Fortinet

Technology cybersecurity enterprise software networking risk management

Fortinet is a provider of network security appliances and unified threat management (UTM). The Company's products and subscription services provide broad, integrated and high-performance protection against dynamic security threats while simplifying the IT security infrastructure. Fortinet’s flagship FortiGate product delivers ASIC-accelerated performance and integrates multiple layers of security designed to help protect against application and network threats. The Company's product line goes beyond UTM to help secure the extended enterprise – from endpoints to the perimeter and the core, including databases and applications.

Company Growth (employees)

Type

Public

Sunnyvale, US

Founded

2000

Size (employees)

4,665 (est)+17%

Website

fortinet.com

Fortinet was founded in 2000 and is headquartered in Sunnyvale, US

Key People at Fortinet

Ken Xie

Founder, Chairman of the Board, and Chief Executive Officer (CEO)

Andrew Del Matto

Chief Financial Officer (CFO)

Keith Jensen

Chief Accounting Officer (CAO)

Patrice Perche

Sr. Executive Vice President, Worldwide Sales and Support

John Maddison

Sr. Vice President, Products and Solutions

Lisa McGill

Sr. Vice President of People

John Whittle

Vice President, Corporate Development and Strategic Alliances, General Counsel

Michael Xie

Founder, President, and Chief Technology Officer (CTO)

Fortinet Office Locations

Fortinet has offices in Sunnyvale, Valbonne, Kuala Lumpur, New York and in 40 other locations

Sunnyvale, US (HQ)

899 Kifer Rd

Bangkok, TH

999/9 Rama 1 Road

Rochester, US

1200 Brooks Ave

Singapore, SG

The Concourse

Johor Bahru, MY

1 Jalan Indah 5/20

Kuala Lumpur, MY

Menara Keck Seng 203 Jalan Bukit Bintang

Show all (45)

Fortinet Data and Metrics

Fortinet Financial Metrics

Fortinet's revenue was reported to be $340.6 m in Q1, 2017

Summary

USD

Fortinet's current market capitalization is $7.2 b.

Income Statement

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Revenue	615.3 m	770.4 m	1 b	1.3 b
Revenue growth, %		25%	31%	26%
Cost of goods sold	180.6 m	231 m	286.8 m	337.8 m
Gross profit	434.7 m	539.4 m	722.5 m	937.6 m
Gross profit Margin, %	71%	70%	72%	74%
Sales and marketing expense				626.5 m
R&D expense				183.1 m
General and administrative expense				81.1 m
Operating expense total	362.6 m	480 m	707.6 m	894.7 m
EBIT	72.1 m	59.3 m	14.9 m	42.9 m
EBIT margin, %	12%	8%	1%	3%
Interest income	5.3 m	5.4 m	5.3 m	7.3 m
Pre tax profit	75.9 m	61.5 m	17 m	43.1 m
Income tax expense	31.7 m	36.2 m	9 m	11 m
Net Income	44.3 m	25.3 m	8 m	32.2 m

Quarterly

USD	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017
Revenue	184.1 m	193.3 m	212.9 m	239.8 m	260.1 m	284.6 m	311.4 m	316.6 m	340.6 m
Cost of goods sold	57.8 m	56.9 m	63.6 m	69.5 m	71.7 m	77.7 m	84.5 m	84.8 m	90.6 m
Gross profit	126.3 m	136.5 m	149.3 m	170.3 m	188.4 m	206.8 m	226.9 m	231.8 m	250 m
Gross profit Margin, %	69%	71%	70%	71%	72%	73%	73%	73%	73%
Sales and marketing expense	74.8 m	80.4 m	100.6 m	111.9 m	121 m	147.4 m	162.7 m	154.8 m	170.4 m
R&D expense	29.9 m	30.8 m	35.8 m	37.4 m	42.1 m	45 m	45.5 m	47.2 m	51.2 m
General and administrative expense	10.4 m	9.8 m	12 m	18 m	21.2 m	19.8 m	22.2 m	22 m	22.6 m
Operating expense total	115.2 m	121 m	148.4 m	167.3 m	184.3 m	212.2 m	230.4 m	224.1 m	244.2 m
EBIT	11.1 m	15.5 m	898 k	3 m	(1.8 m)	(5.7 m)	(4 m)	5.5 m	5.4 m
EBIT margin, %	6%	8%	0%	1%	(1%)	(2%)	(1%)	2%	2%
Interest income	1.3 m	1.3 m	1.4 m	1.4 m	1.3 m	1.7 m	1.7 m	1.9 m	2.4 m
Pre tax profit	11.9 m	15.8 m	1.6 m	3.5 m	(1.2 m)	(5.2 m)	(3.7 m)	6.6 m	8.1 m
Income tax expense	5.8 m	11.7 m	83 k	2.7 m	(9.3 m)	(1.8 m)	(2.3 m)	298 k
Net Income	6.1 m	4.1 m	1.6 m	792 k	8.2 m	(3.4 m)	(1.4 m)	6.3 m	10.7 m

Balance Sheet

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Cash	115.9 m	283.3 m	543.3 m	709 m
Inventories	14.1 m	31.1 m	35.8 m	106.9 m
Current Assets	735.5 m	1 b	1.3 b	1.5 b
Goodwill	2.9 m	2.8 m	4.7 m	14.6 m
Total Assets	1.2 b	1.4 b	1.8 b	2.1 b
Accounts Payable	35.6 m	49.9 m	61.5 m	56.7 m
Current Liabilities	413.1 m	496.5 m	678.7 m	829.4 m
Total Liabilities				1.3 b
Additional Paid-in Capital	462.6 m	562.5 m	687.7 m	800.7 m
Retained Earnings	121.9 m	113.6 m	68.5 m	37.6 m
Total Equity	585.8 m		755.4 m	837.7 m
Financial Leverage	2 x		2.4 x	2.6 x

Quarterly

USD	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017
Cash	203.9 m	258.1 m	386.4 m	481.4 m	540.7 m	568 m	596.4 m	647.5 m	823.2 m
Inventories	46.8 m	51.3 m	72.1 m	68.8 m	80.7 m	78.2 m	81.2 m	93.7 m	105 m
Current Assets	806.9 m	896.4 m	1.1 b	1.2 b	1.3 b	1.3 b	1.4 b	1.4 b	1.6 b
Goodwill	2.8 m	2.8 m	2.8 m	2.8 m	4.3 m	4.7 m	14.2 m	14.6 m	14.6 m
Total Assets	1.3 b	1.3 b	1.5 b	1.6 b	1.7 b	1.8 b	2 b	2 b	2.3 b
Accounts Payable	35.8 m	36.5 m	40.2 m	42.3 m	48.8 m	48 m	56.9 m	57.5 m	48.7 m
Current Liabilities	426.1 m	434.5 m	518.6 m	565.3 m	603.1 m	687.3 m	732 m	750.4 m	856.6 m
Additional Paid-in Capital	507.1 m	537.5 m	604.1 m	635 m	671.1 m	718.8 m	744.9 m	779.7 m	850.2 m
Retained Earnings	116.8 m	111.5 m	115.2 m	116 m	124.2 m	23.1 m	58.8 m	43.1 m	48.3 m
Total Equity				750.8 m	795.4 m	742.4 m	804.6 m	823.1 m	898.2 m
Financial Leverage				2.1 x	2.1 x	2.4 x	2.4 x	2.4 x	2.5 x

Cash Flow

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Net Income	44.3 m	25.3 m	8 m	32.2 m
Depreciation and Amortization	15.6 m	22 m	31.6 m	48.5 m
Inventories	(907 k)	(16 m)	(2.6 m)	(43 m)
Accounts Payable	10.5 m	18 m	(2.5 m)	39 k
Cash From Operating Activities	147.4 m	196.6 m	282.5 m	345.7 m
Purchases of PP&E	(13.9 m)	(32.2 m)	(37.4 m)	(67.2 m)
Cash From Investing Activities	(146.7 m)	(29.4 m)	(967 k)	(74.1 m)
Cash From Financing Activities	(6.4 m)	749 k	(21.6 m)	(105.9 m)

Ratios

USD	Y, 2017
Revenue/Employee	73 k
Financial Leverage	2.5 x

Fortinet Operating Metrics

	Q1, 2014	Q2, 2014	Q3, 2014	FY, 2014	Q1, 2015	Q2, 2015	Q3, 2015	FY, 2015	Q1, 2016	Q2, 2016	Q3, 2016	FY, 2016	Q1, 2017	Jun, 2017
Billings	$187.62 m	$213 m	$213.16 m	$896.49 m	$254.3 m	$297.18 m	$299.62 m	$1.23 b	$330.46 m	$373.78 m	$347.46 m	$1.52 b	$403.28 m
Patents Issued				191				278				358		380
Patents Pending				156				236				292		298
Countries				30				70				80

Fortinet Market Value History

Fortinet Median Salaries

Source: 268 public H-1B filings from Fortinet

Market Position of Fortinet

Competitors

Technology - Subsidiary

Arbor Networks

Technology - Subsidiary

Compare competitors

Fortinet

Company Growth (employees)

Key People at Fortinet

Ken Xie

Andrew Del Matto

Keith Jensen

Patrice Perche

John Maddison

Lisa McGill

John Whittle

Michael Xie

Fortinet Office Locations

Fortinet Data and Metrics

Fortinet Financial Metrics

Summary

Revenue (Q1, 2017)

Gross profit (Q1, 2017)

Gross profit margin (Q1, 2017), %

Net income (Q1, 2017)

EBIT (Q1, 2017)

Market capitalization (21-Jul-2017)

Cash (31-Mar-2017)

Income Statement

Revenue

Revenue growth, %

Cost of goods sold

Gross profit

Gross profit Margin, %

Sales and marketing expense

R&D expense

General and administrative expense

Operating expense total

EBIT

EBIT margin, %

Interest income

Pre tax profit

Income tax expense

Net Income

Revenue

Cost of goods sold

Gross profit

Gross profit Margin, %

Sales and marketing expense

R&D expense

General and administrative expense

Operating expense total

EBIT

EBIT margin, %

Interest income

Pre tax profit

Income tax expense

Net Income

Balance Sheet

Cash

Inventories

Current Assets

Goodwill

Total Assets

Accounts Payable

Current Liabilities

Total Liabilities

Additional Paid-in Capital

Retained Earnings

Total Equity

Financial Leverage

Cash

Inventories

Current Assets

Goodwill

Total Assets

Accounts Payable

Current Liabilities

Additional Paid-in Capital

Retained Earnings

Total Equity

Financial Leverage

Cash Flow

Net Income

Depreciation and Amortization

Inventories