Fortinet (FTNT) Debt Ratio (2021 - 2026)
Fortinet's Debt Ratio was 0.05 in Q2 2026, down 51.1% from 0.09 a year earlier and down 9.0% from the prior quarter.
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Analysis
Fortinet (FTNT) Debt Ratio (2021 - 2026) Analysis & Trends
For FY2025, Debt Ratio at Fortinet came in at 0.10, down 5.8% from FY2024.
- Debt Ratio has now declined for four consecutive years.
- In earlier years, Debt Ratio was 0.10 in FY2024 (-25.5%), 0.14 in FY2023 (-14.0%), 0.16 in FY2022 (-4.8%) and 0.17 in FY2021.
- The Q2 2026 figure marks the lowest quarterly Debt Ratio in data going back to Q1 2021.
- Compared with a year earlier, Debt Ratio has declined for 15 straight quarters, with an average decline of 25.1% over the last eight quarters.
- The best year-over-year quarter for Debt Ratio over five years was Q3 2022 (growth of 10.1%); the worst was Q2 2026 (a decline of 51.1%).
- Per Business Quant data, FTNT's Debt Ratio in the three quarters before Q2 2026 was 0.05 (Q1 2026), 0.10 (Q4 2025) and 0.11 (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Debt Ratio (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 255.53 Bn | 240.60 Bn | 2.30 Bn | - |
| 2 | CrowdStrike Holdings | 230.03 Bn | 210.43 Bn | 1.10 Bn | 0.06 |
| 3 | Fortinet | 123.13 Bn | 109.06 Bn | 1.64 Bn | 0.05 |
| 4 | Snowflake | 107.35 Bn | 94.67 Bn | 1.04 Bn | - |
| 5 | Datadog | 87.69 Bn | 69.33 Bn | 881.34 Mn | - |
| 6 | Zscaler | 32.63 Bn | 18.74 Bn | - | - |
| 7 | Okta | 32.61 Bn | 22.70 Bn | 641.00 Mn | - |
| 8 | Axon Enterprise | 32.22 Bn | 26.75 Bn | 546.45 Mn | 0.23 |
| 9 | MongoDB | 26.93 Bn | 17.40 Bn | 569.77 Mn | - |
| 10 | F5 | 24.99 Bn | 19.40 Bn | 711.51 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 0.05 |
| Mar 31, 2026 | 0.05 |
| Dec 31, 2025 | 0.10 |
| Sep 30, 2025 | 0.11 |
| Jun 30, 2025 | 0.09 |
| Mar 31, 2025 | 0.10 |
| Dec 31, 2024 | 0.10 |
| Sep 30, 2024 | 0.11 |
| Jun 30, 2024 | 0.12 |
| Mar 31, 2024 | 0.13 |
| Dec 31, 2023 | 0.14 |
| Sep 30, 2023 | 0.13 |
| Jun 30, 2023 | 0.13 |
| Mar 31, 2023 | 0.15 |
| Dec 31, 2022 | 0.16 |
| Sep 30, 2022 | 0.19 |
| Jun 30, 2022 | 0.19 |
| Mar 31, 2022 | 0.17 |
| Dec 31, 2021 | 0.17 |
| Sep 30, 2021 | 0.17 |
API Access
Fortinet Debt Ratio API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=debt-ratio&ticker=FTNT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "debt-ratio", "ticker": "FTNT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=debt-ratio&ticker=FTNT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();