FTNTFortinet, Inc.
Computer Peripheral Equipment, NEC
- Revenue
- $6.8B
- 14% YoY
- Operating margin
- 30.7%
- 1.3% YoY
- EBITDA
- $2.2B
- 16% YoY
- Market cap
- $100.0B
- Employees
- 15,109
- $450K revenue each
- Net debt / EBITDA
- -1.2×
- −$2.8B net debt
- AI in 10-K
- 9.8
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$14M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo140% of net incomeCash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowNo88% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo85% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$450K · 49th pctBottom quartile of its SIC industry
- Quiet on AINo9.8 per 10K words · 92nd pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 1.2× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedNo$100.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$136M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.3B | $4.4B | $5.3B | $6.0B | $6.8B | 14% |
| Operating income | $650M | $970M | $1.2B | $1.8B | $2.1B | 16% |
| Net income | $607M | $857M | $1.1B | $1.7B | $1.9B | 6.2% |
| Operating cash flow | $1.5B | $1.7B | $1.9B | $2.3B | $2.6B | 15% |
| Capex | $296M | $281M | $204M | $379M | $365M | 3.7% |
| Stock-based comp | $208M | $217M | $249M | $258M | $280M | 8.4% |
| Buybacks | $742M | $2.0B | $1.5B | $600K | $2.3B | 381533% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $136M · 58
- Net
- −$136M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $11M | $1M | 267 | 258 |
| FY2024 | $13M | $38M | 442 | 301 |
| FY2023 | $16M | $22M | 274 | 221 |
| FY2022 | $14M | −$15M | 229 | 133 |
| FY2021 | $14M | $85M | 337 | 207 |