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 
Quarterly Data

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

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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).

Cash and Cash Equivalents
The proportion of cash and cash equivalents relative to total assets showed considerable volatility. Initially, it peaked at 42.31% in September 2018, then generally declined to a low of 13.41% in June 2022, before recovering to 33.73% by March 2023. This pattern suggests fluctuating liquidity positions, with a recent strengthening of cash reserves.
Short-term Investments
Short-term investments represented a significant but variable share of total assets. The ratio started around 19.51% in March 2018, peaked near 24.18% in March 2020, and then decreased sharply to approximately 8.03% by March 2023. This decline may indicate either liquidation of short-term investments or a strategic shift in asset allocation.
Marketable Equity Securities
Marketable equity securities began appearing in the asset composition from March 2022 onward, but maintained a small proportion, under 1%. Their presence indicates a modest allocation to marketable securities in recent periods.
Accounts Receivable, Net
The accounts receivable portion of total assets experienced fluctuations over time. Starting at 13.04% in March 2018, it decreased to about 10.13% in September 2021, then increased significantly to 20.26% in December 2022 before declining again to 15.91% by March 2023. This variability may reflect changing credit policies, sales cycles, or collection efficiency.
Inventory
The inventory share remained relatively stable but with a slight increasing trend, rising from 3.33% in March 2018 to 4.43% in March 2023. This gradual increase might indicate accumulation of stock or changing inventory management strategies.
Prepaid Expenses and Other Current Assets
This category generally remained stable at around 1.0% to 1.7% of total assets, showing minor fluctuations without a significant trend.
Current Assets
Current assets as a percentage of total assets demonstrated a downward trend from over 75% in late 2018 to a low near 55% in late 2022, before recovering slightly to 63.8% in March 2023. This suggests a gradual decline in liquidity and short-term resources over the period, with some replenishment in recent quarters.
Long-term Investments
The proportion of long-term investments was erratic, beginning low at 3.44% in March 2018, peaking at 7.45% in December 2021, and then sharply decreasing to 0.23% by March 2023. Such volatility indicates active management or disposal of long-term investment holdings.
Property and Equipment, Net
The relative value of property and equipment increased over time, nearly doubling from 10.21% in March 2018 to a peak of 16.67% in September 2022, followed by a slight decrease to 13.43% in March 2023. This trend reflects ongoing capital investment in fixed assets.
Deferred Contract Costs
Deferred contract costs showed a gradual increase from around 6.19% in early 2018 to a peak near 9.01% in September 2022, suggesting growing capitalization of contract-related expenses that may amortize over time.
Deferred Tax Assets
This asset category remained relatively stable with some upward trend, ranging from about 5.35% in late 2018 to 9.51% in March 2023. The increase could be linked to higher deferred tax benefits or timing differences in tax accounting.
Goodwill
Goodwill as a percentage of total assets was generally low, fluctuating around 1% to 2.3%. It peaked near 2.3% in December 2020 and then trended downward to 1.87% by March 2023, indicating limited business acquisitions or impairments.
Other Intangible Assets, Net
The share of other intangible assets remained low and relatively stable, with values around 0.6% to 1.2%. There was a slight increase toward late 2021 before decreasing again subsequently.
Other Assets
Other assets grew steadily as a share of total assets, from under 1% in 2018 to a peak of approximately 4.43% in June 2022, followed by a decline to 2.56% by March 2023. This suggests increased miscellaneous assets during the middle period with some reversal later.
Non-current Assets
Non-current assets as a percentage of total assets varied from around 24.8% to 44.23%, showing an overall increasing trend from 2018 to late 2022, before contracting to 36.2% by March 2023. This growth indicates greater investment in long-term holdings, property, and deferred costs, reflecting asset structure shifts.