{
  "name": "Fortinet",
  "period": "2026 Q2",
  "fye": "December 31",
  "price": 190.76,
  "shares": 733.6,
  "cash": 4468.7,
  "debt": 500,
  "other": 0,
  "years": [
    "2023",
    "2024",
    "2025"
  ],
  "revenue": [
    5304.8,
    5955.8,
    6799.6
  ],
  "ebit": [
    1241.1,
    1803.4,
    2084.7
  ],
  "ocf": [
    1935.5,
    2258.1,
    2590.6
  ],
  "capex": [
    204.1,
    378.9,
    364.8
  ],
  "sbc": [
    249,
    257.9,
    279.5
  ],
  "latest": [
    "2026 H1",
    3897.5,
    null,
    2120.7,
    148.6,
    151.8
  ],
  "qrev": [
    2047.9,
    1630
  ],
  "bridge_note": "2026-06-30 实际股数和资产负债表；上半年已偿还 5 亿美元票据，剩余债务按 5 亿美元本金计算。",
  "theme": [
    "#e9efed",
    "#253b36",
    "#5b8878"
  ],
  "scenarios": [
    {
      "label": "谨慎",
      "rev1": 8300,
      "growth": [
        0.1,
        0.09,
        0.08,
        0.07
      ],
      "margins": [
        0.3,
        0.3,
        0.3,
        0.3,
        0.3
      ],
      "wacc": 0.105,
      "g": 0.025,
      "roic": 0.3,
      "reinvest_ratio": 0.03
    },
    {
      "label": "基准",
      "rev1": 8800,
      "growth": [
        0.18,
        0.16,
        0.14,
        0.12
      ],
      "margins": [
        0.33,
        0.34,
        0.35,
        0.35,
        0.35
      ],
      "wacc": 0.095,
      "g": 0.03,
      "roic": 0.35,
      "reinvest_ratio": 0.025
    },
    {
      "label": "乐观",
      "rev1": 9400,
      "growth": [
        0.24,
        0.22,
        0.18,
        0.15
      ],
      "margins": [
        0.35,
        0.37,
        0.38,
        0.39,
        0.4
      ],
      "wacc": 0.085,
      "g": 0.035,
      "roic": 0.4,
      "reinvest_ratio": 0.02
    }
  ],
  "ticker": "FTNT",
  "source_urls": {
    "annual": "https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm",
    "quarter": "https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm",
    "earnings": "https://www.sec.gov/Archives/edgar/data/1262039/000126203926000018/ftntq2-2026ex991.htm",
    "investor": "https://investor.fortinet.com/quarterly-earnings",
    "price": "https://stockanalysis.com/stocks/ftnt/history/"
  },
  "fcf": [
    1731.4,
    1879.1999999999998,
    2225.7999999999997
  ],
  "financial_data_unit": "USD million",
  "price_as_of": "2026-10-13T16:00:00-04:00",
  "share_unit": "million actual outstanding",
  "forecast_status": "author assumptions, not company guidance"
}