Fortinet (FTNT) EV to FCF (2011 - 2026)
Fortinet's (FTNT) EV to FCF came in at 34.85 for Q2 2026, down 7.3% from 37.57 a year earlier but up 49.7% from the prior quarter.
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Analysis
Fortinet (FTNT) EV to FCF (2011 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, EV to FCF at Fortinet was 31.64, up 0.7% year-over-year; for FY2025, it was 24.90, down 31.6% from FY2024.
- In prior years, Fortinet's EV to FCF was 36.40 in FY2024 (+49.6%), 24.33 in FY2023 (-2.1%), 24.85 in FY2022 (-46.3%) and 46.29 in FY2021 (+98.8%).
- Quarterly EV to FCF has run from a low of 20.55 in Q3 2023 to a high of 46.29 in Q4 2021 over five years.
- On a year-over-year basis, EV to FCF has declined in each of the last four quarters, with growth averaging 10.5% over the last eight quarters.
- The strongest year-over-year quarter for EV to FCF in the past five years was Q4 2021, with growth of 98.8%; the weakest was Q4 2022, with a decline of 46.3%.
- According to Business Quant data, EV to FCF for the three prior quarters was 23.28 (Q1 2026), 24.90 (Q4 2025) and 29.25 (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Palo Alto Networks | 264.75 Bn | 249.82 Bn | 2.30 Bn |
| 2 | CrowdStrike Holdings | 238.93 Bn | 219.33 Bn | 1.10 Bn |
| 3 | Fortinet | 127.84 Bn | 113.77 Bn | 1.64 Bn |
| 4 | Snowflake | 110.22 Bn | 97.54 Bn | 1.04 Bn |
| 5 | Datadog | 89.46 Bn | 71.10 Bn | 881.34 Mn |
| 6 | Zscaler | 33.91 Bn | 20.03 Bn | - |
| 7 | Okta | 33.86 Bn | 23.96 Bn | 641.00 Mn |
| 8 | Axon Enterprise | 32.92 Bn | 27.44 Bn | 546.45 Mn |
| 9 | MongoDB | 27.85 Bn | 18.31 Bn | 569.77 Mn |
| 10 | F5 | 25.12 Bn | 19.53 Bn | 711.51 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 34.85 |
| Mar 31, 2026 | 23.28 |
| Dec 31, 2025 | 24.90 |
| Sep 30, 2025 | 29.25 |
| Jun 30, 2025 | 37.57 |
| Mar 31, 2025 | 33.50 |
| Dec 31, 2024 | 36.40 |
| Sep 30, 2024 | 33.49 |
| Jun 30, 2024 | 27.17 |
| Mar 31, 2024 | 29.03 |
| Dec 31, 2023 | 24.33 |
| Sep 30, 2023 | 20.55 |
| Jun 30, 2023 | 28.36 |
| Mar 31, 2023 | 27.03 |
| Dec 31, 2022 | 24.85 |
| Sep 30, 2022 | 31.37 |
| Jun 30, 2022 | 38.91 |
| Mar 31, 2022 | 43.42 |
| Dec 31, 2021 | 46.29 |
| Sep 30, 2021 | 35.66 |
API Access
Fortinet EV to FCF 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-fcf&ticker=FTNT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-fcf", "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-fcf&ticker=FTNT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();