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Fortinet FTNT EV / sales

EV / sales at other companies

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MicrosoftMSFT
8.9×-1.7×
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Cisco Systems, Inc.CSCO
6.4×+1.9×
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F5, Inc.FFIV
4.7×-0.2×
Palo Alto Networks, Inc. logo
Palo Alto Networks, Inc.PANW
13.7×+0.8×
Ubiquiti Inc. logo
Ubiquiti Inc.UI
15.4×+7.2×
CrowdStrike Holdings, Inc. logo
CrowdStrike Holdings, Inc.CRWD
21.4×-2.5×

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
FCF margin34.3%+0.6pp

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 the most recent quarter.

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 EV / sales?
Fortinet (FTNT) reported EV / sales of 8.3× in Q1 2026.
How has Fortinet's EV / sales changed year-over-year?
Fortinet's EV / sales decreased by 28.9% year-over-year, from 11.6× to 8.3×.
What is the long-term trend for Fortinet's EV / sales?
Over 5 years (2020 to 2025), Fortinet's EV / sales has grown at a -1.1% compound annual growth rate (CAGR), from 8.9× to 8.5×.
What does EV / sales mean?
What the whole business costs relative to its annual sales.
How do you interpret EV / sales?
A fallback valuation gauge for pre-profit or cyclical firms. Like P/S, only comparable across similar-margin businesses, but it accounts for debt and cash unlike P/S.
How does EV / sales compare across companies?
Compare within a margin cohort; the debt-and-cash adjustment makes it cleaner than P/S for leveraged firms.