Name: Fortinet Inc. (NASDAQ:FTNT) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Fortinet Inc., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Cash and cash equivalents	1,682,900)	1,319,100)	1,061,800)	1,222,500)	1,112,400)
Short-term investments	502,600)	1,194,000)	775,500)	843,100)	537,200)
Marketable equity securities	25,500)	38,600)	—)	—)	—)
Accounts receivable, net of allowance for credit losses	1,261,700)	807,700)	720,000)	544,300)	444,500)
Inventory	264,600)	175,800)	139,800)	117,900)	90,000)
Prepaid expenses and other current assets	73,100)	65,400)	43,300)	41,200)	36,800)
Current assets	3,810,400)	3,600,600)	2,740,400)	2,769,000)	2,220,900)
Long-term investments	45,500)	440,800)	118,300)	144,300)	67,000)
Property and equipment, net	898,500)	687,600)	448,000)	344,300)	271,400)
Deferred contract costs	518,200)	423,300)	304,800)	237,000)	182,600)
Deferred tax assets	569,400)	342,300)	245,200)	232,600)	255,000)
Goodwill	128,000)	125,100)	93,000)	67,200)	38,200)
Other intangible assets, net	56,000)	63,600)	31,600)	31,100)	22,100)
Other assets	202,000)	235,800)	63,200)	60,000)	20,800)
Non-current assets	2,417,600)	2,318,500)	1,304,100)	1,116,500)	857,100)
Total assets	6,228,000)	5,919,100)	4,044,500)	3,885,500)	3,078,000)

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).

Total assets experienced substantial growth over the analyzed five-year period, increasing from US$ 3.08 billion in 2018 to US$ 6.23 billion by the end of 2022. This expansion is characterized by a simultaneous increase in both current and non-current asset bases, indicating a broad scaling of the organization's operational capacity and financial resources.

Current Asset Trends: Cash and cash equivalents demonstrated a consistent upward trajectory, rising from US$ 1.11 billion in 2018 to US$ 1.68 billion in 2022. However, short-term investments exhibited significant volatility; after peaking at US$ 1.19 billion in 2021, these holdings decreased sharply to US$ 502.6 million in 2022. A more pronounced growth pattern is observed in accounts receivable, which grew from US$ 444.5 million to US$ 1.26 billion, suggesting a significant increase in credit sales or a lengthening of the collection cycle. Inventory also expanded steadily, nearly tripling from US$ 90 million in 2018 to US$ 264.6 million in 2022.
Non-Current Asset Evolution: Non-current assets grew from US$ 857.1 million in 2018 to US$ 2.42 billion in 2022. This growth was primarily driven by property and equipment, net, which increased from US$ 271.4 million to US$ 898.5 million, reflecting intensified investment in physical infrastructure. Deferred contract costs showed a steady climb, reaching US$ 518.2 million in 2022, which typically correlates with an increase in the acquisition of long-term service contracts. Additionally, deferred tax assets saw a sharp increase in the final year, rising from US$ 342.3 million in 2021 to US$ 569.4 million in 2022.
Intangibles and Acquisitions: Goodwill and other intangible assets increased modestly over the period. Goodwill rose from US$ 38.2 million in 2018 to US$ 128 million in 2022, while other intangible assets grew from US$ 22.1 million to US$ 56 million. The relatively small scale of these items compared to the overall asset growth suggests that the company's expansion has been driven more by organic growth and internal investment than by large-scale acquisitions.
Liquidity and Asset Composition: The composition of the balance sheet shifted toward a higher proportion of liquid assets over time, with current assets growing from 72% of total assets in 2018 to approximately 61% in 2022. While the absolute value of current assets increased, the growth in non-current assets was proportionately faster, moving from 28% of the total asset mix in 2018 to 39% in 2022.

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