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

Simplified Detailed

	FY'25	FY'24	FY'23	FY'22
Profitability
Gross margin	324%+8.5pp	315.5%+10.2pp	305.3%+3.9pp	301.4%-7.9pp
Operating margin	124.1%+15.5pp	108.6%+15.0pp	93.5%+13.4pp	80.1%+2.2pp
Net margin	117%+15.0pp	102%+16.4pp	85.6%+12.6pp	73%+1.4pp
EBITDA margin	132.9%+16.0pp	116.9%+14.7pp	102.2%+12.1pp	90.2%+2.4pp
Free cash flow margin	129.4%+8.9pp	120.5%-30.3pp	150.8%+26.8pp	124%-24.2pp
Returns
Return on assets	80.5%+7.8pp	72.7%+5.6pp	67%+15.7pp	51.3%+4.4pp
Efficiency
Asset turnover	2.8×-0.1×	2.9×-0.3×	3.1×+0.3×	2.8×+0.2×
Inventory turnover	12.8×+0.6×	12.2×-3.5×	15.7×-5.1×	20.8×+1.8×
Liquidity
Current ratio	4.9×-0.4×	5.3×+0.1×	5.2×+0.5×	4.7×-2.6×
Quick ratio	4.6×-0.4×	4.9×+0.2×	4.8×+0.4×	4.4×-2.6×
Cash ratio	2.4×-0.1×	2.4×+0.1×	2.4×+0.8×	1.5×-1.8×
Leverage
Debt-to-equity	3.4×—	——	——	——
Debt-to-assets	0.4×-0.1×	0.5×-0.1×	0.6×-0.2×	0.8×0.0×
Net debt / EBITDA	-3.4×-0.3×	-3.1×0.0×	-3.1×-3.3×	0.2×+4.3×
Interest coverage	401.1×+102×	299.3×+59.5×	239.7×+62.2×	177.6×-435×
Per Share
Book value per share	$7.78+135%	$3.31+4,440%	-$0.08+94.4%	-$1.36-114%
Valuation
Market capitalization	$277.43B+20.8%	$229.68B+13.8%	$201.83B+15.1%	$175.39B+0.6%
Enterprise value	$270.29B+20.4%	$224.49B+13.4%	$197.9B+12.8%	$175.41B+2.1%
Price / earnings	146.8×-11.8×	158.6×-29.9×	188.6×-58.9×	247.4×-70.6×
Price / sales	43.2×+2.7×	40.5×+0.3×	40.2×-4.6×	44.8×-12.1×
Price / book	211.9×—	——	——	——
EV / EBITDA	126.5×-8.7×	135.2×-18.9×	154.1×-47.2×	201.2×-54.2×
EV / sales	42.1×+2.5×	39.6×+0.2×	39.4×-5.5×	44.8×-11.2×
Free cash flow yield	12.3%+0.2pp	12.1%-3.1pp	15.2%+3.7pp	11.6%+0.9pp
Earnings yield	11%+0.9pp	10.2%+1.4pp	8.7%+1.9pp	6.9%+1.7pp
PEG ratio	8.2×+3.0×	5.2×+1.3×	3.9×-3.7×	7.6×-5.7×

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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.