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NASDAQ NMS - GLOBAL MARKET · Technology · CIK 0001262039
$172.98
-0.61% · live
Updated
$128.52B market value
From Fortinet, Inc.'s FY2025 10-K, filed Feb 25, 2026 · read the filing
Fortinet makes computers and computing hardware. It took in $6.80B last year, which makes it a mid-sized company. Of every dollar it sells, about 27 cents is left as profit.
The financial picture is led by profitability, debt and accounting, with growth worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Strong finances across the board.
From Fortinet, Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Long-term debt
$994.3M → $496.6M
Operating income
$1.80B → $2.08B
Free cash flow
$1.88B → $2.23B
Revenue
$5.96B → $6.80B
Measured against FY2024, from the 10-K filed Feb 25, 2026
Improved: -50.1%
$994.3M to $496.6MCritical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Improved: +15.6%
$1.80B to $2.08BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
How the latest move compares (quote live), and what was published around it
FTNT fell 0.61% on the latest quote. The average Technology company tracked here moved −1.28%, and the S&P 500 −1.04%. That is 0.7 points above its sector and in line with the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 20% a year for the next 10 years. Over the last 10 years it grew by about 25% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 27 cents of every dollar of sales as profit, earning $1.85B last year.
Slowly. Sales grew 14.2% last year.
No — it holds more cash than debt, with $1.50B left over after paying off every borrowing. For every $1 it owes, it owns $1.14 in assets.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $1.85B and generated $2.59B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 25, 2026Filing for FY2025 | FY202410-K · Feb 25, 2026Filing for FY2024 | FY202310-K · Feb 26, 2024Filing for FY2023 | FY202210-K · Feb 24, 2023Filing for FY2022 | FY202110-K · Feb 24, 2023Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $6.80B | $5.96B | $5.30B | $4.42B | $3.34B | +14.2% |
| Cost of revenue | $1.33B | $1.16B | $1.24B | $1.08B | $783.0M | +14.8% |
| Gross profit | $5.47B | $4.80B | $4.07B | $3.33B | $2.56B | +14.0% |
| Gross marginGross profit ÷ revenueWhat is this? | 80.5% | 80.6% | 76.7% | 75.4% | 76.6% | −0.1 pts |
| Selling, general and administrative | $233.4M | $237.8M | $211.3M | $169.0M | $143.5M | −1.9% |
| Operating income | $2.08B | $1.80B | $1.24B | $969.6M | $650.4M | +15.6% |
| Operating marginOperating income ÷ revenueWhat is this? | 30.7% | 30.3% | 23.4% | 21.9% | 19.5% | +0.4 pts |
| Interest expense | $20.1M | $20.0M | $21.0M | $18.0M | $14.9M | +0.5% |
| Income before tax | $2.28B | $2.06B | $1.33B | $955.5M | $628.4M | +10.9% |
| Net income | $1.85B | $1.75B | $1.15B | $857.3M | $606.8M | +6.2% |
| Net marginNet income ÷ revenueWhat is this? | 27.3% | 29.3% | 21.6% | 19.4% | 18.2% | −2.0 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $2.49 | $2.28 | $1.51 | $1.10 | $0.7491 | +9.6% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| FTNTFortinet, Inc. · this page | 9.0/10 | 7/9 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 459 shares
Holds 130,001 shares after this filing.
Exercised stock options — 459 shares
Holds 10,056 shares after this filing.
Exercised stock options — 459 shares
Holds 4,733 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Quarterly report for Q2 FY2026
Revenue +25.6% · Operating margin +5.6 pts · Operating income +50.5% — against Q2 FY2025
Read the filingPublished results
Read the filingWrite down why you are following Fortinet, Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 64 subsidiaries named in its 10-K, incorporated across 40 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from FTNT's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 25, 2026), reported under the US GAAP taxonomy. View the source filing.
4 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. All four had enough reported figures. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 9.0 | 7/9 | 10-K, filed Feb 25, 2026 |
| FY2024 | 9.0 | 8/9 | 10-K, filed Feb 21, 2025 |
| FY2023 | 8.0 | 8/9 | 10-K, filed Feb 26, 2024 |
| FY2022 | 8.0 | 7/9 | 10-K, filed Feb 24, 2023 |
| FY2021 | 8.0 | 6/9 | 10-K, filed Feb 25, 2022 |
| FY2020 | 8.7 | 7/8 | 10-K, filed Feb 19, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
7 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
9.77
In the safe zone
For this model, above 2.99 is safe and below 1.81 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
-2.62
Below the threshold — nothing unusual flagged
Scores above -1.78 are the ones the model associates with earnings manipulation.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +18.4%
$1.88B to $2.23BSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: +14.2%
$5.96B to $6.80BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +14.0%
$4.80B to $5.47BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +6.2%
$1.75B to $1.85BNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −2.1 pts
29.3% to 27.3%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +9.6%
$2.28 to $2.49Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -13.2%
$2.88B to $2.50BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: -3.1%
767.0M to 743.0MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Jul 30, 2026 — read it.
Improved: +50.5%
$458.0M to $689.3MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +43.8%
$0.57 to $0.83Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +25.6%
$1.63B to $2.05BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +24.9%
$1.32B to $1.64BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +37.8%
$440.1M to $606.3MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +5.6 pts
28.1% to 33.7%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +2.6 pts
27.0% to 29.6%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -12.9%
$3.37B to $2.93BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: -4.2%
765.6M to 733.6MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Jul 30, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +18.8%
$580.0M to $689.3MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +32.0%
$2.22B to $2.93BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +10.7%
$1.85B to $2.05BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +10.6%
$1.49B to $1.64BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +13.4%
$534.5M to $606.3MNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +2.3 pts
31.4% to 33.7%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +13.5%
$0.73 to $0.83Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
3 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
Loading price history…
Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 17% and 22%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 51 analysts covering this company, as of . Their views, not this site's.
Of 51 analysts publishing on this company, 5 say strong buy, 9 say buy, 31 say hold, 5 say sell and 1 say strong sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 1.7% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 62.5x — a high multiple relative to the current trailing profit.
Nothing unusual. Its accounting patterns look like those of companies that report earnings straightforwardly.
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| Median of peers | 7.3/10 | — | 21.3% | 7.9% | 61.50x | 1.25x |
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Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Exercised stock options — 459 shares
Holds 459 shares after this filing.
Exercised stock options — 459 shares
Holds 39,508 shares after this filing.
Exercised stock options — 459 shares
Holds 23,928 shares after this filing.
Exercised stock options — 459 shares
Holds 17,648 shares after this filing.
Sold on the open market — 48 shares at $180.00 ($8.6K)
Holds 10,345 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 48 shares ($8.6K) on or after .
Shares originally obtained via Restricted Stock Units.
Filed notice to sell 56,700 shares ($8.8M) on or after .
Shares originally obtained via Exercise of Stock Options.
Filed notice to sell 387 shares ($63.2K) on or after .
Shares originally obtained via Restricted Stock Units.
Filed notice to sell 3,121 shares ($505.4K) on or after .
Shares originally obtained via Restricted Stock Units.
Filed notice to sell 161,482 shares ($26.2M) on or after .
Shares originally obtained via Exercise of Stock Options.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Held a shareholder vote
Quarterly report for Q1 FY2026
Revenue +20.1% · Operating margin +1.9 pts · Gross profit +19.1% — against Q1 FY2025
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingAnnual report for FY2025
Revenue +14.2% · Profit margin −2.1 pts · Long-term debt -50.1% — against FY2024
Read the filingPublished results
Read the filingQuarterly report for Q3 FY2025
Revenue +14.4% · Profit margin −8.3 pts · Long-term debt -50.0% — against Q3 FY2024
Read the filingPublished results
Read the filingReported another event
Read the filingQuarterly report for Q2 FY2025
Revenue +13.6% · Operating margin −2.4 pts · Long-term debt -50.0% — against Q2 FY2024
Read the filingPublished results
Read the filingHeld a shareholder vote
Read the filingHad a director or senior officer leave or join
Read the filingQuarterly report for Q1 FY2025
Revenue +13.8% · Operating margin +5.7 pts · Operating income +41.3% — against Q1 FY2024
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingAnnual report for FY2024
Revenue +12.3% · Operating margin +6.9 pts · Operating income +45.3% — against FY2023
Read the filingHad a director or senior officer leave or join · Published results
Read the filingThe first 40 of 64. The rest are in the exhibit.
Source: Exhibit 21 of the 10-K filed 2026-02-25. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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