Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. The company offers FortiOS, a unified operating system designed to address cybersecurity threats; FortiASIC application-specific integrated circuit (ASIC)-based security processing units; FortiCloud, a private cloud software as a service platform; FortiAI, which provides a dual-layered defense across the Fortinet Security Fabric; FortiEndpoint, which converges secure connectivity, endpoint protection, and capabilities into a single agent; and OT Security, which protect the engineered systems that underpin infrastructure and supply chains. It also provides secure networking solutions that focus on the convergence of networking and security; network firewall solutions comprising FortiGate data centers, hyperscale, and distributed firewalls; wireless local area network solutions; and secure connectivity solutions. In addition, the company offers the Fortinet Unified Secure Access Service Edge solutions that include firewall, software-defined wide-area network, secure web gateway, cloud access services broker, data loss prevention, and zero trust network access; and web application firewalls, cloud network security with virtualized firewalls, cloud-native firewalls, cloud-native application protection, and code security. Further, it provides AI-driven security operation solutions, which include a suite of cybersecurity solutions, as well as FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP, and FortiRecon. Additionally, the company offers FortiGuard Labs, a cybersecurity threat intelligence and research organization; FortiGuard and Other Security Services, a suite of AI-powered security capabilities that consists of FortiGuard application, content, device, NOC/SOC, and web security services; and FortiCare technical support services. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $6.8B | $2.5B | $1.9B | $2.2B | 149.8% | 14.2% | 6.2% |
| 2024 | $6.0B | $2.2B | $1.7B | $1.9B | 116.8% | 12.3% | 52.0% |
| 2023 | $5.3B | $1.5B | $1.1B | $1.7B | -247.7% | 20.1% | 33.9% |
| 2022 | $4.4B | $1.1B | $857M | $1.4B | -304.4% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,417.40 | 5,304.80 | 5,955.80 | 6,799.60 |
| Cost Of Revenue | - | 1,084.90 | 1,237.20 | 1,157.60 | 1,328.90 |
| Gross Profit | - | 3,332.50 | 4,067.60 | 4,798.20 | 5,470.70 |
| Operating Expense | - | 2,362.90 | 2,826.50 | 2,994.80 | 3,386 |
| Operating Income | - | 969.60 | 1,241.10 | 1,803.40 | 2,084.70 |
| EBITDA | - | 1,077.80 | 1,468.10 | 2,201.30 | 2,454.30 |
| EBIT | - | 973.50 | 1,354.70 | 2,078.50 | 2,302.30 |
| Pretax Income | - | 955.50 | 1,333.70 | 2,058.50 | 2,282.20 |
| Tax Provision | - | 30.80 | 143.80 | 283.90 | 439.10 |
| Net Income | - | 857.30 | 1,147.80 | 1,745.20 | 1,853.40 |
| Net Income Common Stockholders | - | 856.60 | 1,147.80 | 1,745.20 | 1,853.40 |
| Total Expenses | - | 3,447.80 | 4,063.70 | 4,152.40 | 4,714.90 |
| Interest Expense | - | 18 | 21 | 20 | 20.10 |
| Interest Income | - | 17.40 | 119.70 | 155.20 | 162.30 |
| Research And Development | - | 512.40 | 613.80 | 716.80 | 815.50 |
| Selling General And Administration | - | 1,855.10 | 2,217.30 | 2,282.60 | 2,580.90 |
| Normalized EBITDA | - | 1,077.80 | 1,468.10 | 2,201.30 | 2,454.30 |
| Normalized Income | - | 857.30 | 1,147.80 | 1,745.20 | 1,853.40 |
| Market Cap | 62,405.15 | 62,405.15 | 62,405.15 | 62,405.15 | 62,405.15 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Fortinet, Inc.this co. | FTNT | $63.8B | 33.67β discount | 50.43 | 149.8% | 24.82 |
| Ciena Corporation | CIEN | $73.8B | 597.06 | 26.98 | 4.5% | 190.98 |
| Motorola Solutions, Inc. | MSI | $73.0B | 33.82 | 30.22 | 89.4% | 22.64 |
| Teradyne, Inc. | TER | $66.6B | 118.14 | 23.41 | 19.8% | 83.04 |
| TE Connectivity plc | TEL | $63.7B | 34.20 |
| - |
| - |
| - |
| - |
| 5.01 |
| 14.6% |
| 16.40 |
| NXP Semiconductors N.V. | NXPI | $61.7B | 30.51 | 6.13 | 20.1% | 17.92 |
| Lumentum Holdings Inc. | LITE | $60.1B | 2430.47 | 55.48 | 2.3% | 608.96 |
| Keysight Technologies, Inc. | KEYS | $60.0B | 70.01 | 10.12 | 14.5% | 41.55 |
| Autodesk, Inc. | ADSK | $50.5B | 44.57 | 16.45 | 36.9% | 25.43 |
| Peer Median | - | 57.29 | 19.93 | 17.2% | 33.49 | |