Last 48 quarters of trend data · Technology · Software - Infrastructure
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Fortinet, Inc.'s quarterly P/E stands at 29.2x, down 16.0% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 25.7% YoY to 21.8x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 32.52 | 29.19 | 33.90 | 46.37 | 42.97 | 34.74 | 27.70 | 30.75 | 43.79 | 36.58 | 35.78 | 57.27 | 53.60 |
| — | -16.0% | +22.4% | +50.8% | -1.9% | -5.0% | -22.6% | -46.3% | -18.3% | +19.7% | -15.5% | -15.0% | -46.7% | |
| P/S Ratio | 8.64 | 7.80 | 9.39 | 12.56 | 12.14 | 11.03 | 9.92 | 8.09 | 9.72 | 7.99 | 8.70 | 11.63 | 10.44 |
| — | -29.3% | -5.4% | +55.3% | +24.9% | +38.1% | +14.1% | -30.5% | -6.9% | +5.9% | +1.9% | +4.6% | -28.9% | |
| P/B Ratio | 47.77 | 48.00 | 88.09 | 39.76 | 38.09 | 49.03 | 65.92 | 161.01 | — | — | 626.55 | 187.30 | 4625.23 |
| — | -2.1% | +33.6% | -75.3% | — | — | -89.5% | -14.0% | — | — | — | — | +1822.1% | |
| P/FCF | 26.40 | 25.72 | 28.53 | 72.08 | 23.46 | 48.18 | 26.17 | 36.38 | 21.62 | 68.57 | 24.13 | 34.32 | 20.37 |
| — | -46.6% | +9.0% | +98.2% | +8.5% | -29.7% | +8.5% | +6.0% | +6.2% | +252.3% | -2.8% | -15.1% | -60.3% | |
| EV / EBITDA | 25.64 | 21.76 | 27.28 | 40.17 | 36.85 | 29.28 | 29.14 | 24.22 | 36.95 | 26.95 | 34.11 | 47.96 | 42.70 |
| — | -25.7% | -6.4% | +65.8% | -0.3% | +8.7% | -14.6% | -49.5% | -13.5% | +9.2% | +1.4% | -8.3% | -46.3% | |
| EV / EBIT | 27.51 | 23.19 | 26.53 | 38.10 | 34.42 | 28.62 | 23.11 | 23.87 | 36.88 | 26.60 | 33.94 | 48.27 | 43.41 |
| — | -19.0% | +14.8% | +59.6% | -6.7% | +7.6% | -31.9% | -50.6% | -15.1% | +4.3% | -6.9% | -21.1% | -55.7% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Fortinet, Inc.'s operating margin was 32.8% in Q4 2025, up 1.2 pp QoQ and down 1.7 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 30.5% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.8% | 79.6% | 81.5% | 81.5% | 81.0% | 81.1% | 82.5% | 80.8% | 77.5% | 77.7% | 76.2% | 77.1% | 75.6% |
| — | -1.8% | -1.2% | +0.8% | +4.5% | +4.3% | +8.3% | +4.8% | +2.5% | +1.1% | +1.1% | +1.9% | +3.0% | |
| Operating Margin | 30.6% | 32.8% | 31.6% | 28.0% | 29.5% | 34.6% | 31.2% | 30.5% | 23.7% | 27.2% | 22.7% | 21.6% | 21.7% |
| — | -5.0% | +1.4% | -8.1% | +24.2% | +27.0% | +37.4% | +41.2% | +9.5% | -2.3% | -1.6% | +13.8% | +37.0% | |
| Net Margin | 27.3% | 26.6% | 27.5% | 27.0% | 28.1% | 31.7% | 35.8% | 26.5% | 22.1% | 22.0% | 24.2% | 20.6% | 19.6% |
| — | -16.2% | -23.3% | +2.0% | +27.3% | +44.3% | +48.0% | +28.6% | +12.7% | -10.2% | +20.1% | +22.3% | +35.4% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 135.7% | 51.3% | 33.9% | 21.9% | 25.1% | 43.8% | 90.3% | 504.0% | — | — | 163.4% | 160.1% | 2172.8% |
| — | +17.1% | -62.4% | -95.7% | — | — | -44.8% | +214.8% | — | — | — | — | +7997.8% | |
| ROA | 18.4% | 5.1% | 4.7% | 4.2% | 4.3% | 5.7% | 6.4% | 4.8% | 4.0% | 4.2% | 4.3% | 3.7% | 3.8% |
| — | -9.4% | -25.8% | -13.5% | +7.1% | +34.0% | +48.0% | +29.9% | +5.8% | -22.3% | -1.0% | +17.3% | +58.6% | |
| ROIC | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Fortinet, Inc.'s Debt/EBITDA ratio is 1.5x, down from 1.7x last quarter — comfortably within a safe range. The current ratio has weakened 20.3% YoY to 1.17x, tightening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.81 | 0.81 | 1.35 | 0.48 | 0.51 | 0.67 | 1.09 | 3.45 | — | — | 13.38 | 3.09 | 86.92 |
| — | +21.0% | +23.8% | -86.0% | — | — | -91.8% | +11.7% | — | — | — | — | +1949.8% | |
| Debt / EBITDA | 0.45 | 1.50 | 1.70 | 2.01 | 2.03 | 1.63 | 1.98 | 2.13 | 2.84 | 2.39 | 2.99 | 3.24 | 3.29 |
| — | -8.2% | -14.1% | -5.6% | -28.4% | -31.7% | -33.7% | -34.2% | -13.8% | -7.2% | -11.8% | -27.9% | -41.2% | |
| Current Ratio | 1.17 | 1.17 | 1.03 | 1.33 | 1.36 | 1.47 | 1.34 | 1.32 | 1.20 | 1.19 | 1.30 | 1.39 | 1.34 |
| — | -20.3% | -23.6% | +0.6% | +13.6% | +23.5% | +3.2% | -5.2% | -10.2% | -3.8% | +21.4% | +24.3% | +4.6% | |
| Quick Ratio | 1.09 | 1.09 | 0.94 | 1.24 | 1.29 | 1.39 | 1.25 | 1.22 | 1.08 | 1.06 | 1.17 | 1.29 | 1.24 |
| — | -21.5% | -25.2% | +2.1% | +18.6% | +31.4% | +6.7% | -5.3% | -12.8% | -7.9% | +18.0% | +22.9% | +3.2% | |
| Interest Coverage | 103.58 | 142.18 | 88.05 | 99.28 | 92.61 | 117.16 | 94.18 | 87.44 | 62.98 | 71.37 | 56.15 | 53.65 | 54.70 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Start ComparisonFortinet, Inc.'s current P/E is 32.5x. The average P/E over the last 4 quarters is 38.1x. 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.