Fortinet (FTNT) Invested Capital (2020 - 2026)
Fortinet (FTNT) reported Invested Capital of $2.05 billion for Q2 2026, down 33.0% from $3.06 billion a year earlier but up 37.8% from the prior quarter.
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Analysis
Fortinet (FTNT) Invested Capital (2020 - 2026) Analysis & Trends
For FY2025, Fortinet posted Invested Capital of $2.23 billion, down 10.2% from FY2024.
- Invested Capital has a five-year compound annual growth rate of 21.1% (FY2020 to FY2025).
- By year, Invested Capital came in at $2.49 billion in FY2024 (+370.4%), $528.9 million in FY2023 (-25.4%), $708.8 million in FY2022 (-60.3%) and $1.79 billion in FY2021 (+108.7%).
- Five-year quarterly Invested Capital spans a low of $355.2 million in Q3 2022 and a high of $3.06 billion in Q2 2025.
- Year over year, Invested Capital has now declined in each of the last four quarters, with growth averaging 91.4% over the last eight quarters.
- The high point for year-over-year Invested Capital in five years was Q4 2024 (growth of 370.4%); the low point was Q3 2022 (a decline of 83.4%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $1.49 billion (Q1 2026), $2.23 billion (Q4 2025) and $1.73 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 255.79 Bn | 240.86 Bn | 2.30 Bn | - |
| 2 | CrowdStrike Holdings | 231.52 Bn | 211.92 Bn | 1.10 Bn | 5.89 Bn |
| 3 | Fortinet | 122.96 Bn | 108.89 Bn | 1.64 Bn | 2.05 Bn |
| 4 | Snowflake | 107.47 Bn | 94.79 Bn | 1.04 Bn | - |
| 5 | Datadog | 88.02 Bn | 69.66 Bn | 881.34 Mn | - |
| 6 | Zscaler | 32.91 Bn | 19.03 Bn | - | - |
| 7 | Okta | 32.75 Bn | 22.84 Bn | 641.00 Mn | 6.97 Bn |
| 8 | Axon Enterprise | 32.06 Bn | 26.58 Bn | 546.45 Mn | 5.41 Bn |
| 9 | MongoDB | 26.91 Bn | 17.38 Bn | 569.77 Mn | - |
| 10 | F5 | 25.08 Bn | 19.49 Bn | 711.51 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 2.05 Bn |
| Mar 31, 2026 | 1.49 Bn |
| Dec 31, 2025 | 2.23 Bn |
| Sep 30, 2025 | 1.73 Bn |
| Jun 30, 2025 | 3.06 Bn |
| Mar 31, 2025 | 2.96 Bn |
| Dec 31, 2024 | 2.49 Bn |
| Sep 30, 2024 | 1.90 Bn |
| Jun 30, 2024 | 1.28 Bn |
| Mar 31, 2024 | 855.30 Mn |
| Dec 31, 2023 | 528.90 Mn |
| Sep 30, 2023 | 1.07 Bn |
| Jun 30, 2023 | 1.31 Bn |
| Mar 31, 2023 | 1.00 Bn |
| Dec 31, 2022 | 708.80 Mn |
| Sep 30, 2022 | 355.20 Mn |
| Jun 30, 2022 | 609.80 Mn |
| Mar 31, 2022 | 1.22 Bn |
| Dec 31, 2021 | 1.79 Bn |
| Sep 30, 2021 | 2.14 Bn |
API Access
Fortinet Invested Capital 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=invested-capital&ticker=FTNT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "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=invested-capital&ticker=FTNT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();