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.
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Fortinet, Inc. (FTNT) Free cash flow margin
Fortinet, Inc.'s free cash flow margin over the twelve months to 30 June 2026 was 41.4%, up 8.7 percentage points from fiscal 2025 (32.7%). Over the past ten years it has ranged from 21.8% (fiscal 2016) to 36.9% (fiscal 2020); the current reading is higher than 64% of that period. That is above the Software Infrastructure industry median of 1.67% and above the Technology sector median of 1.72%.
Free cash flow margin, annual
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Annual newest first
| Period | Free cash flow margin | Change (points) |
|---|---|---|
| FY2025 | 32.7% | 1.18 |
| FY2024 | 31.6% | (1.09) |
| FY2023 | 32.6% | (0.17) |
| FY2022 | 32.8% | (3.21) |
| FY2021 | 36.0% | (0.90) |
| FY2020 | 36.9% | 3.83 |
| FY2019 | 33.1% | 0.62 |
| FY2018 | 32.5% | 1.76 |
| FY2017 | 30.7% | 8.87 |
| FY2016 | 21.8% | (2.45) |
Against its own ten years
Free cash flow margin against peers
| Company | Free cash flow margin |
|---|---|
| FTNT Fortinet, Inc. | 41.4% |
| PANW Palo Alto Networks, Inc. compare | 35.8% |
| SNPS Synopsys, Inc. compare | 29.2% |
| CRWD CrowdStrike compare | 28.0% |
| NTAP NetApp, Inc. compare | 22.3% |
| XYZ Block, Inc. compare | 15.5% |
| NET Cloudflare, Inc. compare | 12.5% |
| ORCL Oracle Corporation compare | −40.0% |
| NBIS Nebius Group N.V. compare | −433.8% |
| Software Infrastructure industry median | 1.67% |
| Technology sector median | 1.72% |
| Market median | 0.00% |
What Free cash flow margin is
Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.
(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue
More on FTNT
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
- The full statement