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Fortinet, Inc.
Nasdaq · CIK 1262039
Last close180.95
Daily change+2.23 (1.25%)
10 Years gain+2349.24%
Dividends TTM0
Dividend yield0.00%
Fundamental Analysis
FTNT · STANDARD
SIC 3577 · Computer Peripheral Equipment, NEC · Fiscal year end 1231
Fundamental
68.1Momentum
62.6Acceleration
62.6Confidence
82.0Annual Revenue17
Quarterly Revenue55
Annual CFO17
Balance SheetAvailable
RankingEligible
Score Breakdown
Growth20.7 / 25
Quality22.1 / 25
Capital Efficiency0.0 / 20
Balance Sheet13.7 / 15
Shareholder Economics7.3 / 10
Forward Indicators4.3 / 5
Signals
Operating leverageOperating margin improved by 2.5205 percentage points.
Share count reductionDiluted share count declined 4.7503%.
Strong operating leverageOperating income is growing faster than revenue while operating margin expands.
Key Metrics
Revenue Growth TTM24.28%OK
Revenue CAGR 3Y15.46%OK
Gross Margin80.48%OK
Operating Margin31.36%OK
FCF Marginn/aMISSING
FCF Growthn/aINSUFFICIENT_HISTORY
ROICn/aMISSING
Incremental Operating Margin 3Y43.14%OK
Net Debt / CFOn/aNOT_MEANINGFUL
Diluted Share Growth 1Y-4.75%OK
SBC / Revenue4.04%OK
SBC / FCFn/aNOT_MEANINGFUL
Financial History
| Period | Revenue | Gross Profit | Operating Income | CFO | FCF | Gross Margin | Op Margin | FCF Margin | ROIC | Shares |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 FY Dec 31, 2025 | $6.80B | $5.47B | $2.08B | $2.59B | $2.23B | 80.46% | 30.66% | 32.73% | n/a | 764.6M |
| 2025 FY Dec 31, 2024 | $5.96B | $4.80B | $1.80B | $2.26B | $1.88B | 80.56% | 30.28% | 31.55% | n/a | 771.9M |
| 2025 FY Dec 31, 2023 | $5.30B | $4.07B | $1.24B | $1.94B | $1.73B | 76.68% | 23.4% | 32.64% | n/a | 788.2M |
| 2024 FY Dec 31, 2022 | $4.42B | $3.33B | $969.60M | $1.73B | $1.45B | 75.44% | 21.95% | 32.81% | n/a | 805.3M |
| 2023 FY Dec 31, 2021 | $3.34B | $2.56B | $650.40M | $1.50B | $1.20B | 76.57% | 19.46% | 36.02% | n/a | 835.3M |
Formula Trace
| Metric | Value | Formula | Status | Source |
|---|---|---|---|---|
| Revenue TTM | $7.25B | sum latest 4 fiscal quarters Revenue | OK | 0001262039-26-000021, 0001262039-25-000039 |
| Revenue Growth TTM | 24.28% | Revenue_TTM / Revenue_TTM_1Y_ago - 1 | OK | 0001262039-26-000021, 0001262039-25-000039 |
| Revenue CAGR 3Y | 15.46% | (Revenue_current / Revenue_3Y_ago)^(1/3) - 1 | OK | 0001262039-26-000007 |
| Revenue CAGR 5Y | 21.25% | (Revenue_current / Revenue_5Y_ago)^(1/5) - 1 | OK | 0001262039-26-000007 |
| Gross Profit CAGR 3Y | 17.97% | (GrossProfit_current / GrossProfit_3Y_ago)^(1/3) - 1 | OK | 0001262039-26-000007 |
| Operating Income Growth | 35.14% | OperatingIncome_current / OperatingIncome_prior_year - 1 | OK | 0001262039-26-000021, 0001262039-25-000039 |
| FCF Growth | n/a | FCF_current / FCF_prior_year - 1 | INSUFFICIENT_HISTORY | derived |
| Revenue Growth Acceleration | n/a | 0.5*(Q0-Q1)+0.3*(Q1-Q2)+0.2*(Q2-Q3) | INSUFFICIENT_HISTORY | derived |
| Gross Profit Acceleration | n/a | 0.5*(Q0-Q1)+0.3*(Q1-Q2)+0.2*(Q2-Q3) | INSUFFICIENT_HISTORY | derived |
| Operating Income Acceleration | n/a | 0.5*(Q0-Q1)+0.3*(Q1-Q2)+0.2*(Q2-Q3) | INSUFFICIENT_HISTORY | derived |
| FCF Acceleration | n/a | 0.5*(Q0-Q1)+0.3*(Q1-Q2)+0.2*(Q2-Q3) | INSUFFICIENT_HISTORY | derived |
| Gross Margin | 80.48% | Gross Profit / Revenue | OK | 0001262039-26-000021, 0001262039-25-000039 |
| Operating Margin | 31.36% | Operating Income / Revenue | OK | 0001262039-26-000021, 0001262039-25-000039 |
| Net Debt / CFO | n/a | Net Debt / CFO | NOT_MEANINGFUL | 0001262039-26-000021 |
| Current Ratio | 1.28x | Current Assets / Current Liabilities | OK | derived |
| Cash / Debt | 5.91x | (Cash + Short-term Investments) / Total Debt | OK | 0001262039-26-000021 |
| SBC / Revenue | 4.04% | SBC / Revenue | OK | 0001262039-26-000021, 0001262039-26-000013 |
| Revenue per Diluted Share | $9.80 | Revenue / Diluted Shares | OK | 0001262039-26-000021, 0001262039-25-000039 |