Fortinet, Inc.

  • Earnings Score
  • Moat Score
  • Safety Score
  • Final Score
  • Market Cap $80.47B
  • PE 43
  • Debt $1.50B
  • Cash $3.60B
  • EV $78.37B
  • FCF $2.07B

Earnings

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Sales & Net Margins

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Earnings$1.88B
EBIT$2.18B
ROE96%
ROA21%
FCF$2.07B
Equity$1.96B
Growth Stability100%
PE42.82
PEG1.15
PB41
P/FCF38.92
P/S13.1
Price/Cash0.04
Debt/Equity0.76
Debt/FCF0.72
Net Margins28%
Gross Margins81%
Op. Margins36%
Earnings CAGR68%
Sales Growth YoY14%
Sales Growth QoQ-7%
Sales CAGR22%
FCF CAGR27%
Equity CAGR-5%
Earnings Stability0.83
Earnings Growth YoY45%
Earnings Growth QoQ-18%
Earnings CAGR 5Y37%
Sales CAGR 5Y24%
FCF CAGR 5Y20%
Equity CAGR 5Y-4%
Earnings CAGR 3Y17%
Sales CAGR 3Y17%
FCF CAGR 3Y16%
Equity CAGR 3Y235%
Market Cap$80.47B
Revenue$6.14B
Assets$10.41B
Total Debt$1.50B
Cash$3.60B
Shares Outstanding768.3M
EV78.37B
Earnings Score95%
Moat Score97%
Safety Score95%
Final Score96%
Working Capital1.71B
Current Ratio1.36
Gross Profit$5.00B
Shares Growth 3y-1%
Equity Growth QoQ31%
Equity Growth YoY-2K%

Assets & ROA

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Stockholders Equity & ROE

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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.

  • 2025
    • 10-Q Mar 31
  • 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

Sector Comparison

How does Fortinet, Inc. compare to its competitors?

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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 68%
Stability 83%
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Fortinet, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Fortinet, Inc..

= $134B
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fcf$2.1B$2.6B$3.3B$4.2B$5.3B$6.8B$8.6B$11B$14B$17B$22B$222B
DCF$2.4B$2.7B$3.2B$3.6B$4.2B$4.8B$5.6B$6.4B$7.4B$8.5B$85B
Value$134B

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.

Years12/201512/201612/201712/201812/201912/202012/202112/202212/202312/2024TTM
Net Margins1%3%2%18%15%19%18%19%22%29%28%
ROA-2%5%8%10%13%11%16%19%21%21%
ROE-4%5%32%24%57%76%-304%-248%117%96%

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.

Years12/201512/201612/201712/201812/201912/202012/202112/202212/202312/2024TTM
Debt over FCF-----00.830.690.580.530.72
Debt over Equity-----01.25-3.55-2.160.670.76
Growth Stability---100%100%100%100%100%100%100%100%

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.

Years12/201512/201612/201712/201812/201912/202012/202112/202212/202312/2024CAGR 5Y
Revenue YoY growth-26%17%20%20%20%29%32%20%12%24%
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%-4%
FCF YoY growth-14%65%28%22%34%26%20%19%9%20%