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Friday 6 November 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.

Revenue
+20.5%
EPS
+38.1%
Free cash flow
+55.4%
Total debt
−50.1%

Quarter to September 2026, against a year earlier

122.42 6.97 −5.39%
Market cap
$90.0B
P/E
39.5×
Fwd P/E
42.2×
Dividend yield
—
F-score
5/9
Altman Z
5.29
Beneish M
−2.64
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Fortinet, Inc. (FTNT) EV/EBITDA

Alert me on EV/EBITDA

As of 5 November 2026, Fortinet, Inc. (FTNT) trades at a EV/EBITDA of 27.6×. Over the past ten years it has ranged from 20.2× (April 2026) to 116× (October 2015); the current reading is higher than 15% of that period. That is above the Software Infrastructure industry median of 14.5× and above the Technology sector median of 14.5×.

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
Sep 2026 40.8× 9.81%
Jun 2026 37.2× 72.37%
Mar 2026 21.6× (4.87%)
Dec 2025 22.7× (8.97%)
43 more quarters

Against its own ten years

Low 20.2× High 116×
Ten-year median 36.7×
Current reading's percentile 15

EV/EBITDA against peers

Company EV/EBITDA
NET Cloudflare, Inc. compare n/m
NTAP NetApp, Inc. compare 15.9×
FTNT Fortinet, Inc. 27.6×
SNPS Synopsys, Inc. compare 33.4×
OKTA Okta, Inc. compare 57.4×
ZS Zscaler, Inc. compare 119×
XYZ Block, Inc. compare 136×
NBIS Nebius Group N.V. compare 243×
CRWD CrowdStrike compare 337×
Software Infrastructure industry median 14.5×
Technology sector median 14.5×
Market median 10.9×

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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