Fortinet (FTNT) EV to EBITDA (2011 - 2026)
Fortinet's EV to EBITDA was 36.59 in Q2 2026, up 15.2% from 31.76 a year earlier and up 75.5% from the prior quarter.
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Analysis
Fortinet (FTNT) EV to EBITDA (2011 - 2026) Analysis & Trends
On a trailing twelve-month basis, Fortinet's EV to EBITDA was 33.22 through Jun 30, 2026, up 25.1% year-over-year; for FY2025, it came in at 21.54, down 30.1% from FY2024.
- In earlier years, EV to EBITDA was 30.81 in FY2024 (+18.6%), 25.99 in FY2023 (-6.4%), 27.77 in FY2022 (-54.6%) and 61.19 in FY2021 (+102.5%).
- The Q2 2026 figure marks the highest quarterly EV to EBITDA since Q2 2023.
- Compared with a year earlier, EV to EBITDA was higher in five of the last eight quarters, with growth averaging 0.1%.
- The best year-over-year quarter for EV to EBITDA over five years was Q3 2021 (growth of 106.2%); the worst was Q4 2022 (a decline of 54.6%).
- Per Business Quant data, FTNT's EV to EBITDA in the three quarters before Q2 2026 was 20.85 (Q1 2026), 21.54 (Q4 2025) and 23.71 (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Palo Alto Networks | 243.74 Bn | 228.81 Bn | 2.30 Bn |
| 2 | CrowdStrike Holdings | 224.79 Bn | 205.20 Bn | 1.10 Bn |
| 3 | Snowflake | 97.46 Bn | 84.77 Bn | 1.04 Bn |
| 4 | Fortinet | 92.10 Bn | 76.35 Bn | 1.64 Bn |
| 5 | Datadog | 64.70 Bn | 45.25 Bn | 959.92 Mn |
| 6 | Zscaler | 33.91 Bn | 20.06 Bn | 689.22 Mn |
| 7 | Axon Enterprise | 33.52 Bn | 28.04 Bn | 546.45 Mn |
| 8 | Okta | 30.43 Bn | 20.52 Bn | 641.00 Mn |
| 9 | MongoDB | 24.96 Bn | 15.43 Bn | 569.77 Mn |
| 10 | Roku | 24.03 Bn | 14.05 Bn | 648.52 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 40.29 |
| Jun 30, 2026 | 36.59 |
| Mar 31, 2026 | 20.85 |
| Dec 31, 2025 | 21.54 |
| Sep 30, 2025 | 23.71 |
| Jun 30, 2025 | 31.76 |
| Mar 31, 2025 | 29.28 |
| Dec 31, 2024 | 30.81 |
| Sep 30, 2024 | 27.57 |
| Jun 30, 2024 | 23.15 |
| Mar 31, 2024 | 29.26 |
| Dec 31, 2023 | 25.99 |
| Sep 30, 2023 | 26.85 |
| Jun 30, 2023 | 36.70 |
| Mar 31, 2023 | 34.42 |
| Dec 31, 2022 | 27.77 |
| Sep 30, 2022 | 32.09 |
| Jun 30, 2022 | 41.74 |
| Mar 31, 2022 | 54.82 |
| Dec 31, 2021 | 61.19 |
API Access
Fortinet EV to EBITDA 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=ev-to-ebitda&ticker=FTNT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-ebitda", "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=ev-to-ebitda&ticker=FTNT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();