Fortinet +

Fortinet

Company

Ticker

FTNT

MSFT

ADBE

ORCL

Headquarter

Sunnyvale ,CA

Redmond ,WA

San Jose ,CA

Austin ,TX

CEO

Ken Xie

Satya Nadella

Shantanu Narayen

Michael D. Sicilia

Industry

Software - Infrastructure

Stock Price

Market Cap

$58.75 B

$3.45 T

$127.76 B

$549.25 B

Employees

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Employees

12.60 K
13.57 K
14.14 K

221.00 K
228.00 K
228.00 K

29.24 K
29.95 K
30.71 K

164.00 K
159.00 K
162.00 K

Y/Y

23.54%

7.73%

4.2%

3.17%

12.51%

2.41%

2.55%

14.69%

3.05%

1.89%

Income Statement

Revenue

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Revenue

$4.42 B
$5.30 B
$5.96 B

$211.92 B
$245.12 B
$281.72 B

$19.41 B
$21.51 B
$23.77 B

$49.95 B
$52.96 B
$57.40 B

Y/Y

32.17%

20.09%

12.27%

6.88%

15.67%

14.93%

10.24%

10.8%

10.53%

17.7%

6.02%

8.38%

Revenue by Products / Services

Years

2024

2025

2024

2025

Revenue by Geography

Years

2024

2025

2024

2025

Research and Development

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Research and Development

$512.40 M
$613.80 M
$716.80 M

$27.20 B
$29.51 B
$32.49 B

$3.47 B
$3.94 B
$4.29 B

$8.62 B
$8.92 B
$9.86 B

Y/Y

20.79%

19.79%

16.78%

10.95%

8.51%

10.09%

16.27%

13.56%

8.87%

19.45%

3.39%

10.6%

Operating Income

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Operating Income

$969.60 M
$1.24 B
$1.80 B

$88.52 B
$109.43 B
$128.53 B

$6.65 B
$6.74 B
$8.71 B

$13.09 B
$15.35 B
$17.68 B

Y/Y

49.08%

28%

45.31%

6.16%

23.62%

17.45%

9.05%

1.37%

29.15%

19.83%

17.26%

15.14%

Tax Rate (%)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Tax Rate (%)

3.47%
11.13%
13.99%

18.98%
18.23%
17.63%

20.16%
19.78%
18.37%

6.83%
10.85%
12.13%

Y/Y

52.81%

220.77%

25.67%

44.73%

3.94%

3.3%

3.24%

1.9%

7.16%

43.97%

58.95%

11.75%

Net Income

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Net Income

$857.30 M
$1.15 B
$1.75 B

$72.36 B
$88.14 B
$101.83 B

$5.43 B
$5.56 B
$7.13 B

$8.50 B
$10.47 B
$12.44 B

Y/Y

41.28%

33.89%

52.05%

0.52%

21.8%

15.54%

14.13%

2.43%

28.24%

26.59%

23.1%

18.88%

Revenue Per Employee

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Revenue Per Employee

$421.18 K
$438.96 K
-

$958.89 K
$1.08 M
$1.24 M

$663.81 K
$718.15 K
$774.01 K

$304.60 K
$333.09 K
$354.31 K

Y/Y

2.79%

4.22%

100%

6.88%

12.12%

14.93%

2.02%

8.19%

7.78%

2.63%

9.35%

6.37%

Net Income Per Employee

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Net Income Per Employee

$91.13 K
$128.63 K
-

$327.43 K
$386.56 K
$446.63 K

$185.64 K
$185.67 K
$232.18 K

$51.85 K
$65.83 K
$76.81 K

Y/Y

8.37%

41.14%

100%

0.52%

18.06%

15.54%

1.44%

0.02%

25.05%

10.38%

26.97%

16.68%

Assets & Liabilities | Cash Flow

Total Assets

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Total Assets

$6.23 B
$7.26 B
$9.76 B

$411.98 B
$512.16 B
$619.00 B

$29.78 B
$30.23 B
$29.50 B

$134.38 B
$140.98 B
$168.36 B

Y/Y

5.22%

16.55%

34.5%

12.92%

24.32%

20.86%

9.62%

1.51%

2.43%

22.95%

4.91%

19.43%

Total Liabilities

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Total Liabilities

$6.51 B
$7.72 B
$8.27 B

$205.75 B
$243.69 B
$275.52 B

$13.26 B
$16.13 B
$17.87 B

$132.83 B
$131.74 B
$147.39 B

Y/Y

27.12%

18.63%

7.08%

3.76%

18.44%

13.07%

1.12%

21.6%

10.84%

15.44%

0.82%

11.88%

Capital Expenditures (Capex)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Capital Expenditures (Capex)

-$281.20 M
-$204.10 M
-$378.90 M

-$28.11 B
-$44.48 B
-$64.55 B

-$360.00 M
-$232.00 M
-$179.00 M

-$8.70 B
-$6.87 B
-$21.22 B

Y/Y

4.97%

27.42%

85.64%

17.67%

58.24%

45.13%

18.55%

35.56%

22.84%

92.75%

21.04%

208.99%

Profitability

Operating Income Margin (%)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Operating Income Margin (%)

21.95%
23.40%
30.28%

41.77%
44.64%
45.62%

34.26%
31.35%
36.63%

26.21%
28.99%
30.80%

Y/Y

12.79%

6.59%

29.42%

0.67%

6.87%

2.19%

1.08%

8.51%

16.85%

1.81%

10.6%

6.24%

Net Income Margin (%)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Net Income Margin (%)

19.41%
21.64%
29.30%

34.15%
35.96%
36.15%

27.97%
25.85%
30.00%

17.02%
19.76%
21.68%

Y/Y

6.89%

11.49%

35.43%

6.92%

5.3%

0.53%

3.53%

7.55%

16.02%

7.55%

16.11%

9.69%

EBITDA

2021	727700000.00
2022	1077800000.00
2023	1468100000.00
2024	2201300000.00

2022	100239000000.00
2023	105140000000.00
2024	133009000000.00
2025	160165000000.00

2022	7055000000.00
2023	7784000000.00
2024	7957000000.00
2025	9749000000.00

2022	13526000000.00
2023	18739000000.00
2024	21394000000.00
2025	23912000000.00

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

EBITDA

$1.08 B
$1.47 B
$2.20 B

$105.14 B
$133.01 B
$160.17 B

$7.78 B
$7.96 B
$9.75 B

$18.74 B
$21.39 B
$23.91 B

Y/Y

48.11%

36.21%

49.94%

4.89%

26.51%

20.42%

10.33%

2.22%

22.52%

38.54%

14.17%

11.77%

Free Cash Flow (FCF)

2021	1203800000.00
2022	1449400000.00
2023	1731400000.00
2024	1879200000.00

2022	65149000000.00
2023	59475000000.00
2024	74071000000.00
2025	71611000000.00

2022	7396000000.00
2023	6942000000.00
2024	7824000000.00
2025	9852000000.00

2022	5028000000.00
2023	8470000000.00
2024	11807000000.00
2025	-394000000.00

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Free Cash Flow (FCF)

$1.45 B
$1.73 B
$1.88 B

$59.48 B
$74.07 B
$71.61 B

$6.94 B
$7.82 B
$9.85 B

$8.47 B
$11.81 B
-$394.00 M

Y/Y

20.4%

19.46%

8.54%

8.71%

24.54%

3.32%

6.14%

12.71%

25.92%

68.46%

39.4%

103.34%

Ratios

Return on Equity (ROE)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Return on Equity (ROE)

-304.44%
-247.69%
116.83%

35.09%
32.83%
29.65%

32.86%
39.42%
0.00%

792.45%
120.26%
60.84%

Y/Y

492.19%

18.64%

147.17%

19.66%

6.44%

9.69%

2.92%

19.96%

100%

833.82%

84.82%

49.41%

Return on Assets (ROA)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Return on Assets (ROA)

13.77%
15.81%
17.88%

17.56%
17.21%
16.45%

18.23%
18.39%
0.00%

6.33%
7.42%
7.39%

Y/Y

34.27%

14.87%

13.05%

11.9%

2.03%

4.4%

4.11%

0.9%

100%

2.96%

17.34%

0.46%

Debt to Equity

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Debt to Equity

-351.70%
-214.13%
66.56%

29.08%
25.00%
17.64%

24.70%
42.94%
57.20%

8,432.53%
1,085.35%
509.04%

Y/Y

378.15%

39.12%

131.08%

20.96%

14.01%

29.45%

25.09%

73.82%

33.22%

791.42%

87.13%

53.1%

Valuation

Enterprise Value

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Enterprise value

$38.00 B
$45.17 B
$70.34 B

$2.56 T
$3.44 T
$3.73 T

$276.84 B
$229.12 B
$0.00

$366.33 B
$405.58 B
$554.98 B

Y/Y

34.85%

18.86%

55.73%

29.83%

34.43%

8.27%

72.04%

17.24%

100%

47.32%

10.72%

36.83%

Enterprise value to Revenue

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Enterprise value to Revenue

8.60
8.51
11.81

12.08
14.05
13.23

14.26
10.65
0.00

7.33
7.66
9.67

Y/Y

50.71%

1.02%

38.71%

21.47%

16.22%

5.79%

56.06%

25.3%

100%

25.16%

4.43%

26.26%

Enterprise value to EBITDA

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Enterprise value to EBITDA

35.26
30.76
31.95

24.36
25.88
23.27

35.56
28.79
0.00

19.55
18.96
23.21

Y/Y

56.01%

12.74%

3.86%

23.78%

6.27%

10.08%

55.93%

19.04%

100%

6.34%

3.02%

22.43%

Fortinet Competitors & Alternatives

Income Statement

Assets & Liabilities | Cash Flow

Profitability

Ratios

Valuation

Related company

Submit feedback to Bullfincher