{ "ok": true, "cik": "1262039", "ticker": "FTNT", "name": "FORTINET, INC.", "filings": [ { "form": "10-Q", "filed": "2026-07-30", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/0001262039-26-000021-index.htm" }, { "form": "8-K", "filed": "2026-07-29", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1262039/000126203926000018/0001262039-26-000018-index.htm" }, { "form": "8-K", "filed": "2026-06-16", "items": [ "5.07 Submission of Matters to a Vote of Security Holders" ], "url": "https://www.sec.gov/Archives/edgar/data/1262039/000126203926000015/0001262039-26-000015-index.htm" }, { "form": "10-Q", "filed": "2026-05-08", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1262039/000126203926000013/0001262039-26-000013-index.htm" }, { "form": "8-K", "filed": "2026-05-06", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1262039/000126203926000010/0001262039-26-000010-index.htm" }, { "form": "DEF 14A", "filed": "2026-04-29", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1262039/000207709626000106/0002077096-26-000106-index.htm" } ], "events12m": 5, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001262039.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1262039" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up FORTINET, INC. ($FTNT). Last filing: 10-Q, 2026-07-30. 5 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 6799600000, "revenueGrowth1y": 0.14167702071929877, "revenueGrowthPerYear": 0.19429807579505987, "yearsOfData": 5, "operatingMargin": 0.3065915642096594, "operatingMarginPrior": 0.30279727324624733, "netMargin": 0.27257485734454967, "operatingCashFlow": 2590600000, "capitalSpending": 364800000, "freeCashFlow": 2225800000, "researchAndDevelopment": 815500000, "researchShareOfRevenue": 0.11993352550150009, "cash": 2495300000, "longTermDebt": 996300000, "longTermDebtChange": 0.0020114653525094006, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 3342200000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 4417400000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 5304800000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 5955800000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 6799600000 } ], "totalEquity": 1237500000, "totalAssets": 10389200000, "equityRatio": 0.11911408000616025, "returnOnEquity": 1.4976969696969697, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": 2.45, "sharesOutstanding": 764600000, "bookValuePerShare": 1.618493329845671, "revenuePerShare": 8.893015956055454, "range80": { "low": 6801331616.963556, "high": 8554869954.367114, "baseline": 7806948834.9890585, "n": 4599, "band": "b1", "bandLabel": "$1B–10B", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.07338284479966962, "classVolatility": 0.07701947805587882, "volatility": 0.07522314109000101 }, "ifPaceHeld": { "low": 6801331616.963556, "high": 8554869954.367114 } }, "edgarette": "🔖 Exposure: revenue $6.8B (FY2025), total debt $996.3M. Experience: revenue up 14.2% on the year, up 19.4% a year over 4 years; operating margin 30.7%, up from 30.3%. Soundness: equity 11.9% of assets, return on equity 149.8%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $6.8B and $8.6B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $6.3B to $9.3B. A statistical range, not company guidance. Against peers (11 filers, $50M+ revenue, computer peripheral equipment, nec): operating margin 30.7% against a 0.8% median; growth 14.2% against 11.6%.", "peers": { "sic": 3577, "sicDescription": "Computer Peripheral Equipment, NEC", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "3577", "growth": [ 0.1155, 12 ], "opMargin": [ 0.008, 11 ], "equityRatio": [ 0.4488, 12 ], "returnOnEquity": [ 0.0203, 10 ] }, "summary": "Fortinet (FTNT) grew revenue 14.2% in FY2025 to $6.8 billion, operating margin 30.7% against a 0.8% median for computer peripheral equipment, nec, equity 11.9% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
FORTINET, INC. against its own record and its peers
Operating marginPeer median 0.8%30.7%Revenue, on the yearPeer median 11.6%14.2%Equity of assetsPeer median 44.9%11.9%Return on equityPeer median 2.0%149.8%Gold tick: the median of 10–12 peers with $50M+ revenue in computer peripheral equipment, nec
", "chartHorizon": null, "backtest": { "tests": 13, "hits": 12, "rate": 0.9230769230769231, "method": "v4", "byYear": { "2013": [ 1, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 1, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 0, 1 ], "2022": [ 1, 1 ], "2023": [ 1, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T16:35:48.820Z", "hash": "a001432a2632b461", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Fortinet (FTNT) grew revenue 14.2% in FY2025 to $6.8 billion, operating margin 30.7% against a 0.8% median for computer peripheral equipment, nec, equity 11.9% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 6799600000, "totalDebt": 996300000, "cash": 2495300000 }, "experience": { "revenueGrowth1y": 0.14167702071929877, "revenueGrowthPerYear": 0.19429807579505987, "operatingMargin": 0.3065915642096594, "operatingMarginPrior": 0.30279727324624733, "netMargin": 0.27257485734454967, "freeCashFlow": 2225800000 }, "soundness": { "equityRatio": 0.11911408000616025, "returnOnEquity": 1.4976969696969697, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 3577, "sicDescription": "Computer Peripheral Equipment, NEC", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "3577", "growth": [ 0.1155, 12 ], "opMargin": [ 0.008, 11 ], "equityRatio": [ 0.4488, 12 ], "returnOnEquity": [ 0.0203, 10 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 6801331616.963556, "high": 8554869954.367114, "baseline": 7806948834.9890585, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 4599, "sizeBand": "$1B–10B", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.07338284479966962, "classVolatility": 0.07701947805587882, "pricedVolatility": 0.07522314109000101, "k": 3 }, "stress": { "low": 6254780852.798578, "high": 9303157999.172657, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 13, "hits": 12, "rate": 0.9230769230769231, "method": "v4", "byYear": { "2013": [ 1, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 1, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 0, 1 ], "2022": [ 1, 1 ], "2023": [ 1, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T16:35:48.820Z", "hash": "a001432a2632b461", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001262039.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1262039" }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.381, "growth3y": 0.1546, "volatility": 0.0734, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.1191, "quadrant": { "code": "fs", "label": "Fast and steady", "plain": "growing faster than its size class, with steadier revenue" }, "compass": { "code": "later", "inside": "Turns 38.1% of revenue into operating cash; revenue growing 15.5% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 90th percentile for cash, 82nd for growth.", "emoji": "🌱", "label": "Cash cow later", "plain": "growing fast, and already turning revenue into cash" }, "band": "$1B-10B", "cashPctInClass": 90, "growthPctInClass": 82, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 2590600000, "investing": -599100000, "financing": -2371500000, "capitalSpending": 364800000, "free": 2225800000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 1499700000, "free": 1203800000 }, { "fiscalYearEnd": "2022-12-31", "operating": 1730600000, "free": 1449400000 }, { "fiscalYearEnd": "2023-12-31", "operating": 1935500000, "free": 1731400000 }, { "fiscalYearEnd": "2024-12-31", "operating": 2258100000, "free": 1879200000 }, { "fiscalYearEnd": "2025-12-31", "operating": 2590600000, "free": 2225800000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 2495300000, "shortTerm": 989000000, "longTerm": null, "equityHoldings": 98200000, "totalAssets": 10389200000, "ladder": { "within1y": 989000000, "y1to5": null, "y5to10": null, "y10plus": null, "noSingleDate": null }, "currentRatio": 1.17, "unrealizedGain": 1500000, "unrealizedLoss": 100000, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.381, "growth3y": 0.1546, "volatility": 0.0734, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.1191, "quadrant": { "code": "fs", "label": "Fast and steady", "plain": "growing faster than its size class, with steadier revenue" }, "compass": { "code": "later", "inside": "Turns 38.1% of revenue into operating cash; revenue growing 15.5% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 90th percentile for cash, 82nd for growth.", "emoji": "🌱", "label": "Cash cow later", "plain": "growing fast, and already turning revenue into cash" }, "band": "$1B-10B", "cashPctInClass": 90, "growthPctInClass": 82, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 2590600000, "investing": -599100000, "financing": -2371500000, "capitalSpending": 364800000, "free": 2225800000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 1499700000, "free": 1203800000 }, { "fiscalYearEnd": "2022-12-31", "operating": 1730600000, "free": 1449400000 }, { "fiscalYearEnd": "2023-12-31", "operating": 1935500000, "free": 1731400000 }, { "fiscalYearEnd": "2024-12-31", "operating": 2258100000, "free": 1879200000 }, { "fiscalYearEnd": "2025-12-31", "operating": 2590600000, "free": 2225800000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 2495300000, "shortTerm": 989000000, "longTerm": null, "equityHoldings": 98200000, "totalAssets": 10389200000, "ladder": { "within1y": 989000000, "y1to5": null, "y5to10": null, "y10plus": null, "noSingleDate": null }, "currentRatio": 1.17, "unrealizedGain": 1500000, "unrealizedLoss": 100000, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }