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%-1.0pp	80.5%-0.1pp	80.9%+1.2pp	81.3%+3.2pp	81.3%+4.2pp
Operating margin	31.1%-0.4pp	30.7%+0.4pp	31%+2.7pp	30.9%+4.7pp	31.5%+7.6pp
Net margin	27.5%-3.1pp	27.3%-2.0pp	28.6%+1.8pp	30.6%+6.9pp	30.6%+8.4pp
EBITDA margin	33.3%-0.3pp	32.9%+0.6pp	33.3%+2.9pp	33.1%+4.8pp	33.6%+7.6pp
Free cash flow margin	34.3%+0.6pp	32.7%+1.2pp	30.9%+1.8pp	32.1%+3.7pp	33.7%+2.3pp
Returns
Return on equity	132.4%—	135.7%—	228%-83.5pp	165.2%-266pp	——
Return on assets	19.3%-1.5pp	18.4%-2.1pp	20.6%+1.8pp	20.8%+3.9pp	20.8%+4.3pp
Efficiency
Asset turnover	0.7×0.0×	0.7×0.0×	0.7×0.0×	0.7×0.0×	0.7×-0.1×
Inventory turnover	3.8×+1.0×	3.7×+0.8×	3.2×+0.4×	3×-0.2×	2.9×-0.5×
Liquidity
Current ratio	1.2×-0.2×	1.2×-0.3×	1×-0.3×	1.3×0.0×	1.4×+0.2×
Quick ratio	1.1×-0.2×	1.1×-0.3×	0.9×-0.3×	1.2×0.0×	1.3×+0.2×
Cash ratio	0.5×-0.3×	0.5×-0.2×	0.4×-0.2×	0.7×+0.1×	0.8×+0.3×
Leverage
Debt-to-equity	0.6×0.0×	0.9×+0.1×	1.5×+0.3×	0.5×-3.2×	0.5×—
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×+0.5×	-0.6×+0.3×	-0.4×+0.4×	-1.1×-0.4×	-1.2×-0.6×
Interest coverage	114×+16.2×	103.7×+13.5×	98.7×+19.9×	100.9×+31.6×	97.8×+36.7×
Per Share
Book value per share	$1.33-47.3%	$1.62-16.4%	$0.97-17.9%	$2.67+612%	$2.53+1,516%
Valuation
Market capitalization	$60.47B-18.3%	$59.05B-18.5%	$64.43B+8.8%	$79.92B+73.9%	$74.02B+42.1%
Enterprise value	$58.81B-17.7%	$57.62B-18.4%	$63.52B+9.9%	$77.64B+73.2%	$71.5B+39.6%
Price / earnings	30.9×-8.5×	31.9×-9.6×	34.4×-4.3×	41.2×+6.2×	39.4×-4.0×
Price / sales	8.5×-3.5×	8.7×-3.5×	9.8×-0.5×	12.6×+4.3×	12.1×+2.4×
Price / book	61.1×+23.4×	47.7×-0.8×	87.6×+22.4×	38.8×-121×	37.7×—
EV / EBITDA	24.8×-9.8×	25.8×-10.9×	29.1×-4.2×	37×+8.4×	34.6×-1.9×
EV / sales	8.3×-3.4×	8.5×-3.4×	9.7×-0.4×	12.3×+4.2×	11.6×+2.1×
Free cash flow yield	4%+1.2pp	3.8%+1.2pp	3.1%+0.3pp	2.5%-0.9pp	2.8%-0.5pp
Earnings yield	3.2%+0.7pp	3.1%+0.7pp	2.9%+0.3pp	2.4%-0.4pp	2.5%+0.2pp
PEG ratio	7.7×+7.0×	5.1×+4.3×	1.5×+0.4×	0.9×-0.6×	0.7×-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.