Aureus
AExcellent

Fortinet, Inc.(FTNT)

A

Financial data as of Dec 31, 2025Improving · Technology

FCF Margin32.7%Free Cash Flow / Revenue
Cash Conversion139.8%Operating CF / Net Income
Free Cash Flow$2.2B
Revenue$6.8B
Net Cash$1.5BCash exceeds debt
Debt / FCF0.4xManageable debt load
Current Ratio1.17Adequate short-term liquidity
YoY FCF Growth+51.9%5 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseA
→
+0.5Healthy FCF margin with manageable debt (32.7%, 0.4x)
→
+1Strong YoY FCF growth (51.9% YoY)
→
+1Net cash position with strong FCF margin
→
+1Very low debt-to-FCF ratio (0.4x)
→
FinalA

Analysis Summary

Strengths

  • Exceptional FCF margin (32.7%)
  • Excellent cash conversion (140%)
  • Net cash position ($1.5B)
  • Very low debt relative to cash flow (0.4x)
  • Strong YoY FCF growth (+51.9%)

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin32.7%
Net Margin27.3%
Operating CF Margin38.1%
CapEx Ratio5.4%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash$1.5BCash exceeds debt
Debt / FCF0.4xManageable debt load
Current Ratio1.17Adequate liquidity
Debt / Equity0.81Low leverage

Quarterly FCF Trend

+51.9% YoYImproving (+51.9%)

Free cash flow per quarter

Sector Comparison — Technology

FCF Margin ranked against sector peers

View all →

Detailed Metrics

Company NameFortinet, Inc.
SectorTechnology
Free Cash Flow$2.2B
Revenue$6.8B
Net Income$1.9B
Operating Cash Flow$2.6B
Capital Expenditure$364.8M
FCF Margin32.7%
Cash Conversion Rate139.8%
Net Margin27.3%
Total Debt$996.3M
Total Cash$2.5B
Net Cash$1.5B
Current Ratio1.17
Debt / Equity0.81
Debt / FCF0.4x
YoY FCF Growth+51.9%
Positive Quarters5 of 5
Trend DirectionImproving
Report DateDec 31, 2025
GradeA
Data SourceYahoo Finance