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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
Quarterly Data

Fortinet Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Cash and cash equivalents 33.73 27.02 18.07 13.41 16.34 22.29 31.02 33.81 35.22 26.25 24.60 27.51 19.53 31.46 33.15 30.33 37.96 36.14 42.31 37.74 34.81
Short-term investments 8.03 8.07 13.86 19.28 20.98 20.17 20.57 22.20 20.38 19.17 21.59 18.33 24.18 21.70 21.57 23.98 18.25 17.45 16.82 17.92 19.51
Marketable equity securities 0.38 0.41 0.50 0.46 0.57 0.65 0.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts receivable, net 15.91 20.26 18.05 17.37 13.99 13.65 10.13 10.52 12.07 17.80 15.24 14.97 14.81 14.01 10.83 11.96 11.89 14.44 11.74 12.95 13.04
Inventory 4.43 4.25 4.04 3.69 3.27 2.97 2.98 2.69 2.83 3.46 3.75 3.78 3.27 3.03 2.80 2.54 2.76 2.92 2.92 3.04 3.33
Prepaid expenses and other current assets 1.31 1.17 1.36 1.57 1.62 1.10 1.00 1.09 1.09 1.07 1.31 1.71 1.69 1.06 1.20 1.24 1.31 1.20 1.40 1.53 1.62
Current assets 63.80% 61.18% 55.89% 55.77% 56.77% 60.83% 66.38% 70.31% 71.58% 67.76% 66.49% 66.32% 63.48% 71.26% 69.56% 70.06% 72.16% 72.15% 75.20% 73.18% 72.30%
Long-term investments 0.23 0.73 1.57 3.56 6.38 7.45 4.99 4.44 2.86 2.92 3.29 3.01 5.36 3.71 5.76 4.44 1.57 2.18 1.40 2.54 3.44
Property and equipment, net 13.43 14.43 16.67 15.39 13.92 11.62 9.32 9.11 9.36 11.08 11.69 11.79 11.67 8.86 8.62 8.45 8.48 8.82 9.60 9.94 10.21
Deferred contract costs 7.86 8.32 9.01 8.63 7.74 7.15 6.34 6.26 6.06 7.54 7.84 7.91 7.76 6.10 6.13 6.06 5.94 5.93 6.14 6.24 6.19
Deferred tax assets 9.51 9.14 9.66 9.07 7.64 5.78 5.65 4.88 4.93 6.06 6.42 6.57 7.06 5.99 6.87 7.68 8.19 8.28 5.35 5.51 5.78
Goodwill 1.87 2.06 2.25 2.29 2.19 2.11 2.14 1.78 1.88 2.30 1.90 2.02 2.10 1.73 1.08 1.13 1.19 1.24 0.93 0.97 0.61
Other intangible assets, net 0.75 0.90 0.73 0.86 0.98 1.07 1.19 0.52 0.61 0.78 0.71 0.70 0.85 0.80 0.39 0.48 0.60 0.72 0.65 0.83 0.60
Other assets 2.56 3.24 4.22 4.43 4.38 3.98 3.98 2.71 2.71 1.56 1.66 1.68 1.72 1.54 1.59 1.70 1.86 0.68 0.73 0.80 0.87
Non-current assets 36.20% 38.82% 44.11% 44.23% 43.23% 39.17% 33.62% 29.69% 28.42% 32.24% 33.51% 33.68% 36.52% 28.74% 30.44% 29.94% 27.84% 27.85% 24.80% 26.82% 27.70%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The asset composition reflects a dynamic shift in liquidity and investment strategy between 2018 and early 2023. A general transition is observed where the company moved from a highly liquid position dominated by current assets toward a more diversified asset base with increased non-current holdings, before returning to a more liquid state in the first quarter of 2023.

Liquidity and Cash Management
Cash and cash equivalents exhibited significant volatility, starting at 34.81% in March 2018 and peaking at 42.31% in September 2018. A prolonged decline occurred through 2021 and 2022, reaching a trough of 13.41% in June 2022. However, a rapid recovery followed, with cash returning to 33.73% of total assets by March 2023. Short-term investments remained more stable, generally fluctuating between 17% and 24% until 2022, when a sharp contraction occurred, ending at 8.03% in March 2023.
Current Asset Composition
Total current assets decreased from a high of 75.20% in September 2018 to a low of 55.77% in June 2022. This contraction was primarily driven by the reduction in cash and short-term investments. Accounts receivable, net, showed an upward trend toward the end of the period, rising from an average of approximately 12% in early years to a peak of 20.26% in December 2022, before moderating to 15.91% in March 2023. Inventory remained a small but steadily increasing portion of the asset base, growing from 3.33% in 2018 to 4.43% by March 2023.
Non-Current Asset Trends
Non-current assets saw a proportional increase, rising from 27.70% in March 2018 to a peak of 44.23% in June 2022. This expansion was driven by several factors: Property and equipment, net, increased from 10.21% to a high of 16.67% in September 2022. Deferred contract costs also trended upward, moving from 6.19% in 2018 to a peak of 9.01% in September 2022, suggesting increased capitalization of customer acquisition or fulfillment costs. Deferred tax assets showed similar growth, peaking at 9.66% in September 2022.
Intangible Assets and Other Holdings
Goodwill and other intangible assets remained minimal components of the total asset structure, generally staying below 3% combined throughout the analyzed period. Long-term investments experienced a significant decline, falling from 3.44% in March 2018 to a negligible 0.23% by March 2023. Other assets saw a gradual increase from 0.87% in early 2018 to peak at 4.43% in June 2022, before settling at 2.56% in the final quarter.

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