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Fortinet Balance Sheet 2025-2008 | FTNT
Brief overview of Fortinet's assets and capital
This overview follows the five latest available annual observations between 2020 and 2025.
The asset base grew from $4 billion to $10.4 billion, or +156.9%. Average annual growth of roughly 20.8% was strong.
Liabilities grew faster than assets: +187% versus +156.9%. A substantial part of expansion was externally funded.
Equity covers only 11.9% of assets versus 21.2% initially. The loss-absorbing cushion is limited.
The period ended with net cash: net debt stood at -$2 billion. This supports financial flexibility.
Cash equals 24% of the balance sheet, compared with 26.3% five periods ago. This is the readily available cushion.
Retained earnings remain negative at -$507.9 million. This may reflect past losses or substantial shareholder distributions, so earnings and buybacks provide important context.
Overall assessment
Taken together, Fortinet's balance sheet indicators point to elevated risk. Asset growth does not offset weak funding sources.
Annual Balance Sheet Fortinet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-1.96 B | -1.85 B | -372 M | - | -331 M | -1.06 B | -1.22 B | -1.11 B | -811 M | -709 M | -543 M | -283 M | -116 M | -123 M | -72 M | - | - | - |
Long Term Debt |
497 M | 994 M | 992 M | - | 988 M | - | - | - | - | - | - | - | - | - | - | - | - | - |
Long Term Debt Current |
36.1 M | 32.7 M | 33.4 M | - | - | 19.1 M | 15.5 M | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | 1.36 B | 1.09 B | 811 M | 641 M | 473 M | 356 M | 252 M | 170 M | 145 M | 110 M | - | - | - |
Total Current Liabilities |
5.03 B | 4.06 B | 3.72 B | - | 2.32 B | 1.83 B | 1.47 B | 1.26 B | 1.03 B | 829 M | 679 M | 496 M | 413 M | 319 M | 267 M | 218 M | - | - |
Total Liabilities |
9.15 B | 8.27 B | 7.72 B | - | 5.12 B | 3.19 B | 2.56 B | 2.07 B | 1.67 B | 1.3 B | 1.04 B | 749 M | 583 M | 465 M | 376 M | 313 M | - | - |
Deferred Revenue |
3.64 B | 3.28 B | 2.85 B | - | - | 1.39 B | 1.17 B | 966 M | 794 M | 645 M | 515 M | 369 M | 294 M | 247 M | 207 M | 170 M | - | - |
Retained Earnings |
-508 M | -117 M | -1.86 B | - | -468 M | -352 M | 140 M | -57.5 M | -320 M | 37.6 M | 68.5 M | 114 M | 122 M | 111 M | 43.8 M | -18.7 M | - | - |
Total Assets |
10.4 B | 9.76 B | 7.26 B | 6.23 B | 5.92 B | 4.04 B | 3.89 B | 3.08 B | 2.26 B | 2.14 B | 1.79 B | 1.42 B | 1.17 B | 975 M | 735 M | 545 M | - | - |
Cash and Cash Equivalents |
2.5 B | 2.88 B | 1.4 B | 1.68 B | 1.32 B | 1.06 B | 1.22 B | 1.11 B | 811 M | 709 M | 543 M | 283 M | 116 M | 123 M | 72 M | 66.9 M | 212 M | 56.6 M |
Book Value |
1.24 B | 1.49 B | -463 M | 6.23 B | 798 M | 856 M | 1.32 B | 1.01 B | 589 M | 838 M | 755 M | 676 M | 586 M | 511 M | 358 M | 232 M | - | - |
Total Shareholders Equity |
1.24 B | 1.49 B | -463 M | -282 M | 782 M | 856 M | 1.34 B | 1.01 B | 589 M | 838 M | 755 M | 676 M | 586 M | 511 M | 358 M | 232 M | 142 M | -5.23 M |
All numbers in USD currency
Quarterly Balance Sheet Fortinet
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
497 M | 497 M | 496 M | 496 M | 496 M | 994 M | 994 M | 993 M | 993 M | 992 M | - | 991 M | 991 M | 990 M | 990 M | - | 989 M | 988 M | 988 M | 988 M | 987 M | - | - | - | - | 30.6 M | 30.6 M | 30.6 M | 30.6 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
9.31 B | 8.89 B | 8.63 B | 8.58 B | 8.44 B | 8.27 B | 7.94 B | 7.76 B | 7.8 B | 7.72 B | - | 7.16 B | 6.82 B | 6.51 B | 5.96 B | - | 5.42 B | 5.12 B | 4.84 B | 4.51 B | 4.3 B | 3.19 B | 3.19 B | 3.19 B | 3.19 B | 2.54 B | 2.54 B | 2.56 B | 2.56 B | 2.07 B | 2.07 B | 2.07 B | 2.07 B | 1.67 B | 1.67 B | 1.67 B | 1.67 B | 1.3 B | 1.3 B | 1.3 B | 1.3 B | 1.04 B | 1.04 B | 1.04 B | 1.04 B | 749 M | 749 M | 749 M | 749 M | 583 M | 583 M | 583 M | 583 M | 465 M | 465 M | 465 M | 465 M | 376 M | 376 M | 376 M | 376 M |
Deferred Revenue |
3.84 B | 3.73 B | 3.46 B | 3.41 B | 3.34 B | 3.28 B | 3.08 B | 2.98 B | 2.91 B | 2.85 B | - | 2.59 B | 2.46 B | 2.35 B | 2.13 B | - | 1.89 B | 1.78 B | 1.62 B | 1.53 B | 1.47 B | 1.39 B | 1.3 B | 1.39 B | 1.39 B | 1.16 B | 1.16 B | 1.17 B | 1.17 B | 966 M | 876 M | 850 M | 817 M | 794 M | 794 M | 794 M | 794 M | 645 M | 645 M | 645 M | 645 M | 515 M | 515 M | 515 M | 515 M | 369 M | 369 M | 369 M | 369 M | 294 M | 294 M | 294 M | 294 M | 247 M | 247 M | 247 M | 247 M | 207 M | 207 M | 207 M | 207 M |
Retained Earnings |
-317 M | -782 M | -958 M | 364 M | 316 M | -117 M | -643 M | -1.18 B | -1.56 B | -1.86 B | - | -1.03 B | -1.3 B | -1.55 B | -1.86 B | - | -1 B | -468 M | -139 M | -196 M | -245 M | -352 M | -352 M | -352 M | -352 M | 161 M | 161 M | 140 M | 140 M | -57.5 M | -57.5 M | -57.5 M | -57.5 M | -320 M | -320 M | -320 M | -320 M | 37.6 M | 37.6 M | 37.6 M | 37.6 M | 68.5 M | 68.5 M | 68.5 M | 68.5 M | 114 M | 114 M | 114 M | 114 M | 122 M | 122 M | 122 M | 122 M | 111 M | 111 M | 111 M | 111 M | 43.8 M | 43.8 M | 43.8 M | 43.8 M |
Total Assets |
10.9 B | 9.88 B | 9.36 B | 10.6 B | 10.4 B | 9.76 B | 8.85 B | 8.05 B | 7.66 B | 7.26 B | - | 7.49 B | 6.83 B | 6.23 B | 5.34 B | - | 5.65 B | 5.92 B | 5.97 B | 5.56 B | 5.28 B | 4.04 B | 4.04 B | 4.04 B | 4.04 B | 3.88 B | 3.88 B | 3.89 B | 3.89 B | 3.08 B | 3.08 B | 3.08 B | 3.08 B | 2.26 B | 2.26 B | 2.26 B | 2.26 B | 2.14 B | 2.14 B | 2.14 B | 2.14 B | 1.79 B | 1.79 B | 1.79 B | 1.79 B | 1.42 B | 1.42 B | 1.42 B | 1.42 B | 1.17 B | 1.17 B | 1.17 B | 1.17 B | 975 M | 975 M | 975 M | 975 M | 735 M | 735 M | 735 M | 735 M |
Cash and Cash Equivalents |
2.93 B | 2.22 B | 2 B | 3.37 B | 3.6 B | 2.88 B | 2.49 B | 2.2 B | 1.93 B | 1.4 B | 2.19 B | 2.38 B | 2.3 B | 1.68 B | 964 M | 710 M | 924 M | 1.32 B | 1.85 B | 1.88 B | 1.86 B | 1.06 B | 1.06 B | 1.06 B | 1.06 B | 1.22 B | 1.22 B | 1.22 B | 1.22 B | 1.11 B | 1.11 B | 1.11 B | 1.11 B | 811 M | 811 M | 811 M | 811 M | 709 M | 709 M | 709 M | 709 M | 543 M | 543 M | 543 M | 543 M | 283 M | 283 M | 283 M | 283 M | 116 M | 116 M | 116 M | 116 M | 123 M | 123 M | 123 M | 123 M | 72 M | 72 M | 72 M | 72 M |
Book Value |
1.55 B | 990 M | 735 M | 2.06 B | 1.96 B | 1.49 B | 908 M | 288 M | -138 M | -463 M | - | 321 M | 11.4 M | -282 M | -623 M | - | 233 M | 798 M | 1.14 B | 1.05 B | 981 M | 856 M | 856 M | 856 M | 856 M | 1.34 B | 1.34 B | 1.32 B | 1.32 B | 1.01 B | 1.01 B | 1.01 B | 1.01 B | 589 M | 589 M | 589 M | 589 M | 838 M | 838 M | 838 M | 838 M | 755 M | 755 M | 755 M | 755 M | 676 M | 676 M | 676 M | 676 M | 586 M | 586 M | 586 M | 586 M | 511 M | 511 M | 511 M | 511 M | 358 M | 358 M | 358 M | 358 M |
Total Shareholders Equity |
1.55 B | 990 M | 735 M | 2.06 B | 1.96 B | 1.49 B | 908 M | 288 M | -138 M | -463 M | 74.1 M | 321 M | 11.4 M | -282 M | -635 M | -380 M | 233 M | 782 M | 1.14 B | 1.05 B | 981 M | 856 M | 856 M | 856 M | 856 M | 1.34 B | 1.34 B | 1.32 B | 1.32 B | 1.03 B | 1.01 B | 1.01 B | 1.01 B | 602 M | 589 M | 589 M | 589 M | 838 M | 838 M | 838 M | 838 M | 755 M | 755 M | 755 M | 755 M | 676 M | 676 M | 676 M | 676 M | 586 M | 586 M | 586 M | 586 M | 511 M | 511 M | 511 M | 511 M | 358 M | 358 M | 358 M | 358 M |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Fortinet, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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