Stock Analysis on Net

Fortinet Inc. (NASDAQ:FTNT)

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

Analysis of Solvency Ratios 

Microsoft Excel

Solvency Ratios (Summary)

Fortinet Inc., solvency ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Debt Ratios
Debt to equity 1.26 0.00 0.00 0.00
Debt to equity (including operating lease liability) 1.35 0.06 0.03 0.00
Debt to capital 1.40 0.56 0.00 0.00 0.00
Debt to capital (including operating lease liability) 1.35 0.57 0.06 0.03 0.00
Debt to assets 0.16 0.17 0.00 0.00 0.00
Debt to assets (including operating lease liability) 0.17 0.18 0.01 0.01 0.00
Financial leverage 7.57 4.72 2.94 3.05
Coverage Ratios
Interest coverage 50.30 42.66
Fixed charge coverage 17.11 16.00 30.28 25.78 15.67

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).

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Fortinet Inc. debt to capital ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Fortinet Inc. debt to capital ratio (including operating lease liability) deteriorated from 2020 to 2021 and from 2021 to 2022.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Fortinet Inc. debt to assets ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Fortinet Inc. debt to assets ratio (including operating lease liability) deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Fortinet Inc. fixed charge coverage ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.

Debt to Equity

Fortinet Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Long-term debt 990,400 988,400
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
Benchmarks
Debt to Equity, Competitors2
Accenture PLC 0.00 0.00 0.00 0.00
Adobe Inc. 0.29 0.28 0.31 0.39 0.44
Autodesk Inc. 3.09 1.70
Cadence Design Systems Inc. 0.27 0.13 0.14 0.16
CrowdStrike Holdings Inc. 0.72 0.85 0.00
International Business Machines Corp. 2.32 2.74 2.99 3.02
Intuit Inc. 0.42 0.21 0.66 0.12
Microsoft Corp. 0.39 0.50 0.62 0.77
Oracle Corp. 16.08 5.93 2.58
Palo Alto Networks Inc. 17.51 5.08 2.80 0.90
Salesforce Inc. 0.19 0.07 0.09 0.22
ServiceNow Inc. 0.30 0.43 0.58 0.33
Synopsys Inc. 0.00 0.02 0.03 0.03 0.13
Debt to Equity, Sector
Software & Services 0.72 0.84 0.96 1.06
Debt to Equity, Industry
Information Technology 0.67 0.76 0.87 0.87

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 Click competitor name to see calculations.


Debt to Equity (including Operating Lease Liability)

Fortinet Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Long-term debt 990,400 988,400
Total debt 990,400 988,400
Operating lease liabilities, current (classification: Accrued liabilities) 33,200 26,300 19,100 15,500
Operating lease liabilities, non-current (classification: Other liabilities) 62,500 40,500 34,000 30,600
Total debt (including operating lease liability) 1,086,100 1,055,200 53,100 46,100
 
Total Fortinet, Inc. stockholders’ equity (deficit) (281,600) 781,700 856,000 1,321,900 1,010,200
Solvency Ratio
Debt to equity (including operating lease liability)1 1.35 0.06 0.03 0.00
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Accenture PLC 0.15 0.18 0.21 0.00
Adobe Inc. 0.33 0.32 0.35 0.39 0.44
Autodesk Inc. 3.60 2.18
Cadence Design Systems Inc. 0.34 0.18 0.20 0.22
CrowdStrike Holdings Inc. 0.76 0.89 0.00
International Business Machines Corp. 2.46 2.92 3.23 3.27
Intuit Inc. 0.46 0.25 0.71 0.12
Microsoft Corp. 0.47 0.58 0.69 0.84
Oracle Corp. 16.61 6.10 2.58
Palo Alto Networks Inc. 19.12 5.68 3.16 0.90
Salesforce Inc. 0.25 0.15 0.18 0.22
ServiceNow Inc. 0.44 0.60 0.75 0.53
Synopsys Inc. 0.12 0.13 0.14 0.03 0.13
Debt to Equity (including Operating Lease Liability), Sector
Software & Services 0.82 0.94 1.08 1.13
Debt to Equity (including Operating Lease Liability), Industry
Information Technology 0.73 0.83 0.94 0.90

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Fortinet, Inc. stockholders’ equity (deficit)
= 1,086,100 ÷ -281,600 =

2 Click competitor name to see calculations.


Debt to Capital

Fortinet Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Long-term debt 990,400 988,400
Total debt 990,400 988,400
Total Fortinet, Inc. stockholders’ equity (deficit) (281,600) 781,700 856,000 1,321,900 1,010,200
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
Benchmarks
Debt to Capital, Competitors2
Accenture PLC 0.00 0.00 0.00 0.00
Adobe Inc. 0.23 0.22 0.24 0.28 0.31
Autodesk Inc. 0.76 0.63 1.07 1.11
Cadence Design Systems Inc. 0.21 0.11 0.12 0.14
CrowdStrike Holdings Inc. 0.42 0.46 0.00
International Business Machines Corp. 0.70 0.73 0.75 0.75
Intuit Inc. 0.30 0.17 0.40 0.10
Microsoft Corp. 0.28 0.33 0.38 0.43
Oracle Corp. 1.09 0.94 0.86 0.72
Palo Alto Networks Inc. 0.95 0.84 0.74 0.47
Salesforce Inc. 0.16 0.06 0.08 0.18
ServiceNow Inc. 0.23 0.30 0.37 0.25
Synopsys Inc. 0.00 0.02 0.03 0.03 0.12
Debt to Capital, Sector
Software & Services 0.42 0.46 0.49 0.51
Debt to Capital, Industry
Information Technology 0.40 0.43 0.47 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).

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

2 Click competitor name to see calculations.

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

Debt to Capital (including Operating Lease Liability)

Fortinet Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Long-term debt 990,400 988,400
Total debt 990,400 988,400
Operating lease liabilities, current (classification: Accrued liabilities) 33,200 26,300 19,100 15,500
Operating lease liabilities, non-current (classification: Other liabilities) 62,500 40,500 34,000 30,600
Total debt (including operating lease liability) 1,086,100 1,055,200 53,100 46,100
Total Fortinet, Inc. stockholders’ equity (deficit) (281,600) 781,700 856,000 1,321,900 1,010,200
Total capital (including operating lease liability) 804,500 1,836,900 909,100 1,368,000 1,010,200
Solvency Ratio
Debt to capital (including operating lease liability)1 1.35 0.57 0.06 0.03 0.00
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Accenture PLC 0.13 0.15 0.17 0.00
Adobe Inc. 0.25 0.24 0.26 0.28 0.31
Autodesk Inc. 0.78 0.69 1.06 1.11
Cadence Design Systems Inc. 0.25 0.15 0.17 0.18
CrowdStrike Holdings Inc. 0.43 0.47 0.00
International Business Machines Corp. 0.71 0.74 0.76 0.77
Intuit Inc. 0.31 0.20 0.42 0.10
Microsoft Corp. 0.32 0.37 0.41 0.46
Oracle Corp. 1.08 0.94 0.86 0.72
Palo Alto Networks Inc. 0.95 0.85 0.76 0.47
Salesforce Inc. 0.20 0.13 0.16 0.18
ServiceNow Inc. 0.31 0.37 0.43 0.35
Synopsys Inc. 0.11 0.11 0.12 0.03 0.12
Debt to Capital (including Operating Lease Liability), Sector
Software & Services 0.45 0.49 0.52 0.53
Debt to Capital (including Operating Lease Liability), Industry
Information Technology 0.42 0.45 0.49 0.47

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 1,086,100 ÷ 804,500 = 1.35

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Fortinet Inc. debt to capital ratio (including operating lease liability) deteriorated from 2020 to 2021 and from 2021 to 2022.

Debt to Assets

Fortinet Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Long-term debt 990,400 988,400
Total debt 990,400 988,400
 
Total assets 6,228,000 5,919,100 4,044,500 3,885,500 3,078,000
Solvency Ratio
Debt to assets1 0.16 0.17 0.00 0.00 0.00
Benchmarks
Debt to Assets, Competitors2
Accenture PLC 0.00 0.00 0.00 0.00
Adobe Inc. 0.15 0.15 0.17 0.20 0.22
Autodesk Inc. 0.31 0.22 0.34 0.44
Cadence Design Systems Inc. 0.15 0.08 0.09 0.10
CrowdStrike Holdings Inc. 0.20 0.27 0.00
International Business Machines Corp. 0.40 0.39 0.39 0.41
Intuit Inc. 0.25 0.13 0.31 0.07
Microsoft Corp. 0.18 0.21 0.24 0.27
Oracle Corp. 0.69 0.64 0.62 0.52
Palo Alto Networks Inc. 0.30 0.31 0.34 0.22
Salesforce Inc. 0.12 0.04 0.06 0.11
ServiceNow Inc. 0.11 0.15 0.19 0.12
Synopsys Inc. 0.00 0.01 0.02 0.02 0.08
Debt to Assets, Sector
Software & Services 0.26 0.28 0.30 0.32
Debt to Assets, Industry
Information Technology 0.26 0.28 0.30 0.30

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 assets = Total debt ÷ Total assets
= 990,400 ÷ 6,228,000 = 0.16

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Fortinet Inc. debt to assets ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.

Debt to Assets (including Operating Lease Liability)

Fortinet Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Long-term debt 990,400 988,400
Total debt 990,400 988,400
Operating lease liabilities, current (classification: Accrued liabilities) 33,200 26,300 19,100 15,500
Operating lease liabilities, non-current (classification: Other liabilities) 62,500 40,500 34,000 30,600
Total debt (including operating lease liability) 1,086,100 1,055,200 53,100 46,100
 
Total assets 6,228,000 5,919,100 4,044,500 3,885,500 3,078,000
Solvency Ratio
Debt to assets (including operating lease liability)1 0.17 0.18 0.01 0.01 0.00
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Accenture PLC 0.07 0.08 0.09 0.00
Adobe Inc. 0.17 0.17 0.19 0.20 0.22
Autodesk Inc. 0.36 0.29 0.41 0.44
Cadence Design Systems Inc. 0.18 0.11 0.13 0.14
CrowdStrike Holdings Inc. 0.21 0.29 0.00
International Business Machines Corp. 0.42 0.42 0.43 0.45
Intuit Inc. 0.27 0.16 0.33 0.07
Microsoft Corp. 0.21 0.25 0.27 0.30
Oracle Corp. 0.73 0.66 0.64 0.52
Palo Alto Networks Inc. 0.33 0.35 0.38 0.22
Salesforce Inc. 0.15 0.10 0.11 0.11
ServiceNow Inc. 0.17 0.21 0.24 0.19
Synopsys Inc. 0.07 0.08 0.08 0.02 0.08
Debt to Assets (including Operating Lease Liability), Sector
Software & Services 0.30 0.32 0.34 0.34
Debt to Assets (including Operating Lease Liability), Industry
Information Technology 0.29 0.31 0.33 0.31

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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 1,086,100 ÷ 6,228,000 = 0.17

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Fortinet Inc. debt to assets ratio (including operating lease liability) deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.

Financial Leverage

Fortinet Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
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
Benchmarks
Financial Leverage, Competitors2
Accenture PLC 2.14 2.21 2.18 2.07
Adobe Inc. 1.93 1.84 1.83 1.97 2.00
Autodesk Inc. 10.14 7.54
Cadence Design Systems Inc. 1.87 1.60 1.58 1.60
CrowdStrike Holdings Inc. 3.53 3.14 1.89
International Business Machines Corp. 5.80 6.98 7.57 7.30
Intuit Inc. 1.69 1.57 2.14 1.68
Microsoft Corp. 2.19 2.35 2.55 2.80
Oracle Corp. 25.03 9.56 4.99
Palo Alto Networks Inc. 58.35 16.14 8.23 4.16
Salesforce Inc. 1.64 1.60 1.63 1.97
ServiceNow Inc. 2.64 2.92 3.07 2.83
Synopsys Inc. 1.71 1.65 1.64 1.57 1.77
Financial Leverage, Sector
Software & Services 2.76 2.98 3.18 3.33
Financial Leverage, Industry
Information Technology 2.56 2.71 2.90 2.86

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 Click competitor name to see calculations.


Interest Coverage

Fortinet Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Net income attributable to Fortinet, Inc. 857,300 606,800 488,500 326,500 332,200
Add: Net income attributable to noncontrolling interest (700) (100)
Add: Income tax expense 30,800 14,100 53,200 52,700 (81,300)
Add: Interest expense 18,000 14,900
Earnings before interest and tax (EBIT) 905,400 635,700 541,700 379,200 250,900
Solvency Ratio
Interest coverage1 50.30 42.66
Benchmarks
Interest Coverage, Competitors2
Accenture PLC 195.34 131.46 205.84 273.26
Adobe Inc. 54.64 51.49 37.00 21.38 32.31
Autodesk Inc. 9.69 11.70 6.46 0.18
Cadence Design Systems Inc. 46.58 46.26 31.50 26.44
CrowdStrike Holdings Inc. -5.34 -55.36 -315.25
International Business Machines Corp. 1.97 5.20 4.62 8.58
Intuit Inc. 32.38 89.14 158.00 126.40
Microsoft Corp. 41.58 31.31 21.47 17.27
Oracle Corp. 3.84 6.28 7.13 6.97
Palo Alto Networks Inc. -6.56 -1.85 -1.61 0.11
Salesforce Inc. 8.09 24.28 7.42 8.80
ServiceNow Inc. 15.78 9.89 5.56 3.02
Synopsys Inc. 657.96 240.38 125.16 47.79 24.29
Interest Coverage, Sector
Software & Services 18.23 17.67 14.41 13.00
Interest Coverage, Industry
Information Technology 24.65 23.05 16.83 15.85

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
Interest coverage = EBIT ÷ Interest expense
= 905,400 ÷ 18,000 = 50.30

2 Click competitor name to see calculations.


Fixed Charge Coverage

Fortinet Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Net income attributable to Fortinet, Inc. 857,300 606,800 488,500 326,500 332,200
Add: Net income attributable to noncontrolling interest (700) (100)
Add: Income tax expense 30,800 14,100 53,200 52,700 (81,300)
Add: Interest expense 18,000 14,900
Earnings before interest and tax (EBIT) 905,400 635,700 541,700 379,200 250,900
Add: Operating lease expense 37,100 26,500 18,500 15,300 17,100
Earnings before fixed charges and tax 942,500 662,200 560,200 394,500 268,000
 
Interest expense 18,000 14,900
Operating lease expense 37,100 26,500 18,500 15,300 17,100
Fixed charges 55,100 41,400 18,500 15,300 17,100
Solvency Ratio
Fixed charge coverage1 17.11 16.00 30.28 25.78 15.67
Benchmarks
Fixed Charge Coverage, Competitors2
Accenture PLC 12.25 10.41 9.66 10.07
Adobe Inc. 26.79 25.59 18.77 10.78 13.34
Autodesk Inc. 4.46 4.58 3.09 0.62
Cadence Design Systems Inc. 15.50 13.77 11.46 9.95
CrowdStrike Holdings Inc. -3.39 -6.40 -12.01
International Business Machines Corp. 1.52 3.13 2.62 4.41
Intuit Inc. 14.67 25.58 27.48 34.00
Microsoft Corp. 19.50 16.90 12.44 10.94
Oracle Corp. 3.22 5.17 5.68 5.50
Palo Alto Networks Inc. -1.18 -1.09 -0.52 0.41
Salesforce Inc. 2.18 2.94 1.69 3.00
ServiceNow Inc. 3.87 2.95 2.29 1.69
Synopsys Inc. 12.91 9.29 7.46 6.30 4.98
Fixed Charge Coverage, Sector
Software & Services 9.53 9.38 7.64 7.52
Fixed Charge Coverage, Industry
Information Technology 14.17 13.49 10.22 10.45

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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 942,500 ÷ 55,100 = 17.11

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Fortinet Inc. fixed charge coverage ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.