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Friday 6 November 2026
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Fortinet, Inc.
FTNT Technology Software Infrastructure
Fortinet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.8 billion, up 14.2% from fiscal 2024.
- Revenue
- +20.5%
- EPS
- +38.1%
- Free cash flow
- +55.4%
- Total debt
- −50.1%
Quarter to September 2026, against a year earlier
122.42
6.97
−5.39%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
32.55 | 41.26 | 39.04 | 44.84 | 96.61 | 50.19 | 55.89 | 35.94 | 260.88 | 156.36 |
Piotroski F-Score |
5 | 8 | 8 | 7 | 6 | 8 | 5 | 8 | 6 | 7 |
P/S ratio |
8.85 | 12.13 | 8.48 | 8.69 | 17.55 | 9.40 | 8.44 | 6.60 | 5.17 | 4.07 |
Altman Z-Score |
5.29 | 6.68 | 4.59 | 4.58 | 7.95 | 5.81 | 5.64 | 4.64 | 3.73 | 3.48 |
P/FCF ratio |
27.04 | 38.43 | 25.98 | 26.49 | 48.73 | 25.47 | 25.50 | 20.33 | 16.84 | 18.65 |
Altman Z″-Score (non-manufacturers) |
1.88 | 2.68 | 0.89 | 0.96 | 2.07 | 2.36 | 3.52 | 3.02 | 2.24 | 3.04 |
Beneish M-Score |
(2.64) | (2.60) | (2.87) | (2.76) | (2.96) | (2.93) | (2.82) | (2.53) | (3.70) | (3.03) |
P/Operating CF |
97.05 | 151.22 | 234.68 | 72.71 | 159.93 | 82.27 | 95.87 | 66.11 | 49.08 | 51.42 |
P/B ratio |
48.64 | 48.35 | 0.00 | 0.00 | 73.47 | 28.50 | 13.60 | 11.79 | 13.12 | 6.20 |
Price to Tangible BV |
68.18 | 63.16 | 0.00 | 0.00 | 96.21 | 33.35 | 14.67 | 12.54 | 13.84 | 6.51 |
EV/Sales |
8.47 | 11.62 | 8.21 | 8.42 | 17.09 | 8.71 | 7.51 | 5.69 | 4.33 | 3.22 |
EV/EBITDA |
22.69 | 31.86 | 27.35 | 28.59 | 62.25 | 30.58 | 31.56 | 26.98 | 38.61 | 42.72 |
EV/Operating CF |
22.24 | 30.64 | 22.51 | 21.50 | 38.09 | 20.86 | 20.09 | 16.06 | 10.90 | 11.89 |
EV/FCF |
25.88 | 36.81 | 25.17 | 25.67 | 47.45 | 23.60 | 22.68 | 17.52 | 14.11 | 14.76 |
Quick Ratio |
1.05 | 1.36 | 1.03 | 1.13 | 1.45 | 1.40 | 1.79 | 1.67 | 1.56 | 1.69 |
Current Ratio |
1.17 | 1.47 | 1.19 | 1.24 | 1.55 | 1.50 | 1.90 | 1.77 | 1.67 | 1.86 |
Net Debt/EBITDA |
(1.02) | (1.41) | (0.91) | (0.91) | (1.68) | (2.41) | (3.92) | (4.34) | (7.46) | (11.28) |
Debt/Assets |
9.59% | 10.18% | 13.67% | 16.43% | 17.14% | 1.31% | 1.21% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.81 | 0.67 | (2.14) | (3.63) | 1.27 | 0.06 | 0.04 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.67 | 0.70 | 0.79 | 0.73 | 0.67 | 0.65 | 0.62 | 0.68 | 0.68 | 0.65 |
Operating CF/Net income |
1.40 | 1.29 | 1.69 | 2.02 | 2.47 | 2.22 | 2.44 | 1.91 | 18.93 | 10.74 |
Capex/Depreciation |
(0.80) | (1.03) | (0.58) | (0.85) | (1.11) | (0.61) | (0.56) | (0.36) | (2.33) | (1.26) |
Interest Coverage |
103.72 | 90.17 | 59.10 | 53.87 | 43.65 | 29.54 | 8.16 | 8.68 | 8.45 | 6.13 |
| 135.72% | 338.74% | (308.13%) | 331.77% | 73.36% | 44.44% | 28.20% | 41.87% | 4.40% | 4.04% | |
| 18.39% | 20.51% | 17.02% | 14.12% | 12.18% | 12.33% | 9.54% | 12.55% | 1.43% | 1.64% | |
ROIC |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Return on Tangible Assets |
74.58% | 53.53% | 65.45% | 52.58% | 30.80% | 35.95% | 20.01% | 27.10% | 3.36% | 3.80% |
Average Days of Receivables |
90.78 | 89.68 | 96.47 | 104.25 | 88.21 | 101.30 | 91.85 | 89.91 | 85.02 | 89.58 |
Research and Development Expense of Revenue |
11.99% | 12.04% | 11.57% | 11.60% | 12.69% | 13.16% | 12.81% | 13.55% | 14.09% | 14.36% |
Selling, General and Administrative Expense of Revenue |
37.96% | 38.33% | 41.80% | 42.00% | 44.56% | 45.92% | 47.57% | 48.50% | 52.77% | 55.48% |
Intangible Assets out of Total Assets |
0.03 | 0.04 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.01 | 0.02 |
Share Based Compensation of Revenue |
4.11% | 4.33% | 4.69% | 4.92% | 6.22% | 7.39% | 8.05% | 9.03% | 9.18% | 9.60% |
Graham Net Nets |
(0.05) | (0.03) | (0.07) | (0.07) | (0.03) | (0.02) | 0.01 | 0.01 | 0.01 | 0.05 |
Graham Number |
9.47 | 10.03 | 0.00 | 0.00 | 4.05 | 3.73 | 3.67 | 3.25 | 0.72 | 0.92 |
Earnings Yield |
3.07% | 2.42% | 2.56% | 2.23% | 1.04% | 1.99% | 1.79% | 2.78% | 0.38% | 0.64% |
Free Cash Flow Yield |
3.70% | 2.60% | 3.85% | 3.77% | 2.05% | 3.93% | 3.92% | 4.92% | 5.94% | 5.36% |
Revenue per Share |
8.97 | 7.79 | 6.81 | 5.58 | 4.10 | 3.16 | 2.53 | 2.13 | 1.72 | 1.48 |
Operating CF per Share |
3.42 | 2.95 | 2.49 | 2.19 | 1.84 | 1.32 | 0.95 | 0.76 | 0.68 | 0.40 |
Capex per Share |
(0.48) | (0.50) | (0.26) | (0.36) | (0.36) | (0.15) | (0.11) | (0.06) | (0.16) | (0.08) |
Free Cash Flow per Share |
2.94 | 2.46 | 2.22 | 1.83 | 1.48 | 1.17 | 0.84 | 0.69 | 0.53 | 0.32 |
Cash per Share |
4.73 | 5.32 | 3.13 | 2.79 | 3.13 | 2.24 | 2.42 | 1.95 | 1.44 | 1.26 |
Shareholders Equity per Share |
1.63 | 1.95 | (0.60) | (0.36) | 0.98 | 1.04 | 1.57 | 1.19 | 0.68 | 0.97 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
1.63 | 1.95 | (0.60) | (0.36) | 0.98 | 1.04 | 1.57 | 1.19 | 0.68 | 0.97 |
Free Cash Flow |
2,225.80 | 1,879.20 | 1,731.40 | 1,449.40 | 1,203.80 | 957.80 | 715.80 | 585.90 | 459.10 | 278.50 |
Working Capital |
866.20 | 1,910.80 | 709.30 | 732.00 | 1,282.50 | 910.90 | 1,313.20 | 964.50 | 689.60 | 709.28 |
Capital Expenditures |
(364.80) | (378.90) | (204.10) | (281.20) | (295.90) | (125.90) | (92.20) | (53.00) | (135.30) | (67.20) |
Net Current Asset Value |
(3,251.50) | (2,297.80) | (3,294.00) | (2,699.20) | (1,520.10) | (448.10) | 232.20 | 153.10 | 48.30 | 236.46 |
EV/EBIT |
27.63 | 38.36 | 35.11 | 38.38 | 87.83 | 42.51 | 46.26 | 43.79 | 59.01 | 95.80 |
Capex to Sales |
0.05 | 0.06 | 0.04 | 0.06 | 0.09 | 0.05 | 0.04 | 0.03 | 0.09 | 0.05 |
Price to Operating Income |
28.87 | 40.05 | 36.25 | 39.60 | 90.19 | 45.87 | 52.01 | 50.82 | 70.40 | 121.10 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.28 | 0.27 | 0.34 | 0.37 | 0.39 | 0.46 | 0.47 | 0.54 | 0.24 | 0.39 |
Cash ROIC |
38.27% | 28.67% | 58.31% | 49.09% | 27.58% | 34.88% | 20.72% | 22.03% | 24.94% | 14.48% |
Accounts Receivable Turnover |
4.31 | 4.16 | 3.98 | 4.27 | 4.38 | 4.10 | 4.38 | 4.55 | 4.52 | 4.46 |
Accounts Payable Turnover |
6.30 | 5.86 | 5.53 | 5.54 | 5.40 | 4.79 | 5.54 | 5.76 | 6.08 | 5.71 |
Inventory Turnover |
3.72 | 2.89 | 3.30 | 4.93 | 4.96 | 4.42 | 4.87 | 5.38 | 4.18 | 3.54 |
Average Days of Payables |
63.39 | 60.19 | 60.27 | 81.89 | 69.18 | 90.67 | 69.55 | 70.02 | 66.31 | 61.30 |
Days of Inventory on Hand |
109.73 | 99.48 | 143.03 | 89.02 | 81.95 | 89.52 | 85.06 | 72.94 | 73.23 | 115.49 |
Average Receivables |
1,577.30 | 1,432.70 | 1,331.85 | 1,034.70 | 763.85 | 632.15 | 494.40 | 396.35 | 330.60 | 286.28 |
Average Payables |
210.85 | 197.60 | 223.85 | 195.90 | 145.00 | 119.00 | 91.40 | 78.20 | 63.37 | 59.12 |
Average Inventory |
357.50 | 400.15 | 374.70 | 220.20 | 157.80 | 128.85 | 103.95 | 83.65 | 92.09 | 95.38 |
Average Assets |
10,076.15 | 8,511.00 | 6,743.45 | 6,073.55 | 4,981.80 | 3,961.85 | 3,478.60 | 2,667.95 | 2,198.92 | 1,965.23 |
Average Common Equity |
1,365.65 | 515.20 | (372.50) | 258.40 | 827.20 | 1,099.20 | 1,176.30 | 799.80 | 713.54 | 796.53 |
Columns are period end dates · fundamentals updated 5 Nov 2026