Fortinet Ratios (2009-2025) | FTNT

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Ratios	Dec2009	Mar2010	Jun2010	Sep2010	Dec2010	Mar2011	Jun2011	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Profitability
Gross Margin			72.24%	74.76%	74.12%	74.89%	74.22%	73.25%	73.12%	73.52%	71.21%	72.25%	72.58%	71.19%	70.35%	71.60%	69.62%	69.97%	68.63%	70.58%	70.70%	70.12%	71.02%	72.43%	72.35%	72.72%	72.86%	73.22%	74.96%	73.40%	73.67%	74.99%	74.70%	75.64%	74.37%	75.41%	74.82%	76.09%	75.41%	77.36%	77.27%	77.72%	78.13%	78.62%	77.67%	77.95%	76.67%	75.65%	76.31%	73.42%	75.65%	75.38%	76.83%	75.62%	77.12%	76.20%	77.68%	77.48%	80.83%	82.53%	81.06%	80.96%	80.68%	80.77%
EBT Margin			9.63%	21.50%	22.52%	19.45%	18.86%	23.30%	22.65%	16.83%	17.23%	19.65%	23.99%	12.50%	10.18%	11.90%	14.40%	8.14%	6.46%	8.16%	8.98%	0.77%	1.45%	-0.45%	4.40%	-1.14%	-1.19%	2.08%	11.98%	2.38%	9.05%	10.15%	10.80%	9.20%	11.67%	15.55%	18.71%	12.76%	16.45%	19.34%	21.26%	20.41%	20.03%	19.72%	22.95%	16.81%	18.10%	18.07%	21.51%	14.53%	17.85%	23.03%	28.70%	23.06%	23.14%	24.56%	29.37%	25.52%	32.65%	41.54%	37.25%	33.73%	31.74%	34.48%
EBIT Margin			9.61%	21.37%	22.11%	18.70%	18.23%	22.47%	21.94%	15.96%	16.25%	18.91%	23.18%	11.33%	9.34%	11.82%	13.90%	7.59%	6.05%	7.99%	8.89%	0.42%	1.23%	-0.71%	4.34%	-1.30%	-1.30%	1.73%	12.45%	1.59%	7.84%	9.01%	10.13%	8.12%	11.49%	13.84%	17.34%	10.71%	14.41%	18.35%	19.75%	20.20%	19.24%	19.49%	22.65%	17.12%	18.41%	19.19%	22.30%	15.81%	18.96%	23.10%	27.89%	21.67%	21.58%	22.72%	27.23%	23.73%	30.48%	31.22%	34.58%	29.47%	28.10%	31.73%
EBITDA Margin			9.61%	21.37%	22.11%	18.70%	18.23%	22.47%	21.94%	15.96%	16.25%	18.91%	23.18%	11.33%	9.34%	11.82%	13.90%	7.59%	6.05%	7.99%	8.89%	0.42%	1.23%	-0.71%	4.34%	-1.30%	-1.30%	1.73%	12.45%	1.59%	7.84%	9.01%	10.13%	8.12%	11.49%	13.84%	17.34%	10.71%	14.41%	18.35%	19.75%	20.20%	19.24%	19.49%	22.65%	17.12%	18.41%	19.19%	22.30%	15.81%	18.96%	23.10%	27.89%	21.67%	21.58%	22.72%	27.23%	23.73%	30.48%	31.22%	34.58%	29.47%	28.10%	31.73%
Operating Margin			9.61%	21.37%	22.11%	18.70%	18.23%	22.47%	21.94%	15.96%	16.25%	18.91%	23.18%	11.33%	9.34%	11.82%	13.90%	7.59%	6.05%	7.99%	8.89%	0.42%	1.23%	-0.71%	4.34%	-1.30%	-1.30%	1.73%	12.45%	1.59%	7.84%	9.01%	10.13%	8.12%	11.49%	13.84%	17.34%	10.71%	14.41%	18.35%	19.75%	20.20%	19.24%	19.49%	22.65%	17.12%	18.41%	19.19%	22.30%	15.81%	18.96%	23.10%	27.89%	21.67%	21.58%	22.72%	27.23%	23.73%	30.48%	31.22%	34.58%	29.47%	28.10%	31.73%
Net Margin			6.04%	16.50%	17.24%	14.57%	14.07%	15.39%	13.65%	12.09%	10.82%	12.63%	14.23%	9.02%	6.09%	7.13%	6.78%	4.97%	3.30%	2.10%	3.04%	0.73%	0.33%	3.14%	-0.85%	0.74%	-0.45%	1.99%	6.94%	3.14%	6.33%	7.14%	-6.96%	10.43%	11.17%	12.93%	36.30%	12.44%	13.94%	14.63%	19.12%	18.11%	18.43%	18.95%	19.61%	15.09%	17.16%	17.12%	19.40%	13.75%	16.33%	19.62%	27.98%	21.37%	21.01%	24.58%	22.64%	22.60%	27.32%	36.15%	32.03%	27.46%	27.01%	27.49%
FCF Margin		-0.13%	-2.37%	37.10%	32.64%	42.33%	32.33%	29.81%	17.97%	40.00%	32.61%	17.86%	32.08%	26.93%	23.87%	14.37%	22.28%	29.35%	18.52%	26.24%	13.38%	28.04%	30.67%	19.89%	20.31%	24.82%	17.18%	22.18%	23.19%	32.59%	17.50%	37.60%	34.52%	32.11%	29.62%	34.92%	33.03%	40.44%	34.08%	37.16%	23.17%	50.51%	34.99%	28.52%	35.32%	37.14%	49.27%	38.03%	22.36%	28.64%	27.52%	34.38%	38.75%	51.27%	33.90%	36.05%	11.65%	44.96%	22.23%	37.92%	22.89%	51.75%	17.43%	32.90%
Efficiency
Inventory Average								0.01B	0.01B	0.02B	0.02B	0.02B	0.02B	0.02B	0.03B	0.04B	0.05B	0.05B	0.05B	0.05B	0.06B	0.07B	0.07B	0.07B	0.08B	0.08B	0.08B	0.09B	0.10B	0.11B	0.10B	0.08B	0.08B	0.08B	0.08B	0.08B	0.09B	0.09B	0.09B	0.09B	0.11B	0.11B	0.12B	0.13B	0.14B	0.14B	0.15B	0.16B	0.18B	0.18B	0.19B	0.21B	0.24B	0.28B	0.34B	0.42B	0.48B	0.46B	0.41B	0.37B	0.33B	0.34B	0.38B	0.42B
Assets Average								0.65B	0.70B	0.76B	0.82B	0.88B	0.94B	1.00B	1.06B	1.11B	1.15B	1.18B	1.23B	1.29B	1.37B	1.46B	1.55B	1.66B	1.75B	1.80B	1.89B	1.99B	2.08B	2.20B	2.31B	2.38B	2.33B	2.33B	2.49B	2.67B	2.92B	3.14B	3.29B	3.46B	3.71B	3.54B	3.27B	3.46B	3.82B	4.66B	5.42B	5.76B	5.94B	5.79B	5.47B	5.32B	5.78B	6.53B	7.16B	7.48B	7.37B	7.46B	7.86B	8.45B	9.31B	10.09B	10.52B	10.00B
Equity Average	0.07B							0.30B	0.34B	0.38B	0.41B	0.45B	0.49B	0.53B	0.56B	0.58B	0.59B	0.60B	0.62B	0.64B	0.66B	0.70B	0.74B	0.77B	0.78B	0.75B	0.77B	0.81B	0.83B	0.87B	0.91B	0.91B	0.75B	0.64B	0.74B	0.84B	0.95B	1.03B	1.09B	1.16B	1.27B	0.94B	0.54B	0.63B	0.78B	0.92B	1.02B	1.09B	0.97B	0.52B	-0.08B	-0.51B	-0.46B	-0.14B	0.17B	0.20B	-0.19B	-0.30B	0.08B	0.60B	1.20B	1.73B	2.01B	1.40B
Invested Capital	0.14B				0.23B		0.29B	0.32B	0.36B	0.40B	0.43B	0.48B	0.51B	0.55B	0.57B	0.60B	0.59B	0.61B	0.63B	0.65B	0.68B	0.72B	0.75B	0.80B	0.76B	0.74B	0.80B	0.82B	0.84B	0.90B	0.92B	0.90B	0.59B	0.69B	0.78B	0.89B	1.01B	1.06B	1.12B	1.20B	1.34B	0.54B	0.54B	0.71B	0.86B	1.97B	2.04B	1.15B	0.80B	0.23B	-0.39B	-0.63B	-0.28B	0.01B	0.32B	0.07B	-0.46B	-0.14B	0.29B	0.91B	1.49B	2.46B	2.56B	1.23B
Asset Utilization Ratio								0.62	0.62	0.60	0.59	0.57	0.57	0.55	0.54	0.53	0.54	0.55	0.56	0.56	0.56	0.56	0.56	0.57	0.58	0.60	0.61	0.61	0.61	0.60	0.60	0.61	0.64	0.67	0.66	0.64	0.62	0.60	0.60	0.59	0.58	0.64	0.72	0.71	0.68	0.58	0.54	0.54	0.56	0.62	0.70	0.77	0.76	0.72	0.70	0.69	0.72	0.72	0.70	0.68	0.64	0.61	0.60	0.66
Leverage & Solvency
Interest Coverage Ratio																																														93.54	32.78	36.17	47.76	33.56	43.40	59.00	79.51	54.70	53.65	56.15	71.37	62.98	87.44	94.18	117.16	92.61	99.57	88.27
Debt to Equity																																														1.01	0.94	0.89	1.24	4.24	-2.52	-1.56	-3.52	86.92	3.09	13.38	-2.14	-7.22	3.45	1.09	0.67	0.51	0.48	1.35
Debt Ratio																																														0.19	0.18	0.17	0.17	0.17	0.19	0.19	0.16	0.15	0.13	0.13	0.14	0.13	0.12	0.11	0.10	0.10	0.09	0.11
Equity Ratio					0.43		0.45	0.47	0.49	0.51	0.50	0.52	0.52	0.53	0.52	0.53	0.50	0.51	0.49	0.49	0.47	0.48	0.47	0.47	0.42	0.41	0.41	0.41	0.39	0.40	0.39	0.38	0.26	0.29	0.30	0.32	0.33	0.33	0.33	0.34	0.35	0.17	0.16	0.20	0.21	0.19	0.19	0.19	0.13	0.04	-0.07	-0.12	-0.05	0.00	0.04	0.01	-0.06	-0.02	0.04	0.10	0.15	0.19	0.19	0.08
Times Interest Earned																																														93.54	32.78	36.17	47.76	33.56	43.40	59.00	79.51	54.70	53.65	56.15	71.37	62.98	87.44	94.18	117.16	92.61	99.57	88.27
Valuation
Enterprise Value	0.93B	0.96B	0.99B	1.71B	2.07B	3.25B	3.81B	2.18B	2.97B	3.90B	3.25B	3.44B	3.59B	3.37B	2.34B	2.78B	2.64B	3.03B	3.54B	3.48B	4.33B	5.10B	6.14B	6.36B	4.48B	4.30B	4.44B	5.35B	4.13B	5.52B	5.37B	5.03B	6.35B	7.70B	9.06B	13.97B	10.35B	12.85B	11.29B	11.19B	16.19B	16.05B	20.66B	17.41B	22.27B	27.16B	35.79B	44.63B	56.27B	52.86B	43.70B	37.05B	36.01B	49.26B	56.06B	42.93B	42.53B	49.12B	42.72B	55.67B	68.35B	69.24B	76.36B	61.30B
Market Capitalization			1.11B	1.78B	2.38B	3.32B	4.15B	2.57B	3.36B	4.32B	3.65B	3.82B	4.01B	3.83B	2.84B	3.29B	3.13B	3.59B	4.10B	4.14B	5.05B	5.90B	7.01B	7.27B	5.37B	5.26B	5.42B	6.38B	5.21B	6.72B	6.58B	6.30B	7.60B	9.00B	10.49B	15.61B	12.00B	14.33B	13.12B	13.13B	18.26B	17.45B	22.19B	19.07B	24.11B	30.10B	38.90B	47.70B	58.76B	54.96B	45.41B	38.74B	38.19B	52.11B	59.35B	46.08B	44.95B	52.12B	46.04B	59.32B	72.41B	74.02B	80.92B	64.43B
Return Ratios
Return on Sales						0.14%	0.16%	0.15%	0.14%	0.14%	0.13%	0.12%	0.13%	0.12%	0.11%	0.09%	0.07%	0.06%	0.05%	0.04%	0.03%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.00%	0.03%	0.03%	0.05%	0.06%	0.02%	0.04%	0.05%	0.07%	0.19%	0.19%	0.19%	0.19%	0.15%	0.17%	0.18%	0.19%	0.19%	0.18%	0.18%	0.18%	0.18%	0.18%	0.18%	0.19%	0.21%	0.22%	0.23%	0.24%	0.22%	0.23%	0.24%	0.27%	0.30%	0.31%	0.31%	0.29%
Return on Capital Employed								0.21%	0.20%	0.18%	0.18%	0.16%	0.16%	0.14%	0.13%	0.11%	0.10%	0.09%	0.08%	0.07%	0.07%	0.05%	0.04%	0.02%	0.01%	0.01%	0.00%	0.01%	0.03%	0.04%	0.06%	0.08%	0.08%	0.11%	0.11%	0.12%	0.14%	0.13%	0.14%	0.15%	0.15%	0.21%	0.28%	0.27%	0.27%	0.19%	0.17%	0.17%	0.18%	0.21%	0.26%	0.33%	0.36%	0.33%	0.32%	0.32%	0.34%	0.35%	0.35%	0.35%	0.34%	0.36%	0.34%	0.39%
Return on Invested Capital								0.20%	0.18%	0.16%	0.15%	0.13%	0.13%	0.12%	0.10%	0.09%	0.07%	0.06%	0.06%	0.05%	0.04%	0.03%	0.02%	0.02%	0.01%	0.01%		0.00%	0.04%	0.04%	0.07%	0.09%	0.04%	0.09%	0.11%	0.13%					0.24%	0.38%	0.74%	0.71%	0.61%	0.34%	0.26%	0.36%	0.65%			-1.56%	-2.05%	-7.64%	6.58%	5.86%	-5.69%	-3.79%	16.60%	2.27%	1.29%	0.83%	0.66%	0.89%
Return on Assets								0.10%	0.09%	0.08%	0.08%	0.07%	0.07%	0.06%	0.06%	0.05%	0.04%	0.03%	0.03%	0.02%	0.02%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.02%	0.02%	0.03%	0.04%	0.01%	0.03%	0.04%	0.05%	0.11%	0.11%	0.11%	0.11%	0.09%	0.11%	0.13%	0.13%	0.13%	0.11%	0.09%	0.10%	0.10%	0.11%	0.13%	0.14%	0.16%	0.16%	0.16%	0.16%	0.16%	0.16%	0.17%	0.18%	0.19%	0.19%	0.18%	0.19%
Return on Equity								0.21%	0.19%	0.17%	0.15%	0.14%	0.14%	0.12%	0.11%	0.09%	0.07%	0.07%	0.06%	0.05%	0.04%	0.03%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.04%	0.05%	0.07%	0.09%	0.04%	0.10%	0.12%	0.14%	0.35%	0.34%	0.34%	0.34%	0.26%	0.40%	0.77%	0.73%	0.62%	0.53%	0.51%	0.51%	0.64%	1.27%	-8.74%	-1.50%	-2.02%	-7.75%	6.84%	6.22%	-6.11%	-4.08%	17.87%	2.61%	1.48%	1.09%	0.96%	1.34%

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Fortinet Ratios (2009-2025) | FTNT

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