What are Fortinet's profit margins?

Fortinet (FTNT) runs a 80.3% gross margin and a 31.1% operating margin, with a 27.5% net margin.

Where do Fortinet's ratios come from?

Every ratio is computed from Fortinet's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Fortinet FTNT Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	80.3%-0.2pp	80.5%-0.4pp	80.9%-0.4pp	81.3%-0.1pp	81.3%+0.8pp
Operating margin	31.1%+0.4pp	30.7%-0.4pp	31%+0.1pp	30.9%-0.6pp	31.5%+1.2pp
Net margin	27.5%+0.2pp	27.3%-1.3pp	28.6%-2.0pp	30.6%0.0pp	30.6%+1.3pp
EBITDA margin	33.3%+0.4pp	32.9%-0.4pp	33.3%+0.2pp	33.1%-0.6pp	33.6%+1.3pp
Free cash flow margin	34.3%+1.5pp	32.7%+1.8pp	30.9%-1.1pp	32.1%-1.6pp	33.7%+2.1pp
Returns
Return on equity	132.4%-3.3pp	135.7%-92.3pp	228%+62.9pp	165.2%—	——
Return on assets	19.3%+0.9pp	18.4%-2.2pp	20.6%-0.2pp	20.8%-0.1pp	20.8%+0.3pp
Efficiency
Asset turnover	0.7×0.0×	0.7×0.0×	0.7×0.0×	0.7×0.0×	0.7×0.0×
Inventory turnover	3.8×+0.1×	3.7×+0.5×	3.2×+0.2×	3×+0.2×	2.9×0.0×
Liquidity
Current ratio	1.2×0.0×	1.2×+0.1×	1×-0.3×	1.3×0.0×	1.4×-0.1×
Quick ratio	1.1×0.0×	1.1×+0.2×	0.9×-0.3×	1.2×0.0×	1.3×-0.1×
Cash ratio	0.5×0.0×	0.5×+0.1×	0.4×-0.3×	0.7×-0.1×	0.8×+0.1×
Leverage
Debt-to-equity	0.6×-0.3×	0.9×-0.6×	1.5×+1.0×	0.5×0.0×	0.5×-0.2×
Debt-to-assets	0.1×0.0×	0.1×0.0×	0.1×0.0×	0.1×0.0×	0.1×0.0×
Net debt / EBITDA	-0.7×-0.1×	-0.6×-0.2×	-0.4×+0.7×	-1.1×+0.1×	-1.2×-0.3×
Interest coverage	114×+10.2×	103.7×+5.0×	98.7×-2.2×	100.9×+3.1×	97.8×+7.6×
Per Share
Book value per share	$1.33-17.7%	$1.62+67.6%	$0.97-63.8%	$2.67+5.5%	$2.53+30.6%
Valuation
Market capitalization	$60.47B+2.4%	$59.05B-8.3%	$64.43B-19.4%	$79.92B+8.0%	$74.02B+2.2%
Enterprise value	$58.81B+2.1%	$57.62B-9.3%	$63.52B-18.2%	$77.64B+8.6%	$71.5B+1.3%
Price / earnings	30.9×-0.9×	31.9×-2.5×	34.4×-6.8×	41.2×+1.8×	39.4×-2.1×
Price / sales	8.5×-0.2×	8.7×-1.1×	9.8×-2.8×	12.6×+0.6×	12.1×-0.1×
Price / book	61.1×+13.4×	47.7×-39.9×	87.6×+48.9×	38.8×+1.1×	37.7×-10.8×
EV / EBITDA	24.8×-0.9×	25.8×-3.4×	29.1×-7.9×	37×+2.4×	34.6×-2.1×
EV / sales	8.3×-0.2×	8.5×-1.2×	9.7×-2.6×	12.3×+0.6×	11.6×-0.2×
Free cash flow yield	4%+0.3pp	3.8%+0.6pp	3.1%+0.6pp	2.5%-0.2pp	2.8%+0.2pp
Earnings yield	3.2%+0.1pp	3.1%+0.2pp	2.9%+0.5pp	2.4%-0.1pp	2.5%+0.1pp
PEG ratio	7.7×+2.6×	5.1×+3.6×	1.5×+0.7×	0.9×+0.2×	0.7×-0.1×

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Questions, answered.

What are Fortinet's profit margins?: Fortinet (FTNT) runs a 80.3% gross margin and a 31.1% operating margin, with a 27.5% net margin.
Where do Fortinet's ratios come from?: Every ratio is computed from Fortinet's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.