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Fortinet (FTNT)

Security · IPO 2009 · Historical SBC from SEC EDGAR

Financials (2025)
Revenue
$6.8B
Revenue Growth YoY
14.2%
EBITDA
$2.2B
Net Income
$1.9B
Stock Price
—
Market Cap
—
Stock-Based Compensation (2025)
SBC Expense
$280M
SBC % of Revenue
4.1%
SBC % of EBITDA
12.5%
SBC % of Market Cap
—
Buybacks
$2.3B
Unrecognized SBC
—
SBC % of Revenue — Historical
SBC vs Buybacks ($M) — Historical
SBC % Revenue vs SBC % Market Cap
Revenue-based SBC % is the P&L view. Market-cap-based % is the shareholder dilution view — how much of the company is given away each year.
Market Cap vs Cumulative SBC
Total SBC expense paid since earliest data year vs current market cap. Shows the cumulative cost of stock-based compensation relative to company size.
GAAP vs "Adjusted" Earnings
GAAP net income already includes SBC as a real expense. But many companies highlight "adjusted" earnings that add SBC back, flattering profitability. The orange gap shows how much non-GAAP metrics overstate real earnings each year.
Ownership Retained Over Time
100 = your original ownership at the earliest data year. Net share issuance drives this down.
Annual Gross Dilution vs Buyback Offset
Red = gross share issuance from SBC. Green = shares retired via buybacks. Both as % of prior-year shares.
Year-by-Year Detail
Year SBC ($) Revenue ($) EBITDA ($) SBC % Rev SBC % EBITDA Rev Growth Buybacks ($) Net Income ($) Shares (EOY) Price (EOY) Market Cap SBC % MCap Unrecognized SBC ($)
2025 $280M $6.8B $2.2B 4.1% 12.5% 14.2% $2.3B $1.9B 743,000,000 — — — —
2024 $258M $6.0B $1.9B 4.3% 13.4% 12.3% $600K $1.7B 767,000,000 — — — —
2023 $249M $5.3B $1.4B 4.7% 18.4% 20.1% $1.5B $1.1B 761,000,000 — — — —
2022 $217M $4.4B $1.1B 4.9% 20.2% 32.2% $2.0B $857M 781,500,000 — — — —
2021 $208M $3.3B $735M 6.2% 28.3% 28.8% $742M $607M 810,000,000 — — — —
2020 $192M $2.6B $601M 7.4% 31.9% 19.9% $1.1B $488M 162,500,000 — — — —
2019 $174M $2.2B $413M 8.0% 42.2% 19.9% $145M $332M 171,700,000 — — — —
2018 $163M $1.8B $290M 9.0% 56.2% 20.7% $212M $335M 169,800,000 — — — —
2017 $137M $1.5B $165M 9.2% 83.0% 105.5% $446M $31M 167,900,000 — — — —
2016 $122M $727M $91M 16.8% 133.9% 36.6% $111M $32M 173,078,000 — — — —
2015 $95M $532M $46M 17.9% 204.6% 29.9% $60M $8M 171,399,000 — — — —
2014 $59M $410M $81M 14.4% 72.5% 21.5% $44M $25M 166,443,000 — — — —
2013 $44M $337M $88M 13.0% 50.1% 18.5% $34M $44M 161,535,000 — — — —
2012 $31M $285M $112M 10.8% 27.4% 29.2% $0 $67M 160,348,000 — — — —
2011 $19M $220M $96M 8.6% 19.8% 28.0% $0 $62M 154,992,000 — — — —
2010 IPO $9M $172M $61M 5.4% 15.3% — — $41M — — — — —