Is Fortinet financially healthy?

On 30 September 2026 Fortinet held 4.80B USD in cash and short-term investments against total debt of 497.10M USD. Its current ratio is 1.40: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 3.43B USD of free cash flow.

Fortinet's revenue grew 21.3% a year over its last five fiscal years, from 2.59B USD in fiscal year 2020 to 6.80B USD in fiscal year 2025. Over the last twelve months it was up 20.2% on the twelve months before.

Where can I find Fortinet's annual report (10-K)?

Fortinet files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Fortinet
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Arincen ScoreBeta91/100

91/100B

126.195

USD

-3.27

(-2.53%)

Market Open

Last updated: 13 Nov, 10:29 GMT-5 · Delayed 15 min

Fair value138.95Plus-9%95Price 126.20211

Q4 FY2026 · Earnings report

EPS estimate 0.94Revenue estimate 2.20B

Q4 FY2026 · Earnings report

Thursday 4 February

EPS estimate 0.94Revenue estimate 2.20B

Fair value138.95Plus-9%95Price 126.20211

Q4 FY2026 · Earnings report

EPS estimate 0.94Revenue estimate 2.20B

Q4 FY2026 · Earnings report

Thursday 4 February

EPS estimate 0.94Revenue estimate 2.20B

Overview Financials Forecast Earnings Company

Fortinet financials

Yes. Fortinet earned 2.28B USD of net income over the last twelve months, 29.0% of its revenue. It made a profit in 18 of its 20 fiscal years since 2006. Its last loss was in fiscal year 2007.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 7.88B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 2.28B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 3.43B USD
Cash and short-term investments: 4.80B USD
Total debt: 497.10M USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 2.25B USD

Cash, debt and equity as of 30 Sept 2026.

Fortinet earnings

Next earnings · Q4 FY2026

4 Feb 2027

EPS estimate

0.94 USD

Revenue estimate

2.20B USD

Last quarter · Q3 FY2026

EPS0.91Beat +5.8%Revenue2.08BBeat +0.7%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q3 FY2027	—	1.01	—	—	+10.53%	2.32B	—	—	+11.47%
Q2 FY2027	—	0.96	—	—	+6.49%	2.25B	—	—	+10.08%
Q1 FY2027	—	0.86	—	—	+4.63%	2.08B	—	—	+12.21%
Q4 FY2026	4 Feb 2027	0.94	—	—	+16.05%	2.20B	—	—	+15.50%
Q3 FY2026	28 Oct 2026	0.86	0.91	+5.81%	+22.97%	2.06B	2.08B	+0.71%	+20.49%
Q2 FY2026	29 Jul 2026	0.75	0.90	+20.64%	+40.63%	1.89B	2.05B	+8.44%	+25.64%
Q1 FY2026	6 May 2026	0.62	0.82	+32.47%	+41.38%	1.73B	1.85B	+6.72%	+20.13%
Q4 FY2025	5 Feb 2026	0.74	0.81	+9.02%	+9.46%	1.86B	1.91B	+2.44%	+14.75%
Q3 FY2025	5 Nov 2025	0.63	0.74	+17.27%	+17.46%	1.70B	1.72B	+1.21%	+14.38%
Q2 FY2025	6 Aug 2025	0.59	0.64	+8.47%	+12.28%	1.63B	1.63B	+0.30%	+13.64%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	4.39	—	—	+12.79%	10.11B	—	—	+11.03%
FY2027	3.89	—	—	+9.18%	9.10B	—	—	+11.38%
FY2026	3.56	—	—	+28.63%	8.17B	—	—	+20.21%
FY2025	2.69	2.77	+2.82%	+16.88%	6.75B	6.80B	+0.68%	+14.17%
FY2024	2.24	2.37	+5.59%	+44.51%	5.89B	5.96B	+1.10%	+12.27%
FY2023	1.56	1.64	+5.26%	+36.67%	5.30B	5.30B	+0.06%	+20.09%
FY2022	1.15	1.20	+4.43%	+50.00%	4.43B	4.42B	-0.24%	+32.17%

Fortinet growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 7.88B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 2.28B USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 79.75%
Operating margin: 32.98%
Net margin: 28.96%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	6.80B	+14.17%	1.85B	+6.20%	80.84%	30.62%	27.26%	2.46B	+11.96%
FY2024	5.96B	+12.27%	1.75B	+52.05%	80.56%	30.28%	29.30%	2.20B	+49.94%
FY2023	5.30B	+20.09%	1.15B	+33.89%	76.68%	23.40%	21.64%	1.47B	+36.21%
FY2022	4.42B	+32.17%	857.30M	+41.28%	75.44%	21.95%	19.41%	1.08B	+48.11%
FY2021	3.34B	+28.82%	606.80M	+24.22%	76.57%	19.46%	18.16%	727.70M	+19.20%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	2.08B	635.50M	78.95%	33.89%	30.58%
Q2 FY2026	2.05B	606.30M	80.24%	33.66%	29.61%
Q1 FY2026	1.85B	534.50M	80.29%	31.36%	28.90%
Q4 FY2025	1.91B	506.00M	79.57%	32.84%	26.56%
Q3 FY2025	1.72B	473.90M	81.53%	31.65%	27.47%

How Fortinet makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Security Subscription2.63B 38.7%

Product2.22B 32.6%

Technical Support and Other1.95B 28.6%

Revenue6.80B 100.0%

Cost of revenue1.30B 19.2%

Gross profit5.50B 80.8%

Research and development815.50M 12.0%

Selling and administration2.58B 38.0%

Other operating expenses20.00M 0.3%

Operating income2.08B 30.6%

Tax439.10M 6.5%

Net income1.85B 27.3%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Fortinet revenue breakdown

By product

FY2025

38.7%Security Subscription32.6%Product28.6%Technical Support and Other

Segment	Revenue	Share of revenue	Change on the year
Security Subscription	2.63B	38.7%	+13.7%
Product	2.22B	32.6%	+16.2%
Technical Support and Other	1.95B	28.6%	+12.6%

By region

FY2025

41.7%Europe, Middle East and Africa39.7%Americas18.6%Asia Pacific and Japan

Region	Revenue	Share of revenue	Change on the year
Europe, Middle East and Africa	2.83B	41.7%	+18.3%
Americas	2.70B	39.7%	+10.6%
Asia Pacific and Japan	1.26B	18.6%	+13.2%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	2.59B	2.23B
FY2024	2.26B	1.88B
FY2023	1.94B	1.73B
FY2022	1.73B	1.45B
FY2021	1.50B	1.20B
FY2020	1.08B	957.80M
FY2019	808.00M	715.80M
FY2018	638.90M	585.90M
FY2017	594.40M	459.10M
FY2016	345.70M	278.50M

Fortinet financial health

Full balance sheet

Cash and short-term investments: 4.80B USD
Total debt: 497.10M USD
Net cash: 4.30B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 3.43B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 1.40
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 0.22
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 7 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 7.08

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	3.58B	996.30M	2.23B
FY2024	4.07B	994.30M	1.88B
FY2023	2.44B	992.30M	1.73B
FY2022	2.21B	990.40M	1.45B
FY2021	2.55B	988.40M	1.20B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	10.39B	9.15B	1.24B
FY2024	9.76B	8.27B	1.49B
FY2023	7.26B	7.72B	-463.40M
FY2022	6.23B	6.51B	-281.60M
FY2021	5.92B	5.12B	781.70M
FY2020	4.04B	3.19B	856.00M
FY2019	3.88B	2.54B	1.34B
FY2018	3.08B	2.07B	1.01B
FY2017	2.26B	1.67B	589.40M
FY2016	2.14B	1.30B	837.68M

Fortinet valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 40.71
Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 35.42
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 11.76
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 41.27
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 29.90

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

92.72B USD

Total debt

497.10M USD

−

Cash and short-term investments

4.80B USD

Enterprise value

88.41B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	28.76	—	—	—	—
FY2027 (est.)	32.44	28.76	—	—	—
FY2026 (est.)	35.42	32.44	—	—	—
Now (TTM)	40.71	32.80	11.76	41.27	29.90
FY2025	32.55	35.08	8.68	47.68	23.33
FY2024	41.44	35.08	12.13	48.35	31.95
FY2023	39.82	26.12	8.59	-98.34	30.76
FY2022	45.27	31.41	8.76	-137.40	35.26
FY2021	97.14	12.52	17.55	75.03	80.15

Fortinet against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Cloudflare, Synopsys, Block, CrowdStrike Holdings, Zscaler, and Palo Alto Networks, the US Software - Infrastructure companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Below its median40.7
12.680.6
Gross marginHighest in 5 years80.8%
75.4%80.8%
Against its peers: 1 of 7Peers' median 74.6%
Operating marginHighest in 5 years30.6%
19.5%30.6%
Against its peers: 1 of 7Peers' median 1.0%
Net marginAbove its median27.3%
18.2%29.3%
Against its peers: 1 of 7Peers' median 0.4%
Return on equityHighest in 5 years149.8%
77.6%149.8%
Against its peers: 1 of 7Peers' median -0.7%
Free cash flow marginAt its median32.7%
31.6%36.0%
Against its peers: 2 of 7Peers' median 22.3%
Revenue growthBelow its median14.2%
12.3%32.2%
Against its peers: 6 of 7Peers' median 23.1%
EPS growthLowest in 5 years7.5%
7.5%54.8%
Against its peers: 1 of 4Peers' median -53.8%
Debt to EBITDALowest in 5 years0.40×
0.40×1.36×
Against its peers: 1 of 7Peers' median 5.11×
Current ratioLowest in 5 years1.17
1.171.55
Against its peers: 6 of 7Peers' median 1.74

Figure	FY2025	5-year low – high	Against its history	Against its peers
P/E (today)	40.7	12.680.6	Below its median	—
Gross margin	80.8%	75.4%80.8%	Highest in 5 years	1 of 7
Operating margin	30.6%	19.5%30.6%	Highest in 5 years	1 of 7
Net margin	27.3%	18.2%29.3%	Above its median	1 of 7
Return on equity	149.8%	77.6%149.8%	Highest in 5 years	1 of 7
Free cash flow margin	32.7%	31.6%36.0%	At its median	2 of 7
Revenue growth	14.2%	12.3%32.2%	Below its median	6 of 7
EPS growth	7.5%	7.5%54.8%	Lowest in 5 years	1 of 4
Debt to EBITDA	0.40×	0.40×1.36×	Lowest in 5 years	1 of 7
Current ratio	1.17	1.171.55	Lowest in 5 years	6 of 7

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Fortinet ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 68.87%
Institutional holders: 1,668 (+267)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 84.37%

Who owns the shares

Institutions 68.9% Others 31.1%

As of 30 Jun 2026

Shares free to trade

Free float 619.87M shares ·84.4% Closely held 114.84M shares ·15.6%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

Quarter	Sales	Shares acquired	Shares disposed of
Q4 2026	15	180.61K	358.09K
Q3 2026	15	253.37K	474.94K
Q2 2026	29	6.19M	4.31M
Q1 2026	7	813.78K	1.22M

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	743.10M	764.60M	-0.95%
FY2024	764.40M	771.90M	-2.07%
FY2023	778.60M	788.20M	-2.12%
FY2022	791.40M	805.30M	-3.61%
FY2021	816.00M	835.50M	-0.36%

Common questions about Fortinet's financials

Source: Financial Modeling PrepVerified against SEC filings

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Fortinet financials

Fortinet earnings

Revenue

EPS

Fortinet growth and profitability

Revenue / Net income

How Fortinet makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Fortinet revenue breakdown

By product

By region

Operating and free cash flow

Fortinet financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Fortinet valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Fortinet against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Fortinet ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Fortinet's financials

Is Fortinet profitable?

Is Fortinet financially healthy?

Is Fortinet growing?

Where can I find Fortinet's annual report (10-K)?

Need help?

Fortinet DQuotes are delayed by 15 minutes

FTNT

Fortinet financials

Fortinet earnings

Revenue

EPS

Fortinet growth and profitability

Revenue / Net income

How Fortinet makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Fortinet revenue breakdown

By product

By region

Operating and free cash flow

Fortinet financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Fortinet valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Fortinet against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Fortinet ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Fortinet's financials

Is Fortinet profitable?

Is Fortinet financially healthy?

Is Fortinet growing?

Where can I find Fortinet's annual report (10-K)?

Need help?

Fortinet
D
Quotes are delayed by 15 minutes