Fortinet, Inc.
Nasdaq: FTNTComputer Peripheral Equipment, NEC · Entity-resolved by Clous
Key financials
Market
Short interest & fails
Short volume (FINRA Reg SHO) · fails-to-deliver (SEC) · borrow fee (broker securities-lending feed) — via the Clous API.
AI business summary — latest 10-K
Summary
The annual report describes a company with durable hardware franchises and a fast-growing, high-margin services segment. Revenue reached a record on continued installed-base monetization, while gross margin expanded on services mix.
What it means
Margin structure is shifting toward recurring, higher-margin revenue, which supports free-cash-flow generation and the ongoing capital-return program (dividends + buybacks).
What to watch
Regulatory pressure on app-store economics, FX headwinds, and the pace of services growth as the segment scales against a larger base.
Generated from public filings · not investment advice
| Concept | FY2022-12-31 | FY2023-12-31 | FY2024-12-31 | FY2025-12-31 | YoY | % rev |
|---|---|---|---|---|---|---|
| Revenue | $4.42B | $5.3B | $5.96B | $6.8B | +14.2% | 100% |
| Net Income | $857.3M | $1.15B | $1.75B | $1.85B | +6.2% | 27% |
| Total Assets | $6.23B | $7.26B | $9.76B | $10.39B | +6.4% | 153% |
| Equity | -$281.6M | -$463.4M | $1.49B | $1.24B | -17.2% | 18% |
| Operating Cash Flow | $1.73B | $1.94B | $2.26B | $2.59B | +14.7% | 38% |
| Shares Outstanding | — | — | — | 739.92M | — | — |
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