Last 48 quarters of trend data · Technology · Cybersecurity
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 38.67 | 51.97 | 46.84 | 28.38 | 29.19 | 33.90 | 46.37 | 42.97 | 34.74 | 27.70 | 30.75 | 43.79 | 36.58 | 35.78 | 57.27 | 53.60 | 30.56 | 42.35 | 67.36 | 100.51 | 74.88 |
| — | +53.3% | +1.0% | -34.0% | -16.0% | +22.4% | +50.8% | -1.9% | -5.0% | -22.6% | -46.3% | -18.3% | +19.7% | -15.5% | -15.0% | -46.7% | -59.2% | -44.9% | -9.5% | +41.7% | +81.5% | |
| P/S Ratio | 11.05 | 15.97 | 13.90 | 8.20 | 7.80 | 9.39 | 12.56 | 12.14 | 11.03 | 9.92 | 8.09 | 9.72 | 7.99 | 8.70 | 11.63 | 10.44 | 7.54 | 8.53 | 11.12 | 14.69 | 15.57 |
| — | +70.1% | +10.7% | -32.4% | -29.3% | -5.4% | +55.3% | +24.9% | +38.1% | +14.1% | -30.5% | -6.9% | +5.9% | +1.9% | +4.6% | -28.9% | -51.6% | -39.6% | -10.4% | +36.0% | +89.5% | |
| P/B Ratio | 71.83 | 59.08 | 73.42 | 61.33 | 48.00 | 88.09 | 39.76 | 38.09 | 49.03 | 65.92 | 161.01 | — | — | 626.55 | 187.30 | 4625.23 | — | — | — | 240.63 | 75.18 |
| — | -32.9% | +84.7% | +61.0% | -2.1% | +33.6% | -75.3% | — | — | -89.5% | -14.0% | — | — | — | — | +1822.1% | — | — | — | +669.2% | +161.7% | |
| P/FCF | 25.37 | 37.64 | 29.48 | 15.08 | 25.72 | 28.53 | 72.08 | 23.46 | 48.18 | 26.17 | 36.38 | 21.62 | 68.57 | 24.13 | 34.32 | 20.37 | 19.46 | 24.82 | 40.42 | 51.29 | 69.63 |
| — | +31.9% | -59.1% | -35.7% | -46.6% | +9.0% | +98.2% | +8.5% | -29.7% | +8.5% | +6.0% | +6.2% | +252.3% | -2.8% | -15.1% | -60.3% | -72.0% | -33.2% | +60.3% | +76.4% | +199.3% | |
| EV / EBITDA | 31.01 | 43.53 | 38.13 | 23.79 | 21.76 | 27.28 | 40.17 | 36.85 | 29.28 | 29.14 | 24.22 | 36.95 | 26.95 | 34.11 | 47.96 | 42.70 | 24.68 | 33.63 | 52.31 | 79.58 | 62.12 |
| — | +59.6% | -5.1% | -35.5% | -25.7% | -6.4% | +65.8% | -0.3% | +8.7% | -14.6% | -49.5% | -13.5% | +9.2% | +1.4% | -8.3% | -46.3% | -60.3% | -47.1% | -10.5% | +48.3% | +96.6% | |
| EV / EBIT | 41.10 | 42.71 | 38.51 | 22.31 | 22.09 | 26.53 | 38.10 | 34.42 | 28.62 | 23.11 | 23.87 | 36.88 | 26.60 | 33.94 | 48.27 | 43.41 | 25.50 | 36.46 | 61.19 | 98.08 | 70.45 |
| — | +61.0% | +1.1% | -35.2% | -22.8% | +14.8% | +59.6% | -6.7% | +7.6% | -31.9% | -50.6% | -15.1% | +4.3% | -6.9% | -21.1% | -55.7% | -63.8% | -51.1% | -5.9% | +58.8% | +102.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.8% | 79.0% | 80.2% | 80.3% | 79.6% | 81.5% | 81.5% | 81.0% | 81.1% | 82.5% | 80.8% | 77.5% | 77.7% | 76.2% | 77.1% | 75.6% | 76.8% | 75.4% | 75.7% | 73.4% | 76.3% |
| — | -3.2% | -1.5% | -0.8% | -1.8% | -1.2% | +0.8% | +4.5% | +4.3% | +8.3% | +4.8% | +2.5% | +1.1% | +1.1% | +1.9% | +3.0% | +0.7% | -0.4% | -1.3% | -5.8% | -1.8% | |
| Operating Margin | 30.6% | 33.9% | 33.7% | 31.4% | 32.8% | 31.6% | 28.0% | 29.5% | 34.6% | 31.2% | 30.5% | 23.7% | 27.2% | 22.7% | 21.6% | 21.7% | 27.9% | 23.1% | 19.0% | 15.8% | 22.3% |
| — | +7.1% | +20.1% | +6.4% | -5.0% | +1.4% | -8.1% | +24.2% | +27.0% | +37.4% | +41.2% | +9.5% | -2.3% | -1.6% | +13.8% | +37.0% | +25.0% | +20.4% | +3.0% | -7.6% | -1.5% | |
| Net Margin | 27.3% | 30.6% | 29.6% | 28.9% | 26.6% | 27.5% | 27.0% | 28.1% | 31.7% | 35.8% | 26.5% | 22.1% | 22.0% | 24.2% | 20.6% | 19.6% | 24.5% | 20.1% | 16.8% | 14.5% | 20.7% |
| — | +11.3% | +9.7% | +2.7% | -16.2% | -23.3% | +2.0% | +27.3% | +44.3% | +48.0% | +28.6% | +12.7% | -10.2% | +20.1% | +22.3% | +35.4% | +18.4% | +7.1% | -1.9% | -4.0% | +5.3% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 135.7% | 33.5% | 47.7% | 48.0% | 51.3% | 33.9% | 21.9% | 25.1% | 43.8% | 90.3% | 504.0% | — | — | 163.4% | 160.1% | 2172.8% | — | — | — | 26.8% | 20.6% |
| — | -1.3% | +118.1% | +91.4% | +17.1% | -62.4% | -95.7% | — | — | -44.8% | +214.8% | — | — | — | — | +7997.8% | — | — | — | +129.9% | +10.1% | |
| ROA | 18.4% | 5.6% | 5.8% | 5.3% | 5.1% | 4.7% | 4.2% | 4.3% | 5.7% | 6.4% | 4.8% | 4.0% | 4.2% | 4.3% | 3.7% | 3.8% | 5.4% | 4.4% | 3.2% | 2.4% | 3.3% |
| — | +17.6% | +39.8% | +22.7% | -9.4% | -25.8% | -13.5% | +7.1% | +34.0% | +48.0% | +29.9% | +5.8% | -22.3% | -1.0% | +17.3% | +58.6% | +62.1% | +54.0% | +25.0% | +4.1% | -12.9% | |
| ROIC | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 147.7% | 29.6% | 42.6% |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | +77.5% | -65.1% | — |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.81 | 0.22 | 0.32 | 0.50 | 0.81 | 1.35 | 0.48 | 0.51 | 0.67 | 1.09 | 3.45 | — | — | 13.38 | 3.09 | 86.92 | — | — | — | 4.24 | 1.24 |
| — | -83.7% | -33.7% | -1.0% | +21.0% | +23.8% | -86.0% | — | — | -91.8% | +11.7% | — | — | — | — | +1949.8% | — | — | — | +321.4% | — | |
| Debt / EBITDA | 0.45 | 0.67 | 0.68 | 0.80 | 1.50 | 1.70 | 2.01 | 2.03 | 1.63 | 1.98 | 2.13 | 2.84 | 2.39 | 2.99 | 3.24 | 3.29 | 2.57 | 3.39 | 4.49 | 5.60 | 4.11 |
| — | -60.8% | -66.2% | -60.6% | -8.2% | -14.1% | -5.6% | -28.4% | -31.7% | -33.7% | -34.2% | -13.8% | -7.2% | -11.8% | -27.9% | -41.2% | -37.5% | -36.2% | -24.4% | -21.2% | — | |
| Current Ratio | 1.17 | 1.40 | 1.28 | 1.15 | 1.17 | 1.03 | 1.33 | 1.36 | 1.47 | 1.34 | 1.32 | 1.20 | 1.19 | 1.30 | 1.39 | 1.34 | 1.24 | 1.07 | 1.12 | 1.28 | 1.55 |
| — | +36.1% | -3.5% | -15.4% | -20.3% | -23.6% | +0.6% | +13.6% | +23.5% | +3.2% | -5.2% | -10.2% | -3.8% | +21.4% | +24.3% | +4.6% | -20.3% | -40.5% | -42.7% | -36.5% | +3.7% | |
| Quick Ratio | 1.09 | 1.28 | 1.19 | 1.07 | 1.09 | 0.94 | 1.24 | 1.29 | 1.39 | 1.25 | 1.22 | 1.08 | 1.06 | 1.17 | 1.29 | 1.24 | 1.15 | 1.00 | 1.05 | 1.20 | 1.48 |
| — | +36.6% | -4.0% | -16.5% | -21.5% | -25.2% | +2.1% | +18.6% | +31.4% | +6.7% | -5.3% | -12.8% | -7.9% | +18.0% | +22.9% | +3.2% | -22.0% | -42.2% | -44.3% | -37.7% | +3.9% | |
| Interest Coverage | 115.05 | 252.67 | 226.06 | 157.33 | 148.91 | 96.90 | 113.46 | 106.98 | 127.20 | 126.28 | 94.66 | 68.73 | 77.96 | 61.70 | 58.54 | 59.22 | 82.82 | 59.82 | 41.87 | 31.82 | 47.07 |
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Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying FTNT stock.
Fortinet, Inc.'s current P/E is 38.7x. The average P/E over the last 4 quarters is 39.1x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Fortinet, Inc.'s current operating margin is 30.6%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Fortinet, Inc.'s business trajectory between earnings reports.