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
- Current Assets
- The current assets display a steady and substantial upward trend over the analyzed period. Starting at approximately $342 million at the end of 2009, the figure grows consistently year over year, reaching about $3.81 billion by the end of 2022. This growth indicates a strengthening liquidity position, driven by increases likely in cash, receivables, or inventory components, supporting operational needs and potential investment activities.
- Current Liabilities
- Current liabilities also demonstrate a consistent upward trajectory, rising from roughly $181 million at the end of 2009 to approximately $3.08 billion by the end of 2022. The increase in liabilities suggests expanded short-term obligations, possibly reflecting increased accounts payable, accrued expenses, or short-term borrowings aligned with the firm's growth and operational scale.
- Current Ratio
- The current ratio, which measures the company's short-term liquidity and ability to cover current liabilities with current assets, exhibits variability but a general decline toward the later years. Initially, it remains around 1.9 to 2.0 from 2009 through 2011, indicating a relatively comfortable liquidity buffer. However, from 2012 onward, the ratio fluctuates between 1.5 and 1.9, with a noticeable downward trend in the final years, ending at 1.24 in 2022. This decline suggests that while assets are growing, liabilities are increasing at a somewhat faster rate, potentially signaling tighter liquidity conditions or more aggressive leveraging of short-term funding.
Comparison to Competitors
Fortinet Inc., current ratio, long-term trends, comparison to competitors
| Fortinet Inc. | Accenture PLC | Adobe Inc. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Datadog Inc. | Fair Isaac Corp. | 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 | 1.27 | 1.83 | 3.09 | 1.46 | 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 | 1.77 | 2.65 | 3.54 | 0.99 | 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 | 2.38 | 5.77 | 1.29 | 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 | 0.93 | 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 | — | — | 0.80 | 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 | — | — | 0.95 | 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 | — | — | 1.09 | 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 | — | — | 1.18 | 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 | — | — | 0.85 | 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 | — | — | 1.50 | 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 | — | — | 1.24 | 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 | — | — | 2.49 | 1.21 | 1.25 | 2.60 | 2.76 | — | — | 0.84 | — | 1.33 | — |
| Dec 31, 2010 | 1.92 | 1.46 | 3.01 | 1.26 | — | — | 2.84 | 1.19 | 1.88 | 2.13 | 1.84 | — | — | 1.88 | — | 1.35 | — |
| Dec 31, 2009 | 1.90 | 1.46 | 2.93 | 2.14 | — | — | 3.86 | 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 | 2.22 |
| 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 | 1.62 |
| Dec 31, 2009 | 1.90 | 1.63 |
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 | 2.03 |
| Dec 31, 2014 | 2.11 | 1.97 |
| Dec 31, 2013 | 1.78 | 2.20 |
| Dec 31, 2012 | 1.78 | 2.07 |
| Dec 31, 2011 | 1.96 | 2.11 |
| Dec 31, 2010 | 1.92 | 2.01 |
| Dec 31, 2009 | 1.90 | 2.03 |
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).