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Fortinet FTNT EBITDA margin

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Other financials

Income statement

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Revenue$1.8B+20.1%
Gross profit$1.5B+19.1%
Operating income$580.0M+27.8%
Net income$534.5M+23.3%
EPS (diluted)$0.72+28.6%

Balance sheet

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Cash & equivalents$2.2B-38.2%
Total debt$567.2M-47.3%
Total equity$989.7M-49.6%
Total assets$9.9B-5.0%

Cash flow

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Operating cash flow$1.1B+24.8%
CapEx$70.6M+6.2%
Free cash flow$1.0B+26.3%

Valuation

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Market cap$106.04B-18.3%
Enterprise value$104.38B-17.7%
P/E54.3×-14.8×
P/S14.9×-6.2×

Profitability

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Gross margin80.3%-1.0pp
Operating margin31.1%-0.4pp
Net margin27.5%-3.1pp

Returns & leverage

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Return on equity132.4%
Debt / equity0.6×0.0×
Current ratio1.2×-0.2×

Where this comes from

Calculated from Fortinet’s reported figures.

Based on trailing twelve months.

The official record: Fortinet’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Fortinet's EBITDA margin?
Fortinet (FTNT) reported EBITDA margin of 33.3% in Q1 2026.
How has Fortinet's EBITDA margin changed year-over-year?
Fortinet's EBITDA margin decreased by 1.0% year-over-year, from 33.6% to 33.3%.
What is the long-term trend for Fortinet's EBITDA margin?
Over 4 years (2021 to 2025), Fortinet's EBITDA margin has grown at a 10.9% compound annual growth rate (CAGR), from 87.8% to 132.9%.
What does EBITDA margin mean?
Operating cash profitability per sales dollar, before interest, taxes, and non-cash charges.
How do you interpret EBITDA margin?
Useful for comparing operating profitability across firms with different depreciation policies and leverage. High EBITDA margin alongside heavy capex can still mean weak free cash flow — pair it with FCF margin.
How does EBITDA margin compare across companies?
Widely used to compare capital-intensive businesses on a like-for-like basis. Less meaningful for banks and insurers.