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Fortinet is a leader in cybersecurity, driving the convergence of networking and security. Our integrated platform, the Fortinet Security Fabric, spans secure networking, unified Secure Access Service Edge ( SASE ) and artificial intelligence ( AI )-driven security operations ( SecOps ).
Margins and capital returns are both well above average: 30.66% operating margin, ROIC at 67.63%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 14.2%, still solid.
ROIC dropped from 83.52% to 67.63%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$7.11B
▲ +14.2% YoY
Net Income (TTM)
$1.95B
▲ +6.2% YoY
Op. Margin
31.10%
▲ +0.4pp YoY
ROIC
79.11%
▼ -15.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2.44B
▲ +18.4% YoY
Op. Cash Flow (TTM)
$2.80B
▲ +14.7% YoY
Net Debt
-$2.73B
Net Cash Position
Cash & Equiv.
$3.29B
5Y CAGR: +21.3%
5Y CAGR: +18.4%
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