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Tuesday 6 October 2026 Export all FTNT data to Excel Powerpack

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. Member of the S&P 500 and Nasdaq 100; revenue growth for ten consecutive years, operating cash flow growth for ten.

191.27 7.14 +3.88%
Market cap
$136.2B
P/E
64.4×
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 5 October 2026, Fortinet, Inc. (FTNT) trades at a price to free cash flow of 43.3×. Over the past ten years it has ranged from 16.0× (October 2017) to 48.7× (December 2021); the current reading is higher than 94% of that period. That is above the Software Infrastructure industry median of 17.1× and above the Technology sector median of 19.8×.

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 94

Price to free cash flow against peers

Company Price to free cash flow
NBIS Nebius Group N.V. compare n/m
CRWV CoreWeave Inc. compare n/m
XYZ Block, Inc. compare 11.7×
SNPS Synopsys, Inc. compare 34.0×
FTNT Fortinet, Inc. 43.3×
TWLO Twilio Inc. compare 47.2×
PANW Palo Alto Networks, Inc. compare 74.0×
CRWD CrowdStrike compare 184×
NET Cloudflare, Inc. compare 405×
Software Infrastructure industry median 17.1×
Technology sector median 19.8×
Market median 14.0×

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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