Fortinet (FTNT) Return on Capital Employed [ROCE] (2011 - 2026)
Fortinet (FTNT) recorded Return on Capital Employed [ROCE] of 44.16% in Q2 2026, up 10.11 percentage points from 34.05% a year earlier and up 4.05 percentage points from the prior quarter.
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Analysis
Fortinet (FTNT) Return on Capital Employed [ROCE] (2011 - 2026) Analysis & Trends
For FY2025, Fortinet reported Return on Capital Employed [ROCE] of 41.35%, up 0.82 percentage points from FY2024.
- Annual Return on Capital Employed [ROCE] has a five-year change of +16.41 percentage points (FY2020 to FY2025).
- Across earlier years, Return on Capital Employed [ROCE] came in at 40.52% in FY2024 (-0.51 pp), 41.04% in FY2023 (+8.66 pp), 32.37% in FY2022 (+7.96 pp) and 24.42% in FY2021 (-0.52 pp).
- The Q2 2026 figure is the highest quarterly Return on Capital Employed [ROCE] in data going back to Q3 2011.
- On a year-over-year basis, Return on Capital Employed [ROCE] has increased for four consecutive quarters, with an average year-over-year change of +3.80 percentage points over the last eight quarters.
- Peak year-over-year performance for Return on Capital Employed [ROCE] in the last five years was a gain of 17.93 percentage points in Q4 2022, against a drop of 9.77 percentage points in Q3 2021 at the low end.
- Per Business Quant, the preceding three quarters came in at 40.10% (Q1 2026), 43.06% (Q4 2025) and 38.99% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 256.64 Bn | 241.72 Bn | 2.30 Bn | 1.86% |
| 2 | CrowdStrike Holdings | 232.35 Bn | 212.75 Bn | 1.10 Bn | -1.66% |
| 3 | Fortinet | 123.26 Bn | 109.19 Bn | 1.64 Bn | 44.16% |
| 4 | Snowflake | 108.15 Bn | 95.47 Bn | 1.04 Bn | -25.24% |
| 5 | Datadog | 88.38 Bn | 70.02 Bn | 881.34 Mn | 0.30% |
| 6 | Zscaler | 32.92 Bn | 19.04 Bn | - | - |
| 7 | Okta | 32.82 Bn | 22.92 Bn | 641.00 Mn | 3.21% |
| 8 | Axon Enterprise | 32.21 Bn | 26.73 Bn | 546.45 Mn | 0.40% |
| 9 | MongoDB | 27.08 Bn | 17.55 Bn | 569.77 Mn | -0.47% |
| 10 | F5 | 25.16 Bn | 19.57 Bn | 711.51 Mn | 16.60% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 44.16% |
| Mar 31, 2026 | 40.10% |
| Dec 31, 2025 | 43.06% |
| Sep 30, 2025 | 38.99% |
| Jun 30, 2025 | 34.05% |
| Mar 31, 2025 | 36.14% |
| Dec 31, 2024 | 34.37% |
| Sep 30, 2024 | 35.34% |
| Jun 30, 2024 | 35.02% |
| Mar 31, 2024 | 35.21% |
| Dec 31, 2023 | 34.00% |
| Sep 30, 2023 | 31.65% |
| Jun 30, 2023 | 32.14% |
| Mar 31, 2023 | 33.41% |
| Dec 31, 2022 | 35.86% |
| Sep 30, 2022 | 32.60% |
| Jun 30, 2022 | 25.64% |
| Mar 31, 2022 | 20.76% |
| Dec 31, 2021 | 17.93% |
| Sep 30, 2021 | 16.96% |
API Access
Fortinet Return on Capital Employed [ROCE] 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=return-on-capital-employed-%5Broce%5D&ticker=FTNT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-capital-employed-[roce]", "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=return-on-capital-employed-%5Broce%5D&ticker=FTNT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();