stockrowFortinet, 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
- +37.4%
- Free cash flow
- +55.4%
- Total debt
- −50.1%
Quarter to September 2026, against a year earlier
Follow FTNT
Alert me
Fortinet, Inc. (FTNT) Free cash flow margin
Fortinet, Inc.'s free cash flow margin over the twelve months to 30 September 2026 was 43.5%, up 10.8 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 0.00% and above the Technology sector median of 0.67%.
Free cash flow margin, annual
Embed this chart
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. | 43.5% |
| OKTA Okta, Inc. compare | 31.2% |
| SNPS Synopsys, Inc. compare | 29.2% |
| CRWD CrowdStrike compare | 28.0% |
| ZS Zscaler, Inc. compare | 23.2% |
| NTAP NetApp, Inc. compare | 22.3% |
| XYZ Block, Inc. compare | 13.5% |
| NET Cloudflare, Inc. compare | 11.8% |
| NBIS Nebius Group N.V. compare | −433.8% |
| Software Infrastructure industry median | 0.00% |
| Technology sector median | 0.67% |
| 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