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Fortinet FTNT Net margin

Net margin at other companies

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39.3%+3.6pp
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19.7%+2.1pp
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ZscalerZS
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Akamai Technologies logo
Akamai TechnologiesAKAM
10.2%-1.1pp

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$105.6B-18.3%
Enterprise value$103.95B-17.7%
P/E54×-14.8×
P/S14.9×-6.2×

Profitability

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Gross margin80.3%-1.0pp
Operating margin31.1%-0.4pp

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 net margin?
Fortinet (FTNT) reported net margin of 27.5% in Q1 2026.
How has Fortinet's net margin changed year-over-year?
Fortinet's net margin decreased by 10.1% year-over-year, from 30.6% to 27.5%.
What is the long-term trend for Fortinet's net margin?
Over 4 years (2021 to 2025), Fortinet's net margin has grown at a 13.1% compound annual growth rate (CAGR), from 71.6% to 117%.
What does net margin mean?
The share of every sales dollar that becomes bottom-line profit.
How do you interpret net margin?
Higher is better, but net margin mixes operating performance with financing and tax effects and one-off items — read it alongside operating margin to separate the operating story from the rest.
How does net margin compare across companies?
Comparable across peers but sensitive to leverage and tax structure; two operationally identical firms can show different net margins purely from financing.