Fortinet, Inc. Financial Ratios — FTNT Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	86.42	38.04	21.49	8.75	60.5	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	9.76	7.82	4.13	1.95	0.5	1.64	1.43	12.55	9.54	12.33	12.18	14.12	17.02	20.51	18.39
Return on Capital (%)	494.61	86.42	38.04	21.49	8.75	60.5	-22.3	- -	639.73	-511.79	667.88	-10,179.3	-163.86	37,498.76	273.52
Return on Invested Capital (%)	20.44	14.7	7.54	3.83	1.48	4.39	3.88	- -	25.32	43.62	48.21	75.38	180.65	103.55	71.51
Gross Margin (%)	73.8	72.37	70.64	70.01	71.59	73.51	74.23	75.04	76.61	78.03	76.57	75.44	76.68	80.56	80.46
EBITDA Margin (%)	22.12	21	14.26	10.56	5.36	7.48	11.08	16.08	19.08	23.15	21.99	24.31	25.53	32.34	32.89
Operating Margin (%)	20.5	18.83	11.72	7.7	2.23	3.68	7.37	12.99	16.23	20.5	19.46	21.95	23.4	30.28	30.66
Incremental Operating Margin (%)	30.83	11.56	-34.76	-8.23	-15.42	9.18	28.79	40.14	32.53	41.91	15.86	29.69	30.59	86.37	33.34
Pretax Margin (%)	21.24	19.68	12.34	7.99	1.68	3.38	8.29	14.09	17.85	20.88	18.8	21.63	25.14	34.56	33.56
Profit Margin (%)	14.41	12.52	7.2	3.29	0.79	2.52	2.1	18.56	15.34	18.83	18.16	19.41	21.64	29.3	27.26
Net Income to Common Margin (%)	14.41	12.52	7.2	3.29	0.79	2.52	2.1	18.56	15.34	18.83	18.16	19.41	21.64	29.3	27.26
Effective Tax Rate (%)	32.13	36.34	41.7	58.82	53.03	25.29	74.68	- -	14.07	9.82	2.24	3.22	10.78	13.79	19.24
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	86.42	38.04	21.49	8.75	60.5	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	988	990	992	994	996
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	500
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	988	990	992	994	497
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.35	0.92	0.73	0.52	0.45
Net Debt/EBITDA	-0.75	-1.1	-1.32	-3.48	-10.05	-7.43	-4.9	-3.83	-2.96	-1.77	-0.45	-0.64	-0.3	-0.98	-0.67
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.52	1.02	0.8	0.55	0.48
Net Debt/EBIT	-0.81	-1.22	-1.61	-4.77	-24.17	-15.12	-7.37	-4.75	-3.48	-2	-0.51	-0.71	-0.33	-1.04	-0.72
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	49.32	59.66	64.5	96.31	111.28
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	29.46	44.04	54.78	77.36	93.13
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	43.65	53.87	59.1	90.17	103.72
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	15	18	21	20	20
Common Equity/Total Assets	5.98	11.35	10.44	7.99	3.83	1.77	-14.15	-1.86	4.15	-8.7	-7.89	-24.82	-25.64	-1.19	-4.88
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	123.8	- -	- -	66.56	40.13
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	183.72	-178.39	-114.24	113.25	101.53
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	16.7	15.9	13.67	10.18	4.78
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	123.8	-351.7	-214.13	66.56	80.51
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	183.72	-178.39	-114.24	113.25	203.7
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	16.7	15.9	13.67	10.18	9.59
Net Debt to Equity	-20.09	-24.07	-19.78	-41.9	-71.92	-84.64	-137.6	-110.12	-91.07	-124.04	-41.42	245.92	87.53	-125.96	-121.13
Net Debt/Capital (%)	256.48	1,007	-1,883.81	167.17	114.46	105.63	71.74	95.1	115.17	75.11	42.34	30.94	17.9	94.18	74.72
EBITDA	96	112	88	81	54	95	166	290	413	601	735	1,074	1,354	1,926	2,237
EBITDA-CapEx	92	90	74	49	17	28	30	237	320	475	439	793	1,150	1,547	1,872
Operating Income (Loss)	89	100	72	59	22	47	110	234	351	532	650	970	1,241	1,803	2,085

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.46	1.3	1.19	1.45	1.31	1.31	1.22	1.31	1.42	1	1.1	0.72	0.66	1	0.71
Current Ratio	1.96	1.78	1.78	2.03	1.87	1.86	1.67	1.77	1.9	1.5	1.55	1.24	1.19	1.47	1.17
Quick Ratio	1.82	1.63	1.51	1.82	1.7	1.69	1.56	1.67	1.79	1.4	1.45	1.13	1.03	1.36	1.05
CFO/Avg Current Liab	0.55	0.63	0.4	0.43	0.48	0.46	0.64	0.56	0.6	0.66	0.72	0.64	0.57	0.58	0.57
Common Equity/Total Assets	5.98	11.35	10.44	7.99	3.83	1.77	-14.15	-1.86	4.15	-8.7	-7.89	-24.82	-25.64	-1.19	-4.88
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	123.8	- -	- -	66.56	40.13
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	183.72	-178.39	-114.24	113.25	101.53
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	16.7	15.9	13.67	10.18	4.78
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	123.8	-351.7	-214.13	66.56	80.51
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	183.72	-178.39	-114.24	113.25	203.7
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	16.7	15.9	13.67	10.18	9.59
CFO/Total Liabilities	35.29	39.58	25.29	26.25	27.3	26.55	35.62	30.9	31.85	33.99	29.29	26.59	25.06	27.31	28.31
CFO/CapEx	36.66	8.33	10.62	6.11	7.56	5.14	4.39	12.05	8.76	8.61	5.07	6.15	9.48	5.96	7.1
Altman's Z-Score	6.8	5.64	4.42	5.25	4.15	3.5	3.74	4.67	5.67	5.85	7.98	4.61	4.62	6.73	5.34

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	5.17	5.25	5.17	4.89	4.54	4.46	4.52	4.55	4.38	4.1	4.38	4.27	3.98	4.16	4.31
Days Sales Outstanding	70.65	69.48	70.63	74.67	80.34	81.93	80.72	80.17	83.43	88.94	83.42	85.49	91.64	87.8	84.67
Inventory Turnover	7.63	7.9	5.18	3.91	3.74	3.54	4.18	5.38	4.87	4.42	4.96	4.93	3.3	2.89	3.72
Days Inventory Outstanding	47.82	46.19	70.45	93.34	97.59	103.06	87.24	67.79	75	82.51	73.56	74.08	110.54	126.17	98.19
Accounts Payable Turnover	7.15	7.5	7.38	5.89	5.4	6.1	5.61	5.92	5.84	4.97	5.65	5.99	6.51	5	6.7
Accounts Payable Turnover Days	51.03	48.65	49.44	62	67.53	59.8	65.02	61.63	62.5	73.38	64.62	60.92	56.06	72.98	54.47
Cash Conversion Cycle	67.44	67.01	91.64	106.01	110.39	125.19	102.94	86.32	95.93	98.06	92.36	98.66	146.12	141	128.39
Inventory to Cash Days	22.83	23.29	0.18	-18.67	-17.25	-21.13	-6.52	12.38	8.43	6.43	9.86	11.41	-18.91	-38.37	-13.52
Inventories	16	21	49	69	84	107	77	90	118	140	176	265	485	316	400
Raw Materials	3	3	8	11	15	19	13	13	10	14	40	46	92	91	62
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10	12	8	4	3
Finished Goods	13	16	40	59	68	88	64	77	108	126	126	206	385	220	335
Other Inventory	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	3,326	3,320	3,111	5,021	5,307	5,195	7,618	11,913	18,254	24,392	58,654	38,692	45,571	72,221	60,193
- Cash & Cash Equivalents	72	123	116	283	543	709	811	1,112	1,222	1,062	1,319	1,683	1,398	2,876	2,495
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	17	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	988	990	992	994	996
Enterprise Value	2,936	2,906	2,619	4,301	4,416	4,110	6,366	10,263	16,189	22,555	57,107	37,471	44,123	69,148	57,607
Total Capital	44	111	122	114	69	38	-319	-57	161	-352	538	-555	-869	878	489
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	183.72	-178.39	-114.24	113.25	203.7
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.02	0.03	0.02	0.01	0.02
EV/Sales	6.77	5.45	4.26	5.58	4.38	3.22	4.26	5.69	7.48	8.69	17.09	8.48	8.32	11.61	8.47
EV/EBITDA	30.62	25.94	29.86	52.87	81.68	43.08	38.44	35.38	39.24	37.55	77.72	34.89	32.58	35.9	25.76
EV/EBIT	33.02	28.92	36.33	72.51	196.47	87.63	57.82	43.79	46.12	42.41	87.8	38.65	35.55	38.34	27.63
EV/Cash Flow to Firm	22.1	15.8	17.77	21.88	15.63	11.89	10.71	16.06	20.04	20.81	37.71	21.44	22.58	30.39	22.1
EV/Free Cash Flow to Firm	21.51	14.11	16.24	18.8	13.8	9.95	8.72	14.83	17.98	18.65	31.55	18.47	20.44	26.05	19.39
Diluted Market Cap	3,570	3,493	3,221	5,189	5,487	5,307	7,782	12,272	18,681	24,912	60,056	39,371	46,133	72,929	60,717
Diluted Enterprise Value	3,498	3,370	3,105	4,905	4,944	4,598	6,971	11,160	17,459	23,850	59,742	38,679	45,728	71,048	59,218
EV per Share	3.85	3.68	3.22	5.25	5.18	4.76	7.3	12.14	18.93	27.47	69.98	47.35	56.67	90.46	76
TTM Sales	434	534	615	770	1,009	1,275	1,495	1,805	2,163	2,594	3,342	4,417	5,305	5,956	6,800
TTM EBITDA	96	112	88	81	54	95	166	290	413	601	735	1,074	1,354	1,926	2,237
TTM Operating Income	89	100	72	59	22	47	110	234	351	532	650	970	1,241	1,803	2,085
TTM Cash Flow to Firm	133	184	147	197	283	346	594	639	808	1,084	1,514	1,748	1,954	2,275	2,607
TTM Free Cash Flow to Firm	136	206	161	229	320	413	730	692	900	1,210	1,810	2,029	2,158	2,654	2,972

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	26.16	16.96	19.97	22.68	17.15	12.85	10.66	17.74	20.75	20.6	33.45	19.57	21.56	27.66	20.54
EV/EBIT	33.02	28.92	36.33	72.51	196.47	87.63	57.82	43.79	46.12	42.41	87.8	38.65	35.55	38.34	27.63
Enterprise Value	2,936	2,906	2,619	4,301	4,416	4,110	6,366	10,263	16,189	22,555	57,107	37,471	44,123	69,148	57,607
Low Price	3.16	3.51	3.26	3.79	5.71	4.63	5.98	8.7	13.01	14.04	27.46	42.61	44.12	54.57	70.12
EV/Sales	6.77	5.45	4.26	5.58	4.38	3.22	4.26	5.69	7.48	8.69	17.09	8.48	8.32	11.61	8.47
EV/EBITDA	30.62	25.94	29.86	52.87	81.68	43.08	38.44	35.38	39.24	37.55	77.72	34.89	32.58	35.9	25.76
Price/Earnings	53.23	49.67	70.26	198.14	664.52	161.34	242.6	35.57	55.03	49.93	96.66	45.13	39.7	41.38	32.48
Price/Earnings Average	51.93	55.9	73.99	156.12	809.85	169.33	212.14	32.94	43.5	41.06	67.25	52.54	41.77	31.36	38.21
Price/Earnings High	69.71	68.11	93.01	203.63	1,073.04	201.01	253.42	47.64	56.86	51.55	99.98	66.85	55.11	44.06	46.96
Price/Earnings Low	38.58	41.51	59.8	122.5	609.05	124.09	165.99	21.96	33.53	23.6	36.93	39.33	29.93	23.9	28.68
Price/Book Value	75.73	29.97	25.49	44.12	77.31	137.47	-23.85	-207.91	113.38	-69.31	-125.57	-25.03	-24.49	-620.98	-118.68
Price/Book Value Average	73.89	33.73	26.85	34.76	94.22	144.27	-20.86	-192.53	89.62	-57	-87.36	-29.14	-25.76	-470.58	-139.63
Price/Book Value High	99.18	41.1	33.75	45.34	124.84	171.26	-24.91	-278.44	117.15	-71.55	-129.89	-37.08	-33.99	-661.14	-171.6
Price/Book Value Low	54.89	25.05	21.7	27.28	70.86	105.73	-16.32	-128.37	69.09	-32.76	-47.97	-21.82	-18.46	-358.67	-104.79
Price/Tangible Book Value	9.32	6.52	5.4	7.49	7.24	6.51	13.64	12.54	14.67	33.35	96.2	-83.1	-72.89	63.16	68.18
Price/Tangible Book Value Average	9.09	7.34	5.69	5.9	8.82	6.83	11.93	11.61	11.6	27.42	66.93	-96.75	-76.68	47.86	80.22
Price/Tangible Book Value High	12.2	8.95	7.15	7.7	11.69	8.11	14.25	16.8	15.16	34.43	99.51	-123.1	-101.17	67.25	98.59
Price/Tangible Book Value Low	6.75	5.45	4.6	4.63	6.64	5.01	9.33	7.74	8.94	15.76	36.75	-72.43	-54.95	36.48	60.21
Price/Sales	7.67	6.22	5.06	6.52	5.26	4.07	5.1	6.6	8.44	9.4	17.55	8.76	8.59	12.13	8.85
Price/Sales Average	7.49	7	5.32	5.14	6.41	4.28	4.46	6.11	6.67	7.73	12.21	10.2	9.04	9.19	10.42
Price/Sales High	10.05	8.53	6.69	6.7	8.49	5.07	5.32	8.84	8.72	9.71	18.15	12.97	11.92	12.91	12.8
Price/Sales Low	5.56	5.2	4.3	4.03	4.82	3.13	3.49	4.08	5.14	4.44	6.7	7.63	6.48	7	7.82
Price/Cash Flow	25.04	18.05	21.11	25.54	18.78	15.03	12.82	18.65	22.59	22.51	39.11	22.36	23.55	31.98	23.24
Price/Cash Flow Average	24.43	20.32	22.23	20.13	22.89	15.77	11.21	17.27	17.86	18.51	27.21	26.03	24.77	24.24	27.34
Price/Cash Flow High	32.79	24.76	27.94	26.25	30.33	18.72	13.39	24.97	23.34	23.24	40.45	33.12	32.68	34.05	33.6
Price/Cash Flow Low	18.15	15.09	17.96	15.79	17.22	11.56	8.77	11.51	13.77	10.64	14.94	19.49	17.75	18.47	20.52
Price/Free Cash Flow Average	25.53	19.09	21.03	17.87	20.9	13.49	9.33	16.43	16.4	16.94	23.27	22.78	22.68	20.96	24.17
Price/Free Cash Flow High	34.26	23.26	26.44	23.31	27.7	16.01	11.14	23.75	21.44	21.26	34.6	28.99	29.93	29.44	29.71
Price/Free Cash Flow Low	18.96	14.17	17	14.02	15.72	9.88	7.3	10.95	12.65	9.73	12.78	17.06	16.25	15.97	18.14
EV/Sales Average	7.32	6.77	5.14	4.77	5.87	3.72	3.91	5.5	6.11	7.32	12.12	10.04	8.96	8.87	10.19
EV/Sales High	9.88	8.3	6.5	6.33	7.95	4.52	4.78	8.22	8.15	9.3	18.06	12.82	11.85	12.59	12.58
EV/Sales Low	5.39	4.97	4.11	3.66	4.28	2.58	2.94	3.46	4.58	4.03	6.61	7.48	6.4	6.69	7.6
EV/EBITDA Average	33.09	32.25	36.03	45.15	109.59	49.72	35.33	34.19	32.01	31.63	55.11	41.3	35.09	27.44	30.99
EV/EBITDA High	44.68	39.54	45.62	59.95	148.47	60.41	43.16	51.16	42.75	40.16	82.14	52.72	46.4	38.94	38.24
EV/EBITDA Low	24.39	23.66	28.86	34.68	79.92	34.45	26.58	21.52	24	17.42	30.07	30.76	25.06	20.68	23.09
EV/EBIT Average	35.7	35.96	43.83	61.92	263.6	101.14	53.14	42.32	37.62	35.72	62.26	45.74	38.3	29.3	33.25
EV/EBIT High	48.19	44.09	55.51	82.22	357.12	122.89	64.91	63.32	50.25	45.35	92.8	58.4	50.64	41.59	41.03
EV/EBIT Low	26.31	26.39	35.12	47.56	192.25	70.08	39.97	26.64	28.21	19.68	33.97	34.06	27.35	22.09	24.78
Last Price	4.36	4.2	3.83	6.13	6.23	6.02	8.74	14.09	21.35	29.71	71.88	48.89	58.53	94.48	79.41
High Price	5.71	5.76	5.07	6.3	10.06	7.5	9.13	18.87	22.06	30.67	74.35	72.42	81.24	100.59	114.82
Enterprise Value Average	3,174	3,613	3,160	3,673	5,925	4,744	5,850	9,920	13,206	18,996	40,494	44,353	47,535	52,847	69,321
Enterprise Value High	4,284	4,430	4,002	4,877	8,027	5,763	7,146	14,842	17,639	24,118	60,356	56,621	62,848	75,009	85,535
Enterprise Value Low	2,339	2,651	2,532	2,821	4,321	3,287	4,401	6,243	9,901	10,465	22,093	33,029	33,946	39,832	51,652

Shares Outstanding	775	802	808	832	857	865	839	849	858	812	810	782	761	767	743
Diluted Weighted Avg Shares	819	832	841	846	881	882	890	871	875	838	836	805	788	772	765
Basic Weighted Avg Shares	763	790	812	819	852	863	872	846	855	821	816	791	779	764	758
Revenue per Share	0.57	0.68	0.76	0.94	1.18	1.48	1.72	2.13	2.53	3.16	4.1	5.58	6.81	7.79	8.97
EBITDA per Share	0.13	0.14	0.11	0.1	0.06	0.11	0.19	0.34	0.48	0.73	0.9	1.36	1.74	2.52	2.95
Operating Income per Share	0.12	0.13	0.09	0.07	0.03	0.05	0.13	0.28	0.41	0.65	0.8	1.23	1.59	2.36	2.75
Basic EPS, GAAP	0.08	0.08	0.05	0.03	0.01	0.04	0.04	0.4	0.39	0.6	0.74	1.08	1.47	2.28	2.45
Basic EPS from Cont Ops	0.08	0.08	0.05	0.03	0.01	0.04	0.04	0.4	0.39	0.6	0.74	1.08	1.47	2.28	2.45
Diluted EPS, GAAP	0.08	0.08	0.05	0.03	0.01	0.04	0.04	0.38	0.38	0.58	0.73	1.06	1.46	2.26	2.42
Diluted EPS from Cont Ops	0.08	0.08	0.05	0.03	0.01	0.04	0.04	0.38	0.38	0.58	0.73	1.06	1.46	2.26	2.42
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.17	0.23	0.18	0.24	0.33	0.4	0.68	0.76	0.95	1.32	1.84	2.19	2.49	2.95	3.42
Free Cash Flow per Basic Share	0.17	0.2	0.16	0.2	0.29	0.32	0.53	0.69	0.84	1.17	1.48	1.83	2.22	2.46	2.94
Cash & Equivalents per Share	0.51	0.52	0.61	0.88	1.05	1.26	1.44	1.95	2.42	2.24	3.13	2.79	3.13	5.32	4.73
Book Value per Share	0.06	0.14	0.15	0.14	0.08	0.04	-0.37	-0.07	0.19	-0.43	-0.57	-1.95	-2.39	-0.15	-0.67
Tangible Book Value per Share	0.47	0.64	0.71	0.82	0.86	0.93	0.64	1.12	1.46	0.89	0.75	-0.59	-0.8	1.5	1.16

Fortinet, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)