Current Ratio
since 2009
Calculation
Fortinet Inc., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 1.24 | = | 3,810,400) | ÷ | 3,078,400) |
| Dec 31, 2021 | 1.55 | = | 3,600,600) | ÷ | 2,318,100) |
| Dec 31, 2020 | 1.50 | = | 2,740,400) | ÷ | 1,829,500) |
| Dec 31, 2019 | 1.88 | = | 2,769,000) | ÷ | 1,473,600) |
| Dec 31, 2018 | 1.77 | = | 2,220,900) | ÷ | 1,256,400) |
| Dec 31, 2017 | 1.67 | = | 1,716,820) | ÷ | 1,027,223) |
| Dec 31, 2016 | 1.86 | = | 1,538,716) | ÷ | 829,440) |
| Dec 31, 2015 | 1.87 | = | 1,270,543) | ÷ | 678,670) |
| Dec 31, 2014 | 2.11 | = | 1,046,865) | ÷ | 496,456) |
| Dec 31, 2013 | 1.78 | = | 735,546) | ÷ | 413,061) |
| Dec 31, 2012 | 1.78 | = | 569,274) | ÷ | 319,304) |
| Dec 31, 2011 | 1.96 | = | 523,570) | ÷ | 266,864) |
| Dec 31, 2010 | 1.92 | = | 420,158) | ÷ | 218,382) |
| Dec 31, 2009 | 1.90 | = | 342,217) | ÷ | 180,565) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31).
1 US$ in thousands
Between 2009 and 2022, the organization experienced significant growth in the scale of its short-term financial position, characterized by a substantial increase in both current assets and current liabilities.
- Asset and Liability Expansion
- Current assets grew from 342.2 million USD in 2009 to 3.81 billion USD in 2022. Simultaneously, current liabilities rose from 180.6 million USD to 3.08 billion USD. While both metrics trended upward, the growth of current liabilities accelerated more rapidly in the final three years of the period, exerting downward pressure on the liquidity ratio.
- Historical Liquidity Performance
- From 2009 through 2019, the current ratio generally remained high, indicating a strong capacity to cover short-term obligations. This period was marked by a peak ratio of 2.11 in 2014 and a general range between 1.67 and 1.96. Throughout this decade, the organization maintained a significant buffer of current assets relative to its current liabilities.
- Recent Trend Analysis
- A notable decline in the current ratio is observed from 2020 onward. The ratio dropped to 1.50 in 2020, experienced a slight recovery to 1.55 in 2021, and reached a period minimum of 1.24 by the end of 2022. This trajectory reflects a narrowing liquidity margin, as the growth in current liabilities has outpaced the growth in current assets in the most recent reporting cycles.
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Comparison to Competitors
Fortinet Inc., current ratio, long-term trends, comparison to competitors
| Fortinet Inc. | Accenture PLC | Adobe Inc. | AppLovin Corp. | Cadence Design Systems Inc. | Datadog Inc. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 1.24 | 1.23 | 1.11 | 3.35 | 1.27 | 3.09 | 0.92 | 1.39 | 1.78 | 1.62 | 5.17 | 0.77 | 1.05 | 1.11 | 1.09 | 1.03 |
| Dec 31, 2021 | 1.55 | 1.25 | 1.25 | 5.05 | 1.77 | 3.54 | 0.88 | 1.94 | 2.08 | 2.30 | 4.34 | 0.91 | 1.23 | 1.05 | 1.16 | 1.12 |
| Dec 31, 2020 | 1.50 | 1.40 | 1.48 | — | 1.86 | 5.77 | 0.98 | 2.26 | 2.52 | 3.03 | 3.74 | 1.91 | 1.08 | 1.21 | 1.19 | 1.04 |
| Dec 31, 2019 | 1.88 | 1.40 | 0.79 | — | 1.74 | 4.51 | 1.02 | 1.83 | 2.53 | 2.49 | — | 1.78 | 0.95 | 1.03 | 0.99 | 1.11 |
| Dec 31, 2018 | 1.77 | 1.34 | 1.13 | — | 1.34 | — | 1.29 | 1.14 | 2.90 | 3.96 | — | 1.93 | 0.92 | 1.17 | 0.73 | 1.92 |
| Dec 31, 2017 | 1.67 | 1.23 | 2.05 | — | 1.53 | — | 1.33 | 0.73 | 2.48 | 3.08 | — | 1.65 | 0.83 | 1.15 | 1.04 | 1.93 |
| Dec 31, 2016 | 1.86 | 1.35 | 2.08 | — | 1.20 | — | 1.21 | 0.72 | 2.35 | 3.74 | — | 2.03 | 0.77 | 1.25 | 1.00 | 2.56 |
| Dec 31, 2015 | 1.87 | 1.36 | 2.18 | — | 1.80 | — | 1.24 | 1.47 | 2.50 | 4.13 | — | 1.04 | 0.81 | 1.48 | 0.99 | 3.29 |
| Dec 31, 2014 | 2.11 | 1.46 | 1.85 | — | 1.33 | — | 1.25 | 1.84 | 2.50 | 3.35 | — | 2.75 | 0.67 | 1.79 | 1.09 | 4.80 |
| Dec 31, 2013 | 1.78 | 1.45 | 2.65 | — | 1.06 | — | 1.28 | 1.87 | 2.71 | 3.24 | — | 2.57 | 0.69 | 2.43 | 1.18 | 3.47 |
| Dec 31, 2012 | 1.78 | 1.55 | 3.41 | — | 1.14 | — | 1.13 | 1.20 | 2.60 | 2.60 | — | 3.13 | 0.72 | 1.99 | 0.91 | — |
| Dec 31, 2011 | 1.96 | 1.45 | 3.02 | — | 1.05 | — | 1.21 | 1.25 | 2.60 | 2.76 | — | — | 0.84 | — | 1.33 | — |
| Dec 31, 2010 | 1.92 | 1.46 | 3.01 | — | 1.26 | — | 1.19 | 1.88 | 2.13 | 1.84 | — | — | 1.88 | — | 1.35 | — |
| Dec 31, 2009 | 1.90 | 1.46 | 2.93 | — | 2.14 | — | 1.36 | 1.82 | 1.82 | 2.03 | — | — | 1.39 | — | 1.80 | — |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31).
Comparison to Sector (Software & Services)
Fortinet Inc., current ratio, long-term trends, comparison to sector (software & services)
| Fortinet Inc. | Software & Services | |
|---|---|---|
| Dec 31, 2022 | 1.24 | 1.43 |
| Dec 31, 2021 | 1.55 | 1.68 |
| Dec 31, 2020 | 1.50 | 1.92 |
| Dec 31, 2019 | 1.88 | 1.84 |
| Dec 31, 2018 | 1.77 | 2.23 |
| Dec 31, 2017 | 1.67 | 2.06 |
| Dec 31, 2016 | 1.86 | 2.03 |
| Dec 31, 2015 | 1.87 | 2.15 |
| Dec 31, 2014 | 2.11 | 2.01 |
| Dec 31, 2013 | 1.78 | 2.04 |
| Dec 31, 2012 | 1.78 | 1.84 |
| Dec 31, 2011 | 1.96 | 1.87 |
| Dec 31, 2010 | 1.92 | 1.61 |
| Dec 31, 2009 | 1.90 | 1.62 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31).
Comparison to Industry (Information Technology)
Fortinet Inc., current ratio, long-term trends, comparison to industry (information technology)
| Fortinet Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2022 | 1.24 | 1.37 |
| Dec 31, 2021 | 1.55 | 1.55 |
| Dec 31, 2020 | 1.50 | 1.71 |
| Dec 31, 2019 | 1.88 | 1.66 |
| Dec 31, 2018 | 1.77 | 1.88 |
| Dec 31, 2017 | 1.67 | 2.04 |
| Dec 31, 2016 | 1.86 | 2.01 |
| Dec 31, 2015 | 1.87 | 2.04 |
| Dec 31, 2014 | 2.11 | 1.98 |
| Dec 31, 2013 | 1.78 | 2.20 |
| Dec 31, 2012 | 1.78 | 2.08 |
| Dec 31, 2011 | 1.96 | 2.12 |
| Dec 31, 2010 | 1.92 | 2.02 |
| Dec 31, 2009 | 1.90 | 2.04 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31).