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%

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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

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Fortinet, Inc. (FTNT) Price to free cash flow

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As of 5 November 2026, Fortinet, Inc. (FTNT) trades at a price to free cash flow of 26.2×. Over the past ten years it has ranged from 16.0× (October 2017) to 48.7× (December 2021); the current reading is higher than 44% of that period. That is above the Software Infrastructure industry median of 17.9× and above the Technology sector median of 18.7×.

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<iframe src="https://stockrow.com/embed/FTNT/price-to-free-cash-flow" width="100%" height="360" style="border:0" loading="lazy" title="Fortinet, Inc. price to free cash flow, 10 years"></iframe>
<p style="font-size:12px">Source: <a href="https://stockrow.com/FTNT/metrics/price-to-free-cash-flow">Fortinet, Inc. (FTNT) price to free cash flow — stockrow.com</a></p>

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%)

Period	Price to free cash flow	Change
Sep 2026	38.2×	5.86%
Jun 2026	36.1×	45.75%
Mar 2026	24.8×	(8.33%)
Dec 2025	27.0×	(13.65%)
43 more quarters	Free account

Against its own ten years

Low 16.0× High 48.7×

Ten-year median 27.8×

Current reading's percentile 44

Company	Price to free cash flow
NBIS Nebius Group N.V. compare	n/m
XYZ Block, Inc. compare	14.7×
NTAP NetApp, Inc. compare	20.3×
FTNT Fortinet, Inc.	26.2×
SNPS Synopsys, Inc. compare	30.8×
OKTA Okta, Inc. compare	31.3×
ZS Zscaler, Inc. compare	42.3×
CRWD CrowdStrike compare	147×
NET Cloudflare, Inc. compare	271×
Software Infrastructure industry median	17.9×
Technology sector median	18.7×
Market median	14.1×

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 →

Fortinet, Inc. (FTNT) Price to free cash flow

Price to free cash flow, daily

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Against its own ten years

Price to free cash flow against peers

What Price to free cash flow is

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Price to free cash flow, daily

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Against its own ten years

Price to free cash flow against peers

What Price to free cash flow is

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