Fortinet (FTNT) FCF Margin (2010 - 2026)
Fortinet's FCF Margin was 47.15% in Q2 2026, up 29.72 percentage points from 17.43% a year earlier but down 7.27 percentage points from the prior quarter.
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Analysis
Fortinet (FTNT) FCF Margin (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, Fortinet's FCF Margin was 41.41% through Jun 30, 2026, up 9.34 percentage points year-over-year; for FY2025, it was 32.73%, up 1.18 percentage points from FY2024.
- FCF Margin shows a five-year change of -4.18 percentage points (FY2020 to FY2025).
- In earlier years, FCF Margin was 31.55% in FY2024 (-1.09 pp), 32.64% in FY2023 (-0.17 pp), 32.81% in FY2022 (-3.21 pp) and 36.02% in FY2021 (-0.90 pp).
- Quarterly FCF Margin has moved between 11.65% (Q4 2023) and 54.42% (Q1 2026) over five years.
- Compared with a year earlier, FCF Margin has increased for three straight quarters, with an average year-over-year change of +6.24 percentage points over the last eight quarters.
- The best year-over-year quarter for FCF Margin over five years was Q2 2026 (a gain of 29.72 percentage points); the worst was Q4 2023 (a drop of 27.11 percentage points).
- Per Business Quant data, FTNT's FCF Margin in the three quarters before Q2 2026 was 54.42% (Q1 2026), 30.31% (Q4 2025) and 32.90% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 255.96 Bn | 241.04 Bn | 2.30 Bn | 36.77% |
| 2 | CrowdStrike Holdings | 231.81 Bn | 212.21 Bn | 1.10 Bn | 27.59% |
| 3 | Fortinet | 123.04 Bn | 108.97 Bn | 1.64 Bn | 47.15% |
| 4 | Snowflake | 108.21 Bn | 95.53 Bn | 1.04 Bn | 5.42% |
| 5 | Datadog | 88.10 Bn | 69.75 Bn | 881.34 Mn | 27.28% |
| 6 | Okta | 32.88 Bn | 22.97 Bn | 641.00 Mn | 28.94% |
| 7 | Zscaler | 32.85 Bn | 18.97 Bn | - | - |
| 8 | Axon Enterprise | 32.23 Bn | 26.75 Bn | 546.45 Mn | -0.11% |
| 9 | MongoDB | 27.06 Bn | 17.53 Bn | 569.77 Mn | 18.06% |
| 10 | F5 | 25.10 Bn | 19.51 Bn | 711.51 Mn | 32.44% |
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 | 32.90% |
| Jun 30, 2025 | 17.43% |
| Mar 31, 2025 | 51.75% |
| Dec 31, 2024 | 22.89% |
| Sep 30, 2024 | 37.92% |
| Jun 30, 2024 | 22.23% |
| Mar 31, 2024 | 44.96% |
| Dec 31, 2023 | 11.65% |
| Sep 30, 2023 | 36.05% |
| Jun 30, 2023 | 33.90% |
| 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 | 22.36% |
| Sep 30, 2021 | 38.03% |
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();