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 (%)	21.15	15.38	8.07	4.02	1.12	4.04	4.4	41.87	28.2	44.44	74.1	- -	- -	- -	135.72
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 (%)	21.15	15.38	8.07	4.02	1.12	4.04	4.4	- -	28.2	44.44	47.03	70.16	188.5	116.83	79.19
Return on Invested Capital (%)	20.44	14.7	7.54	3.83	0.98	4.01	3.87	- -	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	4.6	7.17	11.06	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	- -	- -	- -	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 (%)	21.15	15.38	8.07	4.02	1.12	4.04	4.4	41.87	28.2	44.44	74.1	- -	- -	- -	135.72

Credit (USD)

Credit Ratios API ChatGPT

	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	-11.69	-7.76	-4.91	-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	-36.52	-16.53	-7.39	-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	48.77	52.38	50.13	47.44	42.19	39.15	26.1	32.82	34.61	21.16	13.21	-4.52	-6.38	15.3	11.91
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	123.8	- -	- -	66.56	40.13
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	55.32	139.73	187.62	39.96	22.23
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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	55.32	139.73	187.62	39.96	44.6
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 (%)	-25.14	-31.7	-24.66	-72.13	-256.14	-550.99	365.97	1,088.45	-1,019.6	515.94	-70.71	71.09	46.67	485.2	573.23
EBITDA	96	112	88	81	46	91	165	290	413	601	735	1,074	1,355	1,926	2,237
EBITDA-CapEx	92	90	74	49	9	24	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)

Liquidity Ratios API ChatGPT

	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	48.77	52.38	50.13	47.44	42.19	39.15	26.1	32.82	34.61	21.16	13.21	-4.52	-6.38	15.3	11.91
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	123.8	- -	- -	66.56	40.13
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	55.32	139.73	187.62	39.96	22.23
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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	55.32	139.73	187.62	39.96	44.6
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Working Capital (USD)

Working Capital Ratios API ChatGPT

	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	221	335
Other Inventory	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	72	123	116	283	543	709	811	1,112	1,223	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Capital	358	511	586	676	755	838	589	1,010	1,342	856	1,787	709	529	2,488	2,234
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	55.32	139.73	187.62	39.96	44.6
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	46	91	165	290	413	601	735	1,074	1,355	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	- -	808	1,084	1,514	1,748	1,954	2,275	2,607
TTM Free Cash Flow to Firm	129	162	134	164	245	279	459	- -	716	958	1,218	1,467	1,750	1,896	2,242

Multiples (USD)

Valuation Multiples API ChatGPT

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Per Share Data Items (USD)

Per-Share Data API ChatGPT

	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

Shares Outstanding	775	802	808	832	857	865	839	849	859	813	810	782	761	767	743
Diluted Weighted Avg Shares	819	832	841	846	881	882	890	871	875	839	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	0.05	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	0.5	0.52	0.61	0.87	1.04	1.25	1.49	1.94	2.41	2.26	3.15	2.83	3.21	5.3	4.82
Book Value per Share	0.46	0.64	0.73	0.81	0.88	0.97	0.7	1.19	1.56	1.05	0.97	-0.36	-0.61	1.95	1.67
Tangible Book Value per Share	0.46	0.63	0.71	0.81	0.86	0.92	0.67	1.12	1.45	0.9	0.73	-0.6	-0.82	1.49	1.19