Fortinet (FTNT) FCF Margin (2010 - 2026)
Fortinet (FTNT) posted FCF Margin of 47.15% for Q2 2026, down 13.35% on a QoQ basis from 54.42% in Q1 2026, and up 2743.0% year-over-year from 1.66% in Q2 2025.
Powered by 
Analysis
Fortinet (FTNT) FCF Margin (2010 - 2026) Analysis & Trends
Fortinet has reported FCF Margin for 17 years, with the latest figure at 47.15% in Q2 2026.
- On a quarterly basis, FCF Margin rose 2743.0% year-over-year to 47.15% in Q2 2026; TTM through Jun 2026 was 41.63%, a 233.0% decrease from a year earlier, with the FY2025 full-year figure at 32.73%, up 118.0% from the prior year.
- FCF Margin was 47.15% for Q2 2026 at Fortinet, down from 54.42% in the prior quarter.
- The five-year high for FCF Margin was 1221.86% in Q4 2024, with the low at 11.65% in Q4 2023.
- Average FCF Margin over 5 years is 101.69%, with a median of 36.87% recorded in 2023.
- The sharpest annual moves came in 2024 and 2025: FCF Margin surged 121022 bps in 2024, then plunged 119156 bps in 2025.
- Over 5 years, FCF Margin stood at 38.75% in 2022, then plunged by 70 bps to 11.65% in 2023, then jumped by 10392 bps to 1221.86% in 2024, then tumbled by 98 bps to 30.31% in 2025, then jumped by 56 bps to 47.15% in 2026.
- The last three FCF Margin figures came in at 47.15% (Q2 2026), 54.42% (Q1 2026), and 30.31% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 320.54 Bn | 317.47 Bn | 2.30 Bn | 36.77% |
| 2 | CrowdStrike Holdings | 268.77 Bn | 263.80 Bn | 1.10 Bn | 27.59% |
| 3 | Fortinet | 131.12 Bn | 127.05 Bn | 1.64 Bn | 47.15% |
| 4 | Snowflake | 118.02 Bn | 115.67 Bn | 1.04 Bn | 5.71% |
| 5 | Datadog | 90.27 Bn | 85.29 Bn | 881.34 Mn | 25.73% |
| 6 | Axon Enterprise | 36.61 Bn | 35.93 Bn | 546.45 Mn | -0.11% |
| 7 | Zscaler | 34.97 Bn | 31.49 Bn | - | - |
| 8 | MongoDB | 34.51 Bn | 32.10 Bn | 569.77 Mn | 17.97% |
| 9 | Okta | 34.32 Bn | 32.02 Bn | 641.00 Mn | 28.32% |
| 10 | Baidu | 30.55 Bn | 8.15 Bn | 1.76 Mn | 47.16% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 47.15% |
| Mar 31, 2026 | 54.42% |
| Dec 31, 2025 | 30.31% |
| Sep 30, 2025 | 33.88% |
| Jun 30, 2025 | 19.72% |
| Mar 31, 2025 | 51.75% |
| Dec 31, 2024 | 1,221.86% |
| Sep 30, 2024 | 37.92% |
| Jun 30, 2024 | 22.23% |
| Mar 31, 2024 | 44.96% |
| Dec 31, 2023 | 11.65% |
| Sep 30, 2023 | 38.21% |
| Jun 30, 2023 | 35.83% |
| Mar 31, 2023 | 51.27% |
| Dec 31, 2022 | 38.75% |
| Sep 30, 2022 | 34.38% |
| Jun 30, 2022 | 27.52% |
| Mar 31, 2022 | 28.64% |
| Dec 31, 2021 | 485.36% |
| Sep 30, 2021 | 41.64% |
API Access
Fortinet FCF Margin 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=fcf-margin&ticker=FTNT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "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=fcf-margin&ticker=FTNT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();