FORTINET Reports Record Earnings for 2nd Quarter of FY 2023

August 9, 2023

🌥️Earnings Overview

Fortinet ($NASDAQ:FTNT) revealed their financial results for Q2 of their fiscal year 2023, which concluded on June 30, 2023. Total revenue amounted to USD 1292.8 million – a 25.5% boost from the prior year – while net income rose to USD 266.3 million, a 53.5% increase compared to the same period in the previous year.

Price History

On Thursday, FORTINET reported record earnings for the second quarter of fiscal year 2023. The company’s stock opened at $74.2 and closed at $75.8, up by 1.9% from the previous closing price of $74.3. This marks a significant milestone for the company, which has seen its shares steadily increase in value this year. FORTINET’s second quarter results exceeded expectations, and showed that the company is on track to deliver strong quarterly and annual growth.

FORTINET is benefiting from the increasing demand for cloud-based security solutions and services, and is well-positioned to benefit from the rising trend towards digital transformation. This is expected to drive further growth for the company in the coming quarters, and the stock is likely to remain strong in the near future. Live Quote…

About the Company

  • FORTINET_Reports_Record_Earnings_for_2nd_Quarter_of_FY_2023″>Industry Classification
  • Key Executives
  • Ownership (Institutional/ Fund Holdings)
  • News Feed
  • Income Snapshot

    Below shows the total revenue, net income and net margin for Fortinet. More…

    Total Revenues Net Income Net Margin
    4.99k 1.06k 21.2%
  • Income Statement Reports (Yearly/ Quarterly/ LTM)
  • Income Supplement
  • Growth Performance
  • Cash Flow Snapshot

    Below shows the cash from operations, investing and financing for Fortinet. More…

    Operations Investing Financing
    2.2k 48.7 -585.4
  • Cash Flow Statement (Yearly/ Quarterly/ LTM)
  • Cash Flow Supplement
  • Balance Sheet Snapshot

    Below shows the total assets, liabilities and book value per share for Fortinet. More…

    Total Assets Total Liabilities Book Value Per Share
    7.49k 7.16k 0.41
  • Balance Sheet (Yearly/ Quarterly)
  • Balance Sheet Supplement
  • Key Ratios Snapshot

    Some of the financial key ratios for Fortinet are shown below. More…

    3Y Rev Growth 3Y Operating Profit Growth Operating Margin
    28.4% 41.6% 24.9%
    FCF Margin ROE ROA
    39.7% 466.9% 10.4%
  • Income Statement Ratios
  • Balance Sheet Ratios
  • Cash Flow Ratios
  • Valuation Ratios
  • Other Ratios
  • Other Supplementary Items
  • Analysis

    At GoodWhale, we have performed an analysis on FORTINET‘s finances and classified them as a ‘gorilla’ company, due to their ability to demonstrate stable and high revenue or earning growth due to their strong competitive advantage. This type of company is likely to be appealing to investors who are looking for a reliable and steady growth. Additionally, FORTINET has also scored a health score of 9/10, indicating that even in the case of a crisis, the company is capable of safely ride out any difficulties without the risk of bankruptcy. In terms of other financial metrics, FORTINET is strong in growth and profitability, with medium scores for assets and weak scores for dividend payments. More…

  • Risk Rating Analysis
  • Star Chart Analysis
  • Valuation Analysis

  • Peers

    There is fierce competition among Fortinet Inc and its competitors: SecureWorks Corp, DBAPPSecurity Co Ltd, Mandiant Inc. All four companies offer products and services that help organizations secure their networks and data from cyber threats. Fortinet Inc has a strong market share in the network security space, but its competitors are gaining ground. Each company has its own strengths and weaknesses, and it is up to the customer to decide which one is the best fit for their needs.

    – SecureWorks Corp ($NASDAQ:SCWX)

    SecureWorks Corp is a publicly traded company with a market capitalization of 687.41 million as of 2022. The company has a return on equity of -9.05%. SecureWorks Corp is a provider of cybersecurity solutions and services. The company’s solutions and services are designed to help organizations protect their data and defend against cyber threats.

    – DBAPPSecurity Co Ltd ($SHSE:688023)

    DBApps Security Co Ltd has a market cap of 13.74B as of 2022, a Return on Equity of -5.12%. DBApps Security Co Ltd is a provider of online security solutions. The company offers a range of products and services including online security, anti-virus protection and online privacy protection.


    FORTINET reported strong financial results for the second quarter of its fiscal year 2023, with total revenue of USD 1292.8 million, up 25.5% year-over-year. Net income also rose by 53.5% to USD 266.3 million. This indicates that FORTINET is continuing to perform well and is a good option for investors looking to take advantage of the current market conditions.

    Its strong growth in both revenue and profit provides investors with confidence that FORTINET will continue to deliver positive results in the future. Those looking for a reliable company to invest in can certainly consider FORTINET.

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