Stock Analysis on Net
Stock Analysis on Net

Fortinet Inc. (NASDAQ:FTNT)

This company has been moved to the archive! The financial data has not been updated since May 8, 2023.

Common-Size Balance Sheet: Assets 

Fortinet Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Cash and cash equivalents 27.02 22.29 26.25 31.46 36.14
Short-term investments 8.07 20.17 19.17 21.70 17.45
Marketable equity securities 0.41 0.65 0.00 0.00 0.00
Accounts receivable, net of allowance for credit losses 20.26 13.65 17.80 14.01 14.44
Inventory 4.25 2.97 3.46 3.03 2.92
Prepaid expenses and other current assets 1.17 1.10 1.07 1.06 1.20
Current assets 61.18% 60.83% 67.76% 71.26% 72.15%
Long-term investments 0.73 7.45 2.92 3.71 2.18
Property and equipment, net 14.43 11.62 11.08 8.86 8.82
Deferred contract costs 8.32 7.15 7.54 6.10 5.93
Deferred tax assets 9.14 5.78 6.06 5.99 8.28
Goodwill 2.06 2.11 2.30 1.73 1.24
Other intangible assets, net 0.90 1.07 0.78 0.80 0.72
Other assets 3.24 3.98 1.56 1.54 0.68
Non-current assets 38.82% 39.17% 32.24% 28.74% 27.85%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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).

Cash and cash equivalents
There is a consistent decline from 36.14% in 2018 to 22.29% in 2021, followed by a moderate increase to 27.02% in 2022, indicating a fluctuating but overall downward trend in cash holdings relative to total assets.
Short-term investments
Short-term investments grew from 17.45% in 2018 to a peak of 21.7% in 2019, then declined steadily to 8.07% in 2022, suggesting a strategic reduction in liquid investments over the period.
Marketable equity securities
These securities appear only in 2021 and 2022, with minor values of 0.65% and 0.41% respectively, indicating a marginal portion of assets allocated to marketable equities in recent years.
Accounts receivable, net of allowance for credit losses
The proportion showed fluctuations: a slight decline from 14.44% in 2018 to 14.01% in 2019, an increase to 17.8% in 2020, a drop to 13.65% in 2021, and a significant rise to 20.26% in 2022, indicating variability in receivables management or sales on credit.
Inventory
Inventory levels remained relatively stable around 3%, with a noticeable rise to 4.25% in 2022, potentially reflecting increased stockholding or demand anticipation.
Prepaid expenses and other current assets
This item remained stable, around 1%–1.2%, showing minimal changes over the years and holding a small share of total assets.
Current assets
The share of current assets decreased gradually from 72.15% in 2018 to 60.83% in 2021, with a slight increase to 61.18% in 2022, indicating a moderate shift towards less liquid assets.
Long-term investments
Long-term investments fluctuated, initially rising from 2.18% in 2018 to 7.45% in 2021, then sharply declining to 0.73% in 2022, reflecting possible divestment or revaluation.
Property and equipment, net
There was a steady increase from 8.82% in 2018 to 14.43% in 2022, indicating ongoing capital investment and asset growth in fixed assets.
Deferred contract costs
The proportion of deferred contract costs showed a general upward trend from 5.93% in 2018 to 8.32% in 2022, possibly due to increased contract-related activities or capitalization policies.
Deferred tax assets
This item decreased from 8.28% in 2018 to around 6% in the following three years, then increased significantly to 9.14% in 2022, suggesting fluctuations in tax asset recognition or deferred tax effects.
Goodwill
Goodwill increased from 1.24% in 2018 to 2.3% in 2020, then slightly declined to around 2% in subsequent years, reflecting limited changes in acquisitions or impairment adjustments.
Other intangible assets, net
Other intangibles increased modestly from 0.72% in 2018 to 1.07% in 2021 before declining to 0.9% in 2022, showing minor fluctuations in intangible asset composition.
Other assets
The share of other assets grew steadily from 0.68% in 2018 to 3.98% in 2021, then slightly decreased to 3.24% in 2022, indicating increasing non-classified asset holdings.
Non-current assets
Non-current assets increased consistently from 27.85% in 2018 to 39.17% in 2021, before marginally decreasing to 38.82% in 2022, signifying a shift in asset structure towards long-term investments and property, plant, and equipment.
Total assets
The total always equals 100%, serving as the denominator for the percentage breakdown of individual asset categories.