Stocktoria

Fortinet, Inc. FTNT

Nasdaq · stock · Computer Peripheral Equipment, NEC · website · IPO 2009-11-18 · LEI

Fortinet, Inc. statistics & valuation

Market cap$110.9B
P / E59.8×
P / S16.3×
P / B89.6×
Net margin27.3%
Return on equity149.8%
Net cash$2.0B
Net debt / EBITDA-0.9×
Enterprise value USD$108.9B
EV / EBITDA48.7×
Earnings yield EBIT/EV1.9%
Return on capital38.9%
Graham number -94.2%$9.39

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($9.39); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
2.50% 2.10% 18.60% 15.30% 18.80% 18.20% 19.40% 21.60% 29.30% 27.30% 2016201720182019202020212022202320242025
Gross margin (%)
73.50% 74.20% 75.00% 76.60% 78.00% 76.60% 75.40% 76.70% 80.60% 80.50% 2016201720182019202020212022202320242025
Operating margin (%)
3.40% 7.30% 13.00% 16.20% 20.50% 19.50% 21.90% 23.40% 30.30% 30.70% 2016201720182019202020212022202320242025
Return on equity (%)
3.80% 5.20% 32.70% 24.70% 57.10% 76.00% 116.80% 149.80% 2016201720182019202020212022202320242025
Shares outstanding
881.5M 890.5M 871.0M 875.0M 838.3M 835.3M 805.3M 788.2M 771.9M 764.6M 2016201720182019202020212022202320242025
Net debt ($)
-$1.06B -$330.7M -$692.5M -$405.6M -$1.88B -$2.00B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
1.50% 1.40% 10.90% 8.60% 12.10% 10.30% 13.80% 15.80% 17.90% 17.80% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
0.00× 1.24× 0.67× 0.40× 2016201720182019202020212022202320242025
EPS ($)
$0.04 $0.04 $0.38 $0.38 $0.58 $0.73 $1.06 $1.46 $2.26 $2.42 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Fortinet, Inc. trades at about 66.5× earnings — above its 10-year norm (10-year range 33.6×–255.8×, median 49.9×).

33.6× 255.8×

Shaded band = 10-year range (33.6×–255.8×); dot = today's 66.5×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin80.5%80.6%76.7%75.4%76.6%78.0%76.6%75.0%74.2%73.5%
Operating margin30.7%30.3%23.4%21.9%19.5%20.5%16.2%13.0%7.3%3.4%
Net margin27.3%29.3%21.6%19.4%18.2%18.8%15.3%18.6%2.1%2.5%
Return on assets17.8%17.9%15.8%13.8%10.3%12.1%8.6%10.9%1.4%1.5%
Return on equity149.8%116.8%-247.7%-304.4%76.0%57.1%24.7%32.7%5.2%3.8%
Debt / equity0.40×0.67×-2.14×-3.52×1.24×0.00×————
Current ratio1.171.471.191.241.551.501.901.771.671.86

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.