FTNT Fortinet, Inc.
Nasdaq, CIK 0001262039, fiscal year ends 12/31. Last price 179.99 on 2026-10-23, market value 132.1 billion dollars.
Machine-readable: FTNT.json, FTNT.md. Sections: Graham Defensive, Magic Formula, Momentum, Insider, Buffett Quality, Lynch GARP, Graham Enterprising, Piotroski F-Score, earnings record, insiders, filings and links.
| Philosophy | Score | Status | Current inputs as of | History used | Price | Verification | Rules |
|---|---|---|---|---|---|---|---|
| Graham Defensive | 49 | ok | 2025-12-31 stale: Revenue |
2014–2025 | 2026-10-23 | 0 verified, 22 unverified | method |
| Magic Formula | 35 | ok | 2026-03-31 stale: operating_income_q |
— | 2026-10-23 | — | method |
| Momentum | 84 | ok | 2026-10-23 | — | 2026-10-23 | — | method |
| Insider | 0 | no open-market transactions in window | 2026-10-23 | — | — | — | method |
| Buffett Quality | 85 | ok | 2026-06-30 | 2016–2025 | 2026-10-23 | 0 verified, 44 unverified | method |
| Lynch GARP | 58 | ok | 2026-06-30 | 2020–2025 | 2026-10-23 | 0 verified, 6 unverified | method |
| Graham Enterprising | 48 | ok | 2026-06-30 | 2020–2025 | 2026-10-23 | 0 verified, 12 unverified | method |
| Piotroski F-Score | 78 | ok | — | 2024–2026 | — | 0 verified, 27 unverified | method |
Market value, source trail
| Input | Value | Unit | Period / date | Source |
|---|---|---|---|---|
| Traded price | 179.99 | USD per traded unit (share or ADS) | 2026-10-23 | Yahoo Finance |
| SEC shares outstanding | 733,713,653 | underlying shares | 2026-07-28 | SEC cover page 10-Q 0001262039-26-000021 (733,713,653 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm 0001262039-26-000021 |
| Depositary ratio | 1.0 | underlying shares per traded unit | domestic 10-K filer; SEC shares are the traded units | |
| Market value price date × latest reported shares | 132,061,120,403 | USD | 2026-10-23 shares at 2026-07-28 | 179.99 (price 2026-10-23) / 1 x 733,713,653 (shares at 2026-07-28) = 132,061,120,403 |
Graham Defensive
| Test or factor | Value | Threshold | Points |
|---|---|---|---|
| 1 Adequate size | 6.8 revenue $B | >= 1 | 5.0 / 5 |
| 2a Current ratio | 1.28 | >= 2.0 | 4.2 / 15 |
| 2b Long-term debt vs working capital | 0.36 LTD / WC | <= 1.0 | 15.0 / 15 |
| 3 Positive earnings each of 10 years | 10 of 10 | 10 of 10 | 15.0 / 15 |
| 4 Dividends every year for 20 years | 0 of 20 missing 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025 XBRL check: 0 years agree, 20 unverified | 20 of 20 | 0.0 / 15 |
| 5 EPS growth, 3-yr avg now vs 10 yrs ago | 0.03 -> 2.05 (+7979%) | >= +33% | 10.0 / 10 |
| 6 P/E on 3-year average EPS | 87.9 | <= 15 | 0.0 / 15 |
| 7 P/B <= 1.5, or P/E x P/B <= 22.5 | P/B 85.14, product 7487.5 | <= 1.5 or <= 22.5 | 0.0 / 10 |
Inputs, 24 numbers with their sources
| Input | Value | Period | Source | Check |
|---|---|---|---|---|
| Price (close, per traded unit) | 179.99 | 2026-10-23 | Alpaca Market Data (consolidated SIP daily bar) | not cross-checked |
| Revenue | 6799600000.0 | 2025-12-31 stale | SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007 | unverified |
| current_assets | 6208300000.0 | 2026-06-30 | SEC XBRL AssetsCurrent 0001262039-26-000021 | unverified |
| current_liabilities | 4840800000.0 | 2026-06-30 | SEC XBRL LiabilitiesCurrent 0001262039-26-000021 | unverified |
| lt_debt | 496900000.0 | 2026-06-30 | SEC XBRL LongTermDebtNoncurrent 0001262039-26-000021 | unverified |
| equity | 1551100000.0 | 2026-06-30 | SEC XBRL StockholdersEquity 0001262039-26-000021 | unverified |
| Net income FY2016 | 32200000.0 | 2016-12-31 history | SEC XBRL NetIncomeLoss 0001262039-19-000006 | unverified |
| Net income FY2017 | 31400000.0 | 2017-12-31 history | SEC XBRL NetIncomeLoss 0001262039-20-000011 | unverified |
| Net income FY2018 | 334900000.0 | 2018-12-31 history | SEC XBRL NetIncomeLoss 0001262039-21-000008 | unverified |
| Net income FY2019 | 331700000.0 | 2019-12-31 history | SEC XBRL NetIncomeLoss 0001262039-22-000008 | unverified |
| Net income FY2020 | 488500000.0 | 2020-12-31 history | SEC XBRL NetIncomeLoss 0001262039-23-000010 | unverified |
| Net income FY2021 | 606800000.0 | 2021-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-24-000014 | unverified |
| Net income FY2022 | 857300000.0 | 2022-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-25-000011 | unverified |
| Net income FY2023 | 1147800000.0 | 2023-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| Net income FY2024 | 1745200000.0 | 2024-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| Net income FY2025 | 1853400000.0 | 2025-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| Dividend years (Yahoo) | [] | history | Yahoo Finance dividend history | unverified |
| EPS diluted FY2014 | 0.03 | 2014-12-31 history | SEC XBRL EarningsPerShareDiluted 0001262039-17-000008 | unverified |
| EPS diluted FY2015 | 0.01 | 2015-12-31 history | SEC XBRL EarningsPerShareDiluted 0001262039-18-000009 | unverified |
| EPS diluted FY2016 | 0.036 | 2016-12-31 history | SEC XBRL EarningsPerShareDiluted 0001262039-19-000006 | unverified |
| EPS diluted FY2023 | 1.46 | 2023-12-31 history | SEC XBRL EarningsPerShareDiluted 0001262039-26-000007 | unverified |
| EPS diluted FY2024 | 2.26 | 2024-12-31 history | SEC XBRL EarningsPerShareDiluted 0001262039-26-000007 | unverified |
| EPS diluted FY2025 | 2.42 | 2025-12-31 history | SEC XBRL EarningsPerShareDiluted 0001262039-26-000007 | unverified |
| Shares outstanding | 733713653.0 | 2026-07-28 | SEC cover page 10-Q 0001262039-26-000021 (733,713,653 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm 0001262039-26-000021 | not cross-checked |
Magic Formula
| Test or factor | Value | Threshold | Points |
|---|---|---|---|
| Earnings yield (EBIT/EV) EBIT trailing twelve months; EV = market cap + debt (496,900,000) - cash | 1.88 % (rank 178) | ||
| Return on capital (EBIT/(NWC+PPE)) net working capital 1,367,500,000 used as reported | 79.63 % (rank 47) | ||
| Combined rank | 225 |
Inputs, 14 numbers with their sources
| Input | Value | Period | Source | Check |
|---|---|---|---|---|
| operating_income | 2084700000.0 | 2025-12-31 history | SEC XBRL OperatingIncomeLoss 0001262039-26-000007 | not cross-checked |
| operating_income_q | 580000000.0 | 2026-03-31 stale | SEC XBRL OperatingIncomeLoss (quarter CY2026Q1) 0001262039-26-000013 | not cross-checked |
| operating_income_q | 453800000.0 | 2025-03-31 history | SEC XBRL OperatingIncomeLoss (quarter CY2025Q1) 0001262039-26-000013 | not cross-checked |
| operating_income_q | 689300000.0 | 2026-06-30 | SEC XBRL OperatingIncomeLoss (quarter CY2026Q2) 0001262039-26-000021 | not cross-checked |
| operating_income_q | 458000000.0 | 2025-06-30 history | SEC XBRL OperatingIncomeLoss (quarter CY2025Q2) 0001262039-26-000021 | not cross-checked |
| current_assets | 6208300000.0 | 2026-06-30 | SEC XBRL AssetsCurrent 0001262039-26-000021 | not cross-checked |
| current_liabilities | 4840800000.0 | 2026-06-30 | SEC XBRL LiabilitiesCurrent 0001262039-26-000021 | not cross-checked |
| cash | 2934900000.0 | 2026-06-30 | SEC XBRL CashAndCashEquivalentsAtCarryingValue 0001262039-26-000021 | not cross-checked |
| ppe_net | 1699500000.0 | 2026-06-30 | SEC XBRL PropertyPlantAndEquipmentNet 0001262039-26-000021 | not cross-checked |
| lt_debt | 496900000.0 | 2026-06-30 | SEC XBRL LongTermDebtNoncurrent 0001262039-26-000021 | not cross-checked |
| debt_lt_current | 0.0 | 2026-06-30 | SEC XBRL LongTermDebtCurrent 0001262039-26-000021 | not cross-checked |
| shares_out | 733713653.0 | 2026-07-28 | SEC cover page 10-Q 0001262039-26-000021 (733,713,653 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm 0001262039-26-000021 | not cross-checked |
| Price (close) | 179.99 | 2026-10-23 | Yahoo Finance / Alpaca Market Data | not cross-checked |
| note | debt = LongTermDebtNoncurrent + LongTermDebtCurrent | not cross-checked |
Momentum
| Test or factor | Value | Threshold | Points |
|---|---|---|---|
| 12-1 month return | 110.5 % (percentile 96.6) | 48.3 / 50 | |
| 6 month return | 117.5 % (percentile 99.4) | 19.9 / 20 | |
| Price / 52-week high | 0.924 | 13.9 / 15 | |
| Volatility penalty (60d annualised) | 46.3 % | 2.2 / 15 |
Inputs, 1 numbers with their sources
| Input | Value | Period | Source | Check |
|---|---|---|---|---|
| Adjusted close series (14 months) | 179.99 | 2026-10-23 | Yahoo Finance / Alpaca Market Data daily history | not cross-checked |
Insider
| Test or factor | Value | Threshold | Points |
|---|---|---|---|
| Open-market buy value / market cap (percentile among buyers) | 0.0 bp | 0.0 / 35 | |
| Distinct buyers | 0 | 0.0 / 25 | |
| Buyer seniority | 0.0 | 0.0 / 20 | |
| Recency (half-life 30d) | 0.0 | 0.0 / 10 | |
| Sales penalty (excludes 10b5-1 plan sales) | 0.0 bp | -0.0 / 0 |
Inputs, 15 numbers with their sources
| Input | Value | Period | Source | Check |
|---|---|---|---|---|
| excluded 2026-09-24 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-09-15 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-09-14 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-09-14 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-08-04 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-08-03 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-08-03 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-08-03 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-08-03 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-08-03 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-08-03 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-08-03 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-08-03 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-08-03 S | 10b5-1 plan | rule | not cross-checked | |
| excluded 2026-08-03 S | 10b5-1 plan | rule | not cross-checked |
Buffett Quality
| Test or factor | Value | Threshold | Points |
|---|---|---|---|
| 1 Average return on equity (net income / year-end equity) | 76.4% over 6 yrs | >= 15% | 25.0 / 25 |
| 2 Profitable every year | 10 of 10 | all years | 15.0 / 15 |
| 3 Net income growth, 3-yr average now vs start of window | +42.5% a year | >= +10% | 10.0 / 10 |
| 4 Borrowings / 3-yr average earnings (years to repay) LongTermDebtNoncurrent + LongTermDebtCurrent | 0.3 years | <= 4 | 15.0 / 15 |
| 5 Operating margin, 5-yr average | 25.1% | >= 20% | 10.0 / 10 |
| 6 Free cash flow / net income, 5-yr (operating cash flow minus capex) | 1.37 | >= 1.0 | 10.0 / 10 |
| 7 Owner-earnings yield (3-yr avg free cash flow / market cap) | 1.5% | >= 7% | 0.0 / 15 |
Inputs, 46 numbers with their sources
| Input | Value | Period | Source | Check |
|---|---|---|---|---|
| Price (close, per traded unit) | 179.99 | 2026-10-23 | Alpaca Market Data (consolidated SIP daily bar) | not cross-checked |
| Net income FY2018 | 334900000.0 | 2018-12-31 history | SEC XBRL NetIncomeLoss 0001262039-21-000008 | unverified |
| Equity at FY2018 end | 1025500000.0 | 2018-12-31 history | SEC XBRL StockholdersEquity 0001262039-21-000008 | unverified |
| Net income FY2019 | 331700000.0 | 2019-12-31 history | SEC XBRL NetIncomeLoss 0001262039-22-000008 | unverified |
| Equity at FY2019 end | 1342400000.0 | 2019-12-31 history | SEC XBRL StockholdersEquity 0001262039-21-000022 | unverified |
| Net income FY2020 | 488500000.0 | 2020-12-31 history | SEC XBRL NetIncomeLoss 0001262039-23-000010 | unverified |
| Equity at FY2020 end | 856000000.0 | 2020-12-31 history | SEC XBRL StockholdersEquity 0001262039-22-000008 | unverified |
| Net income FY2021 | 606800000.0 | 2021-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-24-000014 | unverified |
| Equity at FY2021 end | 781700000.0 | 2021-12-31 history | SEC XBRL StockholdersEquity 0001262039-23-000010 | unverified |
| Net income FY2024 | 1745200000.0 | 2024-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| Equity at FY2024 end | 1493800000.0 | 2024-12-31 history | SEC XBRL StockholdersEquity 0001262039-26-000007 | unverified |
| Net income FY2025 | 1853400000.0 | 2025-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| Equity at FY2025 end | 1237500000.0 | 2025-12-31 history | SEC XBRL StockholdersEquity 0001262039-26-000021 | unverified |
| Net income FY2016 | 32200000.0 | 2016-12-31 history | SEC XBRL NetIncomeLoss 0001262039-19-000006 | unverified |
| Net income FY2017 | 31400000.0 | 2017-12-31 history | SEC XBRL NetIncomeLoss 0001262039-20-000011 | unverified |
| Net income FY2018 | 334900000.0 | 2018-12-31 history | SEC XBRL NetIncomeLoss 0001262039-21-000008 | unverified |
| Net income FY2019 | 331700000.0 | 2019-12-31 history | SEC XBRL NetIncomeLoss 0001262039-22-000008 | unverified |
| Net income FY2020 | 488500000.0 | 2020-12-31 history | SEC XBRL NetIncomeLoss 0001262039-23-000010 | unverified |
| Net income FY2021 | 606800000.0 | 2021-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-24-000014 | unverified |
| Net income FY2022 | 857300000.0 | 2022-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-25-000011 | unverified |
| Net income FY2023 | 1147800000.0 | 2023-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| Net income FY2024 | 1745200000.0 | 2024-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| Net income FY2025 | 1853400000.0 | 2025-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| lt_debt | 496900000.0 | 2026-06-30 | SEC XBRL LongTermDebtNoncurrent 0001262039-26-000021 | unverified |
| debt_lt_current | 0.0 | 2026-06-30 | SEC XBRL LongTermDebtCurrent 0001262039-26-000021 | unverified |
| Operating income FY2021 | 650400000.0 | 2021-12-31 history | SEC XBRL OperatingIncomeLoss 0001262039-24-000014 | unverified |
| Revenue FY2021 | 3342200000.0 | 2021-12-31 history | SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-24-000014 | unverified |
| Operating income FY2022 | 969600000.0 | 2022-12-31 history | SEC XBRL OperatingIncomeLoss 0001262039-25-000011 | unverified |
| Revenue FY2022 | 4417400000.0 | 2022-12-31 history | SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-25-000011 | unverified |
| Operating income FY2023 | 1241100000.0 | 2023-12-31 history | SEC XBRL OperatingIncomeLoss 0001262039-26-000007 | unverified |
| Revenue FY2023 | 5304800000.0 | 2023-12-31 history | SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007 | unverified |
| Operating income FY2024 | 1803400000.0 | 2024-12-31 history | SEC XBRL OperatingIncomeLoss 0001262039-26-000007 | unverified |
| Revenue FY2024 | 5955800000.0 | 2024-12-31 history | SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007 | unverified |
| Operating income FY2025 | 2084700000.0 | 2025-12-31 history | SEC XBRL OperatingIncomeLoss 0001262039-26-000007 | unverified |
| Revenue FY2025 | 6799600000.0 | 2025-12-31 history | SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007 | unverified |
| Operating cash flow FY2021 | 1499700000.0 | 2021-12-31 history | SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-24-000014 | unverified |
| Capital expenditure FY2021 | 295900000.0 | 2021-12-31 history | SEC XBRL PaymentsToAcquireProductiveAssets (10-K via companyfacts; capex fallback) 0001262039-24-000014 | unverified |
| Operating cash flow FY2022 | 1730600000.0 | 2022-12-31 history | SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-25-000011 | unverified |
| Capital expenditure FY2022 | 281200000.0 | 2022-12-31 history | SEC XBRL PaymentsToAcquireProductiveAssets (10-K via companyfacts; capex fallback) 0001262039-25-000011 | unverified |
| Operating cash flow FY2023 | 1935500000.0 | 2023-12-31 history | SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-26-000007 | unverified |
| Capital expenditure FY2023 | 204100000.0 | 2023-12-31 history | SEC XBRL PaymentsToAcquireProductiveAssets (10-K via companyfacts; capex fallback) 0001262039-26-000007 | unverified |
| Operating cash flow FY2024 | 2258100000.0 | 2024-12-31 history | SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-26-000007 | unverified |
| Capital expenditure FY2024 | 378900000.0 | 2024-12-31 history | SEC XBRL PaymentsToAcquireProductiveAssets (10-K via companyfacts; capex fallback) 0001262039-26-000007 | unverified |
| Operating cash flow FY2025 | 2590600000.0 | 2025-12-31 history | SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-26-000007 | unverified |
| Capital expenditure FY2025 | 364800000.0 | 2025-12-31 history | SEC XBRL PaymentsToAcquireProductiveAssets (10-K via companyfacts; capex fallback) 0001262039-26-000007 | unverified |
| Shares outstanding | 733713653.0 | 2026-07-28 | SEC cover page 10-Q 0001262039-26-000021 (733,713,653 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm 0001262039-26-000021 | not cross-checked |
Lynch GARP
| Test or factor | Value | Threshold | Points |
|---|---|---|---|
| 1 PEG: P/E divided by 5-yr EPS growth (in % points) | 2.25 | <= 1.0 | 0.0 / 30 |
| 2 EPS growth, 5-yr compound rate | +33.1% a year | 12% to 35% a year | 20.0 / 20 |
| 3 P/E on latest annual EPS | 74.4 | <= 25 | 0.0 / 10 |
| 4 Borrowings / equity LongTermDebtNoncurrent + LongTermDebtCurrent | 0.32 | <= 0.5 | 15.0 / 15 |
| 5 Years of the last 5 in which EPS rose | 5 of 5 | 5 of 5 | 15.0 / 15 |
| 6 Net cash (cash minus borrowings) / market cap | +1.8% | >= +10% | 7.7 / 10 |
Inputs, 7 numbers with their sources
| Input | Value | Period | Source | Check |
|---|---|---|---|---|
| Price (close, per traded unit) | 179.99 | 2026-10-23 | Alpaca Market Data (consolidated SIP daily bar) | not cross-checked |
| EPS diluted FY2025 | 2.42 | 2025-12-31 history | SEC XBRL EarningsPerShareDiluted 0001262039-26-000007 | unverified |
| EPS diluted FY2020 | 0.58 | 2020-12-31 history | SEC XBRL EarningsPerShareDiluted 0001262039-23-000010 | unverified |
| lt_debt | 496900000.0 | 2026-06-30 | SEC XBRL LongTermDebtNoncurrent 0001262039-26-000021 | unverified |
| debt_lt_current | 0.0 | 2026-06-30 | SEC XBRL LongTermDebtCurrent 0001262039-26-000021 | unverified |
| equity | 1551100000.0 | 2026-06-30 | SEC XBRL StockholdersEquity 0001262039-26-000021 | unverified |
| cash | 2934900000.0 | 2026-06-30 | SEC XBRL CashAndCashEquivalentsAtCarryingValue 0001262039-26-000021 | unverified |
Graham Enterprising
| Test or factor | Value | Threshold | Points |
|---|---|---|---|
| 1 Current ratio | 1.28 | >= 1.5 | 8.5 / 15 |
| 2 Borrowings vs working capital LongTermDebtNoncurrent + LongTermDebtCurrent | 0.36 x | <= 1.1x | 15.0 / 15 |
| 3 No earnings deficit in the last 5 years | 5 of 5 profitable | 5 of 5 | 15.0 / 15 |
| 4 Pays a current dividend | no | yes | 0.0 / 10 |
| 5 EPS higher than five years earlier | 0.58 -> 2.42 | higher | 10.0 / 10 |
| 6 Price / book value per share book value used because intangibles are not separated in the dataset (Graham uses net tangible assets) | 85.14 | <= 1.2 | 0.0 / 20 |
| 7 Price / net current asset value per share (current assets minus all liabilities) net current asset value not positive | — | <= 0.67 | 0.0 / 15 |
Inputs, 15 numbers with their sources
| Input | Value | Period | Source | Check |
|---|---|---|---|---|
| Price (close, per traded unit) | 179.99 | 2026-10-23 | Alpaca Market Data (consolidated SIP daily bar) | not cross-checked |
| current_assets | 6208300000.0 | 2026-06-30 | SEC XBRL AssetsCurrent 0001262039-26-000021 | unverified |
| current_liabilities | 4840800000.0 | 2026-06-30 | SEC XBRL LiabilitiesCurrent 0001262039-26-000021 | unverified |
| lt_debt | 496900000.0 | 2026-06-30 | SEC XBRL LongTermDebtNoncurrent 0001262039-26-000021 | unverified |
| debt_lt_current | 0.0 | 2026-06-30 | SEC XBRL LongTermDebtCurrent 0001262039-26-000021 | unverified |
| Net income FY2021 | 606800000.0 | 2021-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-24-000014 | unverified |
| Net income FY2022 | 857300000.0 | 2022-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-25-000011 | unverified |
| Net income FY2023 | 1147800000.0 | 2023-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| Net income FY2024 | 1745200000.0 | 2024-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| Net income FY2025 | 1853400000.0 | 2025-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| Dividend years (Yahoo) | [] | history | Yahoo Finance dividend history | not cross-checked |
| EPS diluted FY2025 | 2.42 | 2025-12-31 history | SEC XBRL EarningsPerShareDiluted 0001262039-26-000007 | unverified |
| EPS diluted FY2020 | 0.58 | 2020-12-31 history | SEC XBRL EarningsPerShareDiluted 0001262039-23-000010 | unverified |
| equity | 1551100000.0 | 2026-06-30 | SEC XBRL StockholdersEquity 0001262039-26-000021 | unverified |
| Shares outstanding | 733713653.0 | 2026-07-28 | SEC cover page 10-Q 0001262039-26-000021 (733,713,653 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm 0001262039-26-000021 | not cross-checked |
Piotroski F-Score
| Test or factor | Value | Threshold | Points |
|---|---|---|---|
| 1 Return on assets is positive | 17.8% | pass = 1 | 11.11111111111111 / 11.11111111111111 |
| 2 Operating cash flow is positive | 2,591M | pass = 1 | 11.11111111111111 / 11.11111111111111 |
| 3 Return on assets improved on the prior year | 17.9% -> 17.8% | pass = 1 | 0.0 / 11.11111111111111 |
| 4 Operating cash flow exceeds net income (accruals) | 2,591M vs 1,853M | pass = 1 | 11.11111111111111 / 11.11111111111111 |
| 5 Long-term debt / assets fell | 10.2% -> 4.8% | pass = 1 | 11.11111111111111 / 11.11111111111111 |
| 6 Current ratio improved | 1.47 -> 1.17 | pass = 1 | 0.0 / 11.11111111111111 |
| 7 No new shares issued (share count did not rise) | 766M -> 734M | pass = 1 | 11.11111111111111 / 11.11111111111111 |
| 8 Operating margin improved (stand-in for gross margin, which the dataset does not carry) | 30.3% -> 30.7% | pass = 1 | 11.11111111111111 / 11.11111111111111 |
| 9 Asset turnover (revenue / assets) improved | 0.61 -> 0.65 | pass = 1 | 11.11111111111111 / 11.11111111111111 |
Inputs, 27 numbers with their sources
| Input | Value | Period | Source | Check |
|---|---|---|---|---|
| net_income 2025-12-31 | 1853400000.0 | 2025-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| total_assets 2025-12-31 | 10389200000.0 | 2025-12-31 history | SEC XBRL Assets 0001262039-26-000021 | unverified |
| cfo 2025-12-31 | 2590600000.0 | 2025-12-31 history | SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-26-000007 | unverified |
| net_income 2025-12-31 | 1853400000.0 | 2025-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| net_income 2024-12-31 | 1745200000.0 | 2024-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| total_assets 2025-12-31 | 10389200000.0 | 2025-12-31 history | SEC XBRL Assets 0001262039-26-000021 | unverified |
| total_assets 2024-12-31 | 9763100000.0 | 2024-12-31 history | SEC XBRL Assets 0001262039-26-000007 | unverified |
| cfo 2025-12-31 | 2590600000.0 | 2025-12-31 history | SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001262039-26-000007 | unverified |
| net_income 2025-12-31 | 1853400000.0 | 2025-12-31 history | SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0002077096-26-000106) 0001262039-26-000007 | unverified |
| lt_debt 2025-12-31 | 496600000.0 | 2025-12-31 history | SEC XBRL LongTermDebtNoncurrent 0001262039-26-000021 | unverified |
| lt_debt 2024-12-31 | 994300000.0 | 2024-12-31 history | SEC XBRL LongTermDebtNoncurrent 0001262039-26-000007 | unverified |
| total_assets 2025-12-31 | 10389200000.0 | 2025-12-31 history | SEC XBRL Assets 0001262039-26-000021 | unverified |
| total_assets 2024-12-31 | 9763100000.0 | 2024-12-31 history | SEC XBRL Assets 0001262039-26-000007 | unverified |
| current_assets 2025-12-31 | 5900200000.0 | 2025-12-31 history | SEC XBRL AssetsCurrent 0001262039-26-000021 | unverified |
| current_assets 2024-12-31 | 5971500000.0 | 2024-12-31 history | SEC XBRL AssetsCurrent 0001262039-26-000007 | unverified |
| current_liabilities 2025-12-31 | 5034000000.0 | 2025-12-31 history | SEC XBRL LiabilitiesCurrent 0001262039-26-000021 | unverified |
| current_liabilities 2024-12-31 | 4060700000.0 | 2024-12-31 history | SEC XBRL LiabilitiesCurrent 0001262039-26-000007 | unverified |
| shares_out 2026-07-28 | 733713653.0 | 2026-07-28 history | SEC XBRL EntityCommonStockSharesOutstanding 0001262039-26-000021 | unverified |
| shares_out 2025-08-05 | 766266033.0 | 2025-08-05 history | SEC XBRL EntityCommonStockSharesOutstanding 0001262039-25-000028 | unverified |
| operating_income 2025-12-31 | 2084700000.0 | 2025-12-31 history | SEC XBRL OperatingIncomeLoss 0001262039-26-000007 | unverified |
| operating_income 2024-12-31 | 1803400000.0 | 2024-12-31 history | SEC XBRL OperatingIncomeLoss 0001262039-26-000007 | unverified |
| revenue 2025-12-31 | 6799600000.0 | 2025-12-31 history | SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007 | unverified |
| revenue 2024-12-31 | 5955800000.0 | 2024-12-31 history | SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007 | unverified |
| revenue 2025-12-31 | 6799600000.0 | 2025-12-31 history | SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007 | unverified |
| revenue 2024-12-31 | 5955800000.0 | 2024-12-31 history | SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001262039-26-000007 | unverified |
| total_assets 2025-12-31 | 10389200000.0 | 2025-12-31 history | SEC XBRL Assets 0001262039-26-000021 | unverified |
| total_assets 2024-12-31 | 9763100000.0 | 2024-12-31 history | SEC XBRL Assets 0001262039-26-000007 | unverified |
Earnings record
| FY | Ended | Revenue, $M | Net income, $M | EPS diluted | Dividend | Filing |
|---|---|---|---|---|---|---|
| 2013 | 2013-12-31 | 615 | 44 | 0.052 | none | 0001262039-16-000053 |
| 2014 | 2014-12-31 | 770 | 25 | 0.03 | none | 0001262039-17-000008 |
| 2015 | 2015-12-31 | 1,009 | 8 | 0.01 | none | 0001262039-18-000009 |
| 2016 | 2016-12-31 | 1,275 | 32 | 0.036 | none | 0001262039-19-000006 |
| 2017 | 2017-12-31 | 1,495 | 31 | 0.036 | none | 0001262039-20-000011 |
| 2018 | 2018-12-31 | 1,805 | 335 | 0.384 | none | 0001262039-21-000008 |
| 2019 | 2019-12-31 | 2,163 | 332 | 0.38 | none | 0001262039-22-000008 |
| 2020 | 2020-12-31 | 2,594 | 488 | 0.58 | none | 0001262039-23-000010 |
| 2021 | 2021-12-31 | 3,342 | 607 | 0.73 | none | 0001262039-24-000014 |
| 2022 | 2022-12-31 | 4,417 | 857 | 1.06 | none | 0001262039-25-000011 |
| 2023 | 2023-12-31 | 5,305 | 1,148 | 1.46 | none | 0001262039-26-000007 |
| 2024 | 2024-12-31 | 5,956 | 1,745 | 2.26 | none | 0001262039-26-000007 |
| 2025 | 2025-12-31 | 6,800 | 1,853 | 2.42 | none | 0001262039-26-000007 |
Insider transactions
| Date | Insider | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-09-24 | Ohlgart Christiane | CFO | sale plan | 48 | 180.00 | 8,640 |
| 2026-09-15 | Whittle John | COO | sale plan | 2,835 | 168.74 | 478,378 |
| 2026-09-14 | Whittle John | COO | sale plan | 52,707 | 165.43 | 8,719,319 |
| 2026-09-14 | Whittle John | COO | sale plan | 1,158 | 166.02 | 192,251 |
| 2026-08-04 | Ohlgart Christiane | CFO | sale plan | 387 | 164.59 | 63,696 |
| 2026-08-03 | Xie Ken | CEO | sale plan | 7,350 | 161.82 | 1,189,377 |
| 2026-08-03 | Xie Ken | CEO | sale plan | 19,647 | 160.82 | 3,159,631 |
| 2026-08-03 | Xie Ken | CEO | sale plan | 18,409 | 160.14 | 2,948,017 |
| 2026-08-03 | Xie Ken | CEO | sale plan | 67,971 | 163.08 | 11,084,711 |
| 2026-08-03 | Xie Ken | CEO | sale plan | 47,943 | 163.91 | 7,858,337 |
| 2026-08-03 | Xie Ken | CEO | sale plan | 162 | 164.49 | 26,647 |
| 2026-08-03 | Xie Michael | officer | sale plan | 1,421 | 163.12 | 231,794 |
| 2026-08-03 | Xie Michael | officer | sale plan | 200 | 161.75 | 32,350 |
| 2026-08-03 | Xie Michael | officer | sale plan | 700 | 160.36 | 112,252 |
| 2026-08-03 | Xie Michael | officer | sale plan | 800 | 163.98 | 131,184 |
| 2026-06-03 | Xie Michael | officer | sale | 410 | 145.72 | 59,745 |
| 2026-06-03 | Xie Michael | officer | sale | 132 | 148.30 | 19,576 |
| 2026-06-03 | Xie Michael | officer | sale | 2,337 | 146.55 | 342,487 |
| 2026-06-03 | Xie Michael | officer | sale | 564 | 147.71 | 83,308 |
| 2026-06-03 | Xie Michael | officer | sale | 464 | 144.46 | 67,029 |
Filings and links
- SEC: filing index, 8-K, Form 4, XBRL companyfacts
- Prices: Yahoo Finance, Stooq
- Elsewhere: morningstar, finviz, stockanalysis, seeking alpha, openinsider, google news