Fortinet, Inc.

FTNTNASDAQ

$172.79

Last price · USD

Market cap: $129.2B
P/E: 71.1x
EV / EBITDA: 51.8x
P/S: 19.0x
FCF yield: 1.7%
Div. yield: 0.00%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Fortinet, Inc. balance sheet

Annual · USD millions except per-share data · 42 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	2,495	2,876	1,398	1,683	1,319	+17.3%
Short-term investments	1,087	1,191	1,043	528	1,233	-3.1%
Cash & short-term investments	3,583	4,067	2,440	2,211	2,552	+8.9%
Net receivables	1,691	1,463	1,402	1,262	808	+20.3%
Accounts receivable	1,691	1,463	1,402	1,262	808	+20.3%
Inventory	400	316	485	265	176	+22.8%
Prepaids	227	0	0	0	65	+36.5%
Other current assets	0	126	101	73	0	—
Total current assets	5,900	5,972	4,428	3,810	3,601	+13.1%
Non-current assets
Property, plant & equipment (net)	1,619	1,350	1,044	899	688	+23.9%
Goodwill	257	235	127	128	125	+19.8%
Intangible assets	97	115	35	56	64	+11.2%
Goodwill & intangible assets	355	350	162	184	189	+17.1%
Long-term investments	340	0	0	46	441	-6.3%
Tax assets	1,315	1,336	869	569	342	+40.0%
Other non-current assets	861	756	756	720	659	+6.9%
Total non-current assets	4,489	3,792	2,831	2,418	2,319	+18.0%
Total assets	10,389	9,763	7,259	6,228	5,919	+15.1%
Current liabilities
Accounts payable	231	191	204	243	148	+11.7%
Total payables	231	191	204	243	148	+11.7%
Short-term debt	500	0	0	0	0	—
Tax payables	0	0	64	68	80	—
Deferred revenue	0	3,276	2,849	2,349	1,777	—
Other current liabilities	3,636	0	0	0	0	—
Total current liabilities	5,034	4,061	3,719	3,078	2,318	+21.4%
Non-current liabilities
Long-term debt	497	994	992	990	988	-15.8%
Deferred revenue (non-current)	3,480	3,085	2,886	2,291	1,676	+20.0%
Other non-current liabilities	141	130	125	150	139	+0.5%
Total non-current liabilities	4,118	4,209	4,003	3,431	2,803	+10.1%
Total debt	996	994	992	990	988	+0.2%
Total liabilities	9,152	8,269	7,722	6,510	5,121	+15.6%
Stockholders' equity
Common stock	1	1	1	1	1	-3.3%
Retained earnings	(508)	(117)	(1,862)	(1,546)	(468)	—
Additional paid-in capital	1,770	1,636	1,416	1,284	1,254	+9.0%
Accumulated other comprehensive income (loss)	(25)	(26)	(19)	(20)	(5)	—
Total stockholders' equity	1,238	1,494	(463)	(282)	782	+12.2%
Total equity	1,238	1,494	(463)	(282)	798	+11.6%
Minority interest	0	0	0	0	17	—
Total liabilities & equity	10,389	9,763	7,259	6,228	5,919	+15.1%
Additional fields
Accrued Expenses	668	594	666	486	392	+14.2%
Net Debt	(1,499)	(1,882)	(406)	(692)	(331)	—
Total Investments	1,427	1,191	1,043	574	1,673	-3.9%

Fortinet, Inc.

FTNTNASDAQ

$172.79

Last price · USD

Market cap: $129.2B
P/E: 71.1x
EV / EBITDA: 51.8x
P/S: 19.0x
FCF yield: 1.7%
Div. yield: 0.00%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Fortinet, Inc. balance sheet

Annual · USD millions except per-share data · 42 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	2,495	2,876	1,398	1,683	1,319	+17.3%
Short-term investments	1,087	1,191	1,043	528	1,233	-3.1%
Cash & short-term investments	3,583	4,067	2,440	2,211	2,552	+8.9%
Net receivables	1,691	1,463	1,402	1,262	808	+20.3%
Accounts receivable	1,691	1,463	1,402	1,262	808	+20.3%
Inventory	400	316	485	265	176	+22.8%
Prepaids	227	0	0	0	65	+36.5%
Other current assets	0	126	101	73	0	—
Total current assets	5,900	5,972	4,428	3,810	3,601	+13.1%
Non-current assets
Property, plant & equipment (net)	1,619	1,350	1,044	899	688	+23.9%
Goodwill	257	235	127	128	125	+19.8%
Intangible assets	97	115	35	56	64	+11.2%
Goodwill & intangible assets	355	350	162	184	189	+17.1%
Long-term investments	340	0	0	46	441	-6.3%
Tax assets	1,315	1,336	869	569	342	+40.0%
Other non-current assets	861	756	756	720	659	+6.9%
Total non-current assets	4,489	3,792	2,831	2,418	2,319	+18.0%
Total assets	10,389	9,763	7,259	6,228	5,919	+15.1%
Current liabilities
Accounts payable	231	191	204	243	148	+11.7%
Total payables	231	191	204	243	148	+11.7%
Short-term debt	500	0	0	0	0	—
Tax payables	0	0	64	68	80	—
Deferred revenue	0	3,276	2,849	2,349	1,777	—
Other current liabilities	3,636	0	0	0	0	—
Total current liabilities	5,034	4,061	3,719	3,078	2,318	+21.4%
Non-current liabilities
Long-term debt	497	994	992	990	988	-15.8%
Deferred revenue (non-current)	3,480	3,085	2,886	2,291	1,676	+20.0%
Other non-current liabilities	141	130	125	150	139	+0.5%
Total non-current liabilities	4,118	4,209	4,003	3,431	2,803	+10.1%
Total debt	996	994	992	990	988	+0.2%
Total liabilities	9,152	8,269	7,722	6,510	5,121	+15.6%
Stockholders' equity
Common stock	1	1	1	1	1	-3.3%
Retained earnings	(508)	(117)	(1,862)	(1,546)	(468)	—
Additional paid-in capital	1,770	1,636	1,416	1,284	1,254	+9.0%
Accumulated other comprehensive income (loss)	(25)	(26)	(19)	(20)	(5)	—
Total stockholders' equity	1,238	1,494	(463)	(282)	782	+12.2%
Total equity	1,238	1,494	(463)	(282)	798	+11.6%
Minority interest	0	0	0	0	17	—
Total liabilities & equity	10,389	9,763	7,259	6,228	5,919	+15.1%
Additional fields
Accrued Expenses	668	594	666	486	392	+14.2%
Net Debt	(1,499)	(1,882)	(406)	(692)	(331)	—
Total Investments	1,427	1,191	1,043	574	1,673	-3.9%