Fortinet

Fortinet has a very strong balance sheet and cash flow profile. At end-2024 it held ~$2.9B cash and ~$1.1B of short/long-term investments against only ~$1.0B of debt. This ~3:1 cash-to-debt ratio gives it excellent flexibility.

They generated $2.26B net operating cash in 2024 with $1.88B free cash flow, enough to cover capex and share buybacks easily.