Fortinet (FTNT) FY2020 results: revenue $2.6 billion, up 19.9% on the year
Fortinet, Inc. (FTNT) reported revenue of $2.6 billion for fiscal 2020, the year ended 31 December 2020, up 19.9% on the year before. Net income was $488 million, up 47.3%, and diluted earnings per share $0.58. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$2.6 billion
+19.9% on the year
FY2013FY2020
Operating margin
20.5%
16.2% a year earlier
FY2013FY2020
Net income
$488 million
+47.3% on the year
FY2013FY2020
Diluted EPS
$0.58
+53.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,594
2,163
1,801
+19.9%
Cost of revenue
570
506
450
+12.7%
Gross profit
2,024
1,657
1,354
+22.2%
Gross margin
78.0%
76.6%
75.2%
Research and development
341
277
244
+23.2%
Operating income
532
351
234
+51.5%
Operating margin
20.5%
16.2%
13.0%
Interest expense
0.0
0.0
n/a
Pre-tax income
542
386
254
+40.3%
Income tax
53.2
54.3
-80.6
-2.0%
Effective tax rate
9.8%
14.1%
-31.7%
Net income
488
332
335
+47.3%
Net margin
18.8%
15.3%
18.6%
Diluted EPS
$0.58
$0.38
$0.38
+53.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,084
808
639
+34.1%
Capital expenditure
126
92.2
53.0
+36.6%
Free cash flow
958
716
586
+33.8%
Free cash flow margin
36.9%
33.1%
32.5%
Cash from investing
-72.8
-502
-135
Cash from financing
-1,172
-196
-203
Depreciation and amortisation
68.8
61.6
55.7
+11.7%
Share-based compensation
192
174
163
+10.1%
Buybacks
1,080
145
212
+644.4%
Diluted shares, weighted
838m
875m
871m
-4.2%
Shares outstanding at period end
812m
858m
849m
-5.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
856
1,342
1,026
-36.2%
Non-controlling interest
0.0
n/a
n/a
Debt
0.0
0.0
0.0
Operating lease liabilities
34.0
30.6
n/a
+11.1%
Other liabilities
3,154
2,512
2,052
+25.6%
Total liabilities and equity
4,044
3,886
3,078
+4.1%
Fixed assets
448
344
271
+30.1%
Goodwill
93.0
67.2
38.2
+38.4%
Intangible assets
31.6
31.1
22.1
+1.6%
Investments
894
987
604
-9.5%
Cash and equivalents
1,062
1,222
1,112
-13.1%
Receivables
720
544
444
+32.3%
Inventory
140
118
90.0
+18.6%
Other assets
656
571
495
+15.0%
Total assets
4,044
3,886
3,078
+4.1%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.