Stock Analysis on Net
Stock Analysis on Net

Fortinet Inc. (NASDAQ:FTNT)

$22.49

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

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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Fortinet Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable
Accrued liabilities
Accrued payroll and compensation
Current portion of long-term debt
Deferred revenue
Current liabilities
Deferred revenue
Income tax liabilities
Long-term debt, excluding current portion
Other liabilities
Non-current liabilities
Total liabilities
Common stock, $0.001 par value
Additional paid-in capital
Accumulated other comprehensive income (loss)
Retained earnings (accumulated deficit)
Total Fortinet, Inc. stockholders’ equity (deficit)
Non-controlling interests
Total equity (deficit)
Total liabilities and equity (deficit)

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).

Accounts Payable
Accounts payable as a percentage of total liabilities and equity fluctuated in the range of approximately 2.1% to 4.0% over the period. There was a general increasing trend observable from mid-2021 through late 2022, peaking at above 4% before slightly declining in early 2023.
Accrued Liabilities
Accrued liabilities showed steady fluctuations between approximately 2.6% and 5.1%. After hovering mostly between 3% and 4% until mid-2021, a marked increase occurred starting in late 2021, reaching the highest levels near 5% in the first quarter of 2023.
Accrued Payroll and Compensation
The accrued payroll and compensation percentage ranged roughly from 2.5% to 3.6%. Values demonstrated moderate volatility with no clear sustained trend, though a slight uptick was noted during 2020 followed by a stable pattern around 3% to 3.5% thereafter.
Current Portion of Long-Term Debt
This item appeared only starting mid-2021 at a low level (0.29%) but was otherwise absent or negligible in earlier periods, indicating a new recognition or classification of current debt obligations.
Deferred Revenue (First Instance)
Deferred revenue, in one presentation, declined from 34.0% at the start of 2018 to around 27% by early 2021, before increasing sharply to a peak near 40% in late 2022, followed by a slight decrease to about 36% in early 2023. This suggests an increase in customer prepayments or unearned revenue in recent years after a prior decline.
Current Liabilities
Current liabilities, including accrued liabilities and accounts payable, ranged broadly from about 35.5% to 52%, with a notable rise starting in early 2020 (reaching above 48%) and peaking around 52% in late 2022. This indicates increased short-term obligations relative to the company's capital structure.
Deferred Revenue (Second Instance)
Deferred revenue shown again at a lower percentage (likely another measurement basis) followed a pattern similar to the first instance: a decrease through early 2021 followed by an increase toward nearly 39% in late 2022, then a small decline in 2023, reinforcing the pattern of growing deferred income obligations.
Income Tax Liabilities
Income tax liabilities consistently decreased as a percentage of total liabilities and equity, declining from above 3.5% in early 2018 to just above 1% by early 2023, reflecting possible reductions in taxable income, tax planning efforts, or changes in tax rates.
Long-Term Debt (Excluding Current Portion)
This component appeared only from early 2021 onward, showing a declining trend from roughly 18.7% to below 14.5% by early 2023, suggesting gradual repayment or reclassification of long-term debt to current liabilities or equity.
Other Liabilities
Other liabilities remained minor relative to total capital structure, usually under 1.6%, with small fluctuations indicating stable but low exposure to other miscellaneous obligations.
Non-Current Liabilities
Non-current liabilities increased significantly over time from about 26% in early 2018 to a peak near 60% in late 2022, then slightly declined to about 52% in early 2023. This reflects growing long-term obligations or deferred liabilities as a proportion of the company's capital.
Total Liabilities
Total liabilities as a percentage of total liabilities and equity increased markedly over the period. Starting near 67%-71% in 2018, they rose sharply beginning in 2020 to exceed 110% in late 2022, before decreasing somewhat to near 100% by early 2023. This indicates that liabilities at times exceeded the company's equity, implying a leveraged or deficit position.
Common Stock
The common stock component remained negligible, constantly near zero percent, reflecting minimal impact on the capital structure or possible share reclassification.
Additional Paid-In Capital
This item showed a declining trend from nearly 40% in early 2018 to under 20% by early 2023, indicating that the relative contribution of paid-in capital to total financing decreased substantially over the observed quarters.
Accumulated Other Comprehensive Income (Loss)
The accumulated other comprehensive income/loss was generally very minor, fluctuating around zero with some negative values appearing from late 2021 onward, suggesting limited unrealized gains/losses or adjustments impacting equity.
Retained Earnings (Accumulated Deficit)
Retained earnings progressed from a negative position improvement in early 2018 (around -11%) to positive territory briefly mid-2019 before steep declines in 2020 and 2022, reaching nearly -35% by late 2022. This indicates periods of net losses or dividends exceeding earnings, contributing to equity erosion.
Total Stockholders’ Equity (Deficit)
Stockholders’ equity declined significantly from levels over 30% through 2018-2019 to low positive and then negative values from 2022 onward, bottoming near -12% before recovering slightly to approximately zero by early 2023. This underscores a transition from solid equity to deficit and partial recovery.
Non-Controlling Interests
Non-controlling interests were introduced mid-2021 at small values around 0.25% to 0.29%, indicating minority equity stakes beginning to be recorded.
Total Equity
Total equity closely followed the pattern of stockholders’ equity, declining from near 33% range in early years to negative territories between 2021 and 2022, then returning near zero in early 2023. This reflects overall weakening in the company’s net asset position during the period with some recovery attempts.
Total Liabilities and Equity
As expected, total liabilities and equity were consistently balanced at 100% throughout all periods, confirming the accounting equation integrity in the data presentation.