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Last update at 2024-12-19T18:54:00Z
Here's Why Fortinet (FTNT) is a Great Momentum Stock to Buy
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Sun 13 Oct 24, 07:34 PM| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Income before tax | 955.50M | 628.40M | 541.70M | 379.20M | 250.90M |
| Minority interest | 0.70M | -0.10000M | - | - | - |
| Net income | 857.30M | 606.80M | 488.50M | 326.50M | 332.20M |
| Selling general administrative | 169.00M | 143.50M | 119.50M | 102.10M | 93.00M |
| Selling and marketing expenses | 1686.10M | 1345.70M | 1071.90M | 926.90M | 782.30M |
| Gross profit | 3332.50M | 2559.20M | 2024.40M | 1650.30M | 1350.80M |
| Reconciled depreciation | 104.30M | 84.40M | 68.80M | 61.60M | 55.70M |
| Ebit | 969.60M | 650.40M | 531.80M | 344.20M | 231.00M |
| Ebitda | 1077.80M | 727.70M | 560.40M | 405.80M | 286.70M |
| Depreciation and amortization | 108.20M | 77.30M | 28.60M | 61.60M | 55.70M |
| Non operating income net other | -64.20000M | -14.70000M | 9.90M | 35.00M | 19.90M |
| Operating income | 969.60M | 650.40M | 531.80M | 344.20M | 231.00M |
| Other operating expenses | 3452.40M | 2696.40M | 2102.80M | 1812.00M | 1570.20M |
| Interest expense | 18.00M | 14.90M | 50.10M | 35.00M | 26.50M |
| Tax provision | 30.80M | 14.10M | 53.20M | 52.70M | -81.30000M |
| Interest income | 17.40M | 4.50M | 17.70M | 42.50M | 26.50M |
| Net interest income | -0.60000M | -10.40000M | 17.70M | 42.50M | 26.50M |
| Extraordinary items | - | - | - | 2.10M | -32.60000M |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 30.80M | 14.10M | 53.20M | 52.70M | -81.30000M |
| Total revenue | 4417.40M | 3342.20M | 2594.40M | 2156.20M | 1801.20M |
| Total operating expenses | 2367.50M | 1913.40M | 1532.80M | 1306.10M | 1119.80M |
| Cost of revenue | 1084.90M | 783.00M | 570.00M | 505.90M | 450.40M |
| Total other income expense net | -14.10000M | -22.00000M | 9.90M | 35.00M | -6.60000M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | 856.60M | 606.70M | 488.50M | 326.50M | 332.20M |
| Net income applicable to common shares | 857.30M | 606.80M | 488.50M | 326.50M | 332.20M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | 7258.90M | 6228.00M | 5919.10M | 4044.50M | 3885.50M |
| Intangible assets | 35.30M | 56.00M | 63.60M | 31.60M | 31.10M |
| Earning assets | - | - | - | - | - |
| Other current assets | 101.10M | 73.10M | 65.40M | 43.30M | 41.20M |
| Total liab | 7722.30M | 6509.60M | 5120.70M | 3188.50M | 2563.60M |
| Total stockholder equity | -463.40000M | -281.60000M | 781.70M | 856.00M | 1321.90M |
| Deferred long term liab | - | 2291.00M | 423.30M | 1212.50M | 962.30M |
| Other current liab | 632.60M | 485.70M | 392.30M | 295.10M | 203.60M |
| Common stock | 0.80M | 0.80M | 0.20M | 0.20M | 0.20M |
| Capital stock | 0.80M | 0.80M | 0.20M | 0.20M | 0.20M |
| Retained earnings | -1861.70000M | -1546.40000M | -467.90000M | -352.10000M | 140.30M |
| Other liab | - | 2378.30M | 1814.20M | 1359.00M | 1059.40M |
| Good will | 126.50M | 128.00M | 125.10M | 93.00M | 67.20M |
| Other assets | 0.00000M | 1193.30M | 1001.40M | 732.00M | 480.00M |
| Cash | 1397.90M | 1682.90M | 1319.10M | 1061.80M | 1222.50M |
| Cash and equivalents | - | - | - | - | - |
| Total current liabilities | 3719.00M | 3078.40M | 2318.10M | 1829.50M | 1473.60M |
| Current deferred revenue | 2848.70M | 2349.30M | 1777.40M | 1392.80M | 1173.60M |
| Net debt | -326.50000M | -692.50000M | -330.70000M | -1061.80000M | -1222.50000M |
| Short term debt | 33.40M | - | - | - | - |
| Short long term debt | - | - | - | - | - |
| Short long term debt total | 1071.40M | 990.40M | 988.40M | - | - |
| Other stockholder equity | 1416.40M | 1284.20M | 1254.20M | 1207.20M | 1180.30M |
| Property plant equipment | - | 898.50M | 687.60M | 448.00M | 344.30M |
| Total current assets | 4428.30M | 3810.40M | 3600.60M | 2740.40M | 2769.00M |
| Long term investments | 0.00000M | 45.50M | 440.80M | 118.30M | 144.30M |
| Net tangible assets | - | -281.60000M | 593.00M | 731.40M | 1223.60M |
| Short term investments | 1042.50M | 528.10M | 1232.60M | 775.50M | 843.10M |
| Net receivables | 1402.00M | 1261.70M | 807.70M | 720.00M | 544.30M |
| Long term debt | 992.30M | 990.40M | 988.40M | - | - |
| Inventory | 484.80M | 264.60M | 175.80M | 139.80M | 117.90M |
| Accounts payable | 204.30M | 243.40M | 148.40M | 141.60M | 96.40M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | 16.70M | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | -18.90000M | -20.20000M | -4.80000M | 0.70M | 1.10M |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | 0.80M | 0.20M | 0.20M | 0.20M |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | -1546.40000M | -467.90000M | -352.10000M | 140.30M |
| Treasury stock | - | - | - | - | - |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 637.40M | 720.20M | 659.10M | 368.00M | 297.00M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 2830.60M | 2417.60M | 2318.50M | 1304.10M | 1116.50M |
| Capital lease obligations | - | - | - | - | - |
| Long term debt total | - | 990.40M | 988.40M | - | - |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Investments | 763.90M | -1325.10000M | 92.00M | -375.50000M | -60.20000M |
| Change to liabilities | 208.90M | 732.30M | 136.00M | 431.30M | 377.90M |
| Total cashflows from investing activities | 763.90M | -1325.10000M | -72.80000M | -502.30000M | -134.90000M |
| Net borrowings | - | 969.90M | -4.10000M | -3.70000M | -10.10000M |
| Total cash from financing activities | -2130.30000M | 82.80M | -1171.60000M | -195.60000M | -202.60000M |
| Change to operating activities | -257.50000M | -238.00000M | -113.90000M | -170.00000M | -118.80000M |
| Net income | 856.60M | 606.70M | 488.50M | 326.50M | 332.20M |
| Change in cash | 363.80M | 257.30M | -160.70000M | 110.10M | 301.40M |
| Begin period cash flow | 1319.10M | 1061.80M | 1222.50M | 1112.40M | 811.00M |
| End period cash flow | 1682.90M | 1319.10M | 1061.80M | 1222.50M | 1112.40M |
| Total cash from operating activities | 1730.60M | 1499.70M | 1083.70M | 808.00M | 638.90M |
| Issuance of capital stock | 26.10M | 26.00M | 22.10M | 49.50M | 86.50M |
| Depreciation | 104.30M | 84.40M | 68.80M | 61.60M | 55.70M |
| Other cashflows from investing activities | -30.80000M | 0.40M | -38.90000M | -34.60000M | -21.70000M |
| Dividends paid | - | -989.40000M | - | - | - |
| Change to inventory | -109.10000M | -19.40000M | -42.20000M | -48.50000M | -33.40000M |
| Change to account receivables | -456.70000M | -72.50000M | -176.40000M | -96.70000M | -82.00000M |
| Sale purchase of stock | -1991.20000M | -741.80000M | -1080.10000M | -145.10000M | -211.80000M |
| Other cashflows from financing activities | -165.20000M | 1807.50M | -109.50000M | -96.30000M | -67.20000M |
| Change to netincome | 82.60M | 230.20M | 187.20M | 197.60M | 34.20M |
| Capital expenditures | 281.20M | 295.90M | 125.90M | 92.20M | 53.00M |
| Change receivables | -456.70000M | -72.50000M | -176.40000M | -96.70000M | -218.40000M |
| Cash flows other operating | 1039.60M | 684.10M | 420.50M | -57.80000M | 91.30M |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | 364.20M | 257.40M | -160.70000M | 110.10M | 301.40M |
| Change in working capital | 233.00M | 402.40M | 190.00M | 138.20M | -1.30000M |
| Stock based compensation | 217.30M | 207.90M | 191.70M | 174.10M | 162.90M |
| Other non cash items | 545.80M | 183.80M | 143.40M | 113.60M | 217.20M |
| Free cash flow | 1449.40M | 1203.80M | 957.80M | 715.80M | 585.90M |
Sector: Technology Industry: Software - Infrastructure
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| FTNT Fortinet Inc |
1.84 1.98% | 95.20 | 39.90 | 39.06 | 9.56 | 699.20 | 9.29 | 33.57 |
| MSFT Microsoft Corporation |
2.46 0.56% | 439.85 | 37.32 | 29.94 | 13.03 | 12.45 | 13.06 | 24.59 |
| ORCL Oracle Corporation |
4.83 2.92% | 170.24 | 29.34 | 18.66 | 5.55 | 74.06 | 7.10 | 18.13 |
| ADBE Adobe Systems Incorporated |
1.91 0.43% | 443.22 | 46.32 | 26.81 | 11.51 | 16.73 | 11.55 | 31.20 |
| PANW Palo Alto Networks Inc |
1.74 0.92% | 190.50 | 44.57 | 45.05 | 11.98 | 20.70 | 11.82 | 77.11 |
Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products. The company also provides the Fortinet Unified SASE solutions that include firewall, SD-WAN, Secure web gateway, cloud access services broker, data loss prevention, zero trust network access, and cloud security, including web application firewalls, virtualized firewalls, and cloud-native firewalls. In addition, it offers security operations solutions comprising FortiAI generative AI assistant, FortiSIEM security information and event management, FortiSOAR security orchestration, automation and response, FortiEDR endpoint detection and response, FortiXDR extended detection and response, FortiMDR managed detection and response service, FortiNDR network detection and response, FortiRecon digital risk protection, FortiDeceptor deception technology, FortiGuard SoCaaS, FortiSandbox sandboxing, FortiGuard incident response, and other products. Further, the company offers FortiGuard security services consisting of FortiGuard application security, content security, device security, NOC/SOC security, and web security services; FortiCare technical support services; and training services to customers and channel partners, as well as operates a FortiGuard Lab, a cybersecurity threat intelligence and research organization. It serves enterprise, communication and security service providers, government organizations, and small and medium-sized businesses. The company was incorporated in 2000 and is headquartered in Sunnyvale, California.
909 Kifer Road, Sunnyvale, CA, United States, 94086
| Name | Title | Year Born |
|---|---|---|
| Mr. Ken Xie | Founder, Chairman & CEO | 1963 |
| Mr. Michael Xie | Founder, Pres, CTO & Director | 1969 |
| Mr. Keith F. Jensen | CFO & Chief Accounting Officer | 1959 |
| Mr. John Whittle | EVP of Corp. Devel., Chief Legal Officer & Corp. Sec. | 1969 |
| Ms. Ana Pease | VP of Talent Management & Operations | NA |
| Mr. Peter M. Salkowski | VP of Investor Relations | NA |
| Mr. John Maddison | Chief Marketing Officer & Exec. VP of Products | NA |
| Mr. Chris Perna | VP of Talent Acquisition | NA |
| Mr. Patrice Perche | Exec. VP of Support & Chief Revenue Officer | 1962 |
| Pedro Paixao | Pres for Latin America and Gen. Mang. for Latin America | NA |
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