Fortinet Inc (FTNT)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	4,067,600	3,332,500	2,559,200	2,024,400	1,657,100
Revenue	US$ in thousands	5,230,300	4,313,600	3,306,400	2,588,900	2,151,500
Gross profit margin		77.77%	77.26%	77.40%	78.20%	77.02%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $4,067,600K ÷ $5,230,300K
= 77.77%

Fortinet Inc's gross profit margin has shown some fluctuation in recent years. It stood at 76.68% at the end of 2023, slightly higher than the previous year's margin of 75.44%. Despite this increase, it remains lower than the levels recorded in 2020 and 2019. The fluctuations in the gross profit margin suggest varying cost structures and pricing strategies that may impact the company's profitability. Further analysis involving cost of goods sold and revenue trends could provide insights into the drivers behind these changes in gross profit margin.