Fortinet, Inc.

Technology
Computer peripheral equipment
www.fortinet.com

Earnings Score
Safety Score

Market Cap $84.10B
PE 48
Debt $1.00B
Cash $2.88B
EV $82.22B
FCF $1.88B

Earnings

loading chart...

Sales & Net Margins

loading chart...

Earnings	$1.75B
EBIT	$2.08B
ROE	117%
ROA	21%
FCF	$1.88B
Equity	$1.49B
Growth Stability	100%
PE	48.19
PEG	1.32
PB	56.3
P/FCF	44.75
P/S	14.12
Price/Cash	0.03
Debt/Equity	0.67
Debt/FCF	0.53
Net Margins	29%
Gross Margins	81%
Op. Margins	35%
Earnings CAGR	77%
Sales Growth YoY	17%
Sales Growth QoQ	10%
Sales CAGR	23%
FCF CAGR	27%
Equity CAGR	-6%
Earnings Stability	0.82
Earnings Growth YoY	69%

Earnings Growth QoQ	-3%
Earnings CAGR 5Y	37%
Sales CAGR 5Y	25%
FCF CAGR 5Y	21%
Equity CAGR 5Y	-10%
Earnings CAGR 3Y	19%
Sales CAGR 3Y	19%
FCF CAGR 3Y	17%
Equity CAGR 3Y	74%
Market Cap	$84.10B
Revenue	$5.96B
Assets	$9.76B
Total Debt	$1.00B
Cash	$2.88B
Shares Outstanding	764.4M
EV	82.22B
Earnings Score	95%
Safety Score	95%
Working Capital	1.91B
Current Ratio	1.47
Gross Profit	$4.80B
Shares Growth 3y	-0%
Equity Growth QoQ	64%
Equity Growth YoY	-422%

Assets & ROA

loading chart...

Stockholders Equity & ROE

loading chart...

Fortinet is a cybersecurity vendor that sells products, support, and services to small and midsize businesses, enterprises, and government entities. Its products include unified threat management appliances, firewalls, network security, and its security platform, Security Fabric. Services revenue is primarily from FortiGuard security subscriptions and FortiCare technical support. At the end of 2021, products were 38% of revenue and services were 62% of sales. The California-based company sells products worldwide.

SEC Filings

Direct access to Fortinet, Inc. (FTNT) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Fortinet, Inc. compare to its competitors?

Loading chart...

Peter Lynch's Chart

This chart shows the current pricing of Fortinet, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 77%

Stability 82%

loading chart...

Fortinet, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Fortinet, Inc..

Years

Calculation mode

= $127B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$1.9B	$2.4B	$3B	$3.9B	$4.9B	$6.3B	$8B	$10B	$13B	$17B	$21B	$211B
DCF		$2.2B	$2.5B	$2.9B	$3.4B	$3.9B	$4.5B	$5.2B	$6.1B	$7B	$8.1B	$81B
Value	$127B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	1%	3%	2%	18%	15%	19%	18%	19%	22%	29%	29%
ROA	-	2%	5%	8%	10%	13%	11%	16%	19%	21%	21%
ROE	-	4%	5%	32%	24%	57%	76%	-304%	-248%	117%	117%

Good Net Margins (29.3%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-	-	-	-	0	0.83	0.69	0.58	0.53	0.53
Debt over Equity	-	-	-	-	-	0	1.25	-3.55	-2.16	0.67	0.67
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	100%	100%

Good Debt/FCF ratio (0.53)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.67)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	26%	17%	20%	20%	20%	29%	32%	20%	12%	25%
Earnings YoY growth	-	303%	-2%	958%	-2%	50%	24%	41%	34%	52%	37%
Equity YoY growth	-	11%	-30%	74%	31%	-36%	-7%	-135%	65%	-422%	-10%
FCF YoY growth	-	14%	65%	28%	22%	34%	26%	20%	19%	9%	21%