Fortinet, Inc.
FTNTNASDAQ
$172.79
Last price · USD
- Market cap
- $129.2B
- P/E
- 71.1x
- EV / EBITDA
- 51.8x
- P/S
- 19.0x
- FCF yield
- 1.7%
- Div. yield
- 0.00%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
Fortinet, Inc. key metrics & ratios
Annual · USD millions except per-share data · 36 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Growth (year over year) | |||||||
| Revenue growth | 14.2% | 12.3% | 20.1% | 32.2% | — | — | |
| Operating income growth | 15.4% | 45.3% | 28.0% | 49.1% | — | — | |
| Net income growth | 6.2% | 52.0% | 33.9% | 41.3% | — | — | |
| EPS (diluted) growth | 7.5% | 54.8% | 37.7% | 45.2% | — | — | |
| Free cash flow growth | 18.4% | 8.5% | 19.5% | 20.4% | — | — | |
| Margins | |||||||
| Gross margin | 80.8% | 80.6% | 76.7% | 75.4% | 76.6% | — | |
| Operating margin | 30.6% | 30.3% | 23.4% | 21.9% | 19.5% | — | |
| EBITDA margin | 36.2% | 37.0% | 27.7% | 24.4% | 21.8% | — | |
| Net margin | 27.3% | 29.3% | 21.6% | 19.4% | 18.2% | — | |
| FCF margin | 32.7% | 31.6% | 32.6% | 32.8% | 36.0% | — | |
| Returns on capital | |||||||
| Return on equity | 149.8% | 116.8% | — | — | 77.6% | — | |
| Return on assets | 17.8% | 17.9% | 15.8% | 13.8% | 10.3% | — | |
| Return on invested capital | — | — | — | — | — | 140.9% | — |
| Leverage & liquidity | |||||||
| Debt / equity | 0.81x | 0.67x | — | — | 1.26x | — | |
| Net debt / EBITDA | -0.61x | -0.85x | -0.28x | -0.64x | -0.45x | — | |
| Current ratio | 1.17x | 1.47x | 1.19x | 1.24x | 1.55x | — | |
| Interest coverage | 103.58x | 90.17x | 59.10x | 53.87x | 43.65x | — | |
| Profitability & operating | |||||||
| EBIT | 2,313 | 2,079 | 1,355 | 974 | 643 | +37.7% | |
| EBITDA | 2,465 | 2,201 | 1,468 | 1,078 | 728 | +35.7% | |
| Operating income | 2,082 | 1,803 | 1,241 | 970 | 650 | +33.8% | |
| Income before tax | 2,292 | 2,029 | 1,292 | 887 | 621 | +38.6% | |
| Net income | 1,853 | 1,745 | 1,148 | 857 | 607 | +32.2% | |
| Earnings per share | |||||||
| EPS (basic) | $2.44 | $2.28 | $1.47 | $1.08 | $0.74 | +34.8% | |
| EPS (diluted) | $2.43 | $2.26 | $1.46 | $1.06 | $0.73 | +35.1% | |
| Share count (millions) | |||||||
| Weighted avg shares outstanding | 743 | 764 | 779 | 791 | 816 | -2.3% | |
| Weighted avg shares outstanding (diluted) | 748 | 772 | 788 | 805 | 836 | -2.7% | |
| Balance sheet highlights | |||||||
| Net debt | (1,499) | (1,882) | (406) | (692) | (331) | — | |
| Total debt | 996 | 994 | 992 | 990 | 988 | +0.2% | |
| Total investments | 1,427 | 1,191 | 1,043 | 574 | 1,673 | -3.9% | |
| Total stockholders' equity | 1,238 | 1,494 | (463) | (282) | 782 | +12.2% | |
| Total assets | 10,389 | 9,763 | 7,259 | 6,228 | 5,919 | +15.1% | |
| Cash flow highlights | |||||||
| Free cash flow | 2,226 | 1,879 | 1,731 | 1,449 | 1,204 | +16.6% | |
| Operating cash flow | 2,591 | 2,258 | 1,936 | 1,731 | 1,500 | +14.6% | |
| Capital expenditure | (365) | (379) | (204) | (281) | (296) | — | |
| Net cash from operating activities | 2,591 | 2,258 | 1,936 | 1,731 | 1,500 | +14.6% | |
| Additional fields | |||||||
| Accrued Expenses | 668 | 594 | 666 | 486 | 392 | +14.2% | |