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Fortinet, Inc.

FTNT

$160.10 ▼ -3.93 (-2.40%) at close

17 Visible periods

31 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Excellent

Bullish

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Analytical Summary

Fortinet, Inc. shows strong fundamentals with top-quartile Return on Common Equity (%) and Profit Margin (%). The company's metrics support a bullish outlook for growth-oriented investors.

Market Cap $121.4B

Dividend Yield —

Revenue Growth 14.2% ↗

Op. Margin 30.7% →

ROIC 95.0% ↗

FCF / Share $3.42 ↗

Trailing P/E 65.4x

Price / Book 96.1x

FCF Yield 2.1%

Debt / Equity 0.40

info Valuation on last close. End-of-day price, Aug 6, 2026.

17-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$6.80B

↑ +14.2% —

Net Income Profit after all expenses

$1.85B

↑ +6.2% —

Operating Margin Operating profit as % of sales

30.7%

↑ +1.3% 87th

FCF / Share Free cash flow per share

$3.42

↑ +15.7% —

Long-Term Debt Long-term obligations

$496.60M

↓ -50.1% —

trending_up

Bullish Indicators

Operating Margin (%)Operating Margin (%) is in the top quartile
Profit Margin (%)Profit Margin (%) is in the top quartile
Return on Common Equity (%)Return on Common Equity (%) is in the top quartile

warning

Bearish Risks

No bearish risks detected.

Health Breakdown

Profitability ↑

Returns ↑

100

Financial Health →

Cash Quality ↓

Financial view

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📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗
Revenue Growth YoY (%)	14.2% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+18%)	12.3% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: At sector avg	20.1% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+67%)	32.2% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+168%)	28.8% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+140%)	19.9% Good → Good Stable Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+66%)	20.1% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+67%)	20.5% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+71%)	17.2% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+43%)	26.4% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+120%)	31.0% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+158%)	25.2% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+110%)	15.3% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+28%)	23.1% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+92%)	33.5% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+179%)	—	—
EPS Growth YoY (%)	7.5% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	55.1% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	36.1% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	45.9% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	24.2% Good ↓ Good Declining Year-over-year change in earnings per share Optimal: > 10%	53.6% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	-1.0% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	988.9% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-5.3% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	280.0% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-66.7% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-44.4% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-35.7% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	2.4% Caution Caution Year-over-year change in earnings per share Optimal: > 10%	41.4% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	6.2% Fair ↓ Fair Declining Year-over-year change in net income	52.0% Excellent ↑ Excellent Improving Year-over-year change in net income	33.9% Excellent ↓ Excellent Declining Year-over-year change in net income	41.3% Excellent ↑ Excellent Improving Year-over-year change in net income	24.2% Good ↓ Good Declining Year-over-year change in net income	47.3% Excellent ↓ Excellent Declining Year-over-year change in net income	-0.2% Weak ↓ Weak Declining Year-over-year change in net income	958.0% Excellent ↑ Excellent Improving Year-over-year change in net income	-2.4% Weak ↓ Weak Declining Year-over-year change in net income	303.0% Excellent ↑ Excellent Improving Year-over-year change in net income	-68.5% Weak ↓ Weak Declining Year-over-year change in net income	-42.8% Weak ↓ Weak Declining Year-over-year change in net income	-33.8% Weak ↓ Weak Declining Year-over-year change in net income	7.0% Fair Fair Year-over-year change in net income	51.5% Excellent Excellent Year-over-year change in net income	—	—
FCF Growth YoY (%)	15.7% Good ↓ Good Declining Year-over-year change in free cash flow	18.8% Good ↓ Good Declining Year-over-year change in free cash flow	13.7% Fair ↓ Fair Declining Year-over-year change in free cash flow	19.0% Good ↓ Good Declining Year-over-year change in free cash flow	39.2% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	39.7% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	25.1% Excellent ↓ Excellent Declining Year-over-year change in free cash flow	10.8% Fair ↓ Fair Declining Year-over-year change in free cash flow	70.3% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	20.8% Good ↑ Good Improving Year-over-year change in free cash flow	38.2% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	32.2% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-22.0% Weak ↓ Weak Declining Year-over-year change in free cash flow	33.6% Excellent Excellent Year-over-year change in free cash flow	18.5% Good Good Year-over-year change in free cash flow	—	—
Revenue CAGR 3Y (%)	15.5% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	21.2% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	26.9% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	26.9% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	22.9% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	20.2% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	19.3% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	21.3% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	24.7% Excellent → Excellent Stable Compound annual revenue growth over 3 years	27.5% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	23.7% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	21.1% Excellent Excellent Compound annual revenue growth over 3 years	23.7% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	21.3% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	22.5% Excellent → Excellent Stable Compound annual revenue growth over 5 years	24.1% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	24.2% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	21.2% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	20.8% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	22.9% Excellent → Excellent Stable Compound annual revenue growth over 5 years	24.0% Excellent → Excellent Stable Compound annual revenue growth over 5 years	22.9% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	24.1% Excellent Excellent Compound annual revenue growth over 5 years	25.5% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	31.4% Excellent ↓ Excellent Declining Compound annual EPS growth over 3 years	45.5% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	35.1% Excellent ↓ Excellent Declining Compound annual EPS growth over 3 years	40.7% Excellent ↓ Excellent Declining Compound annual EPS growth over 3 years	23.6% Excellent ↓ Excellent Declining Compound annual EPS growth over 3 years	154.9% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	116.9% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	239.7% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	6.3% Fair ↑ Fair Improving Compound annual EPS growth over 3 years	-11.1% Weak ↑ Weak Improving Compound annual EPS growth over 3 years	-50.8% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-28.5% Weak Weak Compound annual EPS growth over 3 years	-2.4% Weak Weak Compound annual EPS growth over 3 years	—	—	—	—

💰 Are margins durable? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗
Operating Margin (%) (%)	30.7% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+53%)	30.3% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+51%)	23.4% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+17%)	21.9% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+10%)	19.5% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	20.5% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	16.2% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-19%)	12.8% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-36%)	7.3% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-63%)	3.4% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-83%)	1.5% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-93%)	7.7% Caution ↓ Caution Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-61%)	11.7% Caution ↓ Caution Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-41%)	18.8% Good → Good Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-6%)	20.5% Good Good Operating income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	17.0% Fair Fair Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-15%)	—
Profit Margin (%) (%)	27.3% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+82%)	29.3% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+95%)	21.6% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+44%)	19.4% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+29%)	18.2% Good → Good Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+21%)	18.8% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+26%)	15.3% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	18.4% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+23%)	2.1% Weak → Weak Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-86%)	2.5% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-83%)	0.8% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-95%)	3.3% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-78%)	7.2% Caution ↓ Caution Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-52%)	12.5% Fair ↓ Fair Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-17%)	14.4% Fair Fair Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	12.7% Fair Fair Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-15%)	—
FCF Margin (%) (%)	38.1% Excellent → Excellent Stable Free cash flow as a percentage of revenue Optimal: > 10%	37.9% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	36.5% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	39.2% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	44.9% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	41.8% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	37.4% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	35.5% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	39.8% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	27.1% Excellent → Excellent Stable Free cash flow as a percentage of revenue Optimal: > 10%	28.0% Excellent → Excellent Stable Free cash flow as a percentage of revenue Optimal: > 10%	25.5% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	24.0% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	34.5% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	30.6% Excellent Excellent Free cash flow as a percentage of revenue Optimal: > 10%	31.8% Excellent Excellent Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	1.40x Good ↓ Good Declining Free cash flow relative to reported net income Optimal: > 1x	1.29x Good ↓ Good Declining Free cash flow relative to reported net income Optimal: > 1x	1.69x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	2.02x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	2.47x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	2.22x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	2.44x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	1.92x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	18.93x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	10.74x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	35.38x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	7.76x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	3.33x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	2.75x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	2.13x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	2.51x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗
Return on Invested Capital (%)	95.0% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	57.3% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	185.4% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	108.1% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	29.0% Excellent → Excellent Stable Return earned on debt + equity capital invested Optimal: > 10%	49.1% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	20.7% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	18.1% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	14.7% Good ↑ Good Improving Return earned on debt + equity capital invested Optimal: > 10%	4.0% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	1.6% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	6.9% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	9.7% Fair ↓ Fair Declining Return earned on debt + equity capital invested Optimal: > 10%	15.5% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	19.6% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	18.8% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	20.1% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	18.5% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	17.1% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	15.6% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	11.0% Good ↑ Good Improving Operating profit relative to total assets Optimal: > 10%	13.1% Good ↑ Good Improving Operating profit relative to total assets Optimal: > 10%	9.0% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	7.5% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	4.9% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	2.0% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	0.8% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	4.2% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	6.2% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	10.3% Good Good Operating profit relative to total assets Optimal: > 10%	12.1% Good Good Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	149.8% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+710%)	116.8% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+532%)	-247.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-1439%)	—	77.6% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+320%)	57.1% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+208%)	24.7% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+34%)	32.9% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+78%)	5.3% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-71%)	3.8% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-79%)	1.1% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-94%)	3.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-80%)	7.6% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-59%)	13.1% Fair ↓ Fair Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-29%)	17.4% Good Good Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-6%)	17.7% Good Good Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗
Debt to Equity (x)	0.40x Good ↑ Good Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-11%)	0.67x Fair ↑ Fair Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+48%)	-2.14x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-576%)	-3.52x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-882%)	1.26x Caution Caution Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+181%)	0.00x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-100%)	—	—	—	—	—	—	—	—	—	—	—
Interest Coverage (x)	103.72x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	90.17x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	59.10x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	53.87x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	43.65x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	—	—	—	—	—	—	—	—	—	—	—	—
Net Debt (USD)	$-2.00B	$-1.88B	$-405.60M	$-692.50M	$-330.70M	$-1.06B	$-1.22B	$-1.11B	$-811.00M	$-709.00M	$-543.28M	$-283.25M	$-115.87M	$-122.97M	$-71.99M	$-66.86M	$-212.46M
Debt / EBITDA (x)	0.22x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.52x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.73x Excellent → Excellent Stable Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.92x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.35x Good Good Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.00x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—	—	—	—	—	—	—	—	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗
Revenue per Share (USD)	$8.97	$7.79	$6.81	$5.58	$4.10	$3.16	$2.53	$2.13	$1.72	$1.48	$1.18	$0.94	$0.76	$0.68	$0.57	$0.46	—
Basic EPS, GAAP (USD)	$2.45	$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	—
Free Cash Flow per Share (USD)	$3.42	$2.95	$2.49	$2.19	$1.84	$1.32	$0.95	$0.76	$0.68	$0.40	$0.33	$0.24	$0.18	$0.23	$0.17	$0.15	—
Book Value per Share (USD)	$1.67	$1.95	$-0.61	$-0.36	$0.97	$1.05	$1.56	$1.19	$0.70	$0.97	$0.88	$0.81	$0.73	$0.64	$0.46	$0.33	—
Tangible Book Value per Share (USD)	$1.19	$1.49	$-0.82	$-0.60	$0.73	$0.90	$1.45	$1.12	$0.67	$0.92	$0.86	$0.81	$0.71	$0.63	$0.46	$0.33	—
Basic Weighted Avg Shares (shares)	758.00M	764.40M	778.60M	791.40M	816.10M	821.00M	855.00M	845.50M	871.50M	863.11M	851.92M	819.15M	812.17M	790.37M	762.90M	703.63M	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗
Working Capital (USD)	$866.20M	$1.91B	$709.30M	$732.00M	$1.28B	$910.90M	$1.31B	$964.50M	$689.60M	$709.28M	$591.87M	$508.93M	$322.49M	$249.97M	$256.71M	—	—
LT Debt (USD)	$496.60M	$994.30M	$992.30M	$990.40M	$988.40M	$0.00	—	—	—	—	—	—	—	—	—	—	—
Total Equity (USD)	$1.24B	$1.49B	$-463.40M	$-281.60M	$781.70M	$856.00M	$1.34B	$1.01B	$589.40M	$837.68M	$755.38M	$675.97M	$585.76M	$510.93M	$358.35M	$232.45M	$142.45M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗
Sales/Revenue/Turnover (USD)	$6.80B	$5.96B	$5.30B	$4.42B	$3.34B	$2.59B	$2.16B	$1.80B	$1.49B	$1.28B	$1.01B	$770.36M	$615.30M	$533.64M	$433.58M	$324.70M	—
Depreciation Expense (USD)	$152.00M	$122.80M	$113.40M	$104.30M	$84.40M	$68.80M	$61.60M	$55.70M	$55.50M	$48.52M	$31.59M	$22.03M	$15.62M	$11.56M	$6.99M	$5.70M	—
Net Income, GAAP (USD)	$1.85B	$1.75B	$1.15B	$857.30M	$606.80M	$488.50M	$331.70M	$332.20M	$31.40M	$32.19M	$7.99M	$25.34M	$44.27M	$66.84M	$62.49M	$41.24M	—
Operating Cash Flow (USD)	$2.59B	$2.26B	$1.94B	$1.73B	$1.50B	$1.08B	$808.00M	$638.90M	$594.40M	$345.71M	$282.55M	$196.58M	$147.38M	$183.87M	$132.84M	$103.38M	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 1 week ago 17 years · 66 quarters

Fortinet, Inc.

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