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

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM Q1 '25
Profitability
Gross margin	322.9%-1.0pp	324%-0.1pp	324.1%+1.2pp	322.9%+3.2pp	319.7%+4.2pp
Operating margin	123.7%-0.4pp	124.1%+0.4pp	123.7%+2.7pp	120.9%+4.7pp	116.2%+7.6pp
Net margin	113.9%-3.1pp	117%-2.0pp	119.1%+1.8pp	117.3%+6.9pp	110.4%+8.4pp
EBITDA margin	132.5%-0.3pp	132.9%+0.6pp	132.3%+2.9pp	129.4%+4.8pp	124.5%+7.6pp
Free cash flow margin	130%+0.6pp	129.4%+1.2pp	128.2%+1.8pp	126.4%+3.7pp	122.8%+2.3pp
Returns
Return on equity	661.3%—	——	——	——	——
Return on assets	79%-1.5pp	80.5%-2.1pp	82.6%+1.8pp	80.8%+3.9pp	76.9%+4.3pp
Efficiency
Asset turnover	2.8×0.0×	2.8×0.0×	2.8×0.0×	2.8×0.0×	2.8×-0.1×
Inventory turnover	13.8×+1.0×	12.8×+0.8×	12×+0.4×	11.6×-0.2×	11.8×-0.5×
Liquidity
Current ratio	4.7×-0.2×	4.9×-0.3×	5.2×-0.3×	5.5×0.0×	5.5×+0.2×
Quick ratio	4.3×-0.2×	4.6×-0.3×	4.9×-0.3×	5.2×0.0×	5.1×+0.2×
Cash ratio	2.1×-0.3×	2.4×-0.2×	2.6×-0.2×	2.8×+0.1×	2.7×+0.3×
Leverage
Debt-to-equity	3.4×0.0×	3.4×+0.1×	3.3×+0.3×	3×-3.2×	6.2×—
Debt-to-assets	0.4×0.0×	0.4×0.0×	0.4×0.0×	0.4×0.0×	0.5×0.0×
Net debt / EBITDA	-2.8×+0.5×	-3.4×+0.3×	-3.7×+0.4×	-4.1×-0.4×	-3.7×-0.6×
Interest coverage	417.2×+16.2×	401.1×+13.5×	387.5×+19.9×	367.6×+31.6×	335.9×+36.7×
Per Share
Book value per share	$6.58-15.4%	$7.78-3.9%	$8.09-2.5%	$8.31+38.1%	$6.01+81.8%
Valuation
Market capitalization	$263.87B-4.9%	$277.43B-4.6%	$290.79B+1.8%	$285.59B+13.5%	$251.62B+9.6%
Enterprise value	$257.6B-4.7%	$270.29B-4.6%	$283.28B+2.1%	$277.58B+13.4%	$244.76B+9.0%
Price / earnings	138.4×-8.5×	146.8×-9.6×	156.5×-4.3×	160.8×+6.2×	154.6×-4.0×
Price / sales	39.6×-3.5×	43.2×-3.5×	46.6×-0.5×	47.2×+4.3×	42.9×+2.4×
Price / book	235.3×+23.4×	211.9×-0.8×	212.6×+22.4×	190.2×-121×	310.9×—
EV / EBITDA	116.8×-9.8×	126.5×-10.9×	137.4×-4.2×	141.7×+8.4×	133.3×-1.9×
EV / sales	38.7×-3.4×	42.1×-3.4×	45.4×-0.4×	45.9×+4.2×	41.7×+2.1×
Free cash flow yield	13.5%+1.2pp	12.3%+1.2pp	11.1%+0.3pp	10.7%-0.9pp	11.6%-0.5pp
Earnings yield	11.7%+0.7pp	11%+0.7pp	10.3%+0.3pp	10%-0.4pp	10.4%+0.2pp
PEG ratio	15.3×+7.0×	8.2×+4.3×	3.9×+0.4×	3.5×-0.6×	4.1×-1.1×

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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.