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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) Price to free cash flow

Alert me on Price to free cash flow

As of 16 October 2026, Fortinet, Inc. (FTNT) trades at a price to free cash flow of 39.8×. Over the past ten years it has ranged from 16.0× (October 2017) to 48.7× (December 2021); the current reading is higher than 88% of that period. That is above the Software Infrastructure industry median of 16.3× and above the Technology sector median of 20.0×.

Price to free cash flow, daily

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Annual newest first

Period Price to free cash flow Change
FY2025 27.0× (29.63%)
FY2024 38.4× 47.91%
FY2023 26.0× (1.92%)
FY2022 26.5× (45.63%)
FY2021 48.7× 91.35%
FY2020 25.5× (0.14%)
FY2019 25.5× 25.42%
FY2018 20.3× 20.76%
FY2017 16.8× (9.74%)
FY2016 18.7× (13.82%)

Quarterly newest first

Period Price to free cash flow Change
Jun 2026 36.1× 45.75%
Mar 2026 24.8× (8.33%)
Dec 2025 27.0× (13.65%)
Sep 2025 31.3× (21.34%)
42 more quarters

Against its own ten years

Low 16.0× High 48.7×
Ten-year median 27.7×
Current reading's percentile 88

Price to free cash flow against peers

Company Price to free cash flow
NBIS Nebius Group N.V. compare n/m
ORCL Oracle Corporation compare n/m
XYZ Block, Inc. compare 12.0×
NTAP NetApp, Inc. compare 24.2×
SNPS Synopsys, Inc. compare 31.7×
FTNT Fortinet, Inc. 39.8×
PANW Palo Alto Networks, Inc. compare 62.3×
CRWD CrowdStrike compare 153×
NET Cloudflare, Inc. compare 332×
Software Infrastructure industry median 16.3×
Technology sector median 20.0×
Market median 14.2×

What Price to free cash flow is

Price to Free Cash Flow Ratio shows how much investors pay for each dollar of cash a company generates after its capital spending.

Stock Price ÷ ((Operating Cash Flow (TTM) + Property, Plant, Equipment Change (Net) (TTM) + Intangible Assets Change (Net) (TTM)) ÷ (Shares (Basic, Weighted) (latest quarter)))

The full definition of Price to free cash flow →

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