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FTNT · Nasdaq · United States · Computer Peripheral Equipment, Nec
In shortFortinet, Inc. is profitable, generates cash and holds more cash than debt, with revenue growing (+14.2% last year).
Financial health
Strong
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 30.7% | 100/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 27.3% | 100/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 135.7% | 100/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 75.4% | 100/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 1.17× | 31/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.81× | 66/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 103.72× | 100/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 1.88 | 20/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 32.7% | 100/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 1.20× | 100/100 |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 5 of 5 | 100/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 5 | 100/100 |
| Revenue growth volatility | 8.8% | 79/100 |
| Operating margin volatility | 5.1% | 63/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 15.5% | 100/100 |
|---|---|---|
| EPS growth, 3-year average | 31.7% | 100/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 3,342 | 4,417 | 5,305 | 5,956 | 6,800 |
| Cost of revenue | 783 | 1,085 | 1,237 | 1,158 | 1,329 |
| Gross profit | 2,559 | 3,333 | 4,068 | 4,798 | 5,471 |
| Research & development | 424 | 512 | 614 | 717 | 816 |
| Operating income | 650 | 970 | 1,241 | 1,803 | 2,085 |
| Interest expense | 15 | 18 | 21 | 20 | 20 |
| Pre-tax income | 628 | 956 | 1,334 | 2,059 | 2,282 |
| Income tax | 14 | 31 | 144 | 284 | 439 |
| Net income | 607 | 857 | 1,148 | 1,745 | 1,853 |
| Diluted EPS | $0.73 | $1.06 | $1.46 | $2.26 | $2.42 |
| Diluted shares (millions) | 835 | 805 | 788 | 772 | 765 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
1.88 Grey zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
6/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jun 30, 2026 · Data updated Jul 30, 2026