FTNT

Updated: May 16, 2026 11:26 PM

Fortinet Inc

Market Cap: $89.28B P/S: 48x Ownership — Insider: 17.4% | Institutional: 69.7% | Retail: 12.9% TECHNOLOGY SOFTWARE - INFRASTRUCTURE

Fortinet (Nasdaq: FTNT) is an American multinational corporation headquartered in Sunnyvale, California. It develops and sells cybersecurity solutions, including but not limited to physical products such as firewalls, plus software and services such as anti-virus protection, intrusion prevention systems and endpoint security components.

Revenue

Revenue, Profit & Income — explained by Jerry the Goat Farmer
Total RevenueEvery single dollar that wanders onto Jerry's farm. Cheese sales, milk money, goat yoga memberships, and that one weird guy who pays $50 to just watch the goats. Jerry doesn't ask questions.
Gross ProfitThe money left after feeding the goats but before reality sets in. Jerry feels rich for exactly 11 minutes.
Net IncomeWhat Jerry actually gets to keep after the Jerrynment, cousin Larry, the feed store, and his ex-wife's lawyer all take their cut. This number is often... humbling.
Using alias: revenuea -> totalRevenue [annual] [income]
Using alias: profita -> grossProfit [annual] [income]
Using alias: incomea -> netIncome [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        20/20 dates (100%)
  ✅ grossProfit                         20/20 dates (100%)
  ✅ netIncome                           20/20 dates (100%)

Plot for FTNT (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -6.80B                 -3.40B                  0.00B                  3.40B                   6.80B
               |                      |                      |                      |                       |

  2006-12-31 |                                              |  0.12B
  2007-12-31 |                                              |  0.16B
  2008-12-31 |                                               |  0.21B
  2009-12-31 |                                               |  0.25B
  2010-12-31 |                                               |  0.32B
  2011-12-31 |                                               |  0.43B
  2012-12-31 |                                               |  0.53B
  2013-12-31 |                                               |  0.62B
  2014-12-31 |                                               |  0.77B
  2015-12-31 |                                               |  1.01B
  2016-12-31 |                                               |  1.28B
  2017-12-31 |                                               |  1.49B
  2018-12-31 |                                               |  1.80B
  2019-12-31 |                                               |  2.16B
  2020-12-31 |                                               |  2.59B
  2021-12-31 |                                               |  3.34B
  2022-12-31 |                                               |  4.42B
  2023-12-31 |                                               |  5.30B
  2024-12-31 |                                               |  5.96B
  2025-12-31 |                                               |  6.80B

               |                      |                      |                      |                       |
               -6.80B                 -3.40B                  0.00B                  3.40B                   6.80B

Costs

Operating Costs — explained by Jerry the Goat Farmer
Cost of Goods & Services SoldThe unglamorous stuff: hay, feed, vet bills for when Sergio the goat eats another iPhone. These goats don't feed themselves, and they definitely don't apologize.
Selling, General & AdministrativeThe "CHEESE HAPPENS" billboard on the highway, the accountant (cousin Larry, who definitely cheated in Monopoly as a kid), office supplies, and the therapy Jerry needs after dealing with cousin Larry.
Research & DevelopmentJerry's experimental ghost pepper goat cheese that made three customers cry. Also the goat treadmill. The goats refuse to use the goat treadmill.
Using alias: rnda -> researchAndDevelopment [annual] [income]
Using alias: sgaa -> sellingGeneralAndAdministrative [annual] [income]
Using alias: cogsa -> costofGoodsAndServicesSold [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ researchAndDevelopment              20/20 dates (100%)
  ✅ sellingGeneralAndAdministrative     20/20 dates (100%)
  ✅ costofGoodsAndServicesSold          20/20 dates (100%)

Plot for FTNT (in B)
  reports: annualReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00B                  0.33B                  0.65B                  0.98B                   1.30B
               |                      |                      |                      |                       |

  2006-12-31 |  0.04B
  2007-12-31 |  0.06B
  2008-12-31 |  0.07B
  2009-12-31 |  0.07B
  2010-12-31 |  0.09B
  2011-12-31 |  0.11B
  2012-12-31 |  0.15B
  2013-12-31 |  0.18B
  2014-12-31 |  0.23B
  2015-12-31 |  0.29B
  2016-12-31 |  0.34B
  2017-12-31 |  0.39B
  2018-12-31 |  0.45B
  2019-12-31 |  0.51B
  2020-12-31 |  0.57B
  2021-12-31 |  0.78B
  2022-12-31 |  1.08B
  2023-12-31 |  1.24B
  2024-12-31 |  1.16B
  2025-12-31 |  1.30B

               |                      |                      |                      |                       |
               0.00B                  0.33B                  0.65B                  0.98B                   1.30B

Cash

Cash, Debt & Cash Flow — explained by Jerry the Goat Farmer
Cash & Short-Term InvestmentsThe coffee can buried behind the barn, $47 in a savings account, and some cryptocurrency Jerry bought drunk in 2021. He's afraid to check on it.
Short/Long-Term DebtThe barn loan that'll follow Jerry to the grave (long-term) and the $200 he owes the feed store guy who's starting to give him looks (short-term).
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Using alias: casha -> cashAndShortTermInvestments [annual] [balance]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: paychecka -> operatingCashflow [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ⚠️  cashAndShortTermInvestments         19/20 dates (95%)
  ⚠️  SPARSE shortLongTermDebtTotal              7/20 dates (35%)
  ✅ operatingCashflow                   20/20 dates (100%)

Plot for FTNT (in B)
  reports: annualReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               0.00B                  0.72B                  1.44B                  2.16B                   2.88B
               |                      |                      |                      |                       |

  2006-12-31 |  0.00B ⊗⊗
  2007-12-31 |  0.07B ⊗
  2008-12-31 |  0.06B ⊗
  2009-12-31 |  0.21B ⊗
  2010-12-31 |  0.10B ⊗
  2011-12-31 |  0.13B ⊗
  2012-12-31 |  0.18B ⊗
  2013-12-31 |  0.15B ⊗
  2014-12-31 |  0.28B ⊗
  2015-12-31 |  0.54B ⊗
  2016-12-31 |  0.71B ⊗
  2017-12-31 |  0.81B ⊗
  2018-12-31 |  1.11B ⊗
  2019-12-31 |  1.22B
  2020-12-31 |  1.08B
  2021-12-31 |  1.50B
  2022-12-31 |  1.73B
  2023-12-31 |  1.94B
  2024-12-31 |  2.88B
  2025-12-31 |  2.59B

               |                      |                      |                      |                       |
               0.00B                  0.72B                  1.44B                  2.16B                   2.88B

FCF

Free Cash Flow — explained by Jerry the Goat Farmer
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Capital ExpendituresBig, expensive purchases Jerry justifies at 2am: the industrial milking machine, new fencing, and a hot tub "for the goats" that somehow only Jerry uses.
Using alias: paychecka -> operatingCashflow [annual] [cashflow]
Using alias: capexa -> capitalExpenditures [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   20/20 dates (100%)
  ✅ capitalExpenditures                 20/20 dates (100%)

Plot for FTNT (in B)
  reports: annualReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               0.00B                  0.65B                  1.30B                  1.94B                   2.59B
               |                      |                      |                      |                       |

  2006-12-31 |  0.00B
  2007-12-31 |  0.03B
  2008-12-31 |  0.04B
  2009-12-31 |  0.06B
  2010-12-31 |  0.10B
  2011-12-31 |  0.13B
  2012-12-31 |  0.18B
  2013-12-31 |  0.15B
  2014-12-31 |  0.20B
  2015-12-31 |  0.28B
  2016-12-31 |  0.35B
  2017-12-31 |  0.59B
  2018-12-31 |  0.64B
  2019-12-31 |  0.81B
  2020-12-31 |  1.08B
  2021-12-31 |  1.50B
  2022-12-31 |  1.73B
  2023-12-31 |  1.94B
  2024-12-31 |  2.26B
  2025-12-31 |  2.59B

               |                      |                      |                      |                       |
               0.00B                  0.65B                  1.30B                  1.94B                   2.59B

Assets

Assets, Liabilities & Equity — explained by Jerry the Goat Farmer
🐐 Assets = Liabilities + Equity

Translation: What Jerry owns = What Jerry owes + What's actually Jerry's

Or as Jerry mutters every April during tax season:
"Everything I have equals everything I owe plus whatever scraps are left for me, a humble goat man just trying to make cheese in this cruel world."
Total AssetsEverything Jerry owns: 12 acres of land, a barn that's "rustic" (rotting), 47 goats, Sergio (appraised at $800, priceless to Jerry), the cheese cave, and a 2004 Ford F-150 held together by duct tape and prayer.
Total LiabilitiesEverything Jerry owes: bank loans, the feed store tab, back taxes, and a moral debt to his neighbor for "borrowing" that tractor in 2019. They both know he's not returning it.
Total Shareholder EquityIf Jerry sold absolutely everything, paid off every debt, and finally returned that tractor... this is what he'd have left. His actual net worth. Some days it's a retirement fund. Other days it's "enough for a bus ticket and a fresh start."
Using alias: assetsa -> totalAssets [annual] [balance]
Using alias: liabila -> totalLiabilities [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ⚠️  totalAssets                         19/20 dates (95%)
  ⚠️  totalLiabilities                    19/20 dates (95%)
  ⚠️  totalShareholderEquity              19/20 dates (95%)

Plot for FTNT (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               -10.39B                -5.19B                  0.00B                  5.19B                  10.39B
               |                      |                      |                      |                       |

  2007-12-31 |                                              |  0.16B
  2008-12-31 |                                              |  0.20B
  2009-12-31 |                                               |  0.39B
  2010-12-31 |                                               |  0.55B
  2011-12-31 |                                               |  0.73B
  2012-12-31 |                                               |  0.98B
  2013-12-31 |                                               |  1.17B
  2014-12-31 |                                               |  1.42B
  2015-12-31 |                                               |  1.79B
  2016-12-31 |                                               |  2.14B
  2017-12-31 |                                               |  2.26B
  2018-12-31 |                                               |  3.08B
  2019-12-31 |                                               |  3.88B
  2020-12-31 |                                               |  4.04B
  2021-12-31 |                                               |  5.92B
  2022-12-31 |                                              |  6.51B
  2023-12-31 |                                             |  7.72B
  2024-12-31 |                                               |  9.76B
  2025-12-31 |                                               |  10.39B

               |                      |                      |                      |                       |
               -10.39B                -5.19B                  0.00B                  5.19B                  10.39B

Buffet

Using alias: incomea -> netIncome [annual] [income]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           20/20 dates (100%)
  ⚠️  SPARSE shortLongTermDebtTotal              7/20 dates (35%)
  ⚠️  totalShareholderEquity              19/20 dates (95%)

Plot for FTNT (in B)
  reports: annualReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -1.85B                 -0.93B                  0.00B                  0.93B                   1.85B
               |                      |                      |                      |                       |

  2006-12-31 |                                              | -0.01B ⊗⊗
  2007-12-31 |                                              | -0.02B ⊗
  2008-12-31 |                                              |  0.01B ⊗
  2009-12-31 |                                               |  0.14B ⊗
  2010-12-31 |                                               |  0.23B ⊗
  2011-12-31 |                                               |  0.36B ⊗
  2012-12-31 |                                               |  0.51B ⊗
  2013-12-31 |                                               |  0.59B ⊗
  2014-12-31 |                                               |  0.68B ⊗
  2015-12-31 |                                               |  0.76B ⊗
  2016-12-31 |                                               |  0.84B ⊗
  2017-12-31 |                                               |  0.59B ⊗
  2018-12-31 |                                               |  1.01B ⊗
  2019-12-31 |                                               |  1.34B
  2020-12-31 |                                               |  0.86B
  2021-12-31 |                                               |  1.01B
  2022-12-31 |                                        |  1.02B
  2023-12-31 |                                   |  1.15B
  2024-12-31 |                                               |  1.75B
  2025-12-31 |                                               |  1.85B

               |                      |                      |                      |                       |
               -1.85B                 -0.93B                  0.00B                  0.93B                   1.85B

Revenue-q

Using alias: revenue -> totalRevenue [quarterly] [income]
Using alias: profit -> grossProfit [quarterly] [income]
Using alias: income -> netIncome [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        25/25 dates (100%)
  ✅ grossProfit                         25/25 dates (100%)
  ✅ netIncome                           25/25 dates (100%)

Plot for FTNT (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               0.00B                  0.48B                  0.95B                  1.43B                   1.91B
               |                      |                      |                      |                       |

  2020-03-31 |  0.58B
  2020-06-30 |  0.62B
  2020-09-30 |  0.65B
  2020-12-31 |  0.75B
  2021-03-31 |  0.71B
  2021-06-30 |  0.80B
  2021-09-30 |  0.87B
  2021-12-31 |  0.96B
  2022-03-31 |  0.95B
  2022-06-30 |  1.03B
  2022-09-30 |  1.15B
  2022-12-31 |  1.28B
  2023-03-31 |  1.26B
  2023-06-30 |  1.29B
  2023-09-30 |  1.33B
  2023-12-31 |  1.42B
  2024-03-31 |  1.35B
  2024-06-30 |  1.43B
  2024-09-30 |  1.51B
  2024-12-31 |  1.66B
  2025-03-31 |  1.54B
  2025-06-30 |  1.63B
  2025-09-30 |  1.72B
  2025-12-31 |  1.91B
  2026-03-31 |  1.85B

               |                      |                      |                      |                       |
               0.00B                  0.48B                  0.95B                  1.43B                   1.91B

Costs-q

Using alias: rnd -> researchAndDevelopment [quarterly] [income]
Using alias: sga -> sellingGeneralAndAdministrative [quarterly] [income]
Using alias: cogs -> costofGoodsAndServicesSold [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ researchAndDevelopment              25/25 dates (100%)
  ✅ sellingGeneralAndAdministrative     25/25 dates (100%)
  ✅ costofGoodsAndServicesSold          25/25 dates (100%)

Plot for FTNT (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00M                 97.30M                 194.60M                291.90M                 389.20M
               |                      |                      |                      |                       |

  2020-03-31 |  128.70M
  2020-06-30 |  135.10M
  2020-09-30 |  139.20M
  2020-12-31 |  167.00M
  2021-03-31 |  156.60M
  2021-06-30 |  186.90M
  2021-09-30 |  211.20M
  2021-12-31 |  228.30M
  2022-03-31 |  253.80M
  2022-06-30 |  250.80M
  2022-09-30 |  283.00M
  2022-12-31 |  297.30M
  2023-03-31 |  307.80M
  2023-06-30 |  295.80M
  2023-09-30 |  317.70M
  2023-12-31 |  315.90M
  2024-03-31 |  304.70M
  2024-06-30 |  275.00M
  2024-09-30 |  263.40M
  2024-12-31 |  314.50M
  2025-03-31 |  293.10M
  2025-06-30 |  301.70M
  2025-09-30 |  318.60M
  2025-12-31 |  389.20M
  2026-03-31 |  364.50M

               |                      |                      |                      |                       |
               0.00M                 97.30M                 194.60M                291.90M                 389.20M

Cash-q

Using alias: cash -> cashAndShortTermInvestments [quarterly] [balance]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         25/25 dates (100%)
  ✅ shortLongTermDebtTotal              25/25 dates (100%)
  ✅ operatingCashflow                   25/25 dates (100%)

Plot for FTNT (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               0.00B                  0.90B                  1.80B                  2.70B                   3.60B
               |                      |                      |                      |                       |

  2020-03-31 |  0.63B
  2020-06-30 |  0.92B
  2020-09-30 |  0.88B
  2020-12-31 |  1.06B
  2021-03-31 |  1.86B
  2021-06-30 |  1.88B
  2021-09-30 |  1.85B
  2021-12-31 |  1.32B
  2022-03-31 |  0.99B
  2022-06-30 |  0.99B
  2022-09-30 |  0.99B
  2022-12-31 |  1.68B
  2023-03-31 |  2.30B
  2023-06-30 |  2.38B
  2023-09-30 |  2.19B
  2023-12-31 |  1.40B
  2024-03-31 |  1.93B
  2024-06-30 |  2.20B
  2024-09-30 |  2.49B
  2024-12-31 |  2.88B
  2025-03-31 |  3.60B
  2025-06-30 |  3.37B
  2025-09-30 |  2.00B
  2025-12-31 |  2.50B
  2026-03-31 |  2.22B

               |                      |                      |                      |                       |
               0.00B                  0.90B                  1.80B                  2.70B                   3.60B

FCF-q

Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]
Using alias: capex -> capitalExpenditures [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   25/25 dates (100%)
  ✅ capitalExpenditures                 25/25 dates (100%)

Plot for FTNT (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               0.00B                  0.27B                  0.54B                  0.81B                   1.08B
               |                      |                      |                      |                       |

  2020-03-31 |  0.32B
  2020-06-30 |  0.25B
  2020-09-30 |  0.22B
  2020-12-31 |  0.30B
  2021-03-31 |  0.32B
  2021-06-30 |  0.42B
  2021-09-30 |  0.40B
  2021-12-31 |  0.37B
  2022-03-31 |  0.40B
  2022-06-30 |  0.32B
  2022-09-30 |  0.48B
  2022-12-31 |  0.53B
  2023-03-31 |  0.68B
  2023-06-30 |  0.52B
  2023-09-30 |  0.55B
  2023-12-31 |  0.19B
  2024-03-31 |  0.83B
  2024-06-30 |  0.34B
  2024-09-30 |  0.61B
  2024-12-31 |  0.48B
  2025-03-31 |  0.86B
  2025-06-30 |  0.45B
  2025-09-30 |  0.66B
  2025-12-31 |  0.62B
  2026-03-31 |  1.08B

               |                      |                      |                      |                       |
               0.00B                  0.27B                  0.54B                  0.81B                   1.08B

Assets-q

Using alias: assets -> totalAssets [quarterly] [balance]
Using alias: liabil -> totalLiabilities [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         25/25 dates (100%)
  ✅ totalLiabilities                    25/25 dates (100%)
  ✅ totalShareholderEquity              25/25 dates (100%)

Plot for FTNT (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               -10.64B                -5.32B                  0.00B                  5.32B                  10.64B
               |                      |                      |                      |                       |

  2020-03-31 |                                               |  3.21B
  2020-06-30 |                                               |  3.33B
  2020-09-30 |                                               |  3.59B
  2020-12-31 |                                               |  4.04B
  2021-03-31 |                                               |  5.28B
  2021-06-30 |                                               |  5.56B
  2021-09-30 |                                               |  5.97B
  2021-12-31 |                                               |  5.92B
  2022-03-31 |                                               |  5.65B
  2022-06-30 |                                             |  5.67B
  2022-09-30 |                                            |  5.96B
  2022-12-31 |                                              |  6.51B
  2023-03-31 |                                               |  6.83B
  2023-06-30 |                                               |  7.49B
  2023-09-30 |                                               |  7.48B
  2023-12-31 |                                             |  7.72B
  2024-03-31 |                                              |  7.80B
  2024-06-30 |                                               |  8.05B
  2024-09-30 |                                               |  8.85B
  2024-12-31 |                                               |  9.76B
  2025-03-31 |                                               |  10.41B
  2025-06-30 |                                               |  10.64B
  2025-09-30 |                                               |  9.36B
  2025-12-31 |                                               |  10.39B
  2026-03-31 |                                               |  9.88B

               |                      |                      |                      |                       |
               -10.64B                -5.32B                  0.00B                  5.32B                  10.64B

Buffet-q

Using alias: income -> netIncome [quarterly] [income]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           25/25 dates (100%)
  ✅ shortLongTermDebtTotal              25/25 dates (100%)
  ✅ totalShareholderEquity              25/25 dates (100%)

Plot for FTNT (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -2.06B                 -1.03B                  0.00B                  1.03B                   2.06B
               |                      |                      |                      |                       |

  2020-03-31 |                                               |  0.54B
  2020-06-30 |                                               |  0.54B
  2020-09-30 |                                               |  0.71B
  2020-12-31 |                                               |  0.86B
  2021-03-31 |                                               |  0.99B
  2021-06-30 |                                               |  1.05B
  2021-09-30 |                                               |  1.12B
  2021-12-31 |                                               |  0.99B
  2022-03-31 |                                               |  0.99B
  2022-06-30 |                                      |  0.99B
  2022-09-30 |                                 |  0.99B
  2022-12-31 |                                         |  1.02B
  2023-03-31 |                                               |  0.99B
  2023-06-30 |                                               |  1.17B
  2023-09-30 |                                               |  0.99B
  2023-12-31 |                                     |  0.99B
  2024-03-31 |                                            |  0.99B
  2024-06-30 |                                               |  0.99B
  2024-09-30 |                                               |  0.99B
  2024-12-31 |                                               |  1.49B
  2025-03-31 |                                               |  1.96B
  2025-06-30 |                                               |  2.06B
  2025-09-30 |                                               |  1.00B
  2025-12-31 |                                               |  1.24B
  2026-03-31 |                                               |  0.99B

               |                      |                      |                      |                       |
               -2.06B                 -1.03B                  0.00B                  1.03B                   2.06B

Price History

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