Fortinet Inc (FTNT)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	1,493,800	908,100	288,200	-137,500	-463,400	74,100	321,200	11,400	-281,600	-634,700	-392,900	217,700	781,700	1,118,100	1,050,200	980,800	856,000	713,200	543,900	536,300
Debt-to-capital ratio		0.00	0.00	0.00	—	—	0.00	0.00	0.00	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $1,493,800K)
= 0.00

The debt-to-capital ratio of Fortinet Inc remained at 0.00% from March 31, 2020, to June 30, 2024, indicating that the company did not utilize debt as a significant portion of its capital structure during this period. A debt-to-capital ratio of 0.00% generally suggests that the company primarily relies on equity financing rather than debt to fund its operations and growth. It is important to note that the ratio showed some missing values (\u2014) for certain dates, possibly due to data unavailability. This consistent low debt-to-capital ratio may imply that Fortinet Inc has a conservative approach to financial leverage, which could signify lower financial risk and potential stability in its capital structure.