# Fortinet (FTNT) Forecast Calculator

Interactive five-year financial forecast and DCF for Fortinet. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/fortinet/forecast
- Industry: Technology
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 2163000000 | 715800000 | 412600000 | 331700000 |
| 2022 | 2594400000 | 957800000 | 600600000 | 488500000 |
| 2023 | 3342200000 | 1203800000 | 734800000 | 606800000 |
| 2024 | 4417400000 | 1449400000 | 1073900000 | 857300000 |
| 2025 | 5304800000 | 1731400000 | 1354500000 | 1147800000 |

## Frequently asked questions

### How does Fortinet generate revenue, and what is its core business model?

Fortinet operates a hybrid business model, where hardware appliance sales serve as an entry point for long-term, high-margin subscription and support services. Service Revenue constitutes approximately 65-70% of its business, while Product Revenue makes up 30-35%.

### What are the key drivers of Fortinet's revenue growth?

Fortinet's revenue growth is primarily driven by its recurring subscription and support services, which are initiated through upfront hardware sales. The company's strategic pivot towards Unified SASE and Security Operations is also a significant focus for future expansion.

### What is the assumed revenue growth rate in the Fortinet financial model?

The financial model for Fortinet assumes a revenue growth rate of 20%. This key assumption helps project the company's future top-line performance.

### How does Fortinet's working capital profile impact its financial model?

Fortinet typically maintains a deeply negative net working capital profile, which allows it to fund growth by collecting multi-year subscription cash upfront. This efficient working capital management is a crucial factor in the company's projected cash flow generation within the financial model.

### What is the purpose of the Fortinet financial model, and what valuation insights does it provide?

The Fortinet financial model projects the company's billings-to-revenue conversion and cash flow generation to determine its equity valuation. It helps analysts assess whether Fortinet's strategic shift towards Unified SASE and Security Operations justifies its current market multiple.

### Can I download an Excel financial model for Fortinet, and what is its forecast horizon?

Yes, an Excel financial model for Fortinet is available for download. This model provides a forecast horizon that extends from fiscal year 2026 through fiscal year 2030.