Analysis of Geographic Areas
Fortinet Inc. operates in 3 regions: Americas; Europe, Middle East and Africa (EMEA); and Asia Pacific (APAC).
Area Asset Turnover
Fortinet Inc., asset turnover by geographic area
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Americas | 2.12 | 2.11 | 2.57 | 2.84 | 3.10 |
| Europe, Middle East and Africa (EMEA) | 47.13 | 41.16 | 48.15 | 53.55 | 41.85 |
| Asia Pacific (APAC) | 49.51 | 60.47 | 67.35 | 74.56 | 39.16 |
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).
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | Americas | Americas area asset turnover ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
| Europe, Middle East and Africa (EMEA) | Europe, Middle East and Africa (EMEA) area asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level. | |
| Asia Pacific (APAC) | Asia Pacific (APAC) area asset turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
Area Asset Turnover: Americas
Fortinet Inc.; Americas; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | 1,785,000) | 1,358,800) | 1,077,200) | 917,300) | 762,900) |
| Property and equipment, net | 843,600) | 644,900) | 419,600) | 323,400) | 246,000) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 2.12 | 2.11 | 2.57 | 2.84 | 3.10 |
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
Area asset turnover = Revenue ÷ Property and equipment, net
= 1,785,000 ÷ 843,600 = 2.12
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | Americas | Americas area asset turnover ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
Area Asset Turnover: Europe, Middle East and Africa (EMEA)
Fortinet Inc.; Europe, Middle East and Africa (EMEA); area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | 1,691,800) | 1,275,900) | 991,900) | 813,900) | 678,000) |
| Property and equipment, net | 35,900) | 31,000) | 20,600) | 15,200) | 16,200) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 47.13 | 41.16 | 48.15 | 53.55 | 41.85 |
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
Area asset turnover = Revenue ÷ Property and equipment, net
= 1,691,800 ÷ 35,900 = 47.13
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | Europe, Middle East and Africa (EMEA) | Europe, Middle East and Africa (EMEA) area asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level. |
Area Asset Turnover: Asia Pacific (APAC)
Fortinet Inc.; Asia Pacific (APAC); area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | 940,600) | 707,500) | 525,300) | 425,000) | 360,300) |
| Property and equipment, net | 19,000) | 11,700) | 7,800) | 5,700) | 9,200) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 49.51 | 60.47 | 67.35 | 74.56 | 39.16 |
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
Area asset turnover = Revenue ÷ Property and equipment, net
= 940,600 ÷ 19,000 = 49.51
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | Asia Pacific (APAC) | Asia Pacific (APAC) area asset turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
Revenue
Fortinet Inc., revenue by geographic area
US$ in thousands
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| United States | 1,325,000) | 1,006,800) | 813,300) | 693,300) | 577,200) |
| Other Americas | 460,000) | 352,000) | 263,900) | 224,000) | 185,700) |
| Americas | 1,785,000) | 1,358,800) | 1,077,200) | 917,300) | 762,900) |
| Europe, Middle East and Africa (EMEA) | 1,691,800) | 1,275,900) | 991,900) | 813,900) | 678,000) |
| Asia Pacific (APAC) | 940,600) | 707,500) | 525,300) | 425,000) | 360,300) |
| Total | 4,417,400) | 3,342,200) | 2,594,400) | 2,156,200) | 1,801,200) |
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).
Property and equipment, net
Fortinet Inc., property and equipment, net by geographic area
US$ in thousands
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| United States | 638,100) | 472,400) | 296,300) | 197,400) | 132,100) |
| Other Americas | 205,500) | 172,500) | 123,300) | 126,000) | 113,900) |
| Americas | 843,600) | 644,900) | 419,600) | 323,400) | 246,000) |
| Europe, Middle East and Africa (EMEA) | 35,900) | 31,000) | 20,600) | 15,200) | 16,200) |
| Asia Pacific (APAC) | 19,000) | 11,700) | 7,800) | 5,700) | 9,200) |
| Total | 898,500) | 687,600) | 448,000) | 344,300) | 271,400) |
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).