Fortinet, Inc.

Computer Peripheral Equipment, NEC·SUNNYVALE, CA·FY end 12/31·CIK 1262039

CEO Pay Ratio

34:1

Ken Xie

CEO Total Comp

$11.5M

Ken Xie

Median Employee

$152,084

Revenue

$6.8B

FY 2025

Net Income

$1.9B

FY 2025

Free Cash Flow

—

FY 2025

Net Margin

27.3%

Insider Net (180d)

-$43.0M

0 buys / 16 sales

CEO Pay Accountability

CEO comp as % of net income

0.62%

For every $1,000 of profit, $6.18 flows to the CEO.

CEO comp as % of buybacks

0.50%

CEO comp equals 5.0‰ of cash returned to shareholders via buybacks.

5-year history · USD

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	Trend
Revenue	$6.8B	$6.0B	$5.3B	$4.4B	$3.3B
Gross Profit	$5.5B	$4.8B	$4.1B	$3.3B	$2.6B
Operating Income	$2.1B	$1.8B	$1.2B	$969.6M	$650.4M
Net Income	$1.9B	$1.7B	$1.1B	$857.3M	$606.8M
Operating CF	$2.6B	$2.3B	$1.9B	$1.7B	$1.5B
Capex	—	—	—	—	—	—
Free Cash Flow	—	—	—	—	—	—
Buybacks	$2.3B	$600.0K	$1.5B	$2.0B	$741.8M
Dividends	—	—	—	—	—	—

Gross Margin	80.5%	80.6%	76.7%	75.4%	76.6%
Operating Margin	30.7%	30.3%	23.4%	21.9%	19.5%
Net Margin	27.3%	29.3%	21.6%	19.4%	18.2%
FCF Margin	—	—	—	—	—	—
R&D / Revenue	12.0%	12.0%	11.6%	11.6%	12.7%
Effective Tax	—	—	—	—	—	—
Debt / Equity	0.40	0.67	-2.14	-3.52	1.26
Buybacks / FCF	—	—	—	—	—	—

FY 2025

Executive	Salary	Stock	Options	Bonus / Inc.	Other	Total
Ken XieChief Executive Officer	$597.0K	$10.2M	—	$705.9K	—	$11.5M
Michael XiePresident and Chief Technology	$445.0K	$5.8M	—	$328.9K	—	$6.6M
John WhittleChief Operating Officer	$506.0K	$5.1M	—	$447.0K	$7.0K	$6.0M
Keith JensenFormer Chief Financial Officer (5)	$253.0K	$5.1M	—	$254.7K	$26.4K	$5.7M
Christiane Ohlgart	$468.9K	$3.7M	—	$298.7K	$7.0K	$4.4M