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Fortinet Inc Stock Research

FTNT

61.88USD+1.49(+2.47%)Delayed

Market Summary

USD61.88+1.49
Delayed
2.47%

FTNT Alerts

FTNT Stock Price

FTNT RSI Chart

FTNT Valuation

Market Cap

48.4B

Price/Earnings (Trailing)

56.41

Price/Sales (Trailing)

10.95

EV/EBITDA

43.31

Price/Free Cashflow

34.62

FTNT Price/Sales (Trailing)

FTNT Profitability

EBT Margin

21.63%

Return on Equity

-304.44%

Return on Assets

13.77%

Free Cashflow Yield

2.89%

FTNT Fundamentals

FTNT Revenue

Revenue (TTM)

4.4B

Revenue Y/Y

41.99%

Revenue Q/Q

11.61%

FTNT Earnings

Earnings (TTM)

857.3M

Earnings Y/Y

57.69%

Earnings Q/Q

35.49%

Price Action

52 Week Range

42.6171.52
(Low)(High)

Last 7 days

-2.3%

Last 30 days

0.4%

Last 90 days

15.8%

Trailing 12 Months

6.6%

FTNT Financial Health

Current Ratio

1.24

Debt/Equity

4.54

Debt/Cashflow

1.5

FTNT Investor Care

Buy Backs (1Y)

3.52%

Diluted EPS (TTM)

1.06

Peers (Alternatives to Fortinet)

View All Peers In Detail
NameMkt Capsorted ascendingRevenuePrice %, 1MReturns, 1YP/EP/SRev 1-YrInc 1-Yr
LARGE-CAP
2.1T
204.1B
-1.92% -6.89%
30.5
10.08
10.38% -5.25%
163.2B
17.6B
-11.04% -20.88%
34.32
9.27
11.54% -1.37%
57.4B
6.2B
10.52% 2.10%
1.7K
9.32
26.73% 107.43%
48.4B
4.4B
0.40% 6.58%
56.41
10.95
29.44% 41.28%
20.9B
4.4B
-7.13% -28.23%
201.15
4.75
7.15% -92.46%
MID-CAP
3.8B
1.8B
-6.09% -16.49%
116.39
2.14
-6.36% -77.55%
2.1B
690.0M
-11.48% -39.24%
-22.54
3.1
-7.13% 78.75%
SMALL-CAP
1.1B
280.3M
-5.08% 12.60%
24.35
4.07
12.12% -50.56%
444.0M
139.8M
-6.02% -33.50%
65.72
3.18
19.31% -39.51%
258.0M
69.8M
- -
18.58
3.7
44.60% 53.57%
125.3M
-
-2.38% -98.14%
-5.72
0.04
- -
16.1M
21.5M
1.30% -53.31%
-1.29
0.75
-14.17% 24.35%
6.6M
6.2M
-6.10% -64.35%
-0.92
1.07
18.17% -59.80%

Financials for Fortinet

Income Statement (Last 12 Months)
(In Millions)
* denotes actual numbers (not divided by Millions)
Description(%) Q/Q2022Q42022Q32022Q22022Q12021Q4
Revenue6.0%4,4174,1663,9153,6643,413
Gross Profit8.1%3,3333,0822,8722,7072,559
Operating Expenses4.8%2,3632,2552,1442,0271,909
  S&GA Expenses5.5%1,6861,5981,5181,4291,346
  R&D Expenses3.3%512496470452424
EBITDA17.8%1,078915804758-
EBITDA Margin11.1%0.24*0.22*0.21*0.21*-
Earnings Before Taxes20.2%956795687648628
EBT Margin13.4%0.22*0.19*0.18*0.18*-
Interest Expenses0%18.0018.0018.0018.0015.00
Net Income15.5%857743674638607
Net Income Margin8.9%0.19*0.18*0.18*0.18*-
Free Cahsflow13.1%1,3971,2361,1761,293-
Balance Sheet
(In Millions)
* denotes actual numbers (not divided by Millions)
Description(%) Q/Q2022Q42022Q32022Q22022Q12021Q4
Assets16.7%6,2285,3365,2955,6515,919
  Current Assets27.8%3,8102,9822,9533,2083,601
    Cash Equivalents74.6%1,6839647109241,319
  Inventory22.6%265216195185176
  Net PPE1.0%899890815787688
  Goodwill6.5%128120121124125
Liabilities9.2%6,5105,9595,6745,4185,121
  Current Liabilities10.7%3,0782,7802,6352,5112,318
    LT Debt, Non Current0.1%990990989989988
Shareholder's Equity-220.8%-281233782--
  Retained Earnings16.9%-1,546-1,860-1,607-1,003-467
  Additional Paid-In Capital2.7%1,2841,2501,2371,2361,254
Accumulated Depreciation-212----
Shares Outstanding0.2%782780788802810
Minority Interest-100.0%-12.0013.0016.0017.00
Cashflow (Last 12 Months)
(In Millions)
Description(%) Q/Q2022Q42022Q32022Q22022Q12021Q4
Cashflow From Operations10.3%1,7311,5691,4851,5801,500
  Share Based Compensation0.7%217216214212208
Cashflow From Investing172.2%764281-324-897-1,325
Cashflow From Financing22.2%-2,130-2,736-2,328-1,61983.00
  Buy Backs-22.3%1,9912,5632,1721,463742

Risks for FTNT

What is the probability of a big loss on FTNT?

78.8%


Probability that Fortinet stock will be more than 20% underwater in next one year

30%


Probability that Fortinet stock will be more than 30% underwater in next one year.

0%


Probability that Fortinet stock will be more than 40% underwater in next one year.
*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does FTNT drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Fortinet was unfortunately bought at previous high price.

Drawdowns

Returns for FTNT

Cumulative Returns on FTNT

28.4%


10-Year Cumulative Returns

40.3%


7-Year Cumulative Returns

41.1%


5-Year Cumulative Returns

54.0%


3-Year Cumulative Returns

What are the long-term rolling returns for FTNT?

FIve years rolling returns for Fortinet.

Annualized Returns

Which funds bought or sold FTNT recently?

View All Details
Datesorted ascendingFund NameType% Chg$ Change$ Held% Portfolio
2023-03-15
B. Riley Wealth Advisors, Inc.
added
1.45
19,791
2,138,790
0.06%
2023-03-10
VICTORY CAPITAL MANAGEMENT INC
reduced
-10.43
-5,781,330
47,424,700
0.05%
2023-03-06
Rockefeller Capital Management L.P.
added
17.8
3,753,000
25,542,000
0.13%
2023-03-06
Aldebaran Financial Inc.
reduced
-1.4
-355,909
9,100,090
9.78%
2023-03-02
OLIVER LAGORE VANVALIN INVESTMENT GROUP
sold off
-100
-
-
-%
2023-02-28
Voya Investment Management LLC
reduced
-54.48
-130,518,000
109,415,000
0.15%
2023-02-27
Parallax Volatility Advisers, L.P.
added
41,219
3,325,170
3,333,170
-%
2023-02-27
ST GERMAIN D J CO INC
new
-
25,912
25,912
0.01%
2023-02-27
CASCADE INVESTMENT GROUP, INC.
new
-
526,790
526,790
0.55%
2023-02-24
Palmer Knight Co
reduced
-0.53
-41,996
4,096,000
3.66%

1–10 of 46

Latest Funds Activity

Are funds buying FTNT calls or puts?
Calls
Puts
Are funds bullish or bearish(Calls - Puts)?
Net Call Options
No. of funds that own FTNT
No. of Funds

Fortinet News

Investor's Business Daily

How Palo Alto Turned Itself Into A Cybersecurity Powerhouse.

Investor's Business Daily,
39 minutes ago

Seeking Alpha

Investor's Business Daily

Investor's Business Daily

Investor's Business Daily

Nasdaq

Zacks Investment Research

Schedule 13G FIlings of Fortinet

Date FiledName of FilerPercent of ClassNo. of SharesForm Type
Feb 14, 2023
price t rowe associates inc /md/
1.7%
12,940,042
SC 13G/A
Feb 10, 2023
xie ken
9.9%
77,711,049
SC 13G/A
Feb 10, 2023
xie michael
9.0%
70,195,073
SC 13G/A
Feb 09, 2023
vanguard group inc
8.62%
67,373,952
SC 13G/A
Feb 01, 2023
blackrock inc.
6.5%
50,584,230
SC 13G/A
Feb 14, 2022
price t rowe associates inc /md/
6.5%
10,707,518
SC 13G
Feb 09, 2022
xie michael
8.8%
14,285,419
SC 13G/A
Feb 09, 2022
xie ken
9.7%
15,793,282
SC 13G/A
Feb 03, 2022
blackrock inc.
7.1%
11,668,040
SC 13G/A
Feb 11, 2021
xie michael
8.9%
14,540,465
SC 13G/A

FTNT Fair Value

Fortinet fair value in different scenarios

The table shows the Fair Value estimates for Fortinet for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.
Fair ValueVery PessimisticPessimisticBase CaseOptimisticVery Optimistic
Very Low Inflation

29.43

-52.44%

41.10

-33.58%

66.37

7.26%

92.52

49.52%

109.39

76.78%
Current Inflation

26.60

-57.01%

36.55

-40.93%

57.91

-6.42%

79.70

28.80%

93.72

51.45%
Very High Inflation

23.14

-62.61%

31.10

-49.74%

47.98

-22.46%

64.90

4.88%

75.75

22.41%

Historical Fortinet Fair Value Estimates


Very Pessimistic Case
Pessimistic Case
Fair Value
Optimistic Case
Very Optimistic Case
Closing Stock Price

Recent SEC filings of Fortinet

View All Filings
Date Filed Form Type Document
Mar 06, 2023
4/A
Insider Trading
Mar 06, 2023
4/A
Insider Trading
Mar 06, 2023
4/A
Insider Trading
Mar 06, 2023
4/A
Insider Trading
Feb 28, 2023
4
Insider Trading
Feb 28, 2023
4
Insider Trading
Feb 28, 2023
4
Insider Trading
Feb 28, 2023
4
Insider Trading
Feb 28, 2023
4
Insider Trading
Feb 24, 2023
10-K
Annual Report

Latest Insider Trading transactions for FTNT

Filter Transactions
Datesorted ascendingNameBuy/Sell$ ValueAvg. Price# SharesTitle
2023-02-23
Jensen Keith
sold
-5,920,320
60.1818
-98,374
cfo & chief accounting officer
2023-02-23
Jensen Keith
acquired
1,905,260
24.1494
78,895
cfo & chief accounting officer
2023-02-21
Perche Patrice
sold
-659,321
59.7482
-11,035
chief revenue off./evp supp.
2023-02-21
Perche Patrice
acquired
274,559
24.8808
11,035
chief revenue off./evp supp.
2023-02-09
Perche Patrice
acquired
9,288,630
21.3291
435,490
chief revenue off./evp supp.
2023-02-09
Perche Patrice
sold
-33,935,100
58.967
-575,494
chief revenue off./evp supp.
2023-02-02
Xie Michael
sold
-12,896,300
53.7242
-240,046
vp, engineering & cto
2023-02-02
Xie Michael
acquired
1,071,000
4.76
225,000
vp, engineering & cto
2023-02-01
Perche Patrice
acquired
-
-
18,600
chief revenue off./evp supp.
2023-02-01
Xie Ken
sold (taxes)
-1,528,990
53.09
-28,800
president & ceo

1–10 of 50

Ken Xie
10200
Fortinet, Inc. provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration. The company also provides FortiSwitch product family that offers secure switching solutions for connecting customers their end devices; FortiAP product family, which provides secure wireless networking solutions; FortiExtender, a hardware appliance; FortiAnalyzer product family, which offers centralized network logging, analyzing, and reporting solutions; and FortiManager product family that provides central and scalable management solution for its FortiGate products. It offers FortiWeb product family provides web application firewall solutions; FortiMail product family that secure email gateway solutions; FortiSandbox technology that delivers proactive detection and mitigation services; FortiClient that provides endpoint protection with pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall; FortiToken and FortiAuthenticator product families for multi-factor authentication to safeguard systems, assets, and data; and FortiEDR/XDR, an endpoint protection solution that provides both comprehensive machine-learning anti-malware execution and real-time post-infection protection. It provides security subscription, technical support, professional, and training services. It sells its security solutions to channel partners and directly to various customers in telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare industries. It has strategic alliance with Linksys. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.

FTNT Income Statement

2022-12-31
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
REVENUE:   
Total revenue$ 4,417.4$ 3,342.2$ 2,594.4
COST OF REVENUE:   
Total cost of revenue1,084.9783.0570.0
GROSS PROFIT:   
Total gross profit3,332.52,559.22,024.4
OPERATING EXPENSES:   
Research and development512.4424.2341.4
Sales and marketing1,686.11,345.71,071.9
General and administrative169.0143.5119.5
Gain on intellectual property matter(4.6)(4.6)(40.2)
Total operating expenses2,362.91,908.81,492.6
OPERATING INCOME969.6650.4531.8
INTEREST INCOME17.44.517.7
INTEREST EXPENSE(18.0)(14.9)0.0
OTHER EXPENSE—NET(13.5)(11.6)(7.8)
INCOME BEFORE INCOME TAXES AND LOSS FROM EQUITY METHOD INVESTMENT955.5628.4541.7
PROVISION FOR INCOME TAXES30.814.153.2
LOSS FROM EQUITY METHOD INVESTMENT(68.1)(7.6)0.0
NET INCOME INCLUDING NON-CONTROLLING INTERESTS856.6606.7488.5
LESS: NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS, NET OF TAX(0.7)(0.1)0.0
NET INCOME ATTRIBUTABLE TO FORTINET, INC.$ 857.3$ 606.8$ 488.5
Net income per share attributable to Fortinet, Inc. (Note $9):   
Basic (in dollars per share)$ 1.08$ 0.74$ 0.60
Diluted (in dollars per share)$ 1.06$ 0.73$ 0.58
Weighted-average shares used to compute net income per share attributable to Fortinet, Inc.:   
Basic (in shares)791.4816.1821.0
Diluted (in shares)805.3835.3838.3
Product   
REVENUE:   
Total revenue$ 1,780.5$ 1,255.0$ 916.4
COST OF REVENUE:   
Total cost of revenue691.3487.7352.4
GROSS PROFIT:   
Total gross profit1,089.2767.3564.0
Service   
REVENUE:   
Total revenue2,636.92,087.21,678.0
COST OF REVENUE:   
Total cost of revenue393.6295.3217.6
GROSS PROFIT:   
Total gross profit$ 2,243.3$ 1,791.9$ 1,460.4

FTNT Balance Sheet

2022-12-31
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
CURRENT ASSETS:  
Cash and cash equivalents$ 1,682.9$ 1,319.1
Short-term investments502.61,194.0
Marketable equity securities25.538.6
Accounts receivable—Net of allowance for credit losses of $3.6 million and $2.4 million at December 31, 2022 and 2021, respectively1,261.7807.7
Inventory264.6175.8
Prepaid expenses and other current assets73.165.4
Total current assets3,810.43,600.6
LONG-TERM INVESTMENTS45.5440.8
PROPERTY AND EQUIPMENT—NET898.5687.6
DEFERRED CONTRACT COSTS518.2423.3
DEFERRED TAX ASSETS569.4342.3
GOODWILL128.0125.1
OTHER INTANGIBLE ASSETS—NET56.063.6
OTHER ASSETS202.0235.8
TOTAL ASSETS6,228.05,919.1
CURRENT LIABILITIES:  
Accounts payable243.4148.4
Accrued liabilities266.3197.3
Accrued payroll and compensation219.4195.0
Deferred revenue2,349.31,777.4
Total current liabilities3,078.42,318.1
DEFERRED REVENUE2,291.01,675.5
INCOME TAX LIABILITIES67.879.5
LONG-TERM DEBT990.4988.4
OTHER LIABILITIES82.059.2
Total liabilities6,509.65,120.7
COMMITMENTS AND CONTINGENCIES (Note 12)
EQUITY (DEFICIT):  
Common stock, $0.001 par value—1,500.0 shares authorized; 781.5 shares and 810.0 shares issued and outstanding at December 31, 2022 and 2021, respectively0.80.8
Additional paid-in capital1,284.21,253.6
Accumulated other comprehensive loss(20.2)(4.8)
Accumulated deficit(1,546.4)(467.9)
Total Fortinet, Inc. stockholders’ equity (deficit)(281.6)781.7
Non-controlling interests0.016.7
Total equity (deficit)(281.6)798.4
TOTAL LIABILITIES AND EQUITY (DEFICIT)$ 6,228.0$ 5,919.1