FortinetFTNTRevenue: is the business selling more than it used to?
$6.8B+14% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $6.8B in 2025, compounding +15% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $7.5B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTNet income: how much of that revenue becomes profit?
$1.9B+6% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $1.9B in 2025, compounding +29% a year over three years. Trailing twelve-month profit stands at $2.1B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTHow fast is it growing, year by year?
+14.2%revenue growth, FY 2025
Off the axis: 2016 earnings +303.2% · 2018 earnings +966.6% - rebounds off a collapsed prior year.
→Revenue grew +14% in 2025 against a five-year average of +22%. Earnings grew more slowly (+6%), so costs are absorbing part of the growth. 2016's +303% earnings rebound off a collapsed base and 2018's +967% earnings rebound off a collapsed base sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTRevenue per share: is your slice growing as fast as the company?
$8.89revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $8.89 in 2025, compounding +17% a year against +15% for FTNT as a whole. Buybacks added roughly 2.0 points to your per-share result. Free cash flow per share stands at $2.91.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTFree cash flow: what is left in real cash after everything?
$2.2B+18% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $2.2B in 2025, compounding +15% a year since 2022. That is the most cash the business has ever thrown off in a year. The trailing twelve months stand at $3.0B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTWhere does each dollar of revenue actually go?
→Of $6.8B in 2025 sales, $1.9B reaches net profit - 27 cents on the dollar. The largest single deduction is running the company ($3.4B).
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→33 cents of every sales dollar became free cash in 2025, and it has held steady since 2022.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is research and development, at 12% of revenue (capital spending 5%, stock compensation 4%).
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTWhen sales grow, do profits grow faster?
→Operating profit outgrew revenue in 4 of the last 5 years, most recently +16% against +14%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin widened 9 points to 31% since 2022. After everything, 27 cents of each sales dollar reaches net profit.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of 137% sits well above ROCE of 39%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTWhat has the market paid for FTNT over time?
56.3xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 56.3x earnings, the market is paying +27% more than FTNT's own 11-year median of 44.5x. Expectations are elevated, so more has to go right to justify the price.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTWhat cash return does the business throw off per dollar of market value?
2.6%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 2.6% of annual free cash flow, less than its 11-year median of 3.7% - you are paying up for the same cash.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTCould it handle its debt if things went wrong?
◌ 2026 = the latest balance sheet (2026-06-30), not a fiscal year-end
→The company holds $2.9B in cash against $497M of debt - a net-cash balance sheet, which means a bad year is an inconvenience rather than a threat.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTIs the company's own capital growing?
→The company's own capital grew from $-463M in 2023 to $1.6B. The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTHow much goes back, and how much leaks out as stock comp?
→Shareholders received $2.3B in buybacks in 2025. Stock compensation issued $280M of new shares in the same year, offsetting 12% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTHow fast is your ownership being diluted - or concentrated?
→The share count shrank 0.9% in 2025, averaging 1.7% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTDoes FTNT earn more on its capital than that capital costs?
→FTNT earns 38.9% on the capital it employs, well above the 10% most investors treat as the cost of capital. It was 30.8% in 2022, so the trend is up, though the path has been bumpy. That is the highest in FTNT's filed history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTFTNT has issued or retired shares - did shareholders end up better off?
→FTNT has shrunk its share count -7% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +1580% over the same years.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
FortinetFTNTAre the people running it buying or selling?
→Insiders sold $71M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 32 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30