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. Member of the S&P 500 and Nasdaq 100; revenue growth for ten consecutive years, operating cash flow growth for ten.
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Fortinet, Inc. (FTNT) Altman Z-score
Fortinet, Inc.'s Altman Z-score for fiscal 2025 is 5.29, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.29 | (1.38) |
| FY2024 | 6.68 | 2.08 |
| FY2023 | 4.59 | 0.01 |
| FY2022 | 4.58 | (3.37) |
| FY2021 | 7.95 | 2.14 |
| FY2020 | 5.81 | 0.17 |
| FY2019 | 5.64 | 1.00 |
| FY2018 | 4.64 | 0.91 |
| FY2017 | 3.73 | 0.25 |
| FY2016 | 3.48 | (0.64) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.08 | — | 0.10 | |
| Retained earnings / total assets | (0.05) | — | −0.07 | |
| EBIT / total assets | 0.20 | — | 0.66 | |
| Market value of equity / total liabilities | 6.58 | — | 3.95 | |
| Sales / total assets | 0.65 | — | 0.65 | |
| Altman Z-score | Safe zone | 5.29 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.88 | ||
Z and Z″ put Fortinet, Inc. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CRWD CrowdStrike compare | 10.6× |
| NET Cloudflare, Inc. compare | 9.4× |
| PANW Palo Alto Networks, Inc. compare | 7.4× |
| TWLO Twilio Inc. compare | 6.4× |
| FTNT Fortinet, Inc. | 5.3× |
| SNPS Synopsys, Inc. compare | 2.8× |
| XYZ Block, Inc. compare | 2.6× |
| NBIS Nebius Group N.V. compare | 2.1× |
| CRWV CoreWeave Inc. compare | 0.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on FTNT
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement