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Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. The company offers FortiOS, a unified operating system designed to address cybersecurity threats; FortiASIC application-specific integrated circuit (ASIC)-based security processing units; FortiCloud, a private cloud software as a service platform; FortiAI, which provides a dual-layered defense across the Fortinet Security Fabric; FortiEndpoint, which converges secure connectivity, endpoint protection, and capabilities into a single agent; and OT Security, which protect the engineered systems that underpin infrastructure and supply chains. It also provides secure networking solutions that focus on the convergence of networking and security; network firewall solutions comprising FortiGate data centers, hyperscale, and distributed firewalls; wireless local area network solutions; and secure connectivity solutions. In addition, the company offers the Fortinet Unified Secure Access Service Edge solutions that include firewall, software-defined wide-area network, secure web gateway, cloud access services broker, data loss prevention, and zero trust network access; and web application firewalls, cloud network security with virtualized firewalls, cloud-native firewalls, cloud-native application protection, and code security. Further, it provides AI-driven security operation solutions, which include a suite of cybersecurity solutions, as well as FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP, and FortiRecon. Additionally, the company offers FortiGuard Labs, a cybersecurity threat intelligence and research organization; FortiGuard and Other Security Services, a suite of AI-powered security capabilities that consists of FortiGuard application, content, device, NOC/SOC, and web security services; and FortiCare technical support services. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Fortinet provides network, cloud and endpoint cybersecurity products and subscription services to enterprises and service providers. Long-term growth may be supported by rising cyber threats, cloud migration and a shift toward recurring subscription and managed security sales, and investors may find appeal in its broad product portfolio and recurring revenue profile that appears positioned to support scale.
The main investment risks are intense competition and rapid technology change that could pressure pricing and margins, require sustained R&D and operational execution, and expose the company to regulatory or geopolitical disruptions.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 2292.50M | 2029.10M | 1333.70M | 955.50M | 628.40M |
| Minority interest | - | 0.00M | 0.00M | 0.70M | -0.10M |
| Net income | 1853.40M | 1745.20M | 1147.80M | 857.30M | 606.80M |
| Selling general administrative | 233.40M | 237.80M | 211.30M | 169.00M | 143.50M |
| Selling and marketing expenses | 2347.50M | 2044.80M | 2006.00M | 1686.10M | 1345.70M |
| Gross profit | 5497.00M | 4798.20M | 4067.60M | 3332.50M | 2559.20M |
| Reconciled depreciation | 152.00M | 122.80M | 110.50M | 104.30M | 84.40M |
| Ebit | 2312.60M | 2078.50M | 1241.10M | 969.60M | 650.40M |
| Ebitda | 2464.60M | 2201.30M | 1241.10M | 1077.80M | 727.70M |
| Depreciation and amortization | 152.00M | 122.80M | 379.70M | 108.20M | 77.30M |
| Non operating income net other | - | - | - | -64.20M | -14.70M |
| Operating income | 2082.00M | 1803.40M | 1241.10M | 969.60M | 650.40M |
| Other operating expenses | 4719.00M | 4152.40M | 4068.30M | 3452.40M | 2696.40M |
| Interest expense | 20.10M | 20.00M | 21.00M | 18.00M | 14.90M |
| Tax provision | 439.10M | 283.90M | 57.80M | 30.80M | 14.10M |
| Interest income | 162.30M | 155.20M | 98.30M | 17.40M | 4.50M |
| Net interest income | 142.20M | 135.20M | 78.20M | -0.60M | -10.40M |
| Income tax expense | 439.10M | 283.90M | 143.80M | 30.80M | 14.10M |
| Total revenue | 6799.60M | 5955.80M | 5304.80M | 4417.40M | 3342.20M |
| Total operating expenses | 3416.40M | 2994.80M | 2831.10M | 2367.50M | 1913.40M |
| Cost of revenue | 1302.60M | 1157.60M | 1237.20M | 1084.90M | 783.00M |
| Total other income expense net | 210.50M | 225.70M | 92.60M | -14.10M | -22.00M |
| Net income from continuing ops | 1853.40M | 1745.20M | 1150.70M | 856.60M | 606.70M |
| Net income applicable to common shares | - | - | - | 857.30M | 606.80M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 10389.20M | 9763.10M | 7258.90M | 6228.00M | 5919.10M |
| Intangible assets | 354.70M | 115.00M | 35.30M | 56.00M | 63.60M |
| Other current assets | 227.00M | 126.10M | 101.10M | 73.10M | 65.40M |
| Total liab | 9151.70M | 8269.30M | 7722.30M | 6509.60M | 5120.70M |
| Total stockholder equity | 1237.50M | 1493.80M | -463.40M | -281.60M | 781.70M |
| Deferred long term liab | - | - | - | 2291.00M | 423.30M |
| Other current liab | 4303.50M | 593.60M | 632.60M | 485.70M | 392.30M |
| Common stock | 0.70M | 0.80M | 0.80M | 0.80M | 0.20M |
| Capital stock | 0.70M | 0.80M | 0.80M | 0.80M | 0.20M |
| Retained earnings | -507.90M | -117.10M | -1861.70M | -1546.40M | -467.90M |
| Other liab | - | - | - | 2378.30M | 1814.20M |
| Good will | 354.70M | 235.40M | 126.50M | 128.00M | 125.10M |
| Other assets | - | - | 0.00M | 1193.30M | 1001.40M |
| Cash | 2495.30M | 2875.90M | 1397.90M | 1682.90M | 1319.10M |
| Total current liabilities | 5034.00M | 4060.70M | 3719.00M | 3078.40M | 2318.10M |
| Current deferred revenue | - | 3276.20M | 2848.70M | 2349.30M | 1777.40M |
| Net debt | -1499.00M | -1881.60M | -326.50M | -692.50M | -330.70M |
| Short term debt | 499.70M | 32.70M | 33.40M | - | - |
| Short long term debt | 499.70M | - | - | - | - |
| Short long term debt total | 996.30M | 994.30M | 1071.40M | 990.40M | 988.40M |
| Other stockholder equity | 1770.10M | 1636.20M | 1416.40M | 1284.20M | 1254.20M |
| Property plant equipment | - | - | - | 898.50M | 687.60M |
| Total current assets | 5900.20M | 5971.50M | 4428.30M | 3810.40M | 3600.60M |
| Long term investments | 339.70M | 0.00M | 0.00M | 45.50M | 440.80M |
| Net tangible assets | - | - | - | -281.60M | 593.00M |
| Short term investments | 1087.20M | 1190.60M | 1042.50M | 528.10M | 1232.60M |
| Net receivables | 1691.20M | 1463.40M | 1402.00M | 1261.70M | 807.70M |
| Long term debt | 496.60M | 994.30M | 992.30M | 990.40M | 988.40M |
| Inventory | 399.50M | 315.50M | 484.80M | 264.60M | 175.80M |
| Accounts payable | 230.80M | 190.90M | 204.30M | 243.40M | 148.40M |
| Noncontrolling interest in consolidated entity | - | - | - | - | 16.70M |
| Accumulated other comprehensive income | -25.40M | -26.10M | -18.90M | -20.20M | -4.80M |
| Common stock total equity | - | - | - | 0.80M | 0.20M |
| Retained earnings total equity | - | - | - | -1546.40M | -467.90M |
| Non currrent assets other | 2175.60M | 756.10M | 637.40M | 720.20M | 659.10M |
| Non current assets total | 4489.00M | 3791.60M | 2830.60M | 2417.60M | 2318.50M |
| Long term debt total | - | - | - | 990.40M | 988.40M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | -192.80M | -727.40M | -360.30M | 763.90M | -1325.10M |
| Change to liabilities | - | - | - | 208.90M | 732.30M |
| Total cashflows from investing activities | -599.10M | -727.40M | -649.30M | 763.90M | -1325.10M |
| Net borrowings | - | - | 0.00M | - | 969.90M |
| Total cash from financing activities | -2371.50M | -50.10M | -1570.40M | -2130.30M | 82.80M |
| Change to operating activities | - | - | - | -257.50M | -238.00M |
| Net income | 1853.40M | 1745.20M | 1147.80M | 856.60M | 606.70M |
| Change in cash | -380.60M | 1478.00M | -285.00M | 363.80M | 257.30M |
| Begin period cash flow | 2875.90M | 1397.90M | 1682.90M | 1319.10M | 1061.80M |
| End period cash flow | 2495.30M | 2875.90M | 1397.90M | 1682.90M | 1319.10M |
| Total cash from operating activities | 2590.60M | 2258.10M | 1935.50M | 1730.60M | 1499.70M |
| Issuance of capital stock | 44.70M | 63.10M | 40.40M | 26.10M | 26.00M |
| Depreciation | 336.30M | 122.80M | 113.40M | 104.30M | 84.40M |
| Other cashflows from investing activities | 0.10M | 0.10M | 0.30M | -30.80M | 0.40M |
| Dividends paid | - | - | - | - | -989.40M |
| Change to inventory | -90.60M | 131.20M | -253.50M | -109.10M | -19.40M |
| Change to account receivables | -215.90M | -45.40M | -146.40M | -456.70M | -72.50M |
| Sale purchase of stock | -2289.80M | -0.60M | -1500.50M | -1991.20M | -741.80M |
| Other cashflows from financing activities | -126.40M | -112.60M | -113.70M | -165.20M | 1807.50M |
| Change to netincome | - | - | - | 82.60M | 230.20M |
| Capital expenditures | 364.80M | 378.90M | 204.10M | 281.20M | 295.90M |
| Change receivables | - | - | - | -456.70M | -72.50M |
| Cash flows other operating | - | - | - | 1039.60M | 684.10M |
| Cash and cash equivalents changes | - | - | - | 364.20M | 257.40M |
| Change in working capital | -10.40M | -20.60M | 126.10M | 233.00M | 402.40M |
| Stock based compensation | 279.50M | 257.90M | 249.00M | 217.30M | 207.90M |
| Other non cash items | 65.60M | 152.80M | 299.20M | 545.80M | 183.80M |
| Free cash flow | 2225.80M | 1879.20M | 1731.40M | 1449.40M | 1203.80M |
Sector: Technology Industry: Software - Infrastructure
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| FTNT Fortinet Inc |
-3.02 2.17% |
136.08 | 60.27 | 43.86 | 16.80 | 80.50 | 16.11 | 43.33 |
| MSFT Microsoft Corporation |
-8.23 1.55% |
521.91 | 37.32 | 29.94 | 13.03 | 12.45 | 13.06 | 24.59 |
| ORCL Oracle Corporation |
-8.89 6.37% |
130.67 | 21.96 | 17.89 | 5.91 | 7.08 | 7.82 | 14.89 |
| CRWD Crowdstrike Holdings Inc |
-10.72 4.10% |
250.43 | 4849.80 | 188.68 | 46.01 | 47.24 | 43.89 | 559.34 |
| PANW Palo Alto Networks Inc |
-14.70 3.86% |
365.87 | 44.57 | 45.05 | 11.98 | 20.70 | 11.82 | 77.11 |
Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. The company offers FortiOS, a unified operating system designed to address cybersecurity threats; FortiASIC application-specific integrated circuit (ASIC)-based security processing units; FortiCloud, a private cloud software as a service platform; FortiAI, which provides a dual-layered defense across the Fortinet Security Fabric; FortiEndpoint, which converges secure connectivity, endpoint protection, and capabilities into a single agent; and OT Security, which protect the engineered systems that underpin infrastructure and supply chains. It also provides secure networking solutions that focus on the convergence of networking and security; network firewall solutions comprising FortiGate data centers, hyperscale, and distributed firewalls; wireless local area network solutions; and secure connectivity solutions. In addition, the company offers the Fortinet Unified Secure Access Service Edge solutions that include firewall, software-defined wide-area network, secure web gateway, cloud access services broker, data loss prevention, and zero trust network access; and web application firewalls, cloud network security with virtualized firewalls, cloud-native firewalls, cloud-native application protection, and code security. Further, it provides AI-driven security operation solutions, which include a suite of cybersecurity solutions, as well as FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP, and FortiRecon. Additionally, the company offers FortiGuard Labs, a cybersecurity threat intelligence and research organization; FortiGuard and Other Security Services, a suite of AI-powered security capabilities that consists of FortiGuard application, content, device, NOC/SOC, and web security services; and FortiCare technical support services. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.
| Name | Title | Year Born |
|---|---|---|
| Mr. Ken Xie | Founder, Chairman & CEO | 1963 |
| Mr. Michael Xie | Founder, Pres, CTO & Director | 1969 |
| Mr. Keith F. Jensen | CFO & Chief Accounting Officer | 1959 |
| Mr. John Whittle | EVP of Corp. Devel., Chief Legal Officer & Corp. Sec. | 1969 |
| Ms. Ana Pease | VP of Talent Management & Operations | NA |
| Mr. Peter M. Salkowski | VP of Investor Relations | NA |
| Mr. John Maddison | Chief Marketing Officer & Exec. VP of Products | NA |
| Mr. Chris Perna | VP of Talent Acquisition | NA |
| Mr. Patrice Perche | Exec. VP of Support & Chief Revenue Officer | 1962 |
| Pedro Paixao | Pres for Latin America and Gen. Mang. for Latin America | NA |
Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
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