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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
+25.6%
EPS
+45.6%
Free cash flow
+239.9%
Total debt
−50.1%

Quarter to June 2026, against a year earlier

136.08 3.02 −2.17%
Market cap
$102.1B
P/E
47.7×
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 Filings

Fortinet, Inc. (FTNT) EV/FCF

Alert me on EV/FCF

As of 30 October 2026, Fortinet, Inc. (FTNT) trades at a EV/FCF of 31.1×. Over the past ten years it has ranged from 12.8× (October 2017) to 47.5× (December 2021); the current reading is higher than 68% of that period.

EV/FCF, daily

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Annual newest first

Period EV/FCF Change
FY2025 25.9× (29.70%)
FY2024 36.8× 46.29%
FY2023 25.2× (1.98%)
FY2022 25.7× (45.90%)
FY2021 47.5× 101.04%
FY2020 23.6× 4.06%
FY2019 22.7× 29.48%
FY2018 17.5× 24.13%
FY2017 14.1× (4.37%)
FY2016 14.8× (18.07%)

Quarterly newest first

Period EV/FCF Change
Jun 2026 35.1× 47.38%
Mar 2026 23.8× (7.86%)
Dec 2025 25.9× (14.49%)
Sep 2025 30.3× (20.47%)
42 more quarters

Against its own ten years

Low 12.8× High 47.5×
Ten-year median 25.9×
Current reading's percentile 69

EV/FCF against peers

Company EV/FCF
NBIS Nebius Group N.V. compare −7.4×
XYZ Block, Inc. compare 12.0×
NTAP NetApp, Inc. compare 23.1×
FTNT Fortinet, Inc. 31.1×
SNPS Synopsys, Inc. compare 35.0×
OKTA Okta, Inc. compare 36.3×
ZS Zscaler, Inc. compare 48.3×
CRWD CrowdStrike compare 167×
NET Cloudflare, Inc. compare 310×

What EV/FCF is

EV/Free CF shows how the value of a whole company, debt included, compares with the free cash its business produces.

((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)) ÷ (Operating Cash Flow (TTM) + Property, Plant, Equipment Change (Net) (TTM) + Intangible Assets Change (Net) (TTM))

The full definition of EV/FCF →

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