Fortinet, Inc. Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $7.5B+26.4% YoYTTM through 30 Jun 2026
Net Income $2.1B+21.5% YoYTTM through 30 Jun 2026
Free Cash Flow $3.2BTTM through 30 Jun 2026
Margins
| Current | |
|---|---|
| Gross Margin | 80.5% |
| EBITDA Margin | 34.6% |
| Operating Margin | 30.7% |
| Net Margin | 28.2% |
Returns
187.3%ROE
17.8%ROA
Balance Sheet Health
Debt / Equity1.01x
Current Ratio1.17x
Net Debt-$2.6Bnet cash position
Cash & Equivalents$2.9B
Quality Metrics
Altman Z-Score9.79
Piotroski F-Score8 / 9
FCF Margin42.6%
Rule of 4050.4
Earnings-Beat Rate100.0%
Multi-Year Trend
RevenueFY2025: $6.8B
Diluted EPS$2.83TTMFY2025: $2.42
Dividend
No dividend
Capital Allocation
R&D Spend$846.4M
Capex Intensity2.6%
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| Product | $2.2B | +16.0% | View detailsService revenue growth is expected to accelerate in the second half of 2026, trailing the current surge in product revenue which serves as a leading indicator. |
| Service | $4.6B | +13.0% | View detailsService revenue growth is expected to accelerate in the second half of the year, trailing the current surge in product revenue which serves as a leading indicator. |
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