Fortinet Inc (FTNT)

Operating profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	1,241,100	1,213,500	1,175,800	1,092,100	969,600	826,700	727,600	679,800	650,400	604,900	565,400	536,700	531,800	484,500	458,200	414,600	348,500	314,900	277,100	252,600
Revenue (ttm)	US$ in thousands	5,240,800	5,073,600	4,894,300	4,628,200	4,328,000	4,044,600	3,755,900	3,535,000	3,309,700	3,108,300	2,900,500	2,719,400	2,586,000	2,453,200	2,349,600	2,255,800	2,151,500	2,040,600	1,947,000	1,866,600
Operating profit margin		23.68%	23.92%	24.02%	23.60%	22.40%	20.44%	19.37%	19.23%	19.65%	19.46%	19.49%	19.74%	20.56%	19.75%	19.50%	18.38%	16.20%	15.43%	14.23%	13.53%

December 31, 2023 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $1,241,100K ÷ $5,240,800K
= 23.68%

The operating profit margin of Fortinet Inc has been showing a consistent increasing trend over the past eight quarters, ranging from 18.83% in Q1 2022 to 23.48% in Q2 2023.

This indicates that the company has been able to effectively manage its operating expenses in relation to its revenues, leading to a higher proportion of sales converting into operating profit.

The sustained improvement in operating profit margin reflects Fortinet's ability to control costs and optimize its operational efficiency, which is a positive sign for the company's profitability and financial health.