FTNTNasdaqComputer Peripheral Equipment, NECFiscal year ends December 31
Fortinet, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$171.50+2.37 (+1.40%)
Close on Oct 19, 2026
- Market cap
- $126.89B
- P/E (TTM)
- 60.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
80.5%+2.4 pts over 5 years
Operating margin
30.7%+10.2 pts over 5 years
Net margin
27.3%+8.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +14.2% | +15.5% | +21.3% | +21.0% | |
| Gross profit | +14.0% | +18.0% | +22.0% | +22.4% | |
| Operating income | +15.6% | +29.1% | +31.4% | +63.9% | |
| Net income | +6.2% | +29.3% | +30.6% | +72.4% | |
| EPS, diluted | +7.1% | +31.7% | +33.1% | +73.1% | |
| Free cash flow | +18.4% | +15.4% | +18.4% | +24.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 4.0% | 44.4% | 135.7% | |
| Return on assets | 1.6% | 12.3% | 18.4% | |
| Current ratio | 1.86 | 1.50 | 1.17 | |
| Debt to equity | – | 0.00 | 0.81 | |
| Net debt to EBITDA | – | -1.77× | -0.67× | |
| Interest coverage | – | – | 103.7× | |
| Inventory turnover | 3.5× | 4.4× | 3.7× | |
| Capex to revenue | 5.3% | 4.9% | 5.4% | |
| Diluted shares | 882M | 838M | 765M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Fortinet generated $10.01B from operations and spent $8.05B on capital expenditure, dividends and share buybacks. 19% of that went back into the business.
Generated
$10.01B
Used
$8.05B
Capital expenditure$1.52B19%Dividends$00%Share buybacks$6.52B81%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin27.3%
×Asset turnover0.67×
×Equity multiplier7.38×
=Return on equity, FY2025135.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 27.3% | 0.67× | 7.38× | 135.7% |
| FY2024 | 29.3% | 0.70× | 16.52× | 338.7% |
| FY2023 | 21.6% | 0.79× | -18.10× | -308.1% |
| FY2022 | 19.4% | 0.73× | 24.29× | 342.9% |
| FY2021 | 18.2% | 0.67× | 6.08× | 74.1% |
| FY2020 | 18.8% | 0.65× | 3.60× | 44.4% |
| FY2019 | 15.3% | 0.62× | 2.94× | 28.0% |
| FY2018 | 18.6% | 0.68× | 3.28× | 41.2% |
| FY2017 | 2.1% | 0.68× | 3.05× | 4.4% |
| FY2016 | 2.5% | 0.65× | 2.47× | 4.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.85B
- Cash generatingOperating cash flow above zero$2.59B
- Return on assets improvedROA up on the prior year24.0% → 19.0%
- Earnings backed by cashOperating cash flow above net income$2.59B vs $1.85B
- Less leverageLong-term debt to assets fell10.2% → 4.8%
- Better liquidityCurrent ratio rose1.47 → 1.17
- No dilutionShare count did not rise772M → 765M
- Gross margin improvedGross margin up on the prior year80.56% → 80.46%
- More efficientAsset turnover rose0.82 → 0.70