Fortinet, Inc. (FTNT) Key Metrics
FTNT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $124.09B
- Enterprise value
- $124.28B
- P/E (TTM)
- 59.8 10-yr median 48.5
- Forward P/E
- 45.0
- PEG ratio
- 1.92
- Price / sales
- 16.5 10-yr median 8.8
- Price / book
- 82.4 10-yr median 21.5
- EV / EBITDA
- 44.4 10-yr median 37.0
- Dividend yield
- —
- Beta
- 1.04
FTNT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFTNT valuation Price multiples at each fiscal year-end price.
FTNT returns How much profit the business earns on the capital it uses.
FTNT per-share figures Results divided by the shares outstanding at year-end.
FTNT financial health Debt, liquidity and how easily interest is covered.
FTNT efficiency & capital use Working capital cycle and where the cash goes.
FTNT valuation history
FTNT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FTNT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FTNT cash returned to shareholders
FTNT price vs earnings per share
FTNT key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $60.72B | $72.93B | $46.13B | $39.37B | $60.06B | $24.91B | $18.68B | $12.27B | $7.78B | $5.31B |
| Enterprise value | $58.13B | $69.86B | $44.69B | $38.18B | $58.52B | $23.12B | $16.66B | $10.65B | $6.55B | $4.24B |
| P/E ratio | 32.8 | 41.8 | 40.2 | 45.9 | 99.0 | 51.0 | 56.3 | 36.6 | 247.8 | 164.9 |
| Price / sales | 8.9 | 12.2 | 8.7 | 8.9 | 18.0 | 9.6 | 8.6 | 6.8 | 5.2 | 4.2 |
| Price / book | 49.1 | 48.8 | — | — | 75.2 | 29.1 | 13.9 | 12.1 | 13.2 | 6.3 |
| Price / free cash flow | 27.3 | 38.8 | 26.6 | 27.2 | 49.9 | 26.0 | 26.1 | 20.9 | 16.9 | 19.1 |
| Price / operating cash flow | 23.4 | 32.3 | 23.8 | 22.7 | 40.0 | 23.0 | 23.1 | 19.2 | 13.1 | 15.4 |
| EV / sales | 8.5 | 11.7 | 8.4 | 8.6 | 17.5 | 8.9 | 7.7 | 5.9 | 4.4 | 3.3 |
| EV / EBITDA | 23.6 | 31.7 | 36.0 | 35.4 | 80.4 | 37.9 | 37.2 | 36.7 | 39.6 | 44.4 |
| EV / free cash flow | 26.1 | 37.2 | 25.8 | 26.3 | 48.6 | 24.1 | 23.3 | 18.2 | 14.3 | 15.2 |
| Earnings yield | 3.1% | 2.4% | 2.5% | 2.2% | 1.0% | 2.0% | 1.8% | 2.7% | 0.4% | 0.6% |
| Free cash flow yield | 3.7% | 2.6% | 3.8% | 3.7% | 2.0% | 3.8% | 3.8% | 4.8% | 5.9% | 5.2% |
| Dividend yield | — | — | — | — | 1.6% | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 3.8% | 0.0% | 3.3% | 5.1% | 2.9% | 4.3% | 0.8% | 1.7% | 5.7% | 2.1% |
| Share price at fiscal year-end | $79.41 | $94.48 | $58.53 | $48.89 | $71.88 | $29.71 | $21.35 | $14.09 | $8.74 | $6.02 |
| Per share | ||||||||||
| Revenue per share | $8.89 | $7.72 | $6.73 | $5.49 | $4.00 | $3.09 | $2.47 | $2.07 | $1.68 | $1.45 |
| Earnings per share | $2.42 | $2.26 | $1.46 | $1.06 | $0.73 | $0.58 | $0.38 | $0.38 | $0.04 | $0.04 |
| Operating cash flow per share | $3.39 | $2.93 | $2.46 | $2.15 | $1.79 | $1.29 | $0.92 | $0.73 | $0.67 | $0.39 |
| Free cash flow per share | $2.91 | $2.43 | $2.20 | $1.80 | $1.44 | $1.14 | $0.82 | $0.67 | $0.52 | $0.32 |
| Cash per share | $4.69 | $5.27 | $3.10 | $2.75 | $3.05 | $2.19 | $2.36 | $1.89 | $1.41 | $1.23 |
| Book value per share | $1.62 | $1.94 | −$0.59 | −$0.35 | $0.96 | $1.02 | $1.53 | $1.16 | $0.66 | $0.95 |
| Tangible book value per share | $1.15 | $1.48 | −$0.79 | −$0.58 | $0.73 | $0.87 | $1.42 | $1.09 | $0.63 | $0.91 |
| Dividends per share | — | — | — | — | $1.18 | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.48 | $0.49 | $0.26 | $0.35 | $0.35 | $0.15 | $0.11 | $0.06 | $0.15 | $0.08 |
| Debt per share | $1.30 | $1.29 | $1.26 | $1.27 | $1.21 | $0.06 | $0.05 | $0.03 | $0.02 | $0.02 |
| Shares outstanding | 764.6M | 771.9M | 788.2M | 805.3M | 835.5M | 838.5M | 875.0M | 871.0M | 890.4M | 881.5M |
| Change in shares outstanding | −0.9% | −2.1% | −2.1% | −3.6% | −0.4% | −4.2% | +0.5% | −2.2% | +1.0% | +0.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 135.7% | 338.7% | — | — | 73.4% | 44.4% | 28.2% | 41.9% | 4.4% | 4.0% |
| Return on assets (ROA) | 18.4% | 20.5% | 17.0% | 14.1% | 12.2% | 12.3% | 9.5% | 12.6% | 1.4% | 1.6% |
| Return on tangible assets | 18.5% | 18.5% | 16.2% | 14.2% | 10.6% | 12.5% | 8.8% | 11.1% | 1.4% | 1.5% |
| Free cash flow margin | 32.7% | 31.6% | 32.6% | 32.8% | 36.0% | 36.9% | 33.1% | 32.5% | 30.7% | 21.8% |
| Income quality (OCF / net income) | 1.40 | 1.29 | 1.69 | 2.02 | 2.47 | 2.22 | 2.44 | 1.91 | 18.93 | 10.74 |
| Financial health | ||||||||||
| Total debt | $996.3M | $994.3M | $992.3M | $1.02B | $1.01B | $53.1M | $46.1M | $28.2M | $21.4M | $13.6M |
| Cash & short-term investments | $3.58B | $4.07B | $2.44B | $2.21B | $2.55B | $1.84B | $2.07B | $1.65B | $1.25B | $1.09B |
| Net debt | −$2.59B | −$3.07B | −$1.45B | −$1.19B | −$1.54B | −$1.78B | −$2.02B | −$1.62B | −$1.23B | −$1.07B |
| Debt / equity | 0.81 | 0.67 | — | — | 1.27 | 0.06 | 0.03 | 0.03 | 0.04 | 0.02 |
| Debt / assets | 0.10 | 0.10 | 0.14 | 0.16 | 0.17 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Net debt / EBITDA | −1.05 | −1.40 | −1.17 | −1.10 | −2.11 | −2.92 | −4.51 | −5.59 | −7.43 | −11.24 |
| Current ratio | 1.17 | 1.47 | 1.19 | 1.24 | 1.55 | 1.50 | 1.90 | 1.77 | 1.67 | 1.86 |
| Quick ratio | 1.09 | 1.39 | 1.06 | 1.15 | 1.48 | 1.42 | 1.82 | 1.70 | 1.60 | 1.73 |
| Interest coverage | 103.6 | 90.2 | 59.1 | 53.9 | 43.7 | 10.6 | 10.0 | 8.8 | 8.1 | 5.9 |
| Working capital | $866.2M | $1.91B | $709.3M | $732.0M | $1.28B | $910.9M | $1.31B | $964.5M | $689.6M | $709.3M |
| Invested capital | −$1.35B | −$1.58B | −$1.91B | −$1.47B | −$738.6M | −$928.2M | −$677.1M | −$611.2M | −$640.4M | −$234.3M |
| Tangible asset value | $882.8M | $1.14B | −$625.2M | −$465.6M | $609.7M | $731.4M | $1.24B | $949.9M | $558.5M | $798.3M |
| Net current asset value | −$3.25B | −$2.30B | −$3.29B | −$2.70B | −$1.52B | −$448.1M | $232.2M | $153.1M | $48.3M | $236.5M |
| Graham number | $9.40 | $9.92 | — | — | $3.95 | $3.66 | $3.62 | $3.17 | $0.72 | $0.88 |
| Graham net-net per share | −$5.36 | −$3.82 | −$5.06 | −$4.00 | −$2.24 | −$0.88 | −$0.00 | −$0.05 | −$0.13 | $0.08 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $989.4M | — | — | — | $0 | $0 |
| Share buybacks (net) | $2.29B | $600,000 | $1.50B | $1.99B | $741.8M | $1.08B | $145.1M | $211.8M | $446.3M | $110.8M |
| Dividend payout ratio | — | — | — | — | 163.1% | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 102.9% | 0.0% | 86.7% | 137.4% | 143.8% | 112.8% | 20.3% | 36.1% | 97.2% | 39.8% |
| Capex / revenue | 5.4% | 6.4% | 3.8% | 6.4% | 8.9% | 4.9% | 4.3% | 2.9% | 9.1% | 5.3% |
| Capex / operating cash flow | 14.1% | 16.8% | 10.5% | 16.2% | 19.7% | 11.6% | 11.4% | 8.3% | 22.8% | 19.4% |
| Capex / depreciation | 2.40 | 3.09 | 1.80 | 2.70 | 3.51 | 1.83 | 1.50 | 0.95 | 2.44 | 1.39 |
| Stock-based compensation / revenue | 4.1% | 4.3% | 4.7% | 4.9% | 6.2% | 7.4% | 8.0% | 9.0% | 9.2% | 9.6% |
| R&D / revenue | 12.0% | 12.0% | 11.6% | 11.6% | 12.7% | 13.2% | 12.8% | 13.5% | 14.1% | 14.4% |
| SG&A / revenue | 38.0% | 38.3% | 41.8% | 42.0% | 44.6% | 4.6% | 47.6% | 48.5% | 52.8% | 55.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 84.7 | 87.8 | 91.6 | 85.5 | 83.4 | 88.9 | 83.4 | 80.2 | 80.7 | 81.9 |
| Days of inventory on hand | 100.2 | 126.2 | 110.5 | 74.1 | 73.6 | 82.5 | 75.0 | 67.8 | 87.2 | 103.1 |
| Days payables outstanding | 59.1 | 62.3 | 66.0 | 65.9 | 67.6 | 76.2 | 65.9 | 63.4 | 60.0 | 63.9 |
| Cash conversion cycle (days) | 125.8 | 151.7 | 136.1 | 93.7 | 89.4 | 95.2 | 92.5 | 84.6 | 107.9 | 121.1 |
| Receivables turnover | 4.31 | 4.16 | 3.98 | 4.27 | 4.38 | 4.10 | 4.38 | 4.55 | 4.52 | 4.46 |
| Payables turnover | 6.18 | 5.86 | 5.53 | 5.54 | 5.40 | 4.79 | 5.54 | 5.76 | 6.08 | 5.71 |
| Inventory turnover | 3.64 | 2.89 | 3.30 | 4.93 | 4.96 | 4.42 | 4.87 | 5.38 | 4.18 | 3.54 |
| Asset turnover | 0.67 | 0.70 | 0.79 | 0.73 | 0.67 | 0.65 | 0.62 | 0.68 | 0.68 | 0.65 |
| Average receivables | $1.58B | $1.43B | $1.33B | $1.03B | $763.9M | $632.1M | $494.4M | $396.3M | $330.6M | $286.3M |
| Average payables | $210.8M | $197.6M | $223.8M | $195.9M | $145.0M | $119.0M | $91.4M | $78.2M | $63.4M | $59.1M |
| Average inventory | $357.5M | $400.1M | $374.7M | $220.2M | $157.8M | $128.8M | $104.0M | $83.7M | $92.1M | $95.4M |
| Intangibles / total assets | 3.4% | 3.6% | 2.2% | 3.0% | 3.2% | 3.1% | 2.5% | 2.0% | 1.4% | 1.8% |
Computed from FTNT's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FTNT valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Fortinet traded at 32.8 times earnings, against a 10-year median of 48.5. Based on the latest twelve months, the trailing P/E is 59.8 and the forward P/E is 45.0. Fortinet earned a return on equity of 135.7% in fiscal 2025. It ended the year with $996.3 million of debt and $3.6 billion in cash and short-term investments, a net cash position of $2.6 billion. It returned $2.3 billion to shareholders: $0 in dividends and $2.3 billion in share buybacks, 103% of free cash flow. The share count fell 13.3% from 881.5M to 764.6M over 9 years.
See the FTNT income statement, the FTNT chart for price history, or the FTNT stock overview for the latest quote and news.
FTNT key metrics FAQ
What is Fortinet's P/E ratio?
Fortinet's trailing P/E ratio is 59.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 45.0. At the end of fiscal 2025 it was 32.8, compared with a 10-year median of 48.5.
What is Fortinet's EV/EBITDA?
Fortinet's enterprise value was 23.6 times EBITDA at the end of fiscal 2025 (enterprise value $58.1 billion, EBITDA $2.5 billion); the current EV/EBITDA is 44.4.
What is Fortinet's return on equity?
Fortinet's return on equity (ROE) was 135.7% in fiscal 2025: net income of $1.9 billion on average shareholders' equity of $1.4 billion. ROE is high partly because years of buybacks have reduced equity on the balance sheet.
How much debt does Fortinet have?
Fortinet had total debt of $996.3 million at the end of fiscal 2025, a debt-to-equity ratio of 0.81 and more cash than debt.
Does Fortinet buy back its shares?
Yes. Fortinet spent $2.3 billion on net share repurchases in fiscal 2025 Shares outstanding changed −0.9% over the year, to 764.6M..
What is Fortinet's free cash flow yield?
Fortinet generated $2.2 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.7% on its market value at year-end ($60.7 billion).
What is Fortinet's current ratio?
Fortinet's current ratio was 1.17 at the end of fiscal 2025: current assets were 1.17 times current liabilities.