Fortinet FTNT · USD
Information Technology · Software · US listing · 🇺🇸 United States
S&P 500Nasdaq-100
122.47
+3.05%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$6.80bn
FY2016FY2025
Net income
$1.85bn
FY2016FY2025
Free cash flow
$2.23bn
FY2016FY2025
Shareholders' equity
$1.24bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.80bn | $5.96bn | $5.30bn | $4.42bn | $3.34bn | $2.59bn | $2.16bn | $1.80bn | $1.49bn | $1.28bn |
| Gross profit | $5.50bn | $4.80bn | $4.07bn | $3.33bn | $2.56bn | $2.02bn | $1.66bn | $1.35bn | $1.11bn | $937.6m |
| Research and development | $815.5m | $716.8m | $613.8m | $512.4m | $424.2m | $341.4m | $277.1m | $244.5m | $210.6m | $183.1m |
| Operating income | $2.08bn | $1.80bn | $1.24bn | $969.6m | $650.4m | $531.8m | $351.0m | $234.4m | $109.8m | $42.9m |
| Net income | $1.85bn | $1.75bn | $1.15bn | $857.3m | $606.8m | $488.5m | $331.7m | $334.9m | $31.4m | $32.2m |
| Diluted earnings per share | 2.48 | 2.25 | 1.49 | 1.08 | 0.73 | 0.59 | 0.38 | 0.38 | 0.04 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $10.39bn | $9.76bn | $7.26bn | $6.23bn | $5.92bn | $4.04bn | $3.88bn | $3.08bn | $2.26bn | $2.14bn |
| Cash and short-term investments | $3.58bn | $4.07bn | $2.44bn | $2.21bn | $2.55bn | $1.84bn | $2.07bn | $1.65bn | $1.25bn | $1.09bn |
| Total liabilities | $9.15bn | $8.27bn | $7.72bn | $6.51bn | $5.12bn | $3.19bn | $2.54bn | $2.07bn | $1.67bn | $1.30bn |
| Debt | $996.3m | $994.3m | $992.3m | $990.4m | $988.4m | — | — | — | — | — |
| Shareholders' equity | $1.24bn | $1.49bn | −$463.4m | −$281.6m | $798.4m | $856.0m | $1.34bn | $1.01bn | $589.4m | $837.7m |
| Shares outstanding | 748m | 775m | 772m | 792m | 835m | 828m | 876m | 879m | 858m | 891m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $2.59bn | $2.26bn | $1.94bn | $1.73bn | $1.50bn | $1.08bn | $808.0m | $638.9m | $594.4m | $345.7m |
| Capital spending | −$364.8m | −$378.9m | −$204.1m | −$281.2m | −$295.9m | −$125.9m | −$92.2m | −$53.0m | −$135.3m | −$67.2m |
| Free cash flow | $2.23bn | $1.88bn | $1.73bn | $1.45bn | $1.20bn | $957.8m | $715.8m | $585.9m | $459.1m | $278.5m |
| Dividends paid | — | — | — | — | −$989.4m | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.05bn | $1.85bn | $1.91bn | $1.72bn | $1.63bn | $1.54bn | $1.66bn | $1.51bn |
| Gross profit | $1.64bn | $1.49bn | $1.52bn | $1.41bn | $1.33bn | $1.25bn | $1.35bn | $1.24bn |
| Operating income | $689.3m | $580.0m | $625.6m | $545.9m | $456.7m | $453.8m | $574.1m | $470.9m |
| Net income | $606.3m | $534.5m | $506.0m | $473.9m | $440.1m | $433.4m | $526.2m | $539.9m |
| Diluted earnings per share | 0.82 | 0.72 | 0.68 | 0.63 | 0.59 | 0.58 | 0.68 | 0.70 |
| Cash from operations | $1.04bn | $1.08bn | $620.0m | $655.0m | $451.0m | $863.0m | $477.0m | $608.0m |
| Capital spending | −$78.0m | −$70.0m | −$42.0m | −$87.0m | −$167.0m | −$66.0m | −$97.0m | −$36.0m |
| Free cash flow | $965.0m | $1.01bn | $578.0m | $568.0m | $284.0m | $797.0m | $380.0m | $572.0m |
| Total assets | $10.86bn | $9.88bn | $10.39bn | $9.36bn | $10.64bn | $10.41bn | $9.76bn | $8.85bn |
| Cash and short-term investments | $4.07bn | $3.29bn | $3.58bn | $3.12bn | $4.56bn | $4.78bn | $4.07bn | $3.70bn |
| Debt | $496.9m | $496.8m | $996.3m | $995.9m | $995.3m | $994.9m | $1.03bn | $993.8m |
| Shareholders' equity | $1.55bn | $989.7m | $1.24bn | $735.1m | $2.06bn | $1.96bn | $1.49bn | $908.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.5% | 21.3% | 21.0% |
| Operating income | 29.0% | 31.4% | 63.9% |
| Net income | 29.3% | 30.6% | 72.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 80.7% | 78.7% | 78.4% | 77.6% |
| Operating margin | 30.5% | 27.1% | 25.6% | 22.2% |
| Net margin | 28.2% | 24.9% | 23.6% | 20.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 32.0 | 42.0 | 39.4 | 45.1 | 98.9 | 50.3 | 56.4 | 37.0 | 238.7 | 166.8 |
| Price to sales | 8.7 | 12.3 | 8.5 | 8.8 | 18.0 | 9.5 | 8.7 | 6.9 | 5.0 | 4.2 |
Market value over time
31 Oct 2016 to 11 Sept 2026, in USD
$5.71bn$115.69bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -15% | 62% | 16% | -24% | 126% | 37% | 53% | 56% | 51% | -2% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 5-for-1 split · 23 Jun 2022
- 2-for-1 split · 2 Jun 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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