Fortinet, Inc. (FTNT) Balance Sheet
FTNT balance sheet, 2025
December 31, 2025 · U.S. dollars$10.39B assets = $9.15B liabilities + $1.24B equity
Both columns are drawn to the same scale: what FTNT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FTNT financial health
Descriptive bands, not a rating. Fiscal 2025.
FTNT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.14B2016 | $10.39B2025 | +19.2%/yr | |
| Total liabilities | $1.30B2016 | $9.15B2025 | +24.2%/yr | |
| Shareholders’ equity | $837.7M2016 | $1.24B2025 | +4.4%/yr | |
| Cash & short-term investments | $1.09B2016 | $3.58B2025 | +14.2%/yr | |
| Total debt | $13.6M2016 | $996.3M2025 | +61.2%/yr | |
| Net cash (debt) | $1.07B2016 | $2.59B2025 | +$1.5B | |
| Working capital | $709.3M2016 | $866.2M2025 | +$156.9M | |
| Book value per share | $0.952016 | $1.622025 | +6.1%/yr | |
| Current ratio | 1.862016 | 1.172025 | −0.68 | |
| Debt / equity | 0.022016 | 0.812025 | +0.79 | |
| Shares outstanding | 881.5M2016 | 764.6M2025 | −1.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FTNT assets
FTNT liabilities and equity
FTNT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FTNT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.58B | $4.07B | $2.44B | $2.21B | $2.55B | $1.84B | $2.07B | $1.65B | $1.25B | $1.09B |
| Cash & equivalents | $2.50B | $2.88B | $1.40B | $1.68B | $1.32B | $1.06B | $1.22B | $1.11B | $811.0M | $709.0M |
| Short-term investments | $1.09B | $1.19B | $1.04B | $528.1M | $1.23B | $775.5M | $843.1M | $537.2M | $440.3M | $376.5M |
| Receivables | $1.69B | $1.46B | $1.40B | $1.26B | $807.7M | $720.0M | $544.3M | $444.5M | $348.2M | $313.0M |
| Inventory | $399.5M | $315.5M | $484.8M | $264.6M | $175.8M | $139.8M | $117.9M | $90.0M | $77.3M | $106.9M |
| Other current assets | $227.0M | $126.1M | $101.1M | $73.1M | $65.4M | $43.3M | $41.2M | $36.8M | $40.0M | $33.3M |
| Total current assets | $5.90B | $5.97B | $4.43B | $3.81B | $3.60B | $2.74B | $2.77B | $2.22B | $1.72B | $1.54B |
| Property, plant & equipment (net) | $1.62B | $1.35B | $1.04B | $898.5M | $687.6M | $448.0M | $344.3M | $271.4M | $245.4M | $137.2M |
| Goodwill & intangible assets | $354.7M | $350.4M | $161.8M | $184.0M | $188.7M | $124.6M | $98.3M | $60.3M | $30.9M | $39.4M |
| Long-term investments | $339.7M | $0 | $0 | $45.5M | $440.8M | $118.3M | $144.3M | $67.0M | $98.0M | $225.0M |
| Other non-current assets | $2.18B | $2.09B | $1.62B | $1.29B | $1.00B | $613.2M | $523.3M | $458.4M | $166.8M | $199.6M |
| Total assets | $10.39B | $9.76B | $7.26B | $6.23B | $5.92B | $4.04B | $3.88B | $3.08B | $2.26B | $2.14B |
| Liabilities | ||||||||||
| Accounts payable | $230.8M | $190.9M | $204.3M | $243.4M | $148.4M | $141.6M | $96.4M | $86.4M | $70.0M | $56.7M |
| Short-term debt | $499.7M | $32.7M | $33.4M | $33.2M | $26.3M | $19.1M | $15.5M | $28.2M | $21.4M | $13.6M |
| Deferred revenue | — | $3.28B | $2.85B | $2.35B | $1.78B | $1.39B | $1.16B | $965.9M | $793.8M | $645.3M |
| Total current liabilities | $5.03B | $4.06B | $3.72B | $3.08B | $2.32B | $1.83B | $1.46B | $1.26B | $1.03B | $829.4M |
| Long-term debt | $496.6M | $994.3M | $992.3M | $990.4M | $988.4M | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $3.62B | $3.21B | $3.01B | $2.44B | $1.81B | $1.36B | $1.08B | $811.4M | $641.3M | $472.8M |
| Total liabilities | $9.15B | $8.27B | $7.72B | $6.51B | $5.12B | $3.19B | $2.54B | $2.07B | $1.67B | $1.30B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $700,000 | $800,000 | $800,000 | $800,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $173,000 |
| Retained earnings (deficit) | −$507.9M | −$117.1M | −$1.86B | −$1.55B | −$467.9M | −$352.1M | $160.8M | −$57.5M | −$319.6M | $37.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$25.4M | −$26.1M | −$18.9M | −$20.2M | −$4.8M | $700,000 | $1.1M | −$800,000 | −$800,000 | −$765,000 |
| Minority interest | — | — | — | $0 | $16.7M | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.24B | $1.49B | −$463.4M | −$281.6M | $798.4M | $856.0M | $1.34B | $1.01B | $589.4M | $837.7M |
| Key figures | ||||||||||
| Total debt | $996.3M | $994.3M | $992.3M | $1.02B | $1.01B | $53.1M | $46.1M | $28.2M | $21.4M | $13.6M |
| Net cash (debt) | $2.59B | $3.07B | $1.45B | $1.19B | $1.54B | $1.78B | $2.02B | $1.62B | $1.23B | $1.07B |
| Working capital | $866.2M | $1.91B | $709.3M | $732.0M | $1.28B | $910.9M | $1.31B | $964.5M | $689.6M | $709.3M |
| Tangible book value | $882.8M | $1.14B | −$625.2M | −$465.6M | $609.7M | $731.4M | $1.24B | $949.9M | $558.5M | $798.3M |
| Book value per share | $1.62 | $1.94 | −$0.59 | −$0.35 | $0.96 | $1.02 | $1.53 | $1.16 | $0.66 | $0.95 |
| Shares outstanding | 764.6M | 771.9M | 788.2M | 805.3M | 835.5M | 838.5M | 875.0M | 871.0M | 890.4M | 881.5M |
| Current ratio | 1.17 | 1.47 | 1.19 | 1.24 | 1.55 | 1.50 | 1.90 | 1.77 | 1.67 | 1.86 |
| Quick ratio | 1.05 | 1.36 | 1.03 | 1.13 | 1.45 | 1.40 | 1.79 | 1.67 | 1.56 | 1.69 |
| Debt / equity | 0.81 | 0.67 | — | — | 1.27 | 0.06 | 0.03 | 0.03 | 0.04 | 0.02 |
| Equity / assets | 11.9% | 15.3% | −6.4% | −4.5% | 13.5% | 21.2% | 34.6% | 32.8% | 26.1% | 39.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $4.07B | $3.29B | $3.58B | $3.12B | $4.56B | $4.78B | $4.07B | $3.70B | $3.34B | $3.02B | $2.44B | $3.17B |
| Cash & equivalents | $2.93B | $2.22B | $2.50B | $2.00B | $3.37B | $3.60B | $2.88B | $2.49B | $2.20B | $1.93B | $1.40B | $2.19B |
| Short-term investments | $1.13B | $1.07B | $1.09B | $1.13B | $1.19B | $1.18B | $1.19B | $1.21B | $1.14B | $1.10B | $1.04B | $982.0M |
| Receivables | $1.46B | $1.49B | $1.69B | $1.17B | $1.22B | $1.17B | $1.46B | $1.04B | $1.08B | $996.2M | $1.40B | $1.01B |
| Inventory | $426.3M | $369.6M | $399.5M | $426.6M | $405.2M | $362.7M | $315.5M | $354.3M | $383.2M | $439.5M | $484.8M | $467.5M |
| Other current assets | $256.8M | $181.9M | $227.0M | $195.2M | $162.5M | $125.4M | $126.1M | $121.5M | $113.4M | $100.9M | $101.1M | $102.6M |
| Total current assets | $6.21B | $5.33B | $5.90B | $4.91B | $6.35B | $6.44B | $5.97B | $5.22B | $4.92B | $4.56B | $4.43B | $4.75B |
| Property, plant & equipment (net) | $1.70B | $1.69B | $1.62B | $1.61B | $1.54B | $1.40B | $1.35B | $1.27B | $1.24B | $1.25B | $1.04B | $1.04B |
| Goodwill & intangible assets | $591.9M | $431.4M | $354.7M | $368.5M | $382.2M | $357.4M | $350.4M | $324.4M | $158.1M | $163.1M | $161.8M | $165.0M |
| Long-term investments | $399.1M | $339.7M | $339.7M | $289.1M | $112.0M | $35.2M | $0 | $0 | $0 | $0 | $0 | $1.5M |
| Other non-current assets | $1.96B | $2.09B | $2.18B | $2.19B | $2.26B | $2.17B | $2.09B | $2.03B | $1.73B | $1.69B | $1.62B | $1.52B |
| Total assets | $10.86B | $9.88B | $10.39B | $9.36B | $10.64B | $10.41B | $9.76B | $8.85B | $8.05B | $7.66B | $7.26B | $7.48B |
| Liabilities | ||||||||||||
| Accounts payable | $282.5M | $238.7M | $230.8M | $221.3M | $245.2M | $224.5M | $190.9M | $177.9M | $132.1M | $135.2M | $204.3M | $253.9M |
| Short-term debt | — | — | $499.7M | $499.4M | $499.0M | $498.7M | $32.7M | — | $1 | $1 | $33.4M | $220.1M |
| Deferred revenue | $3.84B | $3.73B | $3.64B | $3.46B | $3.41B | $3.34B | $3.28B | $3.08B | $2.98B | $2.91B | $2.85B | $2.65B |
| Total current liabilities | $4.84B | $4.62B | $5.03B | $4.79B | $4.78B | $4.73B | $4.06B | $3.88B | $3.73B | $3.80B | $3.72B | $3.65B |
| Long-term debt | $496.9M | $496.8M | $496.6M | $496.5M | $496.3M | $496.2M | $994.3M | $993.8M | $993.3M | $992.8M | $992.3M | $991.8M |
| Other long-term liabilities | $3.97B | $3.77B | $3.62B | $3.34B | $3.31B | $3.22B | $3.21B | $3.07B | $3.05B | $3.01B | $3.01B | $2.76B |
| Total liabilities | $9.31B | $8.89B | $9.15B | $8.63B | $8.58B | $8.44B | $8.27B | $7.94B | $7.76B | $7.80B | $7.72B | $7.41B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $700,000 | $700,000 | $700,000 | $700,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 |
| Retained earnings (deficit) | −$316.7M | −$782.0M | −$507.9M | −$958.5M | $364.4M | $316.3M | −$117.1M | −$643.3M | −$1.18B | −$1.56B | −$1.86B | −$1.30B |
| Accumulated other comprehensive income | −$28.8M | −$27.7M | −$25.4M | −$21.8M | −$20.7M | −$22.9M | −$26.1M | −$18.0M | −$29.0M | −$24.8M | −$18.9M | −$24.3M |
| Total shareholders' equity | $1.55B | $989.7M | $1.24B | $735.1M | $2.06B | $1.96B | $1.49B | $908.1M | $288.2M | −$137.5M | −$463.4M | $74.1M |
| Key figures | ||||||||||||
| Total debt | $496.9M | $496.8M | $996.3M | $995.9M | $995.3M | $994.9M | $994.3M | $993.8M | $993.3M | $992.8M | $992.3M | $991.8M |
| Net cash (debt) | $3.57B | $2.80B | $2.59B | $2.13B | $3.57B | $3.79B | $3.07B | $2.71B | $2.35B | $2.03B | $1.45B | $2.18B |
| Working capital | $1.37B | $709.1M | $866.2M | $127.4M | $1.57B | $1.71B | $1.91B | $1.34B | $1.19B | $759.3M | $709.3M | $1.10B |
| Tangible book value | $959.2M | $558.3M | $882.8M | $366.6M | $1.68B | $1.61B | $1.14B | $583.7M | $130.1M | −$300.6M | −$625.2M | −$90.9M |
| Book value per share | $2.09 | $1.33 | $1.65 | $0.95 | $2.66 | $2.53 | $1.93 | $1.18 | $0.37 | −$0.18 | −$0.60 | $0.09 |
| Shares outstanding | 741.3M | 742.8M | 748.0M | 770.2M | 774.8M | 776.8M | 775.2M | 771.9M | 769.9M | 770.5M | 772.3M | 791.2M |
| Current ratio | 1.28 | 1.15 | 1.17 | 1.03 | 1.33 | 1.36 | 1.47 | 1.34 | 1.32 | 1.20 | 1.19 | 1.30 |
| Quick ratio | 1.14 | 1.03 | 1.05 | 0.90 | 1.21 | 1.26 | 1.36 | 1.22 | 1.19 | 1.06 | 1.03 | 1.15 |
| Debt / equity | 0.32 | 0.50 | 0.81 | 1.35 | 0.48 | 0.51 | 0.67 | 1.09 | 3.45 | — | — | 13.38 |
| Equity / assets | 14.3% | 10.0% | 11.9% | 7.9% | 19.4% | 18.9% | 15.3% | 10.3% | 3.6% | −1.8% | −6.4% | 1.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
FTNT financial position
At the end of fiscal 2025 (December 31, 2025), Fortinet had total assets of $10.4 billion (up 6.4% from a year earlier), total liabilities of $9.2 billion and shareholders' equity of $1.2 billion. It held $3.6 billion in cash and short-term investments against $996.3 million of debt, a net cash position of $2.6 billion. Its current ratio was 1.17. In the latest quarter (ended June 30, 2026) total assets were $10.9 billion and equity $1.6 billion.
Related: FTNT income statement, FTNT cash flow statement, FTNT key metrics. See the FTNT stock overview for the latest quote and news.
FTNT balance sheet FAQ
What are Fortinet's total assets?
Fortinet reported total assets of $10.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $9.8 billion a year earlier.
How much debt does Fortinet have?
Fortinet had $996.3 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.81.
How much cash does Fortinet have?
Fortinet held $3.6 billion in cash and short-term investments at the end of fiscal 2025; with $996.3 million of debt that is net cash of $2.6 billion.
What is Fortinet's book value?
Fortinet's shareholders' equity (book value) was $1.2 billion at the end of fiscal 2025, or $1.62 per share.
What is Fortinet's current ratio?
Fortinet had current assets of $5.9 billion and current liabilities of $5.0 billion, a current ratio of 1.17 (it can cover its short-term obligations).
How much goodwill does Fortinet have?
Fortinet carried $354.7 million of goodwill and intangible assets, 3.4% of total assets, at the end of fiscal 2025.