Selected Financial Data
since 2009
Income Statement
Fortinet Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Operating income | Net income attributable to Fortinet, Inc. |
|---|---|---|---|
| Dec 31, 2022 | 4,417,400) | 969,600) | 857,300) |
| Dec 31, 2021 | 3,342,200) | 650,400) | 606,800) |
| Dec 31, 2020 | 2,594,400) | 531,800) | 488,500) |
| Dec 31, 2019 | 2,156,200) | 344,200) | 326,500) |
| Dec 31, 2018 | 1,801,200) | 231,000) | 332,200) |
| Dec 31, 2017 | 1,494,930) | 109,804) | 31,399) |
| Dec 31, 2016 | 1,275,443) | 42,944) | 32,187) |
| Dec 31, 2015 | 1,009,268) | 14,877) | 7,987) |
| Dec 31, 2014 | 770,364) | 59,324) | 25,343) |
| Dec 31, 2013 | 615,297) | 72,090) | 44,273) |
| Dec 31, 2012 | 533,639) | 100,475) | 66,836) |
| Dec 31, 2011 | 433,576) | 88,904) | 62,492) |
| Dec 31, 2010 | 324,696) | 55,341) | 41,245) |
| Dec 31, 2009 | 252,115) | 25,334) | 60,179) |
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).
Revenue demonstrated consistent and accelerating growth over the analyzed thirteen-year period, increasing from 252.1 million US dollars in 2009 to 4.42 billion US dollars by 2022. This trajectory indicates a sustained expansion of market scale and a significant increase in the volume of business operations.
- Revenue Growth Patterns
- A continuous upward trend is observed throughout the entire period. Growth was steady in the early years but showed marked acceleration starting in 2020, with annual increases exceeding 400 million US dollars in the final two years of the data set.
- Operating Income and Margin Dynamics
- Operating income experienced a period of instability between 2013 and 2015, where it declined from 72.1 million US dollars to a low of 14.9 million US dollars. Following 2015, a strong recovery phase began, with operating income expanding rapidly to reach 969.6 million US dollars by 2022. This suggests a successful transition toward greater operational efficiency and improved scalability.
- Net Income Trends
- Net income remained relatively flat and volatile from 2009 to 2017, reaching a minimum of 7.9 million US dollars in 2015. A significant structural shift in profitability occurred in 2018, where net income surged to 332.2 million US dollars. This growth trend continued consistently, culminating in 857.3 million US dollars by the end of 2022.
- Profitability Correlation
- While revenue grew steadily throughout the period, net income and operating income did not follow a linear path until after 2017. The divergence between revenue growth and profit growth during the 2013-2015 window indicates a period of increased costs or strategic investments, whereas the alignment of all three metrics after 2018 reflects a period of high-margin growth.
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Balance Sheet: Assets
Fortinet Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 3,810,400) | 6,228,000) |
| Dec 31, 2021 | 3,600,600) | 5,919,100) |
| Dec 31, 2020 | 2,740,400) | 4,044,500) |
| Dec 31, 2019 | 2,769,000) | 3,885,500) |
| Dec 31, 2018 | 2,220,900) | 3,078,000) |
| Dec 31, 2017 | 1,716,820) | 2,257,916) |
| Dec 31, 2016 | 1,538,716) | 2,139,941) |
| Dec 31, 2015 | 1,270,543) | 1,790,510) |
| Dec 31, 2014 | 1,046,865) | 1,424,774) |
| Dec 31, 2013 | 735,546) | 1,168,464) |
| Dec 31, 2012 | 569,274) | 975,497) |
| Dec 31, 2011 | 523,570) | 734,747) |
| Dec 31, 2010 | 420,158) | 545,422) |
| Dec 31, 2009 | 342,217) | 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).
The financial trajectory between 2009 and 2022 is characterized by sustained and significant expansion of the asset base. Total assets grew from 387,213 thousand US$ to 6,228,000 thousand US$, representing a substantial increase in the company's overall economic resources over the thirteen-year period.
- Current Asset Growth
- Current assets exhibited a consistent upward trend, rising from 342,217 thousand US$ in 2009 to 3,810,400 thousand US$ by 2022. This growth was nearly linear for much of the decade, with a brief plateau observed between 2019 and 2020, where values shifted from 2,769,000 thousand US$ to 2,740,400 thousand US$, before resuming a strong upward trajectory in 2021.
- Total Asset Expansion
- Total assets demonstrated more aggressive growth than current assets, particularly in the later years of the period. A notable acceleration occurred between 2020 and 2021, where total assets increased from 4,044,500 thousand US$ to 5,919,100 thousand US$. This represents one of the largest single-year absolute increases in the company's history.
- Asset Composition and Liquidity Profile
- An analysis of the relationship between current assets and total assets reveals a shift in the balance sheet structure. In 2009, current assets constituted approximately 88% of total assets. By 2022, this proportion decreased to approximately 61%. This trend indicates a strategic shift toward the accumulation of non-current assets, suggesting increased investment in long-term infrastructure, intangibles, or other non-liquid resources as the organization scaled.
- Growth Velocity
- The expansion of the asset base can be divided into two distinct phases: a steady scaling phase from 2009 to 2019, and a high-growth phase from 2020 to 2022. The total asset base grew by approximately 1,600% over the full period, reflecting a massive expansion in operational capacity and financial scale.
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Balance Sheet: Liabilities and Stockholders’ Equity
Fortinet Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Long-term debt | Total Fortinet, Inc. stockholders’ equity (deficit) | |
|---|---|---|---|---|
| Dec 31, 2022 | 3,078,400) | 6,509,600) | 990,400) | (281,600) |
| Dec 31, 2021 | 2,318,100) | 5,120,700) | 988,400) | 781,700) |
| Dec 31, 2020 | 1,829,500) | 3,188,500) | —) | 856,000) |
| Dec 31, 2019 | 1,473,600) | 2,563,600) | —) | 1,321,900) |
| Dec 31, 2018 | 1,256,400) | 2,067,800) | —) | 1,010,200) |
| Dec 31, 2017 | 1,027,223) | 1,668,539) | —) | 589,377) |
| Dec 31, 2016 | 829,440) | 1,302,260) | —) | 837,681) |
| Dec 31, 2015 | 678,670) | 1,035,133) | —) | 755,377) |
| Dec 31, 2014 | 496,456) | 748,808) | —) | 675,966) |
| Dec 31, 2013 | 413,061) | 582,704) | —) | 585,760) |
| Dec 31, 2012 | 319,304) | 464,563) | —) | 510,934) |
| Dec 31, 2011 | 266,864) | 376,393) | —) | 358,354) |
| Dec 31, 2010 | 218,382) | 312,968) | —) | 232,454) |
| Dec 31, 2009 | 180,565) | 244,761) | —) | 142,452) |
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).
The financial trajectory of the company's liabilities and equity from 2009 to 2022 is characterized by a consistent escalation in total obligations and a late-stage deterioration of stockholders' equity.
- Liability Growth and Composition
- Total liabilities exhibited a continuous and accelerating upward trend, rising from 244.76 million USD in 2009 to 6.51 billion USD by 2022. Current liabilities mirror this growth, increasing from 180.57 million USD to 3.08 billion USD over the same period. For much of the analysis window, current liabilities constituted a substantial portion of total liabilities, suggesting a heavy reliance on short-term financing or accrued obligations to support operational growth.
- Debt Structure Evolution
- Long-term debt remained unreported or immaterial for the majority of the period, only appearing as a significant factor in 2021 and 2022. The introduction of long-term debt in 2021 at 988.4 million USD, which remained relatively stable at 990.4 million USD in 2022, indicates a strategic shift in the capital structure toward long-term borrowing in the latter years of the observation period.
- Stockholders' Equity and Solvency
- Stockholders' equity showed a general growth trend from 2009, peaking at 1.32 billion USD in 2019. However, a sharp decline followed, with equity falling to 856 million USD in 2020 and 781.7 million USD in 2021. By December 31, 2022, the equity position transitioned into a deficit of 281.6 million USD. This reversal, coupled with the surge in total liabilities, indicates a significant increase in financial leverage and a deterioration of the solvency position by the end of 2022.
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Cash Flow Statement
Fortinet Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 1,730,600) | 763,900) | (2,130,300) |
| Dec 31, 2021 | 1,499,700) | (1,325,100) | 82,800) |
| Dec 31, 2020 | 1,083,700) | (72,800) | (1,171,600) |
| Dec 31, 2019 | 808,000) | (502,300) | (195,600) |
| Dec 31, 2018 | 638,900) | (134,900) | (202,600) |
| Dec 31, 2017 | 594,405) | (76,803) | (415,601) |
| Dec 31, 2016 | 345,708) | (74,123) | (105,859) |
| Dec 31, 2015 | 282,547) | (967) | (21,557) |
| Dec 31, 2014 | 196,582) | (29,350) | 749) |
| Dec 31, 2013 | 147,384) | (146,734) | (6,423) |
| Dec 31, 2012 | 183,866) | (182,711) | 50,156) |
| Dec 31, 2011 | 132,842) | (166,826) | 39,797) |
| Dec 31, 2010 | 103,383) | (283,710) | 34,019) |
| Dec 31, 2009 | 61,971) | 13,757) | 78,049) |
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).
The financial trajectory from 2009 to 2022 is characterized by a consistent and accelerating expansion in cash generation from core operations, paired with a strategic shift in how capital is deployed and returned.
- Operating Cash Flow Trends
- A sustained upward trend in net cash provided by operating activities is evident, growing from 61.9 million USD in 2009 to 1.73 billion USD by 2022. Growth remained steady through 2016, followed by a period of rapid acceleration starting in 2017. Between 2019 and 2022, operating cash flows increased by approximately 113%, indicating a significant scaling of the core business model and improved cash conversion efficiency.
- Investing Activities and Capital Allocation
- Investing activities were predominantly negative for most of the period, reflecting ongoing capital expenditures and strategic investments. A period of relatively low investment intensity occurred between 2014 and 2018. However, a sharp increase in outflows was recorded in 2019 and 2021, with the latter reaching 1.33 billion USD. A notable reversal occurred in 2022, where investing activities shifted to a net inflow of 763.9 million USD, suggesting a liquidation of assets or a significant return on previous investments.
- Financing Activities and Capital Structure
- The financing profile transitioned from a reliance on external funding to an aggressive return of capital. From 2009 to 2012, net cash provided by financing activities remained positive, supporting early-stage growth. Starting in 2013, the trend shifted toward net outflows. This trend intensified significantly in 2020 and 2022, with the 2022 outflow reaching 2.13 billion USD, the highest in the analyzed period, typically indicative of substantial share repurchases or debt repayments.
Overall, the data reveals a company that has matured from a growth phase dependent on external financing into a highly cash-generative entity. The ability to fund massive financing outflows in 2022 through a combination of record operating cash flows and positive investing inflows demonstrates a strong liquidity position and a pivot toward maximizing shareholder value.
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Per Share Data
Fortinet Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 1.08 | 1.06 | 0.00 |
| Dec 31, 2021 | 0.74 | 0.73 | 0.00 |
| Dec 31, 2020 | 0.60 | 0.58 | 0.00 |
| Dec 31, 2019 | 0.38 | 0.37 | 0.00 |
| Dec 31, 2018 | 0.39 | 0.38 | 0.00 |
| Dec 31, 2017 | 0.04 | 0.04 | 0.00 |
| Dec 31, 2016 | 0.04 | 0.04 | 0.00 |
| Dec 31, 2015 | 0.01 | 0.01 | 0.00 |
| Dec 31, 2014 | 0.03 | 0.03 | 0.00 |
| Dec 31, 2013 | 0.05 | 0.05 | 0.00 |
| Dec 31, 2012 | 0.08 | 0.08 | 0.00 |
| Dec 31, 2011 | 0.08 | 0.08 | 0.00 |
| Dec 31, 2010 | 0.06 | 0.05 | 0.00 |
| Dec 31, 2009 | 0.19 | 0.08 | 0.00 |
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, 2, 3 Data adjusted for splits and stock dividends.
The analysis of per-share earnings from 2009 to 2022 reveals two distinct financial phases: a prolonged period of stagnation followed by a phase of accelerated growth.
- Earnings Per Share (EPS) Trends
- From 2009 to 2017, basic and diluted earnings per share remained consistently low and volatile. After an initial basic EPS of 0.19 in 2009, values fluctuated within a narrow range between 0.01 and 0.08 for nearly a decade. A significant inflection point occurred in 2018, where basic EPS rose sharply to 0.39. This upward trajectory continued through 2022, with basic EPS increasing to 1.08 and diluted EPS reaching 1.06, indicating a substantial expansion in per-share profitability in the latter part of the period.
- Dilution Analysis
- The delta between basic and diluted earnings per share is marginal throughout the observation period. This narrow gap suggests that the impact of potentially dilutive securities, such as stock options or convertible instruments, has been minimal relative to the total shares outstanding.
- Dividend Distribution
- No dividend payments were recorded between 2009 and 2022. The consistent absence of dividends per share indicates a capital allocation strategy centered on the retention of earnings to fund internal growth or strategic investments rather than distributing profits to shareholders.
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