Companies / Information Technology
FTNT
Fortinet
Systems Software
Systems SoftwareAnalysis in progress
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Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Operating health82
Growth74
Profitability95
Cash generation100
Balance sheet63
Dilution control76
Key ratios and five-year financials
Latest quarter revenue YoY (2026-09-30)20.5%Revenue growth (FY)14.2%Revenue CAGR (3y)15.5%Gross margin80.5%Operating margin30.7%Net margin27.3%Free cash flow margin32.7%R&D / revenue12.0%Stock comp / revenue4.1%Net debt / operating cash flow-0.58xCurrent ratio1.17Diluted share count change-0.9%
| Fiscal year ending | FY 2021-12 | FY 2022-12 | FY 2023-12 | FY 2024-12 | FY 2025-12 |
|---|---|---|---|---|---|
| Revenue | $3.3B | $4.4B | $5.3B | $6.0B | $6.8B |
| Gross profit | $2.6B | $3.3B | $4.1B | $4.8B | $5.5B |
| Operating income | $650M | $970M | $1.2B | $1.8B | $2.1B |
| Net income | $607M | $857M | $1.1B | $1.7B | $1.9B |
| Operating cash flow | $1.5B | $1.7B | $1.9B | $2.3B | $2.6B |
| Capital expenditure | $296M | $281M | $204M | $379M | $365M |
| Free cash flow | $1.2B | $1.4B | $1.7B | $1.9B | $2.2B |
| R&D | $424M | $512M | $614M | $717M | $816M |
| Stock-based comp | $208M | $217M | $249M | $258M | $280M |
| Buybacks | $742M | $2.0B | $1.5B | $600,000 | $2.3B |
| Cash | $1.3B | $1.7B | $1.4B | $2.9B | $2.5B |
| Total debt | $988M | $990M | $992M | $994M | $996M |
| Equity | $782M | -$282M | -$463M | $1.5B | $1.2B |
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