Fortinet (FTNT)财务
NASDAQ · Technology · Software - Infrastructure · 员工15,109人 · CEO Ken Xie
- 股价
- $136.08 -2.17%
- 市值
- $998亿
- 企业价值
- $966亿
- 最近财报
- Q3 '26 2026-10-30提交
- 下次财报
- 2027-02-04 EPS预期 $0.92
营收(TTM)$78.8亿+20.2% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)33.0%+2.0 百分点 对比去年同期营业利润 $26亿
净利润(TTM)$22.8亿+21.8% 对比去年同期税后,含营业外收益
自由现金流(TTM)$34.3亿+69.2% 对比去年同期资本支出 $2.56亿
稀释EPS(TTM)$3.08+26.7% 对比去年同期最近4个季度之和
净现金$43亿+102.2% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $998亿 EV $966亿
- 营收
- $78.8亿 过去12个月
- 营收增速
- +20% FY2026年一致预期
- 净利润率
- 29.0% 净利润 / 营收,TTM
- P/E
- 43.9× 预期 38.3×(FY2026)
- P/S
- 12.7× 股价 / 营收,TTM
- EV / EBITDA
- 32.7× TTM
- 自由现金流
- $34.3亿 过去12个月
- 净利润
- $22.8亿 过去12个月
- 营收预期
- $81.7亿 FY2026年一致预期
- 盈利
- 2027-02-04 营收预期 $22亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-28):营收超预期0.7%,EPS 超预期5.8%营收$20.8亿,预期$20.6亿(+0.7%);EPS $0.91,预期$0.86(+5.8%)。
- 营收增长加速:同比20.5%Q3 '26营收$20.8亿,此前四个季度的平均值为18.7%。
- 营业利润率33.0%(TTM),较去年同期+2.0 百分点营收增长20.2%,营业利润增长28.0%。
- 资本支出占营收的3.2%(去年为6.4%)最近4个季度投入$2.56亿(同比-39.1%)。自由现金流$34.3亿,相当于净利润的150.3%。
- 股东回报$10.3亿 = 自由现金流的30.0%回购$10.3亿(去年为$22.3亿),股息$0,股权激励$3.05亿(TTM)。
- 稀释股数一年内减少3.6%Q3 '26稀释股数7.43亿,一年前为7.7亿。
- 净现金 $43亿现金 + 短期投资 $48亿,含租赁债务 $4.97亿;一年前净现金 $21.3亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $20.8亿 | $17.2亿 | +20.5% |
| 毛利率 | 79.0% | 81.5% | -2.6 百分点 |
| 营业利润 | $7.04亿 | $5.46亿 | +29.0% |
| 营业利润率 | 33.9% | 31.6% | +2.2 百分点 |
| 净利润 | $6.36亿 | $4.74亿 | +34.1% |
| 稀释EPS | $0.86 | $0.62 | +38.7% |
| 经营现金流 | $9.46亿 | $6.55亿 | +44.4% |
| 资本支出 | $6420万 | $8770万 | -26.8% |
| 自由现金流 | $8.82亿 | $5.68亿 | +55.4% |
| R&D | $2.13亿 | $2.02亿 | +5.4% |
| 股权激励费用 | $8010万 | $7180万 | +11.6% |
实际 vs 一致预期
2026-10-28| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $20.8亿 | $20.6亿 | +0.7% |
| EPS(一致预期口径) | $0.91 | $0.86 | +5.8% |
来自2026-10-28发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Product | $7.65亿 | +36.8% | 36.8% | $28.7亿 | +36.8% | |
| Security Subscription | $7.54亿 | +12.1% | 36.3% | $28.7亿 | +11.9% | |
| Technical Support and Other | $5.6亿 | +13.4% | 26.9% | $21.4亿 | +13.1% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Europe, Middle East and Africa | $8.81亿 | +23.4% | 42.4% | $33.6亿 | +24.5% | |
| Americas | $8.2亿 | +20.5% | 39.5% | $31亿 | +17.6% | |
| Asia Pacific and Japan | $3.77亿 | +14.1% | 18.2% | $14.2亿 | +16.5% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $36.9亿
- 资本支出
- -$2.56亿
- 股票回购
- -$10.3亿
- 股息
- $0
- 收购
- -$980万
- 债务净发行
- -$5亿
- 股权激励费用
- $3.05亿
- 自由现金流
- $34.3亿
- 股东回报 / FCF
- 30.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 43.9× | 51.2× | 32.5× – 97.1× |
| EV / EBITDA | 32.7× | 40.3× | 23.3× – 80.1× |
| EV / 营收 | 12.3× | 11.0× | 8.5× – 17.5× |
| 股价 / FCF | 29.1× | 33.3× | 26.3× – 48.7× |
| 股价 / 净资产 | 44.5× | 57.0× 5年中的3年 | 47.7× – 75.0× |
| FCF收益率 | 3.4% | 3.2% | 2.1% – 3.8% |
| 投入资本回报率 | 31.1% | 26.9% | 17.7% – 31.2% |
| 净资产收益率 | 151.5% | -41.6% | -304.4% – 149.8% |
分析师
一致目标价 $151.96 (+11.7%)
区间 $100.00 – $210.00 · 评级 Hold
强烈买入0
买入28
持有35
卖出6
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $81.7亿 | +20.2% | $3.56 | +46.4% | 38.3× | 24 |
| FY2027 | $91亿 | +11.3% | $3.88 | +9.0% | 35.1× | 26 |
| FY2028 | $101亿 | +11.0% | $4.37 | +12.6% | 31.2× | 10 |
| FY2029 | $114亿 | +13.2% | $3.59 | -17.8% | 37.9× | 4 |
| FY2030 | $122亿 | +6.7% | $3.81 | +6.2% | 35.7× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Fortinet, Inc.在近期10-Q / 10-K文件中标记的全部260项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| $0 | $0 | – | – | – | – | |
| $670万2026-06-30 | $80万 | +737.5% | – | – | – | |
| Accounts Payable, Current | $4.3亿 | $2.21亿 | +94.4% | $2.31亿 | $1.91亿 | +20.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $14.6亿 | $11.7亿 | +25.1% | $16.9亿 | $14.6亿 | +15.6% |
| Accounts Receivable, Allowance for Credit Loss | $740万2025-12-31 | $590万 | +25.4% | $740万 | $590万 | +25.4% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $400万 | $790万 | -49.4% | $3370万 | $4880万 | -30.9% |
| Accrued Liabilities, Current | $3.8亿 | $3.31亿 | +15.0% | $3.55亿 | $3.38亿 | +4.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $5.54亿 | $4.62亿 | +19.7% | $4.82亿 | $4.16亿 | +15.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$3240万 | -$2180万 | -48.6% | -$2540万 | -$2610万 | +2.7% |
| Additional Paid in Capital, Common Stock | $19.6亿 | $17.1亿 | +14.3% | $17.7亿 | $16.4亿 | +8.2% |
| Amortization of Intangible Assets | $890万 | $1310万 | -32.1% | $5070万 | $2310万 | +119.5% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10万 | 310万 | -96.8% | 260万 | 280万 | -7.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $8010万 | $7180万 | +11.6% | $2.8亿 | $2.58亿 | +8.4% |
| Assets | $119亿 | $93.6亿 | +27.6% | $104亿 | $97.6亿 | +6.4% |
| Assets, Current | $71.1亿 | $49.1亿 | +44.7% | $59亿 | $59.7亿 | -1.2% |
| Business Combination, Consideration Transferred, Liabilities Incurred | – | – | – | $460万 | $620万 | -25.8% |
| Capital Expenditures Incurred but Not yet Paid | -$770万 | $830万 | -192.8% | $2560万 | $2300万 | +11.3% |
| Capitalized Contract Cost, Amortization | $9930万 | $8600万 | +15.5% | $3.36亿 | $2.94亿 | +14.5% |
| Capitalized Contract Cost, Impairment Loss | – | – | – | $0 | $0 | – |
| Capitalized Contract Cost, Net | $8.15亿 | $6.82亿 | +19.5% | $7.36亿 | $6.23亿 | +18.1% |
| Cash and Cash Equivalents, at Carrying Value | $37.5亿 | $20亿 | +87.9% | $25亿 | $28.8亿 | -13.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $37.5亿 | $20亿 | +87.9% | $25亿 | $28.8亿 | -13.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $8.16亿 | -$13.7亿 | +159.4% | -$3.81亿 | $14.8亿 | -125.8% |
| Common Stock, Capital Shares Reserved for Future Issuance | 6350万2025-12-31 | 6820万 | -6.9% | 6350万 | 6820万 | -6.9% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 15亿 | 15亿 | 0.0% | 15亿 | 15亿 | 0.0% |
| Common Stock, Shares, Issued | 7.35亿 | 7.43亿 | -1.1% | 7.43亿 | 7.67亿 | -3.1% |
| Common Stock, Shares, Outstanding | 7.35亿 | 7.43亿 | -1.1% | 7.43亿 | 7.67亿 | -3.1% |
| Common Stock, Value, Issued | $70万 | $70万 | 0.0% | $70万 | $80万 | -12.5% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $6.32亿 | $4.73亿 | +33.7% | $18.5亿 | $17.4亿 | +6.7% |
| Contract with Customer, Liability, Current | $39.6亿 | $34.6亿 | +14.5% | $11.6亿2019-12-31 | – | – |
| Contract with Customer, Liability, Noncurrent | $39.7亿 | $31.9亿 | +24.6% | $9.53亿2019-12-31 | – | – |
| Contract with Customer, Liability, Revenue Recognized | – | – | – | $32.6亿 | $28.4亿 | +14.8% |
| Contract with Customer, Refund Liability, Current | $5200万2025-12-31 | $7180万 | -27.6% | $5200万 | $7180万 | -27.6% |
| Cost of Goods and Services Sold | $4.38亿 | $3.32亿 | +31.9% | $13.3亿 | $11.6亿 | +14.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $2.95亿 | $4.44亿 | -33.7% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $5430万 | $3680万 | +47.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $3.71亿 | $5.07亿 | -26.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2190万 | $2580万 | -15.1% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $290万 | $410万 | -29.3% | $370万 | $570万 | -35.1% |
| Debt Securities, Available-for-sale | $15.4亿 | $13.2亿 | +16.5% | $13.3亿 | $11.3亿 | +18.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $0 | $110万 | -100.0% | $150万 | $70万 | +114.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $750万 | $20万 | +3,650.0% | $10万 | $30万 | -66.7% |
| Debt Securities, Available-for-sale, Amortized Cost | $15.4亿 | $13.2亿 | +17.2% | $13.3亿 | $11.3亿 | +17.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $140万 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $15.4亿 | $13.2亿 | +16.4% | $13.3亿 | $2.52亿 | +428.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $750万 | $20万 | +3,650.0% | $10万 | $30万 | -66.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $10.2亿 | $10.3亿 | -1.2% | $9.89亿 | $11.3亿 | -12.2% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $15.4亿 | $13.2亿 | +16.5% | $13.3亿 | $2.52亿 | +428.1% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $750万 | $20万 | +3,650.0% | $10万 | $30万 | -66.7% |
| Debt Securities, Held-to-Maturity, Transfer to Available-for-Sale, Allowance for Credit Loss, Expense | – | – | – | $0 | $0 | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $5680万 | -$2.11亿 | +127.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$40万 | $20万 | -300.0% |
| Deferred Income Tax Assets, Net | $13.1亿 | $13.7亿 | -4.5% | $13.1亿 | $13.4亿 | -1.5% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $6830万 | -$2.23亿 | +130.6% |
| Deferred Revenue, Current | $36.4亿2025-12-31 | $32.8亿 | +11.0% | $36.4亿 | $32.8亿 | +11.0% |
| Deferred Revenue, Noncurrent | $34.8亿2025-12-31 | $30.8亿 | +12.8% | $34.8亿 | $30.8亿 | +12.8% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $1190万 | -$1240万 | +196.0% |
| Deferred Tax Assets, Deferred Income | $6.94亿2025-12-31 | $6.51亿 | +6.6% | $6.94亿 | $6.51亿 | +6.6% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01