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 Short-term (Operating) Activity Ratios
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

Fortinet Inc., short-term (operating) activity ratios (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Turnover Ratios
Inventory turnover 3.76 4.10 4.71 4.84 4.77 4.45 4.06 4.34 4.00 4.08 4.04 4.19 4.97 4.29 4.98 5.62 5.27 5.00
Receivables turnover 4.35 3.50 4.25 4.15 4.54 4.14 5.17 4.98 4.28 3.60 4.50 4.73 4.76 3.96 5.33 4.85 4.92 4.05
Payables turnover 4.78 4.46 4.72 4.89 5.04 5.28 5.07 4.92 4.62 4.03 5.67 4.93 5.94 5.25 5.75 6.65 6.74 5.21
Working capital turnover 4.31 6.03 20.23 12.00 5.14 2.61 1.77 1.52 1.43 2.85 3.33 3.95 4.59 1.66 1.82 1.83 1.77 1.87
Average No. Days
Average inventory processing period 97 89 78 75 77 82 90 84 91 90 90 87 73 85 73 65 69 73
Add: Average receivable collection period 84 104 86 88 80 88 71 73 85 101 81 77 77 92 68 75 74 90
Operating cycle 181 193 164 163 157 170 161 157 176 191 171 164 150 177 141 140 143 163
Less: Average payables payment period 76 82 77 75 72 69 72 74 79 91 64 74 61 70 63 55 54 70
Cash conversion cycle 105 111 87 88 85 101 89 83 97 100 107 90 89 107 78 85 89 93

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Fortinet Inc. inventory turnover ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Receivables turnover An activity ratio equal to revenue divided by receivables. Fortinet Inc. receivables turnover ratio deteriorated from Q3 2022 to Q4 2022 but then improved from Q4 2022 to Q1 2023 exceeding Q3 2022 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Fortinet Inc. payables turnover ratio decreased from Q3 2022 to Q4 2022 but then increased from Q4 2022 to Q1 2023 exceeding Q3 2022 level.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Fortinet Inc. working capital turnover ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Fortinet Inc. number of days of inventory outstanding deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Fortinet Inc. number of days of receivables outstanding deteriorated from Q3 2022 to Q4 2022 but then improved from Q4 2022 to Q1 2023 exceeding Q3 2022 level.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Fortinet Inc. operating cycle deteriorated from Q3 2022 to Q4 2022 but then slightly improved from Q4 2022 to Q1 2023.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Fortinet Inc. number of days of payables outstanding increased from Q3 2022 to Q4 2022 but then decreased significantly from Q4 2022 to Q1 2023.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Fortinet Inc. cash conversion cycle deteriorated from Q3 2022 to Q4 2022 but then slightly improved from Q4 2022 to Q1 2023.

Inventory Turnover

Fortinet Inc., inventory turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in thousands)
Cost of revenue 307,800 297,300 283,000 250,800 253,800 228,300 211,200 186,900 156,600 167,000 139,200 135,100 128,700 140,500 124,100 128,300 113,000 128,500 111,600 113,100 97,200
Inventory 302,700 264,600 215,800 195,200 184,600 175,800 177,900 149,800 149,600 139,800 134,500 126,000 105,000 117,900 99,200 85,700 88,400 90,000 80,800 78,200 80,000
Short-term Activity Ratio
Inventory turnover1 3.76 4.10 4.71 4.84 4.77 4.45 4.06 4.34 4.00 4.08 4.04 4.19 4.97 4.29 4.98 5.62 5.27 5.00
Benchmarks
Inventory Turnover, Competitors2
Cadence Design Systems Inc. 3.12 2.90 3.04 3.17 2.91 2.65 3.06 3.50 4.11 4.02 6.36 6.47 4.46 4.77
International Business Machines Corp. 17.30 17.94 15.59 16.30 14.96 15.68 15.08 17.43 18.90 20.69 19.95 21.10 22.49 25.11
Microsoft Corp. 15.10 16.74 18.27 19.09 16.09 19.81 22.53 25.21 17.25 24.32 26.86 23.78 16.56 20.80
Synopsys Inc. 4.94 5.02 4.62 4.45 4.28 3.76 3.53 3.65 3.51 4.13 4.71 4.49 5.09 5.32 4.90 4.57 5.44 6.01

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Inventory turnover = (Cost of revenueQ1 2023 + Cost of revenueQ4 2022 + Cost of revenueQ3 2022 + Cost of revenueQ2 2022) ÷ Inventory
= (307,800 + 297,300 + 283,000 + 250,800) ÷ 302,700 = 3.76

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Fortinet Inc. inventory turnover ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Receivables Turnover

Fortinet Inc., receivables turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in thousands)
Revenue 1,262,300 1,283,000 1,149,500 1,030,100 954,800 963,600 867,200 801,100 710,300 748,000 651,100 617,600 577,700 614,400 547,500 521,700 472,600 507,000 453,900 441,300 399,000
Accounts receivable, net 1,087,200 1,261,700 963,200 919,500 790,400 807,700 604,900 584,600 637,300 720,000 546,600 498,700 474,700 544,300 384,100 403,100 381,000 444,500 324,400 333,600 313,100
Short-term Activity Ratio
Receivables turnover1 4.35 3.50 4.25 4.15 4.54 4.14 5.17 4.98 4.28 3.60 4.50 4.73 4.76 3.96 5.33 4.85 4.92 4.05
Benchmarks
Receivables Turnover, Competitors2
Adobe Inc. 9.99 8.53 9.98 10.51 9.58 8.41 9.77 9.74 9.00 9.20 9.44 8.82 8.40 7.28 7.76 7.94 7.12 6.86
Autodesk Inc. 11.89 6.13 7.26 11.29 11.94 5.89 6.76 7.22 9.61 5.02 5.98 8.44 10.24 5.42
Cadence Design Systems Inc. 7.54 7.32 8.78 8.38 8.72 8.85 9.09 7.41 7.21 7.93 8.40 7.79 8.37 7.67
CrowdStrike Holdings Inc. 4.43 3.94 4.54 4.27 4.73 3.66 4.41 4.38 3.91 2.92
International Business Machines Corp. 10.52 9.25 10.95 10.17 9.79 8.49 9.23 9.57 10.72 10.32 12.30 11.54 11.05 9.80
Intuit Inc. 34.68 28.53 17.44 12.84 25.10 24.64 16.04 16.60 79.16 51.54 31.31 11.82 66.66 77.98
Microsoft Corp. 6.49 4.48 5.90 5.52 6.44 4.42 6.08 5.61 6.44 4.47 6.11 5.71 6.80 4.26
Oracle Corp. 7.44 7.13 9.12 9.28 9.11 7.48 8.56 8.91 8.57 7.04 9.55 9.77 10.35 7.69
Palo Alto Networks Inc. 4.70 2.57 4.17 5.10 5.61 3.43 5.20 5.65 5.30 3.29 4.88 5.78 6.04 4.98
Salesforce Inc. 7.07 2.72 6.22 5.78 7.04 2.73 6.12 5.63 5.93 2.77 6.16 6.32 6.51 2.70
ServiceNow Inc. 6.87 4.20 7.71 7.74 7.59 4.24 7.13 6.62 7.49 4.48 6.69 6.26 6.04 4.14
Synopsys Inc. 5.00 6.38 7.25 6.58 4.34 7.40 7.06 6.51 4.84 4.72 5.50 5.36 4.22 6.07 7.23 6.14 4.16 5.63

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Receivables turnover = (RevenueQ1 2023 + RevenueQ4 2022 + RevenueQ3 2022 + RevenueQ2 2022) ÷ Accounts receivable, net
= (1,262,300 + 1,283,000 + 1,149,500 + 1,030,100) ÷ 1,087,200 = 4.35

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Fortinet Inc. receivables turnover ratio deteriorated from Q3 2022 to Q4 2022 but then improved from Q4 2022 to Q1 2023 exceeding Q3 2022 level.

Payables Turnover

Fortinet Inc., payables turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in thousands)
Cost of revenue 307,800 297,300 283,000 250,800 253,800 228,300 211,200 186,900 156,600 167,000 139,200 135,100 128,700 140,500 124,100 128,300 113,000 128,500 111,600 113,100 97,200
Accounts payable 238,400 243,400 215,100 193,100 174,700 148,400 142,300 132,000 129,500 141,600 95,900 107,200 87,800 96,400 85,900 72,400 69,200 86,400 66,600 63,700 55,700
Short-term Activity Ratio
Payables turnover1 4.78 4.46 4.72 4.89 5.04 5.28 5.07 4.92 4.62 4.03 5.67 4.93 5.94 5.25 5.75 6.65 6.74 5.21
Benchmarks
Payables Turnover, Competitors2
Accenture PLC 17.54 16.37 16.93 17.22 16.45 15.03 16.92 17.94 20.16 22.48 21.75 20.11 19.17 18.16
Adobe Inc. 7.21 5.71 6.66 5.53 6.54 5.98 5.40 5.60 6.76 5.63 7.62 6.00 6.52 7.98 8.45 8.63 9.18 6.42
Autodesk Inc. 3.28 3.46 2.96 3.44 2.81 2.75 2.72 3.28 3.80 3.88 3.00 3.35 3.08 2.81
CrowdStrike Holdings Inc. 39.15 8.05 47.07 15.13 75.30 19.03 27.52 17.99 24.39 105.30
International Business Machines Corp. 7.44 6.87 7.35 7.40 7.69 6.54 6.71 7.47 8.35 7.75 9.76 8.36 9.63 8.30
Intuit Inc. 3.98 3.26 2.52 2.31 3.47 2.70 2.56 2.82 5.25 4.52 3.48 2.78 4.45 4.26
Microsoft Corp. 3.88 3.30 3.74 3.76 3.70 3.44 3.77 3.80 3.73 3.68 4.78 4.92 5.06 4.57
Oracle Corp. 6.72 6.74 7.65 8.03 10.79 10.54 9.49 10.71 14.72 12.46 15.07 15.07 16.46 13.78
Palo Alto Networks Inc. 14.30 13.43 14.68 12.25 14.46 22.41 16.80 25.37 21.85 15.72 17.72 15.76 11.28 11.03
ServiceNow Inc. 7.20 5.74 7.86 5.60 8.57 15.20 19.64 11.82 9.75 28.83 17.87 10.13 11.28 15.04

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Payables turnover = (Cost of revenueQ1 2023 + Cost of revenueQ4 2022 + Cost of revenueQ3 2022 + Cost of revenueQ2 2022) ÷ Accounts payable
= (307,800 + 297,300 + 283,000 + 250,800) ÷ 238,400 = 4.78

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Fortinet Inc. payables turnover ratio decreased from Q3 2022 to Q4 2022 but then increased from Q4 2022 to Q1 2023 exceeding Q3 2022 level.

Working Capital Turnover

Fortinet Inc., working capital turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in thousands)
Current assets 4,358,700 3,810,400 2,982,200 2,952,900 3,208,300 3,600,600 3,963,500 3,908,200 3,781,200 2,740,400 2,384,600 2,208,700 2,035,300 2,769,000 2,466,200 2,360,700 2,313,300 2,220,900 2,078,100 1,884,800 1,735,800
Less: Current liabilities 3,261,800 3,078,400 2,779,600 2,634,900 2,510,500 2,318,100 2,198,000 1,998,500 1,879,700 1,829,500 1,645,600 1,611,900 1,543,000 1,473,600 1,341,900 1,293,700 1,254,300 1,256,400 1,111,900 1,085,200 1,029,700
Working capital 1,096,900 732,000 202,600 318,000 697,800 1,282,500 1,765,500 1,909,700 1,901,500 910,900 739,000 596,800 492,300 1,295,400 1,124,300 1,067,000 1,059,000 964,500 966,200 799,600 706,100
 
Revenue 1,262,300 1,283,000 1,149,500 1,030,100 954,800 963,600 867,200 801,100 710,300 748,000 651,100 617,600 577,700 614,400 547,500 521,700 472,600 507,000 453,900 441,300 399,000
Short-term Activity Ratio
Working capital turnover1 4.31 6.03 20.23 12.00 5.14 2.61 1.77 1.52 1.43 2.85 3.33 3.95 4.59 1.66 1.82 1.83 1.77 1.87
Benchmarks
Working Capital Turnover, Competitors2
Accenture PLC 14.81 15.07 13.41 15.55 15.85 12.77 7.71 8.35 7.70 8.71 10.32 10.56 9.98 9.85
Adobe Inc. 19.89 20.28 16.36 31.92 57.86 9.09 6.22 7.44 8.67 4.89 5.51 8.11 9.50 16.24
Autodesk Inc.
Cadence Design Systems Inc. 7.12 9.92 8.31 5.34 4.07 4.01 4.68 5.45 5.03 3.94 4.08 4.99 6.14 4.70
CrowdStrike Holdings Inc. 1.32 1.25 1.15 1.02 0.95 0.61 1.19 0.92 0.81 0.71
International Business Machines Corp. 12.14 40.51 49.97 107.30
Intuit Inc. 10.83 8.98 5.68 21.87 4.39 3.85 3.40 5.45 1.74 1.73 3.19 4.80 4.93 4.17
Microsoft Corp. 2.77 2.66 2.52 1.91 1.88 1.76 1.71 1.44 1.37 1.30 1.24 1.25 1.20 1.19
Oracle Corp. 3.50 3.86 3.39 1.70 1.29 1.69 1.58 1.26 1.12 2.25 1.98 1.68 1.42
Palo Alto Networks Inc. 3.52 2.15 1.40 4.81 1.80 1.89 1.80
Salesforce Inc. 54.57 24.95 27.10 4.36 5.11 7.48 10.29 9.75 15.29 28.71
ServiceNow Inc. 7.83 11.16 6.63 11.21 10.61 21.76 11.15 16.31 5.62 5.76 3.73 8.10 43.84 46.69
Synopsys Inc. 17.05 21.34 14.02 7.78 9.47 10.65 9.50 9.18 16.88 9.00 27.06

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Working capital turnover = (RevenueQ1 2023 + RevenueQ4 2022 + RevenueQ3 2022 + RevenueQ2 2022) ÷ Working capital
= (1,262,300 + 1,283,000 + 1,149,500 + 1,030,100) ÷ 1,096,900 = 4.31

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Fortinet Inc. working capital turnover ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Average Inventory Processing Period

Fortinet Inc., average inventory processing period calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data
Inventory turnover 3.76 4.10 4.71 4.84 4.77 4.45 4.06 4.34 4.00 4.08 4.04 4.19 4.97 4.29 4.98 5.62 5.27 5.00
Short-term Activity Ratio (no. days)
Average inventory processing period1 97 89 78 75 77 82 90 84 91 90 90 87 73 85 73 65 69 73
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Cadence Design Systems Inc. 117 126 120 115 125 138 119 104 89 91 57 56 82 76
International Business Machines Corp. 21 20 23 22 24 23 24 21 19 18 18 17 16 15
Microsoft Corp. 24 22 20 19 23 18 16 14 21 15 14 15 22 18
Synopsys Inc. 74 73 79 82 85 97 103 100 104 88 77 81 72 69 74 80 67 61

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 3.76 = 97

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Fortinet Inc. number of days of inventory outstanding deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Average Receivable Collection Period

Fortinet Inc., average receivable collection period calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data
Receivables turnover 4.35 3.50 4.25 4.15 4.54 4.14 5.17 4.98 4.28 3.60 4.50 4.73 4.76 3.96 5.33 4.85 4.92 4.05
Short-term Activity Ratio (no. days)
Average receivable collection period1 84 104 86 88 80 88 71 73 85 101 81 77 77 92 68 75 74 90
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Adobe Inc. 37 43 37 35 38 43 37 37 41 40 39 41 43 50 47 46 51 53
Autodesk Inc. 31 60 50 32 31 62 54 51 38 73 61 43 36 67
Cadence Design Systems Inc. 48 50 42 44 42 41 40 49 51 46 43 47 44 48
CrowdStrike Holdings Inc. 82 93 80 85 77 100 83 83 93 125
International Business Machines Corp. 35 39 33 36 37 43 40 38 34 35 30 32 33 37
Intuit Inc. 11 13 21 28 15 15 23 22 5 7 12 31 5 5
Microsoft Corp. 56 81 62 66 57 83 60 65 57 82 60 64 54 86
Oracle Corp. 49 51 40 39 40 49 43 41 43 52 38 37 35 47
Palo Alto Networks Inc. 78 142 88 72 65 106 70 65 69 111 75 63 60 73
Salesforce Inc. 52 134 59 63 52 134 60 65 62 132 59 58 56 135
ServiceNow Inc. 53 87 47 47 48 86 51 55 49 82 55 58 60 88
Synopsys Inc. 73 57 50 55 84 49 52 56 75 77 66 68 86 60 51 59 88 65

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 4.35 = 84

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Fortinet Inc. number of days of receivables outstanding deteriorated from Q3 2022 to Q4 2022 but then improved from Q4 2022 to Q1 2023 exceeding Q3 2022 level.

Operating Cycle

Fortinet Inc., operating cycle calculation (quarterly data)

No. days

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data
Average inventory processing period 97 89 78 75 77 82 90 84 91 90 90 87 73 85 73 65 69 73
Average receivable collection period 84 104 86 88 80 88 71 73 85 101 81 77 77 92 68 75 74 90
Short-term Activity Ratio
Operating cycle1 181 193 164 163 157 170 161 157 176 191 171 164 150 177 141 140 143 163
Benchmarks
Operating Cycle, Competitors2
Cadence Design Systems Inc. 165 176 162 159 167 179 159 153 140 137 100 103 126 124
International Business Machines Corp. 56 59 56 58 61 66 64 59 53 53 48 49 49 52
Microsoft Corp. 80 103 82 85 80 101 76 79 78 97 74 79 76 104
Synopsys Inc. 147 130 129 137 169 146 155 156 179 165 143 149 158 129 125 139 155 126

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 97 + 84 = 181

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Fortinet Inc. operating cycle deteriorated from Q3 2022 to Q4 2022 but then slightly improved from Q4 2022 to Q1 2023.

Average Payables Payment Period

Fortinet Inc., average payables payment period calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data
Payables turnover 4.78 4.46 4.72 4.89 5.04 5.28 5.07 4.92 4.62 4.03 5.67 4.93 5.94 5.25 5.75 6.65 6.74 5.21
Short-term Activity Ratio (no. days)
Average payables payment period1 76 82 77 75 72 69 72 74 79 91 64 74 61 70 63 55 54 70
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Accenture PLC 21 22 22 21 22 24 22 20 18 16 17 18 19 20
Adobe Inc. 51 64 55 66 56 61 68 65 54 65 48 61 56 46 43 42 40 57
Autodesk Inc. 111 105 123 106 130 133 134 111 96 94 122 109 119 130
CrowdStrike Holdings Inc. 9 45 8 24 5 19 13 20 15 3
International Business Machines Corp. 49 53 50 49 47 56 54 49 44 47 37 44 38 44
Intuit Inc. 92 112 145 158 105 135 142 129 70 81 105 131 82 86
Microsoft Corp. 94 111 98 97 99 106 97 96 98 99 76 74 72 80
Oracle Corp. 54 54 48 45 34 35 38 34 25 29 24 24 22 26
Palo Alto Networks Inc. 26 27 25 30 25 16 22 14 17 23 21 23 32 33
ServiceNow Inc. 51 64 46 65 43 24 19 31 37 13 20 36 32 24

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 4.78 = 76

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Fortinet Inc. number of days of payables outstanding increased from Q3 2022 to Q4 2022 but then decreased significantly from Q4 2022 to Q1 2023.

Cash Conversion Cycle

Fortinet Inc., cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data
Average inventory processing period 97 89 78 75 77 82 90 84 91 90 90 87 73 85 73 65 69 73
Average receivable collection period 84 104 86 88 80 88 71 73 85 101 81 77 77 92 68 75 74 90
Average payables payment period 76 82 77 75 72 69 72 74 79 91 64 74 61 70 63 55 54 70
Short-term Activity Ratio
Cash conversion cycle1 105 111 87 88 85 101 89 83 97 100 107 90 89 107 78 85 89 93
Benchmarks
Cash Conversion Cycle, Competitors2
International Business Machines Corp. 7 6 6 9 14 10 10 10 9 6 11 5 11 8
Microsoft Corp. -14 -8 -16 -12 -19 -5 -21 -17 -20 -2 -2 5 4 24

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 97 + 8476 = 105

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Fortinet Inc. cash conversion cycle deteriorated from Q3 2022 to Q4 2022 but then slightly improved from Q4 2022 to Q1 2023.