Fortinet (FTNT) Return on Invested Capital [ROIC] (2021 - 2026)
Fortinet (FTNT) reported Return on Invested Capital [ROIC] of 111.71% for Q2 2026, up 56.37 percentage points from 55.34% a year earlier and up 15.68 percentage points from the prior quarter.
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Analysis
Fortinet (FTNT) Return on Invested Capital [ROIC] (2021 - 2026) Analysis & Trends
For FY2025, Fortinet posted Return on Invested Capital [ROIC] of 71.31%, down 31.75 percentage points from FY2024.
- Return on Invested Capital [ROIC] has a four-year change of +23.19 percentage points (FY2021 to FY2025).
- By year, Return on Invested Capital [ROIC] came in at 103.06% in FY2024 (-75.86 pp), 178.93% in FY2023 (+103.73 pp), 75.20% in FY2022 (+27.08 pp) and 48.12% in FY2021.
- The Q2 2026 figure ranks as the highest quarterly Return on Invested Capital [ROIC] since Q2 2024.
- Year over year, Return on Invested Capital [ROIC] has now increased in each of the last three quarters, with an average year-over-year change of -19.33 percentage points over the last eight quarters.
- The high point for year-over-year Return on Invested Capital [ROIC] in five years was Q4 2022 (a gain of 144.01 percentage points); the low point was Q1 2025 (a drop of 104.24 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at 96.03% (Q1 2026), 84.93% (Q4 2025) and 70.57% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 256.64 Bn | 241.72 Bn | 2.30 Bn | - |
| 2 | CrowdStrike Holdings | 232.35 Bn | 212.75 Bn | 1.10 Bn | -2.11% |
| 3 | Fortinet | 123.26 Bn | 109.19 Bn | 1.64 Bn | 111.71% |
| 4 | Snowflake | 108.15 Bn | 95.47 Bn | 1.04 Bn | - |
| 5 | Datadog | 88.38 Bn | 70.02 Bn | 881.34 Mn | - |
| 6 | Zscaler | 32.92 Bn | 19.04 Bn | - | - |
| 7 | Okta | 32.82 Bn | 22.92 Bn | 641.00 Mn | 2.98% |
| 8 | Axon Enterprise | 32.21 Bn | 26.73 Bn | 546.45 Mn | 0.45% |
| 9 | MongoDB | 27.08 Bn | 17.55 Bn | 569.77 Mn | - |
| 10 | F5 | 25.16 Bn | 19.57 Bn | 711.51 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 111.71% |
| Mar 31, 2026 | 96.03% |
| Dec 31, 2025 | 84.93% |
| Sep 30, 2025 | 70.57% |
| Jun 30, 2025 | 55.34% |
| Mar 31, 2025 | 60.24% |
| Dec 31, 2024 | 70.83% |
| Sep 30, 2024 | 85.46% |
| Jun 30, 2024 | 117.09% |
| Mar 31, 2024 | 164.48% |
| Dec 31, 2023 | 138.86% |
| Sep 30, 2023 | 97.46% |
| Jun 30, 2023 | 94.50% |
| Mar 31, 2023 | 120.71% |
| Dec 31, 2022 | 176.38% |
| Sep 30, 2022 | 165.88% |
| Jun 30, 2022 | 79.44% |
| Mar 31, 2022 | 45.19% |
| Dec 31, 2021 | 32.37% |
| Sep 30, 2021 | 27.22% |
API Access
Fortinet Return on Invested Capital [ROIC] 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-invested-capital-%5Broic%5D&ticker=FTNT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "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-invested-capital-%5Broic%5D&ticker=FTNT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();