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. cash flow statement
Annual · USD millions except per-share data · 33 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 1,853 | 1,745 | 1,148 | 857 | 607 | +32.2% | |
| Depreciation & amortization | 152 | 123 | 113 | 104 | 84 | +15.8% | |
| Deferred income tax | 66 | 0 | 0 | 0 | 0 | — | |
| Stock-based compensation | 280 | 258 | 249 | 217 | 208 | +7.7% | |
| Change in working capital | (10) | (21) | 126 | 233 | 402 | — | |
| Accounts receivables | (216) | (45) | (146) | (457) | (72) | — | |
| Inventory | (91) | 131 | (253) | (109) | (19) | — | |
| Accounts payables | 28 | (10) | (43) | 105 | (13) | — | |
| Other working capital | 268 | (96) | 569 | 694 | 507 | -14.7% | |
| Other non-cash items | 250 | 153 | 299 | 319 | 198 | +6.0% | |
| Net cash from operating activities | 2,591 | 2,258 | 1,936 | 1,731 | 1,500 | +14.6% | |
| Operating cash flow | 2,591 | 2,258 | 1,936 | 1,731 | 1,500 | +14.6% | |
| Investing activities | |||||||
| Investments in PP&E | (365) | (379) | (204) | (281) | (296) | — | |
| Capital expenditure | (365) | (379) | (204) | (281) | (296) | — | |
| Acquisitions, net | (42) | (275) | (8) | (31) | (235) | — | |
| Purchases of investments | (1,996) | (1,965) | (1,856) | (389) | (2,350) | — | |
| Sales / maturities of investments | 1,803 | 1,892 | 1,419 | 1,465 | 1,556 | +3.8% | |
| Other investing activities | 0 | 0 | 0 | 0 | 0 | -29.3% | |
| Net cash from investing activities | (599) | (727) | (649) | 764 | (1,325) | — | |
| Financing activities | |||||||
| Net debt issuance | 0 | 0 | 0 | 0 | 970 | — | |
| Long-term net debt issuance | 0 | 0 | 0 | 0 | 970 | — | |
| Net stock issuance | (2,245) | 63 | (1,457) | (1,965) | (716) | — | |
| Common stock issuance | 45 | 63 | 44 | 26 | 26 | +14.5% | |
| Common stock repurchased | (2,290) | (1) | (1,500) | (1,991) | (742) | — | |
| Net common stock issuance | (2,245) | 63 | (1,457) | (1,965) | (716) | — | |
| Other financing activities | (126) | (113) | (114) | (165) | (171) | — | |
| Net cash from financing activities | (2,371) | (50) | (1,570) | (2,130) | 83 | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | (1) | (3) | (1) | -0 | -0 | — | |
| Net change in cash | (381) | 1,478 | (285) | 364 | 257 | — | |
| Cash at beginning of period | 2,876 | 1,398 | 1,683 | 1,319 | 1,062 | +28.3% | |
| Cash at end of period | 2,495 | 2,876 | 1,398 | 1,683 | 1,319 | +17.3% | |
| Free cash flow | 2,226 | 1,879 | 1,731 | 1,449 | 1,204 | +16.6% | |
| Income taxes paid | 452 | 579 | 426 | 260 | 127 | +37.2% | |