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%+3.2pp	324%+8.5pp	324.1%+12.5pp	322.9%+14.6pp	319.7%+13.2pp
Operating margin	123.7%+7.4pp	124.1%+15.5pp	123.7%+22.0pp	120.9%+24.1pp	116.2%+21.9pp
Net margin	113.9%+3.5pp	117%+15.0pp	119.1%+24.7pp	117.3%+27.5pp	110.4%+23.0pp
EBITDA margin	132.5%+8.0pp	132.9%+16.0pp	132.3%+22.2pp	129.4%+24.0pp	124.5%+21.7pp
Free cash flow margin	130%+7.2pp	129.4%+8.9pp	128.2%+6.7pp	126.4%-5.9pp	122.8%-20.8pp
Returns
Return on equity	661.3%—	——	——	——	——
Return on assets	79%+2.0pp	80.5%+7.8pp	82.6%+13.4pp	80.8%+12.4pp	76.9%+8.8pp
Efficiency
Asset turnover	2.8×0.0×	2.8×-0.1×	2.8×-0.2×	2.8×-0.3×	2.8×-0.3×
Inventory turnover	13.8×+2.0×	12.8×+0.6×	12×-0.7×	11.6×-1.8×	11.8×-2.6×
Liquidity
Current ratio	4.7×-0.8×	4.9×-0.4×	5.2×+0.1×	5.5×+0.5×	5.5×+0.4×
Quick ratio	4.3×-0.8×	4.6×-0.4×	4.9×+0.2×	5.2×+0.6×	5.1×+0.5×
Cash ratio	2.1×-0.6×	2.4×-0.1×	2.6×+0.5×	2.8×+0.7×	2.7×+0.5×
Leverage
Debt-to-equity	3.4×-2.7×	3.4×—	3.3×—	3×—	6.2×—
Debt-to-assets	0.4×-0.1×	0.4×-0.1×	0.4×-0.1×	0.4×-0.1×	0.5×-0.1×
Net debt / EBITDA	-2.8×+0.8×	-3.4×-0.3×	-3.7×-1.3×	-4.1×-1.7×	-3.7×-1.0×
Interest coverage	417.2×+81.3×	401.1×+102×	387.5×+119×	367.6×+118×	335.9×+94.2×
Per Share
Book value per share	$6.58+9.5%	$7.78+135%	$8.09+932%	$8.31+2,883%	$6.01+2,334%
Valuation
Market capitalization	$263.87B+4.9%	$277.43B+20.8%	$290.79B+43.9%	$285.59B+51.4%	$251.62B+24.7%
Enterprise value	$257.6B+5.2%	$270.29B+20.4%	$283.28B+42.8%	$277.58B+49.9%	$244.76B+23.5%
Price / earnings	138.4×-16.2×	146.8×-11.8×	156.5×+0.3×	160.8×+3.5×	154.6×-23.4×
Price / sales	39.6×-3.3×	43.2×+2.7×	46.6×+9.9×	47.2×+11.9×	42.9×+4.1×
Price / book	235.3×-75.6×	211.9×—	212.6×—	190.2×—	310.9×—
EV / EBITDA	116.8×-16.5×	126.5×-8.7×	137.4×+6.1×	141.7×+9.9×	133.3×-14.8×
EV / sales	38.7×-3.0×	42.1×+2.5×	45.4×+9.3×	45.9×+11.3×	41.7×+3.6×
Free cash flow yield	13.5%+1.9pp	12.3%+0.2pp	11.1%-2.3pp	10.7%-4.3pp	11.6%-3.3pp
Earnings yield	11.7%+1.3pp	11%+0.9pp	10.3%0.0pp	10%-0.3pp	10.4%+1.2pp
PEG ratio	15.3×+11.1×	8.2×+3.0×	3.9×-1.7×	3.5×-1.6×	4.1×-0.5×

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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.