BYD vs Fortinet: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. Fortinet reported $6.8B of revenue in FY2025 and $1.9B of net income.
Latest financial snapshot
Financial summary
BYD
BYD's revenue grew more than fivefold in five years, from ~$21.8 billion (CN¥156.6 billion) in 2020 to ~$112 billion (CN¥803.96 billion) in 2025, as its new energy vehicle sales rose to 4.6 million units. Profit peaked in 2024 at about $5.59 billion (CN¥40.2 billion) and fell 19% in 2025 to ~$4.53 billion (CN¥32.62 billion) attributable to shareholders, BYD's first annual decline in four years, which the company linked to product mix changes and a lower gross margin. Gross margin slipped from 19.1% in 2024 to 17.5% in 2025. The first half of 2026 brought revenue of ~$47.9 billion (CN¥344.8 billion) (down 7.1%) and net profit of ~$1.71 billion (CN¥12.3 billion) (down 20.5%), although second-quarter profit rose year on year for the first time in five quarters on record exports. Overseas revenue of ~$25.2 billion (CN¥181.3 billion) overtook revenue from China for the first time.
Fortinet
Fortinet grew revenue from $1.28 billion in 2016 to $6.80 billion in 2025, while GAAP net income rose from $32 million to $1.85 billion. After the 2021-2022 surge, product sales slowed in 2023-2024 as customers digested firewall inventory, and revenue growth fell to 12% in 2024. Growth recovered to 14% in 2025, when free cash flow hit a record of roughly $2.21 billion and the buyback authorization was expanded by $1 billion. 2026 has been stronger again: Q1 billings grew 31% and Q2 billings grew 33% to $2.37 billion, Q2 GAAP EPS rose 44% to $0.82, and Q2 free cash flow was $966 million. On July 29, 2026 the company raised 2026 guidance to revenue of $8.02-$8.18 billion (about 19% growth at the midpoint) and billings of $9.35-$9.55 billion.
Revenue and profit by year
BYD
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$111.8B | ~$4.5B | 4.0% | +3.5% | Source |
| FY2024 | ~$108B | ~$5.6B | 5.2% | +29.0% | Source |
| FY2023 | ~$83.7B | ~$4.2B | 5.0% | +42.0% | Source |
| FY2022 | ~$58.9B | ~$2.3B | 3.9% | +96.2% | Source |
| FY2021 | ~$30B | ~$420.6M | 1.4% | +38.0% | Source |
| FY2020 | ~$21.8B | ~$588M | 2.7% | +22.6% | Source |
| FY2019 | ~$17.8B | ~$223.8M | 1.3% | -1.8% | Source |
| FY2018 | ~$18.1B | ~$386.4M | 2.1% | — | Source |
Fortinet
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $6.8B | $1.9B | 27.3% | +14.2% | Source |
| FY2024 | $6B | $1.7B | 29.3% | +12.3% | Source |
| FY2023 | $5.3B | $1.1B | 21.6% | +20.1% | Source |
| FY2022 | $4.4B | $857.3M | 19.4% | +32.2% | Source |
| FY2021 | $3.3B | $606.8M | 18.2% | +28.8% | Source |
| FY2020 | $2.6B | $488.5M | 18.8% | +19.9% | Source |
| FY2019 | $2.2B | $331.7M | 15.3% | +19.9% | Source |
| FY2018 | $1.8B | $334.9M | 18.6% | +20.7% | Source |
| FY2017 | $1.5B | $31.4M | 2.1% | +17.2% | Source |
| FY2016 | $1.3B | $32.2M | 2.5% | — | Source |
Where the revenue comes from
BYD
- Automobiles and related products~81%
Sales of BYD, Denza, Fangchengbao and Yangwang passenger cars, buses and trucks, plus related products such as batteries and energy storage. The segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025 and ~$38.3 billion (CN¥275.3 billion) (79.9% of revenue) in the first half of 2026.
- Mobile handset components and assembly~19%
Contract manufacturing and assembly of phones, tablets, smart car components and other devices, mainly through BYD Electronic. The segment produced ~$21.6 billion (CN¥155.2 billion) in FY2025, and electronics revenue rose 1.0% to ~$9.65 billion (CN¥69.4 billion) in the first half of 2026.
Fortinet
- Service Revenue67%
FortiGuard subscriptions, technical support, SASE, SecOps, SaaS, and other services generated $4.5812B in FY2025 revenue.
- Product Revenue33%
FortiGate appliances, secure networking hardware, and software licenses generated $2.2184B in FY2025 revenue.
Business model and strategy
BYD
How it makes money
BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Its automobiles and related products segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025, about 81% of group revenue.
Growth strategy
BYD's growth plan has three parts. First, build locally abroad: plants in Thailand, Uzbekistan and Camaçari, Brazil are producing cars, Hungary is due to start series production in the fourth quarter of 2026, and a Turkish plant was paused in June 2026 while BYD concentrates on Europe. Second, move upmarket through Denza, Fangchengbao and Yangwang, which sell at higher prices than core BYD models.
Competitive advantage
BYD's advantage is cost control from owning its supply chain. It makes its own LFP Blade battery cells, motors, electronic controls and power chips, so it can sell a Seagull hatchback from around CN¥70,000 in China and still run a profitable car business, and it can put new technology such as the second-generation Blade Battery and FLASH charging into many models at once.
Fortinet
How it makes money
Fortinet makes money in two ways. First, it sells products: FortiGate firewalls (physical appliances and virtual/cloud versions), plus switches, Wi-Fi access points and other secure-networking hardware and software licenses. Product revenue was $2.22 billion, or 33% of FY2025 sales.
Growth strategy
Fortinet is trying to grow beyond the firewall into three adjacent markets. Unified SASE combines FortiGate SD-WAN with cloud-delivered secure web gateway, ZTNA and firewall-as-a-service for remote users. Security operations (FortiSIEM, FortiSOAR, FortiAnalyzer, FortiEDR) targets the SOC. OT security sells ruggedized FortiGates and related tools to factories, utilities and transport operators.
Competitive advantage
Fortinet's main edge is custom silicon. It designs its own security processors (network processors such as NP7 and content processors such as CP9) that offload packet inspection, encryption and threat matching from general-purpose CPUs. That lets FortiGate deliver high throughput at a lower price and power draw than many rivals.
Questions about BYD vs Fortinet
Which company has higher revenue — BYD Company Ltd or Fortinet, Inc.?
BYD Company Ltd reported ~$111.8B (FY2025), while Fortinet, Inc. reported $6.8B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with Fortinet, Inc. reporting a smaller revenue base.
What is the market cap of BYD Company Ltd vs Fortinet, Inc.?
BYD Company Ltd's market capitalisation stands at $113.4B, while Fortinet, Inc.'s is $127.3B. Fortinet, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to BYD Company Ltd.
Which is more financially efficient — BYD Company Ltd or Fortinet, Inc.?
BYD Company Ltd generates $123k / employee in revenue per employee, while Fortinet, Inc. generates $450k / employee. Fortinet, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do BYD Company Ltd and Fortinet, Inc. make money?
BYD Company Ltd and Fortinet, Inc. generate revenue in fundamentally different ways. BYD Company Ltd: BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Fortinet, Inc.: Fortinet makes money in two ways.
Which company is valued higher relative to revenue — BYD Company Ltd or Fortinet, Inc.?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and Fortinet, Inc. at 18.7x P/S. Fortinet, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BYD Company Ltd. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BYD Company Ltd bigger than Fortinet, Inc.?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Fortinet, Inc. ($6.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BYD vs Fortinet overview