Analysis of Revenues
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2009
- Return on Equity (ROE) since 2009
- Current Ratio since 2009
- Price to Book Value (P/BV) since 2009
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Revenues as Reported
Fortinet Inc., income statement, revenues
US$ in thousands
| 12 months ended: | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Product | |||||||||||
| Security subscription | |||||||||||
| Technical support and other | |||||||||||
| Service | |||||||||||
| Revenue |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Product Revenue
- There is a consistent upward trend in product revenue over the analyzed period, increasing from $674.4 million in 2018 to $1.7805 billion in 2022. Notably, the growth rate accelerates in the last two years, with a significant jump from $1.255 billion in 2021 to $1.7805 billion in 2022, indicating strong demand or expanded product offerings.
- Security Subscription Revenue
- Security subscription revenue exhibits steady growth throughout the period, rising from $606.1 million in 2018 to $1.427 billion in 2022. The increase is relatively consistent year-on-year except for a larger increase between 2019 and 2020. This suggests a growing customer base or successful subscription retention and expansion strategies.
- Technical Support and Other Revenue
- This revenue category also shows continuous growth, progressing from $520.7 million in 2018 to nearly $1.21 billion in 2022. The growth appears to be steady, supporting the notion of enhanced service capabilities or increased customer spend on support and related offerings.
- Service Revenue
- Service revenue follows a similar growth trajectory, increasing from approximately $1.127 billion in 2018 to $2.637 billion in 2022. The increase corresponds with growth in both security subscriptions and technical support, which are components of service revenue, reflecting a broadening service portfolio and increased customer reliance on these services.
- Total Revenue
- Total revenue has consistently grown, nearly doubling from $1.801 billion in 2018 to $4.417 billion in 2022. The growth rate accelerates from 2020 onwards, with the most substantial absolute increases occurring between 2021 and 2022. This reflects overall business expansion driven by product sales and service offerings.
- Overall Insights
- The data indicates strong and accelerating growth across all revenue streams, with product revenue showing particularly robust increases in later years. The steady rise in security subscriptions and technical support points to increasing customer engagement and loyalty. Service revenue growth aligns with these trends, underscoring the importance of recurring service-based income. The company's revenue diversification between product and service segments appears balanced, supporting sustainable revenue expansion.