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Fortinet, Inc. (FTNT)
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| Operating Efficiency |
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Annual |
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | Source | Source | Source | Source | Source | Source | Source | Source |
| Turnover Ratios |
| Inventory turnover | 4.9 | 5.0 | 4.4 | 4.9 | 5.4 | 4.2 | 16.9 | 16.9 |
| Asset turnover | 0.7 | 0.7 | 0.7 | 0.6 | 0.7 | 0.7 | 0.6 | 0.6 |
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| Returns on Capital |
| ROIC (excluding intangibles) | 50.6% | 39.2% | 42.7% | 32.3% | 54.4% | 5.4% | 6.0% | 1.7% |
| ROIC (including intangibles) | 60.5% | 27.1% | 39.8% | 23.9% | 40.4% | 6.1% | 5.5% | 1.8% |
| ROE | -333.2% | 79.6% | 56.0% | 22.5% | 30.6% | 4.7% | 4.2% | 1.4% |
| ROA | 15.1% | 10.7% | 11.9% | 7.8% | 10.0% | 1.2% | 1.6% | 0.6% |
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| Cash Conversion Cycle |
| Days sales outstanding | 104.3 | 88.2 | 101.3 | 91.8 | 89.9 | 85.0 | 89.6 | 93.9 |
| Days payables outstanding | 81.9 | 69.2 | 90.7 | 69.6 | 70.0 | 66.3 | 12.8 | 17.3 |
| Days inventory outstanding | 89.0 | 82.0 | 89.5 | 85.1 | 72.9 | 73.2 | 24.2 | 23.6 |
| Cash conversion cycle | 111.4 | 101.0 | 100.1 | 107.4 | 92.8 | 91.9 | 100.9 | 100.2 |
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