Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Fortinet Inc., adjusted financial ratios

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Activity Ratio
Total Asset Turnover
Reported	0.71	0.56	0.64	0.55	0.59
Adjusted	0.99	0.75	0.81	0.71	0.75
Liquidity Ratio
Current Ratio
Reported	1.24	1.55	1.50	1.88	1.77
Adjusted	5.23	6.66	6.28	9.23	7.65
Solvency Ratios
Debt to Equity
Reported	—	1.26	0.00	0.00	0.00
Adjusted	0.29	0.27	0.02	0.01	0.02
Debt to Capital
Reported	1.40	0.56	0.00	0.00	0.00
Adjusted	0.22	0.21	0.02	0.01	0.02
Financial Leverage
Reported	—	7.57	4.72	2.94	3.05
Adjusted	1.49	1.42	1.18	1.13	1.17
Profitability Ratios
Net Profit Margin
Reported	19.41%	18.16%	18.83%	15.14%	18.44%
Adjusted	32.22%	32.32%	31.66%	31.02%	26.73%
Return on Equity (ROE)
Reported	—	77.63%	57.07%	24.70%	32.88%
Adjusted	47.51%	34.55%	30.33%	25.01%	23.46%
Return on Assets (ROA)
Reported	13.77%	10.25%	12.08%	8.40%	10.79%
Adjusted	31.90%	24.27%	25.74%	22.11%	20.01%

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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Fortinet Inc. adjusted total asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Fortinet Inc. adjusted current ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Fortinet Inc. adjusted debt-to-equity ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Fortinet Inc. adjusted debt-to-capital ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Fortinet Inc. adjusted financial leverage ratio increased from 2020 to 2021 and from 2021 to 2022.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Fortinet Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Fortinet Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Fortinet Inc. adjusted ROA deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Fortinet Inc., Financial Ratios: Reported vs. Adjusted

Download chart

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Revenue	4,417,400)	3,342,200)	2,594,400)	2,156,200)	1,801,200)
Total assets	6,228,000)	5,919,100)	4,044,500)	3,885,500)	3,078,000)
Activity Ratio
Total asset turnover¹	0.71	0.56	0.64	0.55	0.59
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted revenue²	5,604,800)	4,189,800)	3,090,600)	2,605,300)	2,151,700)
Adjusted total assets³	5,662,200)	5,579,200)	3,801,800)	3,654,100)	2,874,000)
Activity Ratio
Adjusted total asset turnover⁴	0.99	0.75	0.81	0.71	0.75

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).

¹ 2022 Calculation
Total asset turnover = Revenue ÷ Total assets
= 4,417,400 ÷ 6,228,000 = 0.71

² Adjusted revenue. See details »

³ Adjusted total assets. See details »

⁴ 2022 Calculation
Adjusted total asset turnover = Adjusted revenue ÷ Adjusted total assets
= 5,604,800 ÷ 5,662,200 = 0.99

Download chart

Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Fortinet Inc. adjusted total asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Current assets	3,810,400)	3,600,600)	2,740,400)	2,769,000)	2,220,900)
Current liabilities	3,078,400)	2,318,100)	1,829,500)	1,473,600)	1,256,400)
Liquidity Ratio
Current ratio¹	1.24	1.55	1.50	1.88	1.77
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets²	3,814,000)	3,603,000)	2,742,900)	2,770,200)	2,221,800)
Adjusted current liabilities³	729,100)	540,700)	436,700)	300,000)	290,500)
Liquidity Ratio
Adjusted current ratio⁴	5.23	6.66	6.28	9.23	7.65

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).

¹ 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 3,810,400 ÷ 3,078,400 = 1.24

² Adjusted current assets. See details »

³ Adjusted current liabilities. See details »

⁴ 2022 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 3,814,000 ÷ 729,100 = 5.23

Download chart

Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Fortinet Inc. adjusted current ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt	990,400)	988,400)	—)	—)	—)
Total Fortinet, Inc. stockholders’ equity (deficit)	(281,600)	781,700)	856,000)	1,321,900)	1,010,200)
Solvency Ratio
Debt to equity¹	—	1.26	0.00	0.00	0.00
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	1,086,100)	1,055,200)	53,100)	46,100)	50,100)
Adjusted total equity (deficit)³	3,801,000)	3,919,400)	3,226,600)	3,231,400)	2,451,900)
Solvency Ratio
Adjusted debt to equity⁴	0.29	0.27	0.02	0.01	0.02

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).

¹ 2022 Calculation
Debt to equity = Total debt ÷ Total Fortinet, Inc. stockholders’ equity (deficit)
= 990,400 ÷ -281,600 = —

² Adjusted total debt. See details »

³ Adjusted total equity (deficit). See details »

⁴ 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity (deficit)
= 1,086,100 ÷ 3,801,000 = 0.29

Download chart

Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Fortinet Inc. adjusted debt-to-equity ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt	990,400)	988,400)	—)	—)	—)
Total capital	708,800)	1,770,100)	856,000)	1,321,900)	1,010,200)
Solvency Ratio
Debt to capital¹	1.40	0.56	0.00	0.00	0.00
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	1,086,100)	1,055,200)	53,100)	46,100)	50,100)
Adjusted total capital³	4,887,100)	4,974,600)	3,279,700)	3,277,500)	2,502,000)
Solvency Ratio
Adjusted debt to capital⁴	0.22	0.21	0.02	0.01	0.02

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).

¹ 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 990,400 ÷ 708,800 = 1.40

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 1,086,100 ÷ 4,887,100 = 0.22

Download chart

Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Fortinet Inc. adjusted debt-to-capital ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Total assets	6,228,000)	5,919,100)	4,044,500)	3,885,500)	3,078,000)
Total Fortinet, Inc. stockholders’ equity (deficit)	(281,600)	781,700)	856,000)	1,321,900)	1,010,200)
Solvency Ratio
Financial leverage¹	—	7.57	4.72	2.94	3.05
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	5,662,200)	5,579,200)	3,801,800)	3,654,100)	2,874,000)
Adjusted total equity (deficit)³	3,801,000)	3,919,400)	3,226,600)	3,231,400)	2,451,900)
Solvency Ratio
Adjusted financial leverage⁴	1.49	1.42	1.18	1.13	1.17

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).

¹ 2022 Calculation
Financial leverage = Total assets ÷ Total Fortinet, Inc. stockholders’ equity (deficit)
= 6,228,000 ÷ -281,600 = —

² Adjusted total assets. See details »

³ Adjusted total equity (deficit). See details »

⁴ 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity (deficit)
= 5,662,200 ÷ 3,801,000 = 1.49

Download chart

Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Fortinet Inc. adjusted financial leverage ratio increased from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Fortinet, Inc.	857,300)	606,800)	488,500)	326,500)	332,200)
Revenue	4,417,400)	3,342,200)	2,594,400)	2,156,200)	1,801,200)
Profitability Ratio
Net profit margin¹	19.41%	18.16%	18.83%	15.14%	18.44%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income including non-controlling interests²	1,806,000)	1,354,300)	978,500)	808,100)	575,100)
Adjusted revenue³	5,604,800)	4,189,800)	3,090,600)	2,605,300)	2,151,700)
Profitability Ratio
Adjusted net profit margin⁴	32.22%	32.32%	31.66%	31.02%	26.73%

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).

¹ 2022 Calculation
Net profit margin = 100 × Net income attributable to Fortinet, Inc. ÷ Revenue
= 100 × 857,300 ÷ 4,417,400 = 19.41%

² Adjusted net income including non-controlling interests. See details »

³ Adjusted revenue. See details »

⁴ 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net income including non-controlling interests ÷ Adjusted revenue
= 100 × 1,806,000 ÷ 5,604,800 = 32.22%

Download chart

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Fortinet Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Fortinet, Inc.	857,300)	606,800)	488,500)	326,500)	332,200)
Total Fortinet, Inc. stockholders’ equity (deficit)	(281,600)	781,700)	856,000)	1,321,900)	1,010,200)
Profitability Ratio
ROE¹	—	77.63%	57.07%	24.70%	32.88%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income including non-controlling interests²	1,806,000)	1,354,300)	978,500)	808,100)	575,100)
Adjusted total equity (deficit)³	3,801,000)	3,919,400)	3,226,600)	3,231,400)	2,451,900)
Profitability Ratio
Adjusted ROE⁴	47.51%	34.55%	30.33%	25.01%	23.46%

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).

¹ 2022 Calculation
ROE = 100 × Net income attributable to Fortinet, Inc. ÷ Total Fortinet, Inc. stockholders’ equity (deficit)
= 100 × 857,300 ÷ -281,600 = —

² Adjusted net income including non-controlling interests. See details »

³ Adjusted total equity (deficit). See details »

⁴ 2022 Calculation
Adjusted ROE = 100 × Adjusted net income including non-controlling interests ÷ Adjusted total equity (deficit)
= 100 × 1,806,000 ÷ 3,801,000 = 47.51%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Fortinet Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Fortinet, Inc.	857,300)	606,800)	488,500)	326,500)	332,200)
Total assets	6,228,000)	5,919,100)	4,044,500)	3,885,500)	3,078,000)
Profitability Ratio
ROA¹	13.77%	10.25%	12.08%	8.40%	10.79%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income including non-controlling interests²	1,806,000)	1,354,300)	978,500)	808,100)	575,100)
Adjusted total assets³	5,662,200)	5,579,200)	3,801,800)	3,654,100)	2,874,000)
Profitability Ratio
Adjusted ROA⁴	31.90%	24.27%	25.74%	22.11%	20.01%

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).

¹ 2022 Calculation
ROA = 100 × Net income attributable to Fortinet, Inc. ÷ Total assets
= 100 × 857,300 ÷ 6,228,000 = 13.77%

² Adjusted net income including non-controlling interests. See details »

³ Adjusted total assets. See details »

⁴ 2022 Calculation
Adjusted ROA = 100 × Adjusted net income including non-controlling interests ÷ Adjusted total assets
= 100 × 1,806,000 ÷ 5,662,200 = 31.90%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Fortinet Inc. adjusted ROA deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Fortinet Inc. (NASDAQ:FTNT)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Fortinet Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)