Fortinet, Inc.

Technology
Computer peripheral equipment
www.fortinet.com

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
ROE	96%
ROA	21%
FCF	$2.07B
Equity	$1.96B
Growth Stability	100%
PE	42.82
PEG	1.15
PB	41
P/FCF	38.92
P/S	13.1
Price/Cash	0.04
Debt/Equity	0.76
Debt/FCF	0.72
Net Margins	28%
Gross Margins	81%
Op. Margins	36%
Earnings CAGR	68%
Sales Growth YoY	14%
Sales Growth QoQ	-7%
Sales CAGR	22%
FCF CAGR	27%
Equity CAGR	-5%
Earnings Stability	0.83
Earnings Growth YoY	45%
Earnings Growth QoQ	-18%

Earnings CAGR 5Y	37%
Sales CAGR 5Y	24%
FCF CAGR 5Y	20%
Equity CAGR 5Y	-4%
Earnings CAGR 3Y	17%
Sales CAGR 3Y	17%
FCF CAGR 3Y	16%
Equity CAGR 3Y	235%
Market Cap	$80.47B
Revenue	$6.14B
Assets	$10.41B
Total Debt	$1.50B
Cash	$3.60B
Shares Outstanding	768.3M
EV	78.37B
Earnings Score	95%
Moat Score	97%
Safety Score	95%
Final Score	96%
Working Capital	1.71B
Current Ratio	1.36
Gross Profit	$5.00B
Shares Growth 3y	-1%
Equity Growth QoQ	31%
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..

Years

Calculation mode

= $134B

	0	1	2	3	4	5	6	7	8	9	10	TV
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.

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%	28%
ROA	-	2%	5%	8%	10%	13%	11%	16%	19%	21%	21%
ROE	-	4%	5%	32%	24%	57%	76%	-304%	-248%	117%	96%

Good Net Margins (28.15%)

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	0.72
Debt over Equity	-	-	-	-	-	0	1.25	-3.55	-2.16	0.67	0.76
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	100%	100%

Good Debt/FCF ratio (0.72)

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 (0.76)

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%	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%