Fortinet FTNT
Cybersecurity. Fortinet, Inc., listed on NASDAQ.
Based on the FY2025 annual report (Jan 2025 – Dec 2025)
Fortinet's market cap is
about $90.00 billion.
#131 by market cap among 289 companies, based on the Nov 5, 2026 close. FY2025 revenue was $6.7996B.
- Share price (close)
- $122.51
- P/E ratio
- 50.6x
- Market cap
- $90.00B
- Revenue
- $6.7996B
- Operating income
- $2.0847B
- Net income
- $1.8534B
- Free cash flow
- $2.2258B
- Total assets
- $10.3892B
- Dividends paid
- —
- Dividend per share
- —
- Dividend yield
- —
- Shares outstanding
- 743,000,000 shares
Where the revenue went
Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.
- Cost of revenue19.5%
- R&D12.0%
- SG&A and other37.8%
- Taxes, interest & other3.4%
- Net income27.3%
Profitability and stability
Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.
- Revenue growthHow much revenue grew from the previous fiscal year
- +14.2%
- #79 of 299
- Revenue is growing steadily. The median across 299 companies is +7.9%.
- Operating marginShare of revenue kept as profit from the core business
- 30.7%
- #46 of 231
- 30.7% of revenue was kept as operating profit, which is very high. The median across 231 companies is 19.2%.
- Net marginShare of revenue left as profit after interest and taxes
- 27.3%
- #56 of 298
- After taxes, 27.3% of revenue was left as net income. The median across 298 companies is 14.0%.
- FCF marginShare of revenue left as cash after capital spending
- 32.7%
- #37 of 261
- Plenty of cash is left after capital spending. The median across 261 companies is 15.8%.
- ROEHow much profit the company earned on shareholders' equity in a year
- 135.7%
- #9 of 276
- Equity is small, so ROE comes out very high. The median across 276 companies is 16.8%.
- Debt-to-equityLiabilities relative to equity. Lower means less debt
- 739.5%
- #231 of 244
- Liabilities are more than twice equity. The median across 244 companies is 159.6%.
Revenue and profit over time
Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.
Where the cash went
Unlike profit, cash flow is money that actually came in and went out.
- Cash from operations$2.5906B
- Capital spending−$364.8M
- Free cash flow (FCF)$2.2258B
Whose money funds the assets
The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).
- Total assets$10.3892B
- Total liabilities$9.1517B
- Total equity$1.2375B
- Cash and equivalents$2.4953B
Compared with similar companies
Based on each company's latest annual report, so fiscal year ends may differ.
Compare in detail| Company | Annual revenue | Net income | Revenue growth | Operating margin | Net margin |
|---|---|---|---|---|---|
| FortinetFTNT | $6.7996B | $1.8534B | +14.2% | 30.7% | 27.3% |
| CloudflareNET | $2.167937B | −$102.267M | +29.9% | −9.6% | −4.7% |
| Cadence Design SystemsCDNS | $5.296759B | $1.108888B | +14.1% | 28.2% | 20.9% |
| SnowflakeSNOW | $4.683946B | −$1.331616B | +29.2% | −30.6% | −28.4% |
| IntuitINTU | $21.448B | $4.566B | +13.9% | 27.4% | 21.3% |
What the company does
Fortinet sells firewall appliances built on its own chips, plus security services.
The fiscal year ends around December each year.
Related companies: Cloudflare, Cadence Design Systems, Snowflake, Intuit
Financial statements
Last 5 fiscal years. Currency: US dollars.
Show the table
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 3.3422B | 4.4174B | 5.3048B | 5.9558B | 6.7996B |
| Cost of revenue | 783M | 1.0849B | 1.2372B | 1.1576B | 1.3289B |
| Gross profit | 2.5592B | 3.3325B | 4.0676B | 4.7982B | 5.4707B |
| R&D expense | 424.2M | 512.4M | 613.8M | 716.8M | 815.5M |
| Operating income | 650.4M | 969.6M | 1.2411B | 1.8034B | 2.0847B |
| Pretax income | 628.4M | 955.5M | 1.3337B | 2.0585B | 2.2822B |
| Net income | 606.8M | 857.3M | 1.1478B | 1.7452B | 1.8534B |
| EPS (diluted) | $0.73 | $1.06 | $1.46 | $2.26 | $2.42 |
| Operating cash flow | 1.4997B | 1.7306B | 1.9355B | 2.2581B | 2.5906B |
| Capital expenditures | 295.9M | 281.2M | 204.1M | 378.9M | 364.8M |
| Free cash flow (FCF) | 1.2038B | 1.4494B | 1.7314B | 1.8792B | 2.2258B |
| Total assets | 5.9191B | 6.228B | 7.2589B | 9.7631B | 10.3892B |
| Total liabilities | 5.1207B | 6.5096B | 7.7223B | 8.2693B | 9.1517B |
| Total equity | 798.4M | −281.6M | −463.4M | 1.4938B | 1.2375B |
| Cash and equivalents | 1.3191B | 1.6829B | 1.3979B | 2.8759B | 2.4953B |
| Original filing | 10-K | 10-K | 10-K | 10-K | 10-K |
Source: SEC EDGAR filings for Fortinet, Inc. · CIK 0001262039 · US-GAAP