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Saturday 17 October 2026 Export FTNT’s income statement to Excel — free account

Fortinet, Inc.

FTNT Technology Software Infrastructure

Fortinet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.8 billion, up 14.2% from fiscal 2024. In the quarter to June 2026, revenue grew 25.6%, EPS grew 45.6%, free cash flow grew 239.9% and total debt fell 50.1%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; revenue growth for ten consecutive years, operating cash flow growth for ten.

169.13 12.78 −7.03%
Market cap
$133.5B
P/E
59.1×
Fwd P/E
52.1×
Dividend yield
—
F-score
5/9
Altman Z
5.29
Beneish M
−2.64
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Fortinet, Inc. (FTNT) EV/EBITDA

Alert me on EV/EBITDA

As of 16 October 2026, Fortinet, Inc. (FTNT) trades at a EV/EBITDA of 41.1×. Over the past ten years it has ranged from 20.2× (April 2026) to 116× (October 2015); the current reading is higher than 63% of that period. That is above the Software Infrastructure industry median of 13.9× and above the Technology sector median of 15.3×.

EV/EBITDA, daily

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Annual newest first

Period EV/EBITDA Change
FY2025 22.7× (28.81%)
FY2024 31.9× 16.50%
FY2023 27.4× (4.33%)
FY2022 28.6× (54.08%)
FY2021 62.3× 103.58%
FY2020 30.6× (3.09%)
FY2019 31.6× 16.96%
FY2018 27.0× (30.12%)
FY2017 38.6× (9.62%)
FY2016 42.7× (47.84%)

Quarterly newest first

Period EV/EBITDA Change
Jun 2026 37.2× 72.37%
Mar 2026 21.6× (4.87%)
Dec 2025 22.7× (8.97%)
Sep 2025 24.9× (23.92%)
42 more quarters

Against its own ten years

Low 20.2× High 116×
Ten-year median 36.7×
Current reading's percentile 63

EV/EBITDA against peers

Company EV/EBITDA
NET Cloudflare, Inc. compare n/m
ORCL Oracle Corporation compare 13.6×
NTAP NetApp, Inc. compare 19.1×
SNPS Synopsys, Inc. compare 34.3×
FTNT Fortinet, Inc. 41.1×
PANW Palo Alto Networks, Inc. compare 118×
XYZ Block, Inc. compare 133×
NBIS Nebius Group N.V. compare 331×
CRWD CrowdStrike compare 352×
Software Infrastructure industry median 13.9×
Technology sector median 15.3×
Market median 11.0×

What EV/EBITDA is

Enterprise Value over EBITDA tells an investor how the market values a whole company, with debt added and cash taken off, against its operating earnings.

((Stock Price × Shares (Basic, Weighted) (latest quarter)) + (Long Term Debt (Total) (latest quarter) + Current Part of Debt (latest quarter)) − Cash & Short Term Investments (latest quarter)) ÷ EBITDA (TTM)

The full definition of EV/EBITDA →

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