Explain this page
Arphra AIPlain-English read on Fortinet, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +76.57% | +75.44% | +76.68% | +80.56% | +80.84% | +80.74% | +80.56% | +81.34% | +80.11% |
| Operating margin | +19.46% | +21.95% | +23.40% | +30.28% | +30.62% | +28.12% | +27.70% | +28.74% | +28.57% |
| EBITDA margin | +21.77% | +24.40% | +27.67% | +36.96% | +36.25% | +34.17% | +34.54% | +32.89% | +34.10% |
| EBIT margin | +19.25% | +22.04% | +25.54% | +34.90% | +34.01% | +30.93% | +32.11% | +31.06% | +30.80% |
| Pre-tax margin | +18.57% | +20.09% | +24.35% | +34.07% | +33.72% | +31.15% | +31.34% | +29.80% | +29.99% |
| Net margin | +18.16% | +19.41% | +21.64% | +29.30% | +27.26% | +26.56% | +26.43% | +26.75% | +25.59% |
| Cost structure | |||||||||
| Cost of revenue / sales | +23.43% | +24.56% | +23.32% | +19.44% | +19.16% | +20.31% | +20.36% | +20.39% | +20.91% |
| R&D intensity | +12.69% | +11.60% | +11.57% | +12.04% | +11.99% | +11.75% | +11.81% | +11.68% | +11.83% |
| SG&A intensity | +44.56% | +42.00% | +41.80% | +38.33% | +37.96% | +38.53% | +39.47% | +40.40% | +39.37% |
| Effective tax rate | +2.27% | +3.47% | +11.13% | +13.99% | +19.15% | +14.58% | +14.46% | +15.32% | +15.35% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +76.00% | -304.44% | -247.69% | +116.83% | +149.77% | +250.60% | +249.93% | +261.99% | +239.61% |
| Return on assets (ROA) | +10.25% | +13.77% | +15.81% | +17.88% | +17.84% | +17.68% | +17.18% | +18.20% | +17.36% |
| Return on capital (ROC) | +36.40% | +136.79% | +234.66% | +72.48% | +93.20% | +101.39% | +99.83% | +107.36% | +103.77% |
| Return on invested capital (ROIC) | +33.96% | +120.95% | +217.02% | +70.14% | +82.97% | +95.77% | +95.25% | +99.92% | +92.92% |
| Asset turnover | +56.46% | +70.93% | +73.08% | +61.00% | +65.45% | +66.56% | +65.03% | +68.02% | +67.85% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +18.16% | +19.41% | +21.64% | +29.30% | +27.26% | +26.56% | +26.43% | +26.75% | +25.59% |
| Asset turnover (× revenue / assets) | +56.46% | +70.93% | +73.08% | +61.00% | +65.45% | +66.56% | +65.03% | +68.02% | +67.85% |
| Equity multiplier (× assets / equity) | +741.37% | -2211.65% | -1566.44% | +653.57% | +839.53% | +1417.69% | +1454.41% | +1439.74% | +1380.15% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.56 | 0.71 | 0.73 | 0.61 | 0.65 | 0.67 | 0.65 | 0.68 | 0.68 |
| Fixed-asset turnover | 4.86 | 4.92 | 5.08 | 4.41 | 4.20 | — | — | — | — |
| Inventory turnover | 4.45 | 4.10 | 2.55 | 3.67 | 3.26 | — | — | — | — |
| Receivables turnover | 4.14 | 3.50 | 3.78 | 4.07 | 4.02 | — | — | — | — |
| Payables turnover | 5.28 | 4.46 | 6.06 | 6.06 | 5.64 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 88.21 | 104.25 | 96.47 | 89.68 | 90.78 | — | — | — | — |
| Days inventory outstanding (DIO) | 81.95 | 89.02 | 143.03 | 99.48 | 111.94 | — | — | — | — |
| Days payables outstanding (DPO) | 69.18 | 81.89 | 60.27 | 60.19 | 64.67 | — | — | — | — |
| Cash conversion cycle | 100.98 | 111.38 | 179.22 | 128.97 | 138.05 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 2.47 | 2.02 | 1.69 | 1.29 | 1.40 | 1.44 | 1.45 | 1.44 | 1.43 |
| FCF / Net income | 1.98 | 1.69 | 1.51 | 1.08 | 1.20 | 1.18 | 1.22 | 1.19 | 1.25 |
| FCF margin | +36.02% | +32.81% | +32.64% | +31.55% | +32.73% | +31.36% | +32.30% | +31.74% | +32.01% |
| OCF margin | +44.87% | +39.18% | +36.49% | +37.91% | +38.10% | +38.14% | +38.29% | +38.42% | +36.58% |
| CapEx / Revenue | +8.85% | +6.37% | +3.85% | +6.36% | +5.37% | +5.32% | +5.05% | +5.23% | +5.16% |
| CapEx / D&A | 3.51 | 2.70 | 1.80 | 3.09 | 1.08 | — | — | — | — |
| Stock-based comp / Revenue | +6.22% | +4.92% | +4.69% | +4.33% | +4.11% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 0.73 | 1.06 | 1.46 | 2.26 | 2.43 | 3.15 | 3.42 | 3.81 | 3.09 |
| EPS · basic | 0.74 | 1.08 | 1.47 | 2.28 | 2.44 | 3.19 | 3.45 | 3.88 | 3.09 |
| Book value / share | 0.96 | -0.35 | -0.59 | 1.94 | 1.65 | 1.11 | 1.23 | 1.31 | 1.61 |
| Tangible BV / share | 0.73 | -0.58 | -0.79 | 1.48 | 1.18 | 1.11 | 1.23 | 1.31 | 1.61 |
| Sales / share | 4.00 | 5.49 | 6.73 | 7.72 | 9.09 | 10.43 | 11.60 | 12.80 | 15.06 |
| Operating CF / share | 1.79 | 2.15 | 2.46 | 2.93 | 3.46 | 3.98 | 4.44 | 4.92 | 5.51 |
| Free cash flow / share | 1.44 | 1.80 | 2.20 | 2.43 | 2.98 | 3.27 | 3.75 | 4.06 | 4.82 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +32.17% | +20.09% | +12.27% | +14.17% | +14.78% | +10.59% | +10.12% | +18.12% | +16.35% |
| Gross profit · YoY | — | +30.22% | +22.06% | +17.96% | +14.56% | +14.64% | +10.35% | +11.18% | +16.34% | +17.01% |
| Profit | ||||||||||
| Operating income · YoY | — | +49.08% | +28.00% | +45.31% | +15.45% | +5.40% | +8.94% | +14.29% | +17.41% | +22.08% |
| EBITDA · YoY | — | +48.11% | +36.21% | +49.94% | +11.96% | +8.21% | +11.80% | +4.84% | +22.47% | +23.06% |
| Net income · YoY | — | +41.28% | +33.89% | +52.05% | +6.20% | +11.83% | +10.05% | +11.48% | +12.97% | +21.45% |
| Operating | ||||||||||
| EBIT · YoY | — | +51.33% | +39.16% | +53.43% | +11.26% | +4.40% | +14.79% | +6.53% | +17.12% | +23.40% |
| R&D · YoY | — | +20.79% | +19.79% | +16.78% | +13.77% | +12.46% | +11.19% | +8.89% | +19.61% | +15.33% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +45.21% | +37.74% | +54.79% | +7.52% | +29.64% | +8.52% | +11.54% | -18.84% | +19.79% |
| EPS · basic · YoY | — | +45.95% | +36.11% | +55.10% | +7.02% | +30.67% | +8.13% | +12.65% | -20.33% | +19.58% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $988.4M | $990.4M | $992.3M | $994.3M | $996.3M | $1.34B | $1.48B | $1.57B | $1.89B |
| Net debt | -$330.7M | -$692.5M | -$405.6M | -$1.88B | -$1.5B | -$1.5B | -$1.71B | -$1.94B | -$2.37B |
| Net debt / EBITDA | -0.45 | -0.64 | -0.28 | -0.85 | -0.61 | -0.56 | -0.57 | -0.62 | -0.62 |
| Debt / equity | 1.24 | -3.52 | -2.14 | 0.67 | 0.81 | 1.62 | 1.62 | 1.62 | 1.58 |
| Debt / assets | +16.70% | +15.90% | +13.67% | +10.18% | +9.59% | +11.40% | +11.17% | +11.27% | +11.44% |
| Equity / assets | +13.49% | -4.52% | -6.38% | +15.30% | +11.91% | +7.05% | +6.88% | +6.95% | +7.25% |
| Coverage | |||||||||
| EBITDA / interest expense | 48.84 | 59.88 | 69.91 | 110.06 | 122.62 | 102.55 | 100.95 | 94.42 | 98.89 |
| Operating income / interest | 43.65 | 53.87 | 59.10 | 90.17 | 103.58 | 84.38 | 80.94 | 82.52 | 82.87 |
| Interest expense | $14.9M | $18M | $21M | $20M | $20.1M | $26.01M | $29.54M | $33.11M | $38.71M |
| Liquidity | |||||||||
| Current ratio | 1.55 | 1.24 | 1.19 | 1.47 | 1.17 | — | — | — | — |
| Quick ratio | 1.45 | 1.13 | 1.03 | 1.36 | 1.05 | — | — | — | — |
| Cash ratio | 0.57 | 0.55 | 0.38 | 0.71 | 0.50 | — | — | — | — |
| Working capital | $1.28B | $732M | $709.3M | $1.91B | $866.2M | — | — | — | — |
| Working capital / revenue | +38.37% | +16.57% | +13.37% | +32.08% | +12.74% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).