Fortinet (FTNT) EV to FCF (2011 - 2026)
Fortinet (FTNT) posted EV to FCF of 112.5 for Q2 2026, up 99.74% on a QoQ basis from 56.32 in Q1 2026, and down 52.66% year-over-year from 237.64 in Q2 2025.
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Analysis
Fortinet (FTNT) EV to FCF (2011 - 2026) Analysis & Trends
Fortinet has reported EV to FCF for 17 years, with the latest figure at 112.5 in Q2 2026.
- On a quarterly basis, EV to FCF fell 52.66% year-over-year to 112.5 in Q2 2026; TTM through Jun 2026 was 34.66, a 6.06% decrease from a year earlier, with the FY2025 full-year figure at 24.9, down 31.59% from the prior year.
- EV to FCF was 112.5 for Q2 2026 at Fortinet, up from 56.32 in the prior quarter.
- The five-year high for EV to FCF was 255.59 in Q4 2023, with the low at 56.32 in Q1 2026.
- Average EV to FCF over 5 years is 123.79, with a median of 99.5 recorded in 2024.
- The sharpest annual moves came in 2022 and 2023: EV to FCF sank 71.98% in 2022, then soared 252.79% in 2023.
- Over 5 years, EV to FCF stood at 72.45 in 2022, then jumped by 252.79% to 255.59 in 2023, then dropped by 29.58% to 180.0 in 2024, then sank by 46.68% to 95.98 in 2025, then grew by 17.21% to 112.5 in 2026.
- The last three EV to FCF figures came in at 112.5 (Q2 2026), 56.32 (Q1 2026), and 95.98 (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Palo Alto Networks | 320.54 Bn | 317.47 Bn | 2.30 Bn |
| 2 | CrowdStrike Holdings | 268.77 Bn | 263.80 Bn | 1.10 Bn |
| 3 | Fortinet | 131.12 Bn | 127.05 Bn | 1.64 Bn |
| 4 | Snowflake | 118.02 Bn | 115.67 Bn | 1.04 Bn |
| 5 | Datadog | 90.27 Bn | 85.29 Bn | 881.34 Mn |
| 6 | Axon Enterprise | 36.61 Bn | 35.93 Bn | 546.45 Mn |
| 7 | Zscaler | 34.97 Bn | 31.49 Bn | - |
| 8 | MongoDB | 34.51 Bn | 32.10 Bn | 569.77 Mn |
| 9 | Okta | 34.32 Bn | 32.02 Bn | 641.00 Mn |
| 10 | Baidu | 30.55 Bn | 8.15 Bn | 1.76 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 34.66 |
| Mar 31, 2026 | 22.77 |
| Dec 31, 2025 | 24.31 |
| Sep 30, 2025 | 28.49 |
| Jun 30, 2025 | 36.90 |
| Mar 31, 2025 | 33.50 |
| Dec 31, 2024 | 36.40 |
| Sep 30, 2024 | 33.49 |
| Jun 30, 2024 | 26.68 |
| Mar 31, 2024 | 28.13 |
| Dec 31, 2023 | 23.60 |
| Sep 30, 2023 | 20.03 |
| Jun 30, 2023 | 28.01 |
| Mar 31, 2023 | 27.03 |
| Dec 31, 2022 | 24.85 |
| Sep 30, 2022 | 31.37 |
| Jun 30, 2022 | 37.84 |
| Mar 31, 2022 | 42.33 |
| Dec 31, 2021 | 45.12 |
| Sep 30, 2021 | 34.79 |
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();