY2023: 788.2MFY2024: 771.9MFY2025: 764.6M FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Security subscription 2.6B38.7% +13.7%
Product 2.2B32.6% +16.2%
Technical support and other 1.9B28.6% +12.6%

10-K 0001262039-26-000007, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
EMEA 2.8B41.7% +18.3%
Americas 2.7B39.7% +10.6%
United States 1.9B28.4% +8.5%
APAC 1.3B18.6% +13.2%
Other Americas 770.9M11.3% +16.2%

10-K 0001262039-26-000007, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue1.3B1.5B1.8B2.2B2.6B3.3B4.4B5.3B6.0B6.8B
Cost of revenue337.8M385.3M450.4M505.9M570.0M783.0M1.1B1.2B1.2B1.3B
Gross profit937.6M1.1B1.4B1.7B2.0B2.6B3.3B4.1B4.8B5.5B
R&D183.1M210.6M244.5M277.1M341.4M424.2M512.4M613.8M716.8M815.5M
SG&A81.1M87.9M93.0M102.1M119.5M143.5M169.0M211.3M237.8M233.4M
Operating income42.9M109.8M234.4M351.0M531.8M650.4M969.6M1.2B1.8B2.1B
Interest expense---0014.9M18.0M21.0M20.0M20.1M
Pretax income43.1M124.0M254.3M386.0M541.7M628.4M955.5M1.3B2.1B2.3B
Income tax10.9M92.6M-80.6M54.3M53.2M14.1M30.8M143.8M283.9M439.1M
Net income32.2M31.4M334.9M331.7M488.5M606.8M857.3M1.1B1.7B1.9B
EPS (diluted)0.040.040.380.380.580.731.061.462.262.42
Diluted shares881.5M890.5M871.0M875.0M838.3M835.3M805.3M788.2M771.9M764.6M
Depreciation & amortization48.5M55.5M55.7M61.6M68.8M84.4M104.3M113.4M122.8M152.0M
EBITDA91.4M165.3M290.1M412.6M600.6M734.8M1.1B1.4B1.9B2.2B
Gross margin73.5%74.2%75.0%76.6%78.0%76.6%75.4%76.7%80.6%80.5%
Operating margin3.4%7.3%13.0%16.2%20.5%19.5%21.9%23.4%30.3%30.7%
Net margin2.5%2.1%18.6%15.3%18.8%18.2%19.4%21.6%29.3%27.3%
Revenue growth-+17.2%+20.7%+19.9%+19.9%+28.8%+32.2%+20.1%+12.3%+14.2%
EPS growth-0.0%+967%-1.0%+52.6%+25.9%+45.2%+37.7%+54.8%+7.1%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash709.0M811.0M1.1B1.2B1.1B1.3B1.7B1.4B2.9B2.5B
Short-term investments376.5M440.3M537.2M843.1M775.5M-----
Receivables313.0M348.2M444.5M544.3M720.0M807.7M1.3B1.4B1.5B1.7B
Inventory106.9M77.3M90.0M117.9M139.8M175.8M264.6M484.8M315.5M399.5M
Current assets1.5B1.7B2.2B2.8B2.7B3.6B3.8B4.4B6.0B5.9B
Property & equipment137.2M245.4M271.4M344.3M448.0M687.6M898.5M1.0B1.3B1.6B
Goodwill14.6M14.6M38.2M67.2M93.0M125.1M128.0M126.5M235.4M257.4M
Total assets2.1B2.3B3.1B3.9B4.0B5.9B6.2B7.3B9.8B10.4B
Accounts payable56.7M70.0M86.4M96.4M141.6M148.4M243.4M204.3M190.9M230.8M
Current liabilities829.4M1.0B1.3B1.5B1.8B2.3B3.1B3.7B4.1B5.0B
Total debt----0988.4M990.4M992.3M994.3M996.3M
Total liabilities1.3B1.7B2.1B2.5B3.2B5.1B6.5B7.7B8.3B9.2B
Shareholders' equity837.7M602.0M1.0B1.3B856.0M781.7M-281.6M-463.4M1.5B1.2B
Retained earnings37.6M-319.6M-57.5M160.8M-352.1M-467.9M-1.5B-1.9B-117.1M-507.9M

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow345.7M594.4M638.9M808.0M1.1B1.5B1.7B1.9B2.3B2.6B
Capital spending67.2M135.3M53.0M92.2M125.9M295.9M281.2M204.1M378.9M364.8M
Free cash flow278.5M459.1M585.9M715.8M957.8M1.2B1.4B1.7B1.9B2.2B
Stock-based pay (added back)122.4M137.2M162.9M174.1M191.7M207.9M217.3M249.0M257.9M279.5M
Buybacks110.8M446.3M211.8M145.1M1.1B741.8M2.0B1.5B600K2.3B
Acquisitions22.1M021.7M34.6M40.2M74.9M30.8M0275.5M41.6M
Debt raised---00989.4M00--
Investing cash flow-74.1M-76.8M-134.9M-502.3M-72.8M-1.3B763.9M-649.3M-727.4M-599.1M
Financing cash flow-105.9M-415.6M-202.6M-195.6M-1.2B82.8M-2.1B-1.6B-50.1M-2.4B

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)122.4M137.2M162.9M174.1M191.7M207.9M217.3M249.0M257.9M279.5M
Stock-based pay / revenue9.6%9.2%9.0%8.0%7.4%6.2%4.9%4.7%4.3%4.1%
Operating lease cost---15.3M18.5M26.5M37.1M43.0M44.5M51.7M
Operating lease cash paid---16.2M18.9M25.8M33.8M40.0M38.6M51.3M
Right-of-use assets---44.3M49.3M65.1M96.3M76.0M72.2M64.4M
Operating lease liabilities---46.1M53.1M66.8M95.7M79.1M79.1M65.5M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Next Peers in numbers →