Fortinet (FTNT) FY2016 results: revenue $1.3 billion, up 26.4% on the year
Fortinet, Inc. (FTNT) reported revenue of $1.3 billion for fiscal 2016, the year ended 31 December 2016, up 26.4% on the year before. Net income was $32 million, up 303.0%, and diluted earnings per share $0.04. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2017.
Revenue
$1.3 billion
+26.4% on the year
FY2009FY2016
Operating margin
3.4%
1.5% a year earlier
FY2009FY2016
Net income
$32 million
+303.0% on the year
FY2009FY2016
Diluted EPS
$0.04
+260.0% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
1,275
1,009
770
+26.4%
Cost of revenue
338
287
231
+17.8%
Gross profit
938
722
539
+29.8%
Gross margin
73.5%
71.6%
70.0%
Research and development
183
158
123
+15.8%
Operating income
42.9
14.9
59.3
+188.7%
Operating margin
3.4%
1.5%
7.7%
Pre-tax income
43.1
17.0
61.5
+153.7%
Income tax
10.9
9.0
36.2
+20.9%
Effective tax rate
25.3%
53.0%
58.8%
Net income
32.2
8.0
25.3
+303.0%
Net margin
2.5%
0.8%
3.3%
Diluted EPS
$0.04
$0.01
$0.03
+260.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
346
283
197
+22.4%
Capital expenditure
67.2
37.4
32.2
+79.8%
Free cash flow
279
245
164
+13.6%
Free cash flow margin
21.8%
24.3%
21.3%
Cash from investing
-74.1
-1.0
-29.4
Cash from financing
-106
-21.6
0.7
Depreciation and amortisation
48.5
31.6
22.0
+53.6%
Share-based compensation
122
95.1
59.0
+28.7%
Buybacks
111
60.0
44.0
+84.7%
Diluted shares, weighted
882m
881m
846m
+0.1%
Shares outstanding at period end
865m
857m
832m
+1.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
838
755
676
+10.9%
Debt
0.0
0.0
0.0
Other liabilities
1,302
1,035
749
+25.8%
Total liabilities and equity
2,140
1,791
1,425
+19.5%
Fixed assets
137
91.1
58.9
+50.7%
Goodwill
14.6
4.7
2.8
+210.2%
Intangible assets
24.8
17.6
2.8
+40.7%
Investments
602
621
708
-3.1%
Cash and equivalents
709
543
283
+30.5%
Receivables
313
260
185
+20.6%
Inventory
107
83.9
69.5
+27.4%
Other assets
233
169
114
+37.5%
Total assets
2,140
1,791
1,425
+19.5%
10-K for the year ended 31 December 2016, filed 1 March 2017: the filing.