Fortinet, Inc. (FTNT) Financial Ratios
19 years of historical data (2007–2025) · Technology · Software - Infrastructure
EV/EBITDA
↓
29.12
↓-32% vs avg
5yr avg: 42.77
30Y Low25.9·High81.3
P/FCF
↓
29.90
↓-12% vs avg
5yr avg: 33.84
30Y Low17.0·High49.9
P/B Ratio
↓
54.37
-5% vs avg
5yr avg: 57.35
30Y Low5.5·High75.2
ROE
↑
135.7%
↑-38% vs avg
5yr avg: 219.9%
30Y Low1%·High339%
Debt/EBITDA
↓
0.45
↓-44% vs avg
5yr avg: 0.79
30Y Low0.4·High1.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FTNT Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Fortinet, Inc. trades at 37.0x earnings, 29% below its 5-year average of 51.8x, sitting at the 14th percentile of its historical range. Compared to the Technology sector median P/E of 27.5x, the stock trades at a premium of 35%. On a free-cash-flow basis, the stock trades at 29.9x P/FCF, 12% below the 5-year average of 33.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $66.6B | $59.4B | $72.9B | $46.1B | $39.4B | $60.1B | $24.9B | $18.7B | $12.3B | $7.8B | $5.3B |
| Enterprise Value | $65.1B | $57.9B | $71.0B | $45.7B | $38.7B | $59.7B | $23.9B | $17.5B | $11.2B | $7.0B | $4.6B |
| P/E Ratio → | 37.02 | 32.68 | 41.81 | 40.09 | 46.12 | 98.47 | 51.22 | 56.18 | 37.08 | 242.78 | 167.22 |
| P/S Ratio | 9.79 | 8.74 | 12.25 | 8.70 | 8.91 | 17.97 | 9.60 | 8.64 | 6.80 | 5.21 | 4.16 |
| P/B Ratio | 54.37 | 48.00 | 48.82 | — | — | 75.22 | 29.10 | 13.92 | 12.15 | 13.20 | 6.33 |
| P/FCF | 29.90 | 26.69 | 38.81 | 26.65 | 27.16 | 49.89 | 26.01 | 26.10 | 20.95 | 16.95 | 19.05 |
| P/OCF | 25.69 | 22.93 | 32.30 | 23.84 | 22.75 | 40.05 | 22.99 | 23.12 | 19.21 | 13.09 | 15.35 |
P/E links to full P/E history page with 30-year chart
FTNT EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Fortinet, Inc.'s enterprise value stands at 29.1x EBITDA, 32% below its 5-year average of 42.8x. The Technology sector median is 17.4x, placing the stock at a 68% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.52 | 11.93 | 8.62 | 8.76 | 17.87 | 9.19 | 8.07 | 6.18 | 4.66 | 3.60 |
| EV / EBITDA | 29.12 | 25.92 | 36.88 | 33.76 | 36.02 | 81.28 | 39.71 | 42.31 | 38.47 | 42.17 | 50.30 |
| EV / EBIT | 31.25 | 25.04 | 34.18 | 33.75 | 39.73 | 92.84 | 44.03 | 45.23 | 47.61 | 63.32 | 98.03 |
| EV / FCF | — | 26.01 | 37.81 | 26.41 | 26.69 | 49.61 | 24.90 | 24.39 | 19.05 | 15.18 | 16.51 |
FTNT Profitability
Margins and return-on-capital ratios measuring operating efficiency
Fortinet, Inc. earns an operating margin of 30.6%. Operating margins have expanded from 23.4% to 30.6% over the past 3 years, signaling improving operational efficiency. Return on equity of 135.7% is exceptionally high, though this is partly amplified by negative book value driven by aggressive share buybacks.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.8% | 80.8% | 80.6% | 76.7% | 75.4% | 76.6% | 78.0% | 76.6% | 75.0% | 74.2% | 73.5% |
| Operating Margin | 30.6% | 30.6% | 30.3% | 23.4% | 21.9% | 19.5% | 20.5% | 16.2% | 13.0% | 7.3% | 3.4% |
| Net Profit Margin | 27.3% | 27.3% | 29.3% | 21.6% | 19.4% | 18.2% | 18.8% | 15.3% | 18.6% | 2.1% | 2.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 135.7% | 135.7% | 338.7% | — | 331.8% | 73.4% | 44.4% | 28.2% | 41.9% | 4.4% | 4.0% |
| ROA | 18.4% | 18.4% | 20.5% | 17.0% | 14.1% | 12.2% | 12.3% | 9.5% | 12.6% | 1.4% | 1.6% |
| ROIC | — | — | — | — | — | 372.5% | — | 2974.6% | — | — | 18.9% |
| ROCE | 37.7% | 37.7% | 39.0% | 37.1% | 28.7% | 22.4% | 22.9% | 16.5% | 15.4% | 8.6% | 3.5% |
FTNT Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Fortinet, Inc. carries a Debt/EBITDA ratio of 0.4x, which is very conservative (84% below the sector average of 2.9x). The company holds a net cash position — cash of $2.5B exceeds total debt of $996M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 115.1x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.81 | 0.81 | 0.67 | — | — | 1.24 | — | — | — | — | — |
| Debt / EBITDA | 0.45 | 0.45 | 0.52 | 0.73 | 0.92 | 1.35 | — | — | — | — | — |
| Net Debt / Equity | — | -1.21 | -1.26 | — | — | -0.41 | -1.24 | -0.91 | -1.10 | -1.38 | -0.85 |
| Net Debt / EBITDA | -0.67 | -0.67 | -0.98 | -0.30 | -0.64 | -0.45 | -1.77 | -2.96 | -3.83 | -4.91 | -7.76 |
| Debt / FCF | — | -0.67 | -1.00 | -0.23 | -0.48 | -0.27 | -1.11 | -1.71 | -1.90 | -1.77 | -2.55 |
| Interest Coverage | 115.05 | 115.05 | 103.92 | 64.51 | 54.08 | 43.17 | — | — | — | — | — |
Net cash position: cash ($2.5B) exceeds total debt ($996M)
FTNT Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.17x means Fortinet, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.17 | 1.17 | 1.47 | 1.19 | 1.24 | 1.55 | 1.50 | 1.90 | 1.77 | 1.67 | 1.86 |
| Quick Ratio | 1.09 | 1.09 | 1.39 | 1.06 | 1.15 | 1.48 | 1.42 | 1.82 | 1.70 | 1.60 | 1.73 |
| Cash Ratio | 0.71 | 0.71 | 1.00 | 0.66 | 0.72 | 1.10 | 1.00 | 1.42 | 1.31 | 1.22 | 1.31 |
| Asset Turnover | — | 0.65 | 0.61 | 0.73 | 0.71 | 0.56 | 0.64 | 0.56 | 0.59 | 0.66 | 0.60 |
| Inventory Turnover | 3.26 | 3.26 | 3.67 | 2.55 | 4.10 | 4.45 | 4.08 | 4.29 | 5.00 | 4.98 | 3.16 |
| Days Sales Outstanding | — | 90.78 | 89.68 | 96.47 | 104.25 | 88.21 | 101.30 | 91.85 | 89.91 | 85.01 | 89.58 |
FTNT Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Fortinet, Inc. returns 3.4% to shareholders annually primarily through share buybacks. The earnings yield of 2.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 3.1% | 2.4% | 2.5% | 2.2% | 1.0% | 2.0% | 1.8% | 2.7% | 0.4% | 0.6% |
| FCF Yield | 3.3% | 3.7% | 2.6% | 3.8% | 3.7% | 2.0% | 3.8% | 3.8% | 4.8% | 5.9% | 5.2% |
| Buyback Yield | 3.4% | 3.9% | 0.0% | 3.3% | 5.1% | 1.2% | 4.3% | 0.8% | 1.7% | 5.7% | 2.1% |
| Total Shareholder Yield | 3.4% | 3.9% | 0.0% | 3.3% | 5.1% | 1.2% | 4.3% | 0.8% | 1.7% | 5.7% | 2.1% |
| Shares Outstanding | — | $748M | $772M | $788M | $805M | $836M | $839M | $875M | $871M | $890M | $882M |
Peer Comparison
Compare FTNT with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FTNTYou | $67B | 37.0 | 29.1 | 29.9 | 80.8% | 30.6% | 135.7% | — | 0.4 |
 PANW | $129B | 114.7 | 80.1 | 37.2 | 73.4% | 13.5% | 17.5% | 17.1% | 0.2 |
 CHKP | $12B | 11.9 | 13.1 | 9.9 | 85.4% | 30.5% | 37.3% | 23.2% | 2.1 |
 CSCO | $363B | 35.9 | 26.2 | 27.3 | 64.9% | 20.8% | 22.1% | 13.0% | 2.0 |
 NTCT | $3B | -7.0 | — | 12.2 | 78.3% | -44.7% | -21.3% | -19.3% | — |
 CRWD | $119B | -720.1 | 952.1 | 90.5 | 74.6% | -3.4% | -4.2% | -193.7% | 6.8 |
 ZS | $22B | -514.2 | — | 30.7 | 76.9% | -4.8% | -2.7% | -8.4% | — |
 CNET | $2M | -0.4 | — | — | 2.9% | -24.3% | -75.4% | -64.7% | — |
 VRNS | $3B | -24.4 | — | 24.1 | 79.1% | -23.5% | -24.5% | -11.0% | — |
 QLYS | $3B | 16.7 | 13.1 | 10.6 | 82.8% | 33.2% | 38.2% | 47.5% | 0.4 |
 TENB | $2B | -70.5 | 62.6 | 9.5 | 78.1% | 0.1% | -9.9% | 0.2% | 10.8 |
| Technology Median | — | 27.5 | 17.4 | 19.8 | 48.6% | -0.5% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 19 years · Updated daily
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Start ComparisonFTNT — Frequently Asked Questions
Quick answers to the most common questions about buying FTNT stock.
What is Fortinet, Inc.'s P/E ratio?
Fortinet, Inc.'s current P/E ratio is 37.0x. The historical average is 59.6x. This places it at the 14th percentile of its historical range.
What is Fortinet, Inc.'s EV/EBITDA?
Fortinet, Inc.'s current EV/EBITDA is 29.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 41.2x.
What is Fortinet, Inc.'s ROE?
Fortinet, Inc.'s return on equity (ROE) is 135.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 72.6%.
Is FTNT stock overvalued?
Based on historical data, Fortinet, Inc. is trading at a P/E of 37.0x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Fortinet, Inc.'s profit margins?
Fortinet, Inc. has 80.8% gross margin and 30.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Fortinet, Inc. have?
Fortinet, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.