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Fortinet FTNT Free cash flow 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 free cash flow margin?
Fortinet (FTNT) reported free cash flow margin of 34.3% in Q1 2026.
How has Fortinet's free cash flow margin changed year-over-year?
Fortinet's free cash flow margin increased by 1.8% year-over-year, from 33.7% to 34.3%.
What is the long-term trend for Fortinet's free cash flow margin?
Over 4 years (2021 to 2025), Fortinet's free cash flow margin has grown at a -3.3% compound annual growth rate (CAGR), from 148.3% to 129.4%.
What does free cash flow margin mean?
How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?
A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?
Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.