FTNTFortinet

Technology · Computer Peripherals · Nasdaq

Fortinet is a leader in cybersecurity, driving the convergence of networking and security. 10-K, Item 1

Headquarters: Sunnyvale, CA
CEO: Ken Xie
Next results: around Feb 4, 2027

FTNT and 9 peers, year by year

The 9 Technology companies closest to FTNT in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Choose the peers

Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
FTNT Fortinet	FY2025	$6.8B	+14.2%	80.5%	30.7%	27.3%	32.7%	149.8%	0.81
COHR Coherent Corp.	FY2026	$7.1B	+22.5%	-	-	11.3%	−14.4%	7.4%	0.30
ADSK Autodesk	FY2026	$7.2B	+17.5%	91.0%	21.9%	15.6%	33.4%	36.9%	0.82
NTAP NetApp	FY2026	$6.9B	+5.4%	70.7%	24.2%	18.4%	27.0%	94.4%	1.84
ROP Roper Technologies	FY2025	$7.9B	+12.3%	69.2%	28.3%	19.4%	-	7.7%	0.47
PLTR Palantir Technologies	FY2025	$4.5B	+56.2%	82.4%	31.6%	36.3%	46.9%	22.0%	-
KEYS Keysight Technologies	FY2025	$5.4B	+8.0%	-	16.3%	15.8%	23.8%	14.5%	0.43
TDY Teledyne Technologies	FY2025	$6.1B	+7.9%	-	18.8%	14.6%	17.6%	8.5%	0.24
IT Gartner	FY2025	$6.5B	+3.7%	68.8%	15.8%	11.2%	-	n/m	9.32
ON ON Semiconductor	FY2025	$6.0B	−15.3%	33.1%	1.4%	2.0%	23.7%	1.6%	0.39

Revenuepeer median $6.5B

Sales growthpeer median +8.0%

Gross marginpeer median 70.0%

Operating marginpeer median 20.4%

Net marginpeer median 15.6%

FCF marginpeer median 23.8%

Return on equitypeer median 11.5%

Debt / equitypeer median 0.45

IT 9.32
NTAP 1.84
ADSK 0.82
FTNT 0.81
ROP 0.47
KEYS 0.43
ON 0.39
COHR 0.30
TDY 0.24
PLTR -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
FTNT Dec	$1.3B	$1.5B	$1.8B	$2.2B	$2.6B	$3.3B	$4.4B	$5.3B	$6.0B	$6.8B
COHR Jun	$827.2M	$972.0M	$1.2B	$1.4B	$3.1B	-	$3.3B	$5.2B	$4.7B	$5.8B
ADSK Jan	$2.5B	$2.0B	$2.1B	$2.6B	$3.3B	$3.8B	$4.4B	$5.0B	$5.5B	$6.1B
NTAP Apr	$5.5B	$5.5B	$5.9B	$6.1B	$5.4B	$5.7B	$6.3B	$6.4B	$6.3B	$6.6B
ROP Dec	$3.8B	$4.6B	$5.2B	$4.7B	$4.0B	$4.8B	$5.4B	$6.2B	$7.0B	$7.9B
PLTR Dec	-	-	$595.4M	$742.6M	$1.1B	$1.5B	$1.9B	$2.2B	$2.9B	$4.5B
KEYS Oct	$2.9B	$3.2B	$3.9B	$4.3B	$4.2B	$4.9B	$5.4B	$5.5B	$5.0B	$5.4B
TDY Dec	$2.1B	$2.6B	$2.9B	$3.2B	$3.1B	$4.6B	$5.5B	$5.6B	$5.7B	$6.1B
IT Dec	$2.4B	$3.3B	$4.0B	$4.2B	$4.1B	$4.7B	$5.5B	$5.9B	$6.3B	$6.5B
ON Dec	$3.9B	$5.5B	$5.9B	$5.5B	$5.3B	$6.7B	$8.3B	$8.3B	$7.1B	$6.0B
Peer median	$2.7B	$3.3B	$3.9B	$4.2B	$4.0B	$4.8B	$5.4B	$5.6B	$5.7B	$6.1B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
FTNT Dec	+26.4%	+17.2%	+20.5%	+19.9%	+19.9%	+28.8%	+32.2%	+20.1%	+12.3%	+14.2%
COHR Jun	-	+17.5%	+19.2%	+17.6%	+30.5%	-	+6.8%	+55.6%	−8.8%	+23.4%
ADSK Jan	-	−18.9%	+1.3%	+25.0%	+27.4%	+15.8%	+15.7%	+14.1%	+9.8%	+11.5%
NTAP Apr	-	−0.5%	+7.8%	+3.8%	−11.9%	+6.1%	+10.0%	+0.7%	−1.5%	+4.9%
ROP Dec	+5.8%	+21.6%	+12.7%	+3.4%	+2.7%	+20.2%	+11.1%	+15.0%	+13.9%	+12.3%
PLTR Dec	-	-	-	+24.7%	+47.2%	+41.1%	+23.6%	+16.7%	+28.8%	+56.2%
KEYS Oct	+2.2%	+9.3%	+21.6%	+11.0%	−1.9%	+17.1%	+9.7%	+0.8%	−8.9%	+8.0%
TDY Dec	−6.4%	+21.1%	+11.4%	+9.0%	−2.4%	+49.5%	+18.3%	+3.2%	+0.6%	+7.9%
IT Dec	+13.0%	+35.5%	+20.1%	+6.8%	−3.4%	+15.5%	+15.7%	+7.9%	+6.1%	+3.7%
ON Dec	+11.8%	+41.9%	+6.0%	−6.1%	−4.8%	+28.3%	+23.5%	−0.9%	−14.2%	−15.3%
Peer median	+5.8%	+19.3%	+12.1%	+9.0%	−1.9%	+18.6%	+15.7%	+7.9%	+0.6%	+8.0%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
FTNT Dec	73.5%	74.2%	75.0%	76.6%	78.0%	76.6%	75.4%	76.7%	80.6%	80.5%
COHR Jun	-	-	-	-	-	-	-	-	-	-
ADSK Jan	85.2%	83.2%	85.2%	88.9%	90.1%	91.1%	90.5%	90.4%	90.7%	90.6%
NTAP Apr	60.8%	61.0%	62.7%	64.2%	66.9%	66.4%	66.8%	66.2%	70.7%	70.2%
ROP Dec	61.5%	62.2%	63.2%	66.4%	70.3%	70.5%	69.9%	69.7%	69.3%	69.2%
PLTR Dec	-	-	72.2%	67.4%	67.7%	78.0%	78.6%	80.6%	80.2%	82.4%
KEYS Oct	-	-	-	-	-	-	-	-	-	-
TDY Dec	-	-	-	-	-	-	-	-	-	-
IT Dec	-	-	-	-	-	-	69.7%	68.3%	68.3%	68.8%
ON Dec	33.3%	36.7%	38.1%	35.8%	32.7%	40.3%	49.0%	47.1%	45.4%	33.1%
Peer median	61.2%	61.6%	63.2%	66.4%	67.7%	70.5%	69.8%	69.0%	70.0%	69.7%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
FTNT Dec	3.4%	7.3%	13.0%	16.2%	20.5%	19.5%	21.9%	23.4%	30.3%	30.7%
COHR Jun	11.1%	11.9%	11.8%	10.9%	12.9%	-	12.5%	−0.7%	2.0%	-
ADSK Jan	0.1%	−24.6%	−24.8%	−1.0%	10.5%	16.6%	14.1%	19.8%	20.5%	22.1%
NTAP Apr	6.3%	11.3%	19.6%	19.9%	17.5%	17.9%	18.3%	16.0%	19.4%	20.3%
ROP Dec	27.8%	26.3%	26.9%	28.1%	26.9%	25.7%	28.4%	28.2%	28.4%	28.3%
PLTR Dec	-	-	−104.7%	−77.6%	−107.4%	−26.7%	−8.5%	5.4%	10.8%	31.6%
KEYS Oct	13.9%	4.6%	−10.2%	16.5%	18.1%	21.9%	24.6%	24.9%	16.7%	16.3%
TDY Dec	11.2%	12.4%	14.4%	15.5%	15.6%	13.5%	17.8%	18.4%	17.4%	18.8%
IT Dec	12.5%	−0.2%	6.5%	8.7%	12.0%	19.3%	20.1%	20.9%	18.4%	15.8%
ON Dec	6.3%	12.3%	14.4%	7.8%	6.6%	19.1%	28.3%	30.8%	25.0%	1.4%
Peer median	11.1%	11.6%	11.8%	10.9%	12.9%	18.5%	18.3%	19.8%	18.4%	19.6%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
FTNT Dec	2.5%	2.1%	18.6%	15.3%	18.8%	18.2%	19.4%	21.6%	29.3%	27.3%
COHR Jun	7.9%	9.8%	7.6%	7.9%	9.6%	-	7.1%	−5.0%	−3.3%	0.8%
ADSK Jan	−13.2%	−28.7%	−27.6%	−3.1%	6.6%	31.9%	11.3%	16.4%	16.5%	18.1%
NTAP Apr	4.1%	8.7%	2.0%	19.0%	15.1%	12.7%	14.8%	20.0%	15.7%	18.0%
ROP Dec	17.4%	21.1%	18.2%	37.4%	23.6%	23.8%	84.6%	22.4%	22.0%	19.4%
PLTR Dec	-	-	−97.4%	−78.1%	−106.7%	−33.7%	−19.6%	9.4%	16.1%	36.3%
KEYS Oct	11.5%	3.2%	4.3%	14.4%	14.9%	18.1%	20.7%	19.3%	12.3%	15.8%
TDY Dec	8.9%	8.7%	11.5%	12.7%	13.0%	9.7%	14.4%	15.7%	14.4%	14.6%
IT Dec	7.9%	0.1%	3.1%	5.5%	6.5%	16.8%	14.8%	14.9%	20.0%	11.2%
ON Dec	4.7%	14.6%	10.7%	3.8%	4.5%	15.0%	22.8%	26.5%	22.2%	2.0%
Peer median	7.9%	8.7%	4.3%	7.9%	9.6%	15.9%	14.8%	16.4%	16.1%	15.8%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
FTNT Dec	$278.5M	$459.1M	$585.9M	$715.8M	$957.8M	$1.2B	$1.4B	$1.7B	$1.9B	$2.2B
COHR Jun	$64.8M	−$19.9M	$7.6M	$41.4M	$428.0M	-	$99.0M	$198.0M	$198.9M	$192.8M
ADSK Jan	-	-	-	$310.1M	$1.4B	$1.3B	$1.5B	$2.0B	$1.3B	$1.6B
NTAP Apr	$814.0M	$811.0M	$1.3B	$1.2B	$936.0M	$1.2B	$985.0M	$868.0M	$1.5B	$1.3B
ROP Dec	$926.5M	$1.2B	$1.4B	-	-	-	-	-	-	-
PLTR Dec	-	-	−$52.0M	−$178.3M	−$308.8M	$321.2M	$183.7M	$697.1M	$1.1B	$2.1B
KEYS Oct	$329.0M	$256.0M	$423.0M	$878.0M	$899.0M	$1.1B	$959.0M	$1.2B	$898.0M	$1.3B
TDY Dec	$229.4M	$316.2M	$360.1M	$393.7M	$547.5M	$723.0M	$394.2M	$721.2M	$1.1B	$1.1B
IT Dec	-	-	-	-	-	-	-	-	-	-
ON Dec	$370.4M	$706.7M	$759.4M	$160.1M	$500.7M	$1.3B	$1.6B	$438.4M	$1.2B	$1.4B
Peer median	$349.7M	$511.4M	$423.0M	$310.1M	$547.5M	$1.2B	$959.0M	$721.2M	$1.1B	$1.3B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
FTNT Dec	21.8%	30.7%	32.5%	33.1%	36.9%	36.0%	32.8%	32.6%	31.6%	32.7%
COHR Jun	7.8%	−2.0%	0.7%	3.0%	13.8%	-	3.0%	3.8%	4.2%	3.3%
ADSK Jan	-	-	-	12.1%	41.6%	35.5%	33.6%	40.6%	23.3%	25.6%
NTAP Apr	14.7%	14.7%	22.5%	19.0%	17.3%	20.4%	15.6%	13.6%	24.4%	20.4%
ROP Dec	24.4%	25.7%	26.6%	-	-	-	-	-	-	-
PLTR Dec	-	-	−8.7%	−24.0%	−28.3%	20.8%	9.6%	31.3%	39.8%	46.9%
KEYS Oct	11.3%	8.0%	10.9%	20.4%	21.3%	23.2%	17.7%	22.2%	18.0%	23.8%
TDY Dec	10.7%	12.1%	12.4%	12.4%	17.7%	15.7%	7.2%	12.8%	19.5%	17.6%
IT Dec	-	-	-	-	-	-	-	-	-	-
ON Dec	9.5%	12.7%	12.9%	2.9%	9.5%	19.8%	19.2%	5.3%	17.1%	23.7%
Peer median	11.0%	12.4%	12.4%	12.1%	17.3%	20.6%	15.6%	13.6%	19.5%	23.7%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
FTNT Dec	3.8%	5.2%	32.7%	24.7%	57.1%	77.6%	n/m	n/m	116.8%	149.8%
COHR Jun	8.4%	10.6%	8.6%	9.5%	8.7%	-	6.5%	−5.2%	−3.0%	0.9%
ADSK Jan	−20.4%	−79.3%	n/m	n/m	n/m	125.2%	58.5%	71.9%	48.8%	42.4%
NTAP Apr	7.9%	16.3%	5.1%	107.2%	n/m	106.6%	111.8%	109.9%	86.0%	114.0%
ROP Dec	11.4%	14.2%	12.2%	18.6%	9.1%	10.0%	28.3%	7.9%	8.2%	7.7%
PLTR Dec	-	-	n/m	n/m	−76.6%	−22.7%	−14.6%	6.0%	9.2%	22.0%
KEYS Oct	22.1%	4.4%	6.8%	20.7%	19.0%	23.6%	27.0%	22.7%	12.0%	14.5%
TDY Dec	12.3%	11.7%	15.0%	14.8%	12.4%	5.8%	9.7%	9.6%	8.6%	8.5%
IT Dec	n/m	0.3%	14.4%	24.9%	24.5%	n/m	n/m	129.7%	92.2%	n/m
ON Dec	10.0%	29.2%	19.8%	6.4%	6.6%	22.0%	30.7%	28.1%	17.9%	1.6%
Peer median	10.0%	11.1%	12.2%	18.6%	9.1%	22.0%	27.7%	22.7%	12.0%	11.5%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
FTNT Dec	-	-	-	-	0.00	1.26	n/m	n/m	0.67	0.81
COHR Jun	0.30	0.38	0.43	0.41	0.40	-	0.64	0.86	0.79	0.65
ADSK Jan	0.92	1.49	n/m	n/m	n/m	1.71	3.12	2.01	1.24	0.88
NTAP Apr	0.52	0.68	0.85	1.64	6.89	3.84	3.15	2.06	2.09	3.11
ROP Dec	1.07	0.75	0.64	0.56	0.91	0.69	0.42	0.36	0.40	0.47
PLTR Dec	-	-	-	n/m	0.13	0.00	-	-	-	-
KEYS Oct	0.72	0.88	0.53	0.60	0.54	0.47	0.43	0.39	0.35	0.43
TDY Dec	0.33	0.55	0.34	0.31	0.24	0.54	0.48	0.35	0.28	0.24
IT Dec	11.41	3.33	2.68	2.33	1.81	6.64	10.81	3.61	1.81	9.32
ON Dec	2.09	1.14	0.93	1.14	1.01	0.71	0.52	0.43	0.38	0.39
Peer median	0.82	0.82	0.64	0.60	0.73	0.70	0.58	0.65	0.60	0.56

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
FTNT Dec	$0.04	$0.04	$0.38	$0.38	$0.58	$0.73	$1.06	$1.46	$2.26	$2.42
COHR Jun	$1.04	$1.48	$1.35	$1.63	$2.37	-	$1.45	−$2.93	−$1.84	−$0.52
ADSK Jan	−$1.46	−$2.61	−$2.58	−$0.37	$0.96	$5.44	$2.24	$3.78	$4.19	$5.12
NTAP Apr	$0.77	$1.71	$0.42	$4.51	$3.52	$3.23	$4.09	$5.79	$4.63	$5.67
ROP Dec	$6.43	$9.39	$9.05	$16.82	$8.98	$10.82	$42.55	$12.89	$14.35	$14.20
PLTR Dec	-	-	−$1.17	−$1.02	−$1.20	−$0.27	−$0.18	$0.09	$0.19	$0.63
KEYS Oct	$1.95	$0.56	$0.86	$3.25	$3.31	$4.78	$6.18	$5.91	$3.51	$4.91
TDY Dec	$5.37	$6.26	$9.01	$10.73	$10.62	$10.05	$16.53	$18.49	$17.21	$18.88
IT Dec	$2.31	$0.04	$1.33	$2.56	$2.96	$9.21	$9.96	$11.08	$16.00	$9.65
ON Dec	$0.43	$1.89	$1.44	$0.51	$0.56	$2.27	$4.25	$4.89	$3.63	$0.29
Peer median	$1.50	$1.59	$1.33	$2.56	$2.96	$5.11	$4.25	$5.79	$4.19	$5.12

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out FTNT and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on FTNT in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/FTNT/export.csv") into a cell.