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Forensic Analysis · Computer Hardware · as of Nov 8, 2026

Fortinet, Inc. (FTNT)

A forensic read on Fortinet, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.9
Distress distance
Clean
Earnings quality
1
Forensic signals
135.7%
ROE
14.2%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Fortinet, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.9, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

103% of FCF
FY2025
Shareholder returns. Returned $2.3B to shareholders (buybacks + dividends) in FY2025 — 103% of free cash flow. That is $64M (3%) more than free cash flow covered. The balance sheet covered it: cash fell $381M and total debt rose $2M over FY2025. That ratio has been CLIMBING past free cash flow — 87% of free cash flow two years back — not just sitting there. Counting the $280M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 115%.

Key fundamentals

Latest Revenue$6.80B
Revenue Growth YoY+14.2%
Revenue CAGR (2yr)+13.2%
Net Margin27.3%
Free Cash Flow$2.23B
Return on Equity135.7%
Debt / Equity0.81x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.