Question 1

What is Fortinet's EV/EBITDA ratio?

Accepted Answer

Fortinet (FTNT) EV/EBITDA ratio is 40.2× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Fortinet?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Fortinet specifically, the relevant sector benchmark is the current sector median of 19.5×.

Question 5

Is Fortinet's EV/EBITDA ratio high or low?

Accepted Answer

Fortinet's EV/EBITDA ratio of 40.2× is above its own 5-year average of 39.9× and above the sector median of 19.5×. That places the current reading at the 56th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Fortinet's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Fortinet (FTNT) EV/EBITDA ratio has ranged from a low of 22.0× in 2010 to a high of 115.0× in 2015. The 5-year average is 39.9× and the 5-year median is 32.2×.

Question 7

What was Fortinet's EV/EBITDA ratio in 2025?

Accepted Answer

Fortinet (FTNT) EV/EBITDA ratio at the end of 2025 was 23.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Fortinet's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$59.01B	$2.45B	23.0×	-8.5×	Dec 31, 2025
2024	$72.42B	$2.20B	31.5×	+2.0×	Dec 31, 2024
2023	$44.77B	$1.47B	29.5×	-4.8×	Dec 31, 2023
2022	$38.18B	$1.08B	34.3×	-44.1×	Dec 31, 2022
2021	$58.58B	$727.70M	78.4×	+41.6×	Dec 31, 2021
2020	$24.14B	$607.00M	36.7×	-3.2×	Dec 31, 2020
2019	$18.31B	$406.40M	40.0×	+3.8×	Dec 31, 2019
2018	$12.00B	$286.70M	36.1×	-1.6×	Dec 31, 2018
2017	$7.50B	$165.57M	37.7×	-5.9×	Dec 31, 2017
2016	$5.25B	$95.46M	43.6×	-38.9×	Dec 31, 2016
2015	$5.35B	$54.07M	82.5×	+29.0×	Dec 31, 2015
2014	$5.07B	$81.35M	53.5×	+23.4×	Dec 31, 2014
2013	$3.13B	$87.71M	30.0×	+3.7×	Dec 31, 2013
2012	$3.36B	$112.04M	26.3×	-5.1×	Dec 31, 2012
2011	$3.40B	$95.89M	31.4×	-3.4×	Dec 31, 2011
2010	$2.43B	$61.04M	34.8×	+5.3×	Dec 31, 2010
2009	$1.18B	$31.27M	29.5×	—	Dec 31, 2009


Zebra Technologies (ZBRA)	12.6×
Micron Technology (MU)	12.5×
NXP Semiconductors (NXPI)	12.3×
Block (XYZ)	11.9×
Qorvo (QRVO)	11.3×
Broadridge Financial Solutions (BR)	11.1×
Adobe (ADBE)	10.9×
Super Micro Computer (SMCI)	10.8×
CDW (CDW)	10.8×
QUALCOMM (QCOM)	10.6×
Accenture (ACN)	10.5×
NetApp (NTAP)	10.5×
Amkor Technology (AMKR)	10.3×
GoDaddy (GDDY)	10.2×
Block (SQ)	10.0×
EPAM Systems (EPAM)	9.6×
Science Applications International (SAIC)	9.4×
Skyworks Solutions (SWKS)	9.2×
Corpay (CPAY)	8.5×
Paycom Software (PAYC)	8.2×
Gen Digital (GEN)	7.4×
Cognizant (CTSH)	7.2×
Fidelity National Information Services (FIS)	7.0×
Fiserv (FISV)	6.9×
HP (HPQ)	6.4×

EV/EBITDA for Fortinet (FTNT)

EV/EBITDA daily chart for Fortinet (FTNT)

Historical EV/EBITDA for Fortinet (FTNT) from 2009 to 2025

About EV/EBITDA at Fortinet (FTNT)

Fortinet EV/EBITDA by Year

Fortinet EV/EBITDA 2025: 23.0×

Fortinet EV/EBITDA 2024: 31.5×

Fortinet EV/EBITDA 2023: 29.5×

Fortinet EV/EBITDA 2022: 34.3×

Fortinet EV/EBITDA 2021: 78.4×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Fortinet (FTNT) Key Financials

EV/EBITDA daily chart for Fortinet (FTNT)

Historical EV/EBITDA for Fortinet (FTNT) from 2009 to 2025

About EV/EBITDA at Fortinet (FTNT)

Fortinet EV/EBITDA by Year

Fortinet EV/EBITDA 2025: 23.0×

Fortinet EV/EBITDA 2024: 31.5×

Fortinet EV/EBITDA 2023: 29.5×

Fortinet EV/EBITDA 2022: 34.3×

Fortinet EV/EBITDA 2021: 78.4×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Fortinet's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Fortinet?

+Is Fortinet's EV/EBITDA ratio high or low?

+What is Fortinet's historical EV/EBITDA ratio range?

+What was Fortinet's EV/EBITDA ratio in 2025?

+Why does Fortinet's EV/EBITDA ratio change over time?

Fortinet (FTNT) Key Financials