Annual Financials for Fortinet, Inc. (FTNT)

20 Years of financial data for all companies
Including key metrics, annual/quarterly financials, and historic PE ratio.



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All numbers in thousands except per share items and ratios.
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Reported Currency: USD TTM 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31
Revenue 5,710,800 5,304,800 4,417,400 3,342,200 2,594,400 2,156,200 1,801,200 1,494,930 1,275,443 1,009,268 770,364 615,297 533,639 433,576 324,696 252,115 211,791 155,366 123,466
Revenue Growth - 20.09% 32.17% 28.82% 20.32% 19.71% 20.49% 17.21% 26.37% 31.01% 25.20% 15.30% 23.08% 33.53% 28.79% 19.04% 36.32% 25.84%
Cost of Revenue 1,159,000 1,237,200 1,084,900 783,000 570,000 505,900 450,400 385,284 337,837 286,777 231,009 180,643 147,420 113,598 85,206 69,975 65,472 56,652 40,964
Gross Profit 4,551,800 4,067,600 3,332,500 2,559,200 2,024,400 1,650,300 1,350,800 1,109,646 937,606 722,491 539,355 434,654 386,219 319,978 239,490 182,140 146,319 98,714 82,502
Gross Profit Margin 79.63% 76.68% 75.44% 76.57% 78.03% 76.54% 74.99% 74.23% 73.51% 71.59% 70.01% 70.64% 72.37% 73.80% 73.76% 72.24% 69.09% 63.54% 66.82%
Research and Development 678,200 613,800 512,400 424,200 341,400 277,100 244,500 210,614 183,084 158,129 122,880 102,660 81,078 63,577 49,801 42,195 37,035 27,588 21,446
General and Administrative Expenses 2,263,500 2,217,300 1,855,100 1,489,200 1,191,400 1,029,000 875,300 788,888 707,581 541,885 357,151 259,904 204,666 167,497 134,348 114,611 104,357 92,703 67,053
Total Operating Expenses 2,940,600 2,826,500 2,367,500 1,913,400 1,532,800 1,306,100 1,119,800 999,502 890,665 700,014 480,031 362,564 285,744 231,074 184,149 156,806 141,392 120,291 88,499
Operating Income or Loss 1,612,400 1,241,100 969,600 650,400 531,800 344,200 231,000 109,804 42,944 14,877 59,324 72,090 100,475 88,904 55,341 25,334 4,927 -21,577 -5,997
Operating Margin 28.13% 23.40% 21.95% 19.46% 20.50% 15.96% 12.82% 7.35% 3.37% 1.47% 7.70% 11.72% 18.83% 20.50% 17.04% 10.05% 2.33% -13.89% -4.86%
Interest Expense 20,500 21,000 18,000 14,900 0 0 26,500 13,482 7,303 5,295 5,393 5,306 5,006 3,523 1,815 1,981 2,614 3,507 2,376
EBITDA 1,889,500 1,468,100 1,077,800 727,700 560,400 412,600 286,700 179,470 91,668 55,766 81,352 87,713 112,039 88,904 61,037 31,269 9,161 -17,424 -2,488
Depreciation and Amortization 117,800 113,400 104,300 84,400 68,800 61,600 55,700 55,476 48,520 31,589 22,028 15,623 11,564 6,816 5,696 5,935 4,234 4,153 3,509
Income Before Tax 1,855,700 1,333,700 955,500 628,400 541,700 379,200 250,900 123,994 43,148 17,005 61,549 75,941 104,996 92,073 56,341 27,513 9,251 -20,061 -4,124
Income Tax Expense 292,400 143,800 30,800 14,100 53,200 52,700 -81,300 92,595 10,961 9,018 36,206 31,668 38,160 29,581 15,096 -32,666 1,888 1,781 1,220
Net Income 1,529,900 1,147,800 857,300 606,800 488,500 326,500 332,200 31,399 32,187 7,987 25,343 44,273 66,836 62,492 41,245 60,179 7,363 -21,842 -5,344
Net Income Margin 26.59% 21.64% 19.41% 18.16% 18.83% 15.14% 18.44% 2.10% 2.52% 0.79% 3.29% 7.20% 12.52% 14.41% 12.70% 23.87% 3.48% -14.06% -4.33%
EPS 2.01 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 0.19 0.00 -0.04 -0.01
EPS Diluted 1.98 1.46 1.06 0.73 0.58 0.38 0.38 0.04 0.04 0.01 0.03 0.05 0.08 0.08 0.05 0.08 0.00 -0.03 -0.01
Weighted Average Shares Out - 778,600 791,400 816,000 821,000 855,000 845,500 871,575 863,000 851,925 819,155 812,175 790,370 762,905 703,630 263,340 200,170 574,930 574,930
Weighted Average Shares Out Diluted - 788,200 805,300 835,500 838,500 875,000 871,000 890,395 881,500 880,705 846,445 840,915 831,645 818,905 782,030 652,190 266,420 671,220 671,220

Reported Currency: USD Q3 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31
Current Assets
Cash and Cash Equivalents 2,489,300 1,397,900 1,682,900 1,319,100 1,061,800 1,222,500 1,112,400 811,004 709,003 543,277 283,254 115,873 122,975 71,990 72,122 212,458 56,571 71,411
Short Term Investments 1,162,400 1,042,500 528,100 1,232,600 775,500 843,100 537,200 440,273 376,522 348,074 436,766 375,497 290,719 318,283 241,388 47,856 67,619 18,750
Cash + Short Term Investments 3,651,700 2,440,400 2,211,000 2,551,700 1,837,300 2,065,600 1,649,600 1,251,277 1,085,525 891,351 720,020 491,370 413,694 390,273 313,510 260,314 124,190 90,161
Net Receivables 1,044,100 1,402,000 1,261,700 807,700 720,000 544,300 444,500 348,185 312,998 259,563 184,741 130,471 107,642 95,522 72,336 54,551 46,043 27,478
Inventory 354,300 484,800 264,600 175,800 139,800 117,900 90,000 77,291 106,887 83,868 69,477 48,672 21,060 16,249 13,517 10,649 11,419 14,020
Other Current Assets 170,500 101,100 73,100 65,400 86,600 82,400 73,600 80,067 66,612 71,522 62,286 65,033 26,878 21,526 20,795 16,703 6,809 2,937
Total Current Assets 5,220,600 4,428,300 3,810,400 3,600,600 2,740,400 2,769,000 2,220,900 1,716,820 1,538,716 1,270,543 1,046,865 735,546 569,274 523,570 420,158 342,217 184,991 134,596
Non-Current Assets
Property, Plant and Equipment 1,273,400 1,120,400 898,500 687,600 448,000 344,300 271,400 245,395 137,249 91,067 58,919 33,599 25,638 7,966 7,056 6,387 3,425 2,943
Goodwill 212,800 126,500 128,000 125,100 93,000 67,200 38,200 14,553 14,553 4,692 2,824 2,872 0 0 0 0 0 0
Intangible Assets 111,600 35,300 56,000 63,600 31,600 31,100 22,100 16,255 24,828 17,640 2,832 6,841 2,117 0 0 0 0 0
Long Term Investments 0 42,200 45,500 440,800 118,300 144,300 67,000 98,022 224,983 272,959 271,724 351,675 325,892 148,414 73,950 0 0 0
Tax Assets 1,300,400 868,800 569,400 342,300 245,200 232,600 255,000 146,932 182,745 119,216 31,080 30,058 48,525 46,523 37,443 31,671 0 0
Other Non-Current Assets 733,200 637,400 720,200 659,100 368,000 297,000 203,400 19,939 16,867 14,393 10,530 4,820 4,051 4,899 1,272 6,938 10,689 7,653
Total Non-Current Assets 3,631,400 2,830,600 2,417,600 2,318,500 1,304,100 1,116,500 857,100 541,096 601,225 519,967 377,909 429,865 406,223 211,177 125,264 44,996 14,114 10,596
Other Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Assets 8,852,000 7,258,900 6,228,000 5,919,100 4,044,500 3,885,500 3,078,000 2,257,916 2,139,941 1,790,510 1,424,774 1,165,411 975,497 734,747 545,422 387,213 199,105 145,192
Current Liabilities
Accounts Payable 177,900 204,300 243,400 148,400 141,600 96,400 86,400 70,009 56,732 61,500 49,947 35,599 20,816 19,768 12,761 10,987 7,004 8,460
Short Term Debt 0 33,400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax Payables 0 63,600 67,800 79,500 90,300 4,100 28,200 21,435 13,588 8,379 2,689 21,421 0 0 0 0 0 917
Deferred Revenue 3,081,200 2,848,700 2,349,300 1,777,400 1,392,800 1,173,600 965,900 793,820 645,342 514,652 368,929 293,664 247,268 206,928 169,648 140,537 118,297 89,618
Other Current Liabilities 624,800 569,000 417,900 312,800 204,800 199,500 175,900 141,959 113,778 94,139 74,891 62,377 51,220 40,168 35,973 29,041 24,967 22,739
Total Current Liabilities 3,883,900 3,719,000 3,078,400 2,318,100 1,829,500 1,473,600 1,256,400 1,027,223 829,440 678,670 496,456 410,008 319,304 266,864 218,382 180,565 150,268 121,734
Non-Current Liabilities
Long Term Debt 993,800 1,038,000 990,400 988,400 34,000 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Revenue 0 2,886,300 2,291,000 1,675,500 1,212,500 962,300 720,900 542,494 390,007 276,651 189,828 138,964 115,917 87,905 82,983 61,393 53,320 41,637
Deferred Tax 0 0 0 79,500 -34,000 -30,600 0 0 0 0 0 30,058 48,525 46,523 37,443 31,671 0 0
Other Non-Current Liabilities 3,066,200 79,000 149,800 138,700 112,500 127,700 90,500 98,822 82,813 79,812 62,524 621 29,342 21,624 11,603 2,803 746 746
Total Non-Current Liabilities 4,060,000 4,003,300 3,431,200 2,802,600 1,359,000 1,090,000 811,400 641,316 472,820 356,463 252,352 169,643 145,259 109,529 94,586 64,196 54,066 42,383
Total Liabilities 7,943,900 7,722,300 6,509,600 5,120,700 3,188,500 2,563,600 2,067,800 1,668,539 1,302,260 1,035,133 748,808 579,651 464,563 376,393 312,968 244,761 204,334 164,117
Common Stock 800 800 800 200 200 200 200 168 173 171 166 161 162 156 75 67 21 20
Retained Earnings -643,300 -1,861,700 -1,546,400 -467,900 -352,100 140,300 -57,500 -319,580 37,620 68,481 113,645 121,863 110,601 43,765 -18,727 -59,972 -120,151 -127,514
Accumulated Other Comprehensive Income/Loss -18,000 -18,900 -20,200 -4,800 700 1,100 -800 -847 -765 -933 -349 1,092 3,091 402 2,181 1,084 -300 783
Total Stockholders Equity 908,100 -463,400 -281,600 781,700 856,000 1,321,900 1,010,200 589,377 837,681 755,377 675,966 585,760 510,934 358,354 232,454 142,452 -5,229 -18,925
Total Investments 1,162,400 1,084,700 573,600 1,673,400 893,800 987,400 604,200 538,295 601,505 621,033 708,490 727,172 616,611 466,697 320,601 47,856 67,619 18,750
Total Debt 993,800 1,071,400 990,400 988,400 53,100 46,100 0 0 0 0 0 0 0 0 0 0 0 0
Net Debt -1,495,500 -326,500 -692,500 -330,700 -1,008,700 -1,176,400 -1,112,400 -811,004 -709,003 -543,277 -283,254 -115,873 -122,975 -71,990 -72,122 -212,458 -56,571 -71,411

Reported Currency: USD TTM 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31
Cash Flows from Operating Activities
Net Income 1,529,900 1,147,800 856,600 606,700 488,500 326,500 332,200 31,399 32,187 7,987 25,343 44,273 66,836 62,492 41,245 60,179 7,363 -21,842 -5,344
Depreciation & Amortization 117,800 113,400 104,300 84,400 68,800 61,600 55,700 55,476 48,520 31,589 22,028 15,623 11,564 6,816 5,696 5,935 4,234 4,153 3,509
Deferred Income Tax -210,500 -301,900 -226,400 14,500 1,300 -6,000 -127,800 35,824 -27,822 -29,851 9,072 -18,750 -9,254 -7,874 -4,278 -30,211 0 0 0
Stock Based Compensation 255,500 249,000 217,300 207,900 191,700 174,100 162,900 137,183 122,423 95,088 58,994 44,471 30,690 19,015 9,315 7,461 5,299 9,332 1,207
Change in Working Capital 111,100 428,000 233,000 402,400 190,000 138,200 -1,300 364,025 135,154 136,461 77,374 33,396 73,002 51,811 45,545 16,958 20,749 36,026 3,998
Accounts Receivable -13,300 -146,400 -456,700 -72,500 -176,400 -96,700 -82,000 -38,455 -57,875 -65,202 -55,888 -22,080 -12,120 -23,246 -17,784 -8,508 -18,350 -2,268 -2,329
Inventory 82,400 -253,500 -109,100 -19,400 -42,200 -48,500 -33,400 9,423 -43,023 -19,088 -32,459 -35,093 -11,303 -6,034 -5,946 -2,012 -189 -6,597 -5,801
Accounts Payable -85,500 -43,100 105,200 -13,100 37,400 7,700 14,600 13,090 39 -2,517 18,033 10,485 961 6,801 2,437 3,046 -1,864 970 1,936
Other Working Capital 127,500 871,000 693,600 507,400 371,200 275,700 99,500 379,967 236,013 223,268 147,688 80,084 95,464 74,290 66,838 24,432 41,152 43,921 10,192
Other Non-Cash Items -92,600 299,200 545,800 183,800 143,400 113,600 217,200 -29,502 35,246 41,273 3,771 28,371 11,028 582 5,860 1,649 41 0 39
Net Cash Provided by Operating Activities 1,972,200 1,935,500 1,730,600 1,499,700 1,083,700 808,000 638,900 594,405 345,708 282,547 196,582 147,384 183,866 132,842 103,383 61,971 37,686 27,669 3,409
Cash Flows from Investing Activities
Investments in Property, Plant, and Equipment -308,200 -204,100 -281,200 -295,900 -125,900 -92,200 -53,000 -135,312 -67,182 -37,358 -32,197 -13,877 -22,083 -3,624 -3,776 -4,589 -2,798 -2,028 -1,187
Acquisitions Net 332,600 0 -30,800 -234,900 -40,200 -34,600 -21,700 0 -22,100 -38,025 -17 -7,635 -1,249 -2,623 0 -549 -2,000 0 0
Purchases of Investments -1,502,500 -1,864,300 -389,100 -2,350,500 -1,079,000 -1,332,300 -681,800 -669,171 -473,608 -459,903 -497,084 -552,778 -601,087 -516,906 -411,113 -137,231 -80,588 -30,050 -28,850
Sales/Maturities of Investments 1,387,900 1,418,800 1,465,000 1,555,800 1,171,000 956,800 621,600 727,680 488,754 534,319 499,948 427,556 441,708 356,327 136,380 156,126 31,742 29,750 51,400
Other Investing Activities -333,300 300 1,075,900 400 1,300 -375,500 -60,200 58,500 15,200 74,416 2,864 -125,222 -160,628 -2,623 62 -549 -62 0 100
Net Cash Used for Investing Activities -719,100 -649,300 763,900 -1,325,100 -72,800 -502,300 -134,900 -76,803 -74,123 -967 -29,350 -146,734 -182,711 -166,826 -278,447 13,757 -53,706 -2,328 21,463
Cash Flows from Financing Activities
Debt Repayment 0 0 0 969,900 -4,100 -3,700 -10,100 0 -1,600 0 0 0 0 0 0 0 0 0 0
Common Stock Issued 47,500 43,800 26,100 26,000 22,100 49,500 86,500 75,869 44,861 67,314 55,324 25,584 38,087 19,968 29,110 92,238 0 0 0
Common Stock Repurchased -896,200 -1,500,500 -1,991,200 -741,800 -1,080,100 -145,100 -211,800 -446,333 -110,828 -60,000 -43,977 -33,529 0 0 0 -15,763 0 0 -60
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities -102,100 -113,700 -165,200 -171,300 -109,500 -96,300 -67,200 -45,101 -38,259 -28,871 -10,598 1,522 12,069 19,829 4,909 -10,521 2,117 19 853
Net Cash Used Provided by Financing Activities -951,400 -1,570,400 -2,130,300 82,800 -1,171,600 -195,600 -202,600 -415,601 -105,859 -21,557 749 -6,423 50,156 39,797 34,019 78,049 2,117 19 793
Effect of Forex Changes on Cash -1,300 -800 -400 -100 0 0 0 0 0 0 -600 -1,329 -326 -682 709 2,110 -937 460 0
Net Change in Cash 300,400 -285,000 363,800 257,300 -160,700 110,100 301,400 102,001 165,726 260,023 167,381 -7,102 50,985 5,131 -140,336 155,887 -14,840 25,820 25,665
Cash at End of Period 5,811,400 1,397,900 1,682,900 1,319,100 1,061,800 1,222,500 1,112,400 811,004 709,003 543,277 283,254 115,873 122,975 71,990 72,122 212,458 56,571 71,411 45,591
Cash at Start of Period 5,511,000 1,682,900 1,319,100 1,061,800 1,222,500 1,112,400 811,000 709,003 543,277 283,254 115,873 122,975 71,990 66,859 212,458 56,571 71,411 45,591 19,926
Free Cash Flow
Operating Cash Flow 1,972,200 1,935,500 1,730,600 1,499,700 1,083,700 808,000 638,900 594,405 345,708 282,547 196,582 147,384 183,866 132,842 103,383 61,971 37,686 27,669 3,409
Capital Expenditure -308,200 -204,100 -281,200 -295,900 -125,900 -92,200 -53,000 -135,312 -67,182 -37,358 -32,197 -13,877 -22,083 -3,624 -3,776 -4,589 -2,798 -2,028 -1,187
Free Cash Flow 1,664,000 1,731,400 1,449,400 1,203,800 957,800 715,800 585,900 459,093 278,526 245,189 164,385 133,507 161,783 129,218 99,607 57,382 34,888 25,641 2,222