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Fortinet Inc. (NASDAQ:FTNT)

This company has been moved to the archive! The financial data has not been updated since May 8, 2023.

Total Asset Turnover
since 2009

Microsoft Excel

Calculation

Fortinet Inc., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Revenue1 ÷ Total assets1
Dec 31, 2022 0.71 = 4,417,400 ÷ 6,228,000
Dec 31, 2021 0.56 = 3,342,200 ÷ 5,919,100
Dec 31, 2020 0.64 = 2,594,400 ÷ 4,044,500
Dec 31, 2019 0.55 = 2,156,200 ÷ 3,885,500
Dec 31, 2018 0.59 = 1,801,200 ÷ 3,078,000
Dec 31, 2017 0.66 = 1,494,930 ÷ 2,257,916
Dec 31, 2016 0.60 = 1,275,443 ÷ 2,139,941
Dec 31, 2015 0.56 = 1,009,268 ÷ 1,790,510
Dec 31, 2014 0.54 = 770,364 ÷ 1,424,774
Dec 31, 2013 0.53 = 615,297 ÷ 1,168,464
Dec 31, 2012 0.55 = 533,639 ÷ 975,497
Dec 31, 2011 0.59 = 433,576 ÷ 734,747
Dec 31, 2010 0.60 = 324,696 ÷ 545,422
Dec 31, 2009 0.65 = 252,115 ÷ 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

Financial performance from 2009 through 2022 is characterized by a consistent and aggressive expansion in both top-line revenue and the total asset base. Revenue grew from US$252.1 million to US$4.42 billion, while total assets increased from US$387.2 million to US$6.23 billion. Despite this overall growth, the total asset turnover ratio—a measure of how efficiently assets are used to generate revenue—exhibited significant cyclical volatility rather than a linear trend.

Revenue and Asset Growth Patterns
A sustained upward trajectory is observed in both revenue and total assets over the thirteen-year period. The scale of operations expanded significantly, with revenue increasing by approximately 1,652% and total assets increasing by approximately 1,500%. The close alignment in the growth rates of these two metrics suggests a scalable business model, although the synchronization was not constant.
Total Asset Turnover Fluctuations
The total asset turnover ratio moved through three distinct phases of efficiency. An initial decline occurred between 2009 and 2013, with the ratio dropping from 0.65 to a low of 0.53, indicating that asset growth outpaced revenue generation during this window. A recovery phase followed from 2014 to 2017, where the ratio climbed steadily to 0.66. The period from 2018 to 2022 was marked by instability, featuring a dip to 0.55 in 2019 and a subsequent surge to a period-high of 0.71 by the end of 2022.
Asset Utilization Insights
The peak turnover ratio of 0.71 in 2022 represents the highest level of asset productivity recorded in the analyzed timeframe. The periodic dips in the ratio, specifically in 2013, 2019, and 2021, suggest intervals where the asset base expanded—potentially due to strategic investments or acquisitions—prior to the associated revenue gains being fully realized. The strong rebound in 2022 indicates a high level of operational efficiency in converting the expanded asset base into sales.

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Comparison to Competitors

Fortinet Inc., total asset turnover, long-term trends, comparison to competitors

Microsoft Excel
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 0.71 1.30 0.65 0.48 0.69 0.56 0.48 0.46 0.54 0.39 0.55 0.45 0.28 0.54 0.54 0.49
Dec 31, 2021 0.56 1.17 0.58 0.45 0.68 0.43 0.43 0.62 0.50 0.31 0.47 0.42 0.32 0.55 0.48 0.50
Dec 31, 2020 0.64 1.20 0.53 — 0.68 0.32 0.47 0.70 0.47 0.34 0.41 0.38 0.31 0.52 0.46 0.53
Dec 31, 2019 0.55 1.45 0.54 — 0.70 0.35 0.51 1.08 0.44 0.36 — 0.44 0.43 0.57 0.52 0.51
Dec 31, 2018 0.59 1.70 0.48 — 0.87 — 0.65 1.15 0.43 0.29 — 0.39 0.50 0.67 0.51 0.43
Dec 31, 2017 0.66 1.62 0.50 — 0.80 — 0.63 1.27 0.37 0.28 — 0.51 0.48 0.57 0.50 0.50
Dec 31, 2016 0.60 1.69 0.46 — 0.87 — 0.68 1.10 0.44 0.33 — 0.50 0.52 0.68 0.46 0.43
Dec 31, 2015 0.56 1.80 0.41 — 0.72 — 0.74 0.84 0.53 0.34 — 0.47 0.50 0.56 0.44 0.33
Dec 31, 2014 0.54 1.78 0.38 — 0.49 — 0.79 0.87 0.50 0.42 — 0.40 0.44 0.48 0.43 0.22
Dec 31, 2013 0.53 1.80 0.39 — 0.60 — 0.79 0.76 0.55 0.45 — 0.68 0.55 0.36 0.45 0.29
Dec 31, 2012 0.55 1.79 0.44 — 0.58 — 0.88 0.89 0.61 0.47 — 0.63 0.54 0.51 0.42 —
Dec 31, 2011 0.59 1.74 0.47 — 0.65 — 0.92 0.75 0.64 0.48 — — 0.54 — 0.46 —
Dec 31, 2010 0.60 1.80 0.47 — 0.54 — 0.88 0.66 0.73 0.44 — — 0.53 — 0.42 —
Dec 31, 2009 0.65 1.89 0.40 — 0.60 — 0.88 0.66 0.75 0.49 — — 0.73 — 0.46 —

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., total asset turnover, long-term trends, comparison to sector (software & services)

Microsoft Excel
Fortinet Inc. Software & Services
Dec 31, 2022 0.71 0.53
Dec 31, 2021 0.56 0.49
Dec 31, 2020 0.64 0.48
Dec 31, 2019 0.55 0.50
Dec 31, 2018 0.59 0.51
Dec 31, 2017 0.66 0.47
Dec 31, 2016 0.60 0.54
Dec 31, 2015 0.56 0.59
Dec 31, 2014 0.54 0.61
Dec 31, 2013 0.53 0.66
Dec 31, 2012 0.55 0.72
Dec 31, 2011 0.59 0.75
Dec 31, 2010 0.60 0.76
Dec 31, 2009 0.65 0.79

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., total asset turnover, long-term trends, comparison to industry (information technology)

Microsoft Excel
Fortinet Inc. Information Technology
Dec 31, 2022 0.71 0.64
Dec 31, 2021 0.56 0.62
Dec 31, 2020 0.64 0.58
Dec 31, 2019 0.55 0.59
Dec 31, 2018 0.59 0.59
Dec 31, 2017 0.66 0.51
Dec 31, 2016 0.60 0.55
Dec 31, 2015 0.56 0.63
Dec 31, 2014 0.54 0.64
Dec 31, 2013 0.53 0.66
Dec 31, 2012 0.55 0.70
Dec 31, 2011 0.59 0.73
Dec 31, 2010 0.60 0.72
Dec 31, 2009 0.65 0.69

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).