Fortinet (FTNT) FY2021 results: revenue $3.3 billion, up 28.8% on the year
Fortinet, Inc. (FTNT) reported revenue of $3.3 billion for fiscal 2021, the year ended 31 December 2021, up 28.8% on the year before. Net income was $607 million, up 24.2%, and diluted earnings per share $0.73. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.
Revenue
$3.3 billion
+28.8% on the year
FY2014FY2021
Operating margin
19.5%
20.5% a year earlier
FY2014FY2021
Net income
$607 million
+24.2% on the year
FY2014FY2021
Diluted EPS
$0.73
+24.7% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,500
1,084
808
+38.4%
Capital expenditure
296
126
92.2
+135.0%
Free cash flow
1,204
958
716
+25.7%
Free cash flow margin
36.0%
36.9%
33.1%
Cash from investing
-1,325
-72.8
-502
Cash from financing
82.8
-1,172
-196
Depreciation and amortisation
84.4
68.8
61.6
+22.7%
Share-based compensation
208
192
174
+8.5%
Buybacks
742
1,080
145
-31.3%
Diluted shares, weighted
836m
838m
875m
-0.4%
Shares outstanding at period end
810m
812m
858m
-0.3%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
782
856
1,342
-8.7%
Non-controlling interest
16.7
0.0
n/a
Debt
988
0.0
0.0
Operating lease liabilities
40.5
34.0
30.6
+19.1%
Other liabilities
4,092
3,154
2,512
+29.7%
Total liabilities and equity
5,919
4,044
3,886
+46.3%
Fixed assets
688
448
344
+53.5%
Goodwill
125
93.0
67.2
+34.5%
Intangible assets
63.6
31.6
31.1
+101.3%
Investments
441
894
987
-50.7%
Cash and equivalents
1,319
1,062
1,222
+24.2%
Receivables
808
720
544
+12.2%
Inventory
176
140
118
+25.8%
Other assets
2,299
656
571
+250.3%
Total assets
5,919
4,044
3,886
+46.3%
10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.