TTM
34.3%
YoY change
+1.18pp
Trough year (2006)
1.8%
Peak year (2020)
36.9%
Latest annual
32.7%
FCF Margin history chart for Fortinet (FTNT) from 2006 to 2025
Latest: 32.7%
FCF Margin change chart for Fortinet (FTNT) from 2006 to 2025
Latest: +1.18pp
FCF Margin history table for Fortinet (FTNT) from 2006 to 2025
| 2025 | 32.7% | +1.18pp | ||
| 2024 | 31.6% | -1.09pp | ||
| 2023 | 32.6% | -0.17pp | ||
| 2022 | 32.8% | -3.21pp | ||
| 2021 | 36.0% | -0.90pp | ||
| 2020 | 36.9% | +3.83pp | ||
| 2019 | 33.1% | +0.63pp | ||
| 2018 | 32.5% | +1.76pp | ||
| 2017 | 30.7% | +8.87pp | ||
| 2016 | 21.8% | -2.46pp | ||
| 2015 | 24.3% | +2.96pp | ||
| 2014 | 21.3% | -0.36pp | ||
| 2013 | 21.7% | -8.62pp | ||
| 2012 | 30.3% | +0.51pp | ||
| 2011 | 29.8% | -0.87pp | ||
| 2010 | 30.7% | +7.92pp | ||
| 2009 | 22.8% | +6.29pp | ||
| 2008 | 16.5% | -0.03pp | ||
| 2007 | 16.5% | +14.70pp | ||
| 2006 | 1.8% | — |
- 202532.7%+1.18pp
- 202431.6%-1.09pp
- 202332.6%-0.17pp
- 202232.8%-3.21pp
- 202136.0%-0.90pp
- 202036.9%+3.83pp
- 201933.1%+0.63pp
- 201832.5%+1.76pp
- 201730.7%+8.87pp
- 201621.8%-2.46pp
- 201524.3%+2.96pp
- 201421.3%-0.36pp
- 201321.7%-8.62pp
- 201230.3%+0.51pp
- 201129.8%-0.87pp
- 201030.7%+7.92pp
- 200922.8%+6.29pp
- 200816.5%-0.03pp
- 200716.5%+14.70pp
- 20061.8%—
FCF Margin values are taken from Fortinet's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About FCF Margin at Fortinet (FTNT)
According to Fortinet's latest reported financial statements, the company's latest reported free cash flow margin is 34.3%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
2025's annual free cash flow margin for Fortinet (FTNT) came in at 32.73% – expanded 1.2 percentage points year-over-year.
36.92% stands as the all-time-high annual free cash flow margin, posted in 2020, against a low of 1.80% during 2006.
Fortinet FCF Margin by Year
Fortinet FCF Margin 2025: 32.7%
Fortinet posted free cash flow margin of 32.73% in 2025, expanded 1.2 percentage points from 2024.
Fortinet FCF Margin 2024: 31.6%
In 2024, Fortinet reported free cash flow margin of 31.55%, contracted 1.1 percentage points from 2023.
Fortinet FCF Margin 2023: 32.6%
Fortinet free cash flow margin in 2023 was 32.64%, contracted 0.2 percentage points from 2022.
Fortinet FCF Margin 2022: 32.8%
2022's free cash flow margin for Fortinet came in at 32.81%, contracted 3.2 percentage points from 2021.
Fortinet FCF Margin 2021: 36.0%
Fortinet free cash flow margin in 2021 was 36.02%.
See more financial history for Fortinet (FTNT).
Sector peers by FCF Margin
Technology peers of Fortinet (FTNT), ranked by their latest free cash flow margin
| 47.0% | |
| 43.4% | |
| 28.6% | |
| 26.6% | |
| 25.5% | |
| 22.9% | |
| 22.9% | |
| 17.7% |
- 47.0%
- 43.4%
- 28.6%
- 26.6%
- 25.5%
- 22.9%
- 22.9%
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