Fortinet (FTNT) FCF Margin (2010 - 2026)
Fortinet (FTNT) recorded quarterly FCF Margin of 55.21% in Q1 2026, up 82.14% quarter-over-quarter from 30.31% in Q4 2025, and up 346.0% on a YoY basis from 12.38% in Q1 2025.
Fortinet (FTNT) FCF Margin (2010 - 2026) Analysis & Trends
Fortinet's FCF Margin history runs 17 years deep, the most recent figure standing at 55.21% for Q1 2026.
- In Q1 2026, FCF Margin rose 346.0% year-over-year to 55.21%; the TTM figure through Mar 2026 stood at 35.22% (down 628.0% YoY), while the FY2025 annual figure was 32.73%, up 118.0% from the prior year.
- FCF Margin was 55.21% for Q1 2026 at Fortinet, up from 30.31% in the prior quarter.
- In the past five years, FCF Margin ranged from a high of 410.93% in Q4 2024 to a low of 8.69% in Q2 2024.
- Historically, FCF Margin has averaged 60.39% across 5 years, with a median of 38.21% in 2023.
- The sharpest annual moves came in 2022 and 2024: FCF Margin sank 226079 bps in 2022, then soared 38653 bps in 2024.
- A 5-year view of FCF Margin shows it stood at 41.48% in 2022, then sank by 41 bps to 24.4% in 2023, then surged by 1584 bps to 410.93% in 2024, then plunged by 93 bps to 30.31% in 2025, then soared by 82 bps to 55.21% in 2026.
- The last three FCF Margin figures came in at 55.21% (Q1 2026), 30.31% (Q4 2025), and 33.88% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,064.95 Bn | 2,986.68 Bn | 56.06 Bn | 19.07% |
| 2 | Alarum Technologies | 1,117.04 Bn | 1,102.89 Bn | 7.23 Mn | - |
| 3 | Oracle | 608.54 Bn | 569.96 Bn | 15.14 Bn | 55.23% |
| 4 | Palantir Technologies | 326.97 Bn | 319.05 Bn | 1.42 Bn | 54.62% |
| 5 | Palo Alto Networks | 185.10 Bn | 180.56 Bn | 1.91 Bn | 14.80% |
| 6 | CrowdStrike Holdings | 165.31 Bn | 162.25 Bn | 993.68 Mn | 30.29% |
| 7 | Fortinet | 105.66 Bn | 102.37 Bn | 1.49 Bn | 55.21% |
| 8 | Synopsys | 89.71 Bn | 89.60 Bn | 1.77 Bn | 34.10% |
| 9 | Cloudflare | 87.54 Bn | 86.60 Bn | 455.60 Mn | 14.55% |
| 10 | CoreWeave | 53.90 Bn | 51.63 Bn | 2.01 Bn | -226.71% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 55.21% |
| Dec 31, 2025 | 30.31% |
| Sep 30, 2025 | 33.88% |
| Jun 30, 2025 | 19.72% |
| Mar 31, 2025 | 51.75% |
| Dec 31, 2024 | 410.93% |
| Sep 30, 2024 | 54.64% |
| Jun 30, 2024 | 8.69% |
| Mar 31, 2024 | 59.32% |
| Dec 31, 2023 | 24.40% |
| Sep 30, 2023 | 38.21% |
| Jun 30, 2023 | 35.83% |
| Mar 31, 2023 | 52.18% |
| Dec 31, 2022 | 41.48% |
| Sep 30, 2022 | 53.95% |
| Jun 30, 2022 | 27.52% |
| Mar 31, 2022 | 28.64% |
| Dec 31, 2021 | 830.41% |
| Sep 30, 2021 | 2,314.74% |
| Jun 30, 2021 | 52.30% |