15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $6.8B | $1.9B | 80.5% | 30.7% | $2.2B | $996M | $2.5B |
| 2024 | $6.0B | $1.7B | 80.6% | 30.3% | $1.9B | $994M | $2.9B |
| 2023 | $5.3B | $1.1B | 76.7% | 23.4% | $1.7B | $992M | $1.4B |
| 2022 | $4.4B | $857M | 75.4% | 21.9% | $1.4B | $990M | $1.7B |
| 2021 | $3.3B | $607M | 76.6% | 19.5% | $1.2B | $988M | $1.3B |
| 2020 | $2.6B | $489M | 78.0% | 20.5% | $958M | $0 | $1.1B |
| 2019 | $2.2B | $332M | 76.6% | 16.2% | $716M | — | $1.2B |
| 2018 | $1.8B | $335M | 75.0% | 13.0% | $586M | — | $1.1B |
| 2017 | $1.5B | $31M | 74.2% | 7.3% | $459M | — | $811M |
| 2016 | — | $32M | — | — | $279M | — | $709M |
| 2015 | — | $8M | — | — | $245M | — | $543M |
| 2014 | — | $25M | — | — | $164M | — | $283M |
| 2013 | — | $44M | — | — | $134M | — | $116M |
| 2012 | — | $67M | — | — | $162M | — | $123M |
| 2011 | — | $62M | — | — | $129M | — | $72M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $1.8B | $535M | 80.3% | 31.4% | $1.0B | $497M | $2.2B |
| Dec '25 | $1.9B | $506M | 79.6% | 32.8% | — | $996M | $2.5B |
| Sep '25 | $1.7B | $474M | 80.8% | 31.7% | $568M | $996M | $2.0B |
| Jun '25 | $1.6B | $440M | 80.7% | 28.1% | $284M | $995M | $3.4B |
| Mar '25 | $1.5B | $433M | 81.0% | 29.5% | $797M | $995M | $3.6B |
| Dec '24 | $1.7B | $526M | 81.1% | 34.6% | — | $994M | $2.9B |
| Sep '24 | $1.5B | $540M | 82.5% | 31.2% | $572M | $994M | $2.5B |
| Jun '24 | $1.4B | $380M | 80.8% | 30.5% | $319M | $993M | $2.2B |
| Mar '24 | $1.4B | $299M | 77.5% | 23.7% | $609M | $993M | $1.9B |
| Dec '23 | $1.4B | $311M | 77.7% | 27.2% | — | $992M | $1.4B |
| Sep '23 | $1.3B | $323M | 76.2% | 22.7% | $481M | $992M | $2.2B |
| Jun '23 | $1.3B | $266M | 77.1% | 21.6% | $438M | $991M | $2.4B |
| Mar '23 | $1.3B | $248M | 75.6% | 21.7% | $647M | $991M | $2.3B |
| Dec '22 | $1.3B | $314M | 76.8% | 27.9% | — | $990M | $1.7B |
| Sep '22 | $1.1B | $232M | 75.4% | 23.1% | $395M | $990M | $964M |
| Jun '22 | $1.0B | $174M | 75.7% | 19.0% | $284M | $989M | $710M |
| Mar '22 | $955M | $138M | 73.4% | 15.8% | $274M | $989M | $924M |
| Dec '21 | $964M | $199M | 76.3% | 22.3% | — | $988M | $1.3B |
| Sep '21 | $867M | $163M | 75.6% | 19.2% | $330M | $1.0B | $1.9B |
| Jun '21 | $801M | $138M | 76.7% | 18.4% | $395M | $988M | $1.9B |
How the market has priced FTNT against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Fortinet's revenue has grown 21.3% per year, and net income grown 30.6% per year. These are computed facts, not advice.
As of FY2025, Fortinet reported $996M of total debt against $2.5B of cash; operating income covered interest expense 104×.
In FY2025, gross margin was 80.5%, operating margin 30.7%, and net margin 27.3%.
As of Jun '26, Fortinet traded at a price-to-earnings ratio of about 59.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.