Fortinet, Inc. — Earnings Quality Grade A
FTNT · Technology
Strong financial health
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 91 days, change +1 days YoY
AR growth 15.6% vs revenue growth 14.2%
Revenue 14.2%, CFFO 14.7%. Cash follows revenue
Expense Quality
Inventory 26.6% vs COGS 14.8%. Normal
CapEx growth -3.7% vs revenue 14.2%. Normal
SG&A/Gross Profit = 47.2%. Normal
Gross margin 80.5%, change -0.1pp. Stable
Cash Flow Quality
CFFO/NI = 1.40. Profits backed by cash
FCF $2.2B, FCF/NI = 1.20
Accruals ratio = -7.1%. Low accruals
Cash $3.6B covers debt $1.0B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 29% of equity. Manageable
Debt/EBITDA = 0.4x. Healthy
Other assets -6.0% vs revenue 14.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 1% YoY. Normal
Manipulation Score
M-Score = -2.64 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-08