Return on Assets (ROA)
since 2009
Calculation
Fortinet Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income attributable to Fortinet, Inc.1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 13.77% | = | 100 | × | 857,300) | ÷ | 6,228,000) |
| Dec 31, 2021 | 10.25% | = | 100 | × | 606,800) | ÷ | 5,919,100) |
| Dec 31, 2020 | 12.08% | = | 100 | × | 488,500) | ÷ | 4,044,500) |
| Dec 31, 2019 | 8.40% | = | 100 | × | 326,500) | ÷ | 3,885,500) |
| Dec 31, 2018 | 10.79% | = | 100 | × | 332,200) | ÷ | 3,078,000) |
| Dec 31, 2017 | 1.39% | = | 100 | × | 31,399) | ÷ | 2,257,916) |
| Dec 31, 2016 | 1.50% | = | 100 | × | 32,187) | ÷ | 2,139,941) |
| Dec 31, 2015 | 0.45% | = | 100 | × | 7,987) | ÷ | 1,790,510) |
| Dec 31, 2014 | 1.78% | = | 100 | × | 25,343) | ÷ | 1,424,774) |
| Dec 31, 2013 | 3.79% | = | 100 | × | 44,273) | ÷ | 1,168,464) |
| Dec 31, 2012 | 6.85% | = | 100 | × | 66,836) | ÷ | 975,497) |
| Dec 31, 2011 | 8.51% | = | 100 | × | 62,492) | ÷ | 734,747) |
| Dec 31, 2010 | 7.56% | = | 100 | × | 41,245) | ÷ | 545,422) |
| Dec 31, 2009 | 15.54% | = | 100 | × | 60,179) | ÷ | 387,213) |
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
The financial trajectory from 2009 to 2022 is characterized by two distinct phases: a prolonged period of declining asset efficiency followed by a sharp recovery and sustained growth in profitability.
- Asset Base Expansion
- A consistent and significant increase in total assets is observed, growing from 387.2 million US dollars in 2009 to 6.228 billion US dollars by 2022. This expansion indicates a continuous scaling of the balance sheet over the thirteen-year period.
- Net Income Volatility and Growth
- Net income exhibited considerable volatility between 2009 and 2017, reaching a low of approximately 7.99 million US dollars in 2015. However, a fundamental shift occurred in 2018, where net income surged to 332.2 million US dollars and continued an upward trend to reach 857.3 million US dollars by 2022.
- Return on Assets (ROA) Trends
- The ROA experienced a severe contraction from 15.54% in 2009 to a minimum of 0.45% in 2015, suggesting that asset growth heavily outpaced income generation during this timeframe. A recovery began in 2018 as ROA jumped to 10.79%, eventually climbing to 13.77% by 2022.
The correlation between the rapid increase in net income starting in 2018 and the corresponding rise in ROA indicates a successful optimization of the expanded asset base. The final years of the analyzed period demonstrate a high level of operational efficiency, with the company achieving its highest ROA since the early part of the decade despite a significantly larger asset footprint.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Comparison to Competitors
Fortinet Inc., ROA, 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 | 13.77% | 14.55% | 17.51% | -3.30% | 16.53% | -1.67% | 1.29% | 7.45% | 19.94% | 6.15% | -10.80% | -2.18% | 1.52% | 2.44% | 10.45% | 0.28% |
| Dec 31, 2021 | 10.25% | 13.68% | 17.70% | 0.58% | 15.87% | -0.87% | 4.35% | 13.29% | 18.36% | 10.48% | -16.02% | -4.87% | 6.14% | 2.13% | 8.66% | -3.24% |
| Dec 31, 2020 | 12.08% | 13.78% | 21.66% | — | 14.95% | -1.30% | 3.58% | 16.70% | 14.70% | 8.78% | -43.35% | -2.95% | 0.23% | 1.36% | 8.27% | -7.05% |
| Dec 31, 2019 | 8.40% | 16.04% | 14.22% | — | 29.46% | -1.61% | 6.20% | 24.78% | 13.69% | 10.20% | — | -1.24% | 3.61% | 10.41% | 8.31% | -7.58% |
| Dec 31, 2018 | 10.79% | 16.61% | 13.80% | — | 14.01% | — | 7.07% | 23.39% | 6.40% | 2.79% | — | -2.54% | 0.61% | -0.69% | 7.04% | -6.49% |
| Dec 31, 2017 | 1.39% | 15.18% | 11.65% | — | 8.44% | — | 4.59% | 23.87% | 8.80% | 6.92% | — | -6.30% | 1.02% | -4.39% | 2.53% | -12.89% |
| Dec 31, 2016 | 1.50% | 19.95% | 9.20% | — | 9.69% | — | 10.11% | 23.04% | 8.67% | 7.93% | — | -8.18% | -0.37% | -22.22% | 5.09% | -10.62% |
| Dec 31, 2015 | 0.45% | 16.72% | 5.37% | — | 10.74% | — | 11.94% | 7.35% | 6.92% | 8.96% | — | -8.40% | -2.46% | -10.98% | 4.48% | -10.51% |
| Dec 31, 2014 | 1.78% | 16.41% | 2.49% | — | 4.95% | — | 10.23% | 17.44% | 12.81% | 12.13% | — | -15.32% | -2.54% | -12.59% | 5.43% | -7.93% |
| Dec 31, 2013 | 3.79% | 19.46% | 2.79% | — | 6.76% | — | 13.06% | 15.64% | 15.35% | 13.35% | — | -4.99% | -4.89% | -6.31% | 5.68% | -12.43% |
| Dec 31, 2012 | 6.85% | 15.32% | 8.35% | — | 19.24% | — | 13.93% | 16.91% | 14.00% | 12.74% | — | 0.18% | -0.28% | -7.81% | 4.40% | — |
| Dec 31, 2011 | 8.51% | 14.48% | 9.26% | — | 4.10% | — | 13.62% | 12.41% | 21.30% | 11.62% | — | — | 2.09% | — | 6.57% | — |
| Dec 31, 2010 | 7.56% | 13.87% | 9.52% | — | 7.31% | — | 13.07% | 11.04% | 21.79% | 9.96% | — | — | 3.28% | — | 7.21% | — |
| Dec 31, 2009 | 15.54% | 12.97% | 5.31% | — | -10.62% | — | 12.31% | 9.26% | 18.71% | 11.80% | — | — | 2.93% | — | 5.71% | — |
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., ROA, long-term trends, comparison to sector (software & services)
| Fortinet Inc. | Software & Services | |
|---|---|---|
| Dec 31, 2022 | 13.77% | 11.32% |
| Dec 31, 2021 | 10.25% | 12.19% |
| Dec 31, 2020 | 12.08% | 9.68% |
| Dec 31, 2019 | 8.40% | 10.81% |
| Dec 31, 2018 | 10.79% | 6.11% |
| Dec 31, 2017 | 1.39% | 7.29% |
| Dec 31, 2016 | 1.50% | 8.86% |
| Dec 31, 2015 | 0.45% | 8.53% |
| Dec 31, 2014 | 1.78% | 11.18% |
| Dec 31, 2013 | 3.79% | 13.46% |
| Dec 31, 2012 | 6.85% | 13.36% |
| Dec 31, 2011 | 8.51% | 15.34% |
| Dec 31, 2010 | 7.56% | 14.69% |
| Dec 31, 2009 | 15.54% | 13.64% |
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., ROA, long-term trends, comparison to industry (information technology)
| Fortinet Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2022 | 13.77% | 14.33% |
| Dec 31, 2021 | 10.25% | 14.52% |
| Dec 31, 2020 | 12.08% | 11.46% |
| Dec 31, 2019 | 8.40% | 11.67% |
| Dec 31, 2018 | 10.79% | 10.94% |
| Dec 31, 2017 | 1.39% | 9.00% |
| Dec 31, 2016 | 1.50% | 9.68% |
| Dec 31, 2015 | 0.45% | 11.51% |
| Dec 31, 2014 | 1.78% | 12.33% |
| Dec 31, 2013 | 3.79% | 13.22% |
| Dec 31, 2012 | 6.85% | 14.06% |
| Dec 31, 2011 | 8.51% | 15.11% |
| Dec 31, 2010 | 7.56% | 14.45% |
| Dec 31, 2009 | 15.54% | 10.04% |
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).