Question 1

What is Fortinet's P/FCF ratio?

Accepted Answer

Fortinet (FTNT) P/FCF ratio is 44.1× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Fortinet?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Fortinet specifically, the relevant sector benchmark is the current sector median of 21.6×.

Question 5

Is Fortinet's P/FCF ratio high or low?

Accepted Answer

Fortinet's P/FCF ratio of 44.1× is above its own 5-year average of 33.3× and above the sector median of 21.6×. That places the current reading at the 84th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Fortinet (FTNT) P/FCF ratio has ranged from a low of 15.8× in 2017 to a high of 53.1× in 2025. The 5-year average is 33.3× and the 5-year median is 32.4×.

Question 7

What was Fortinet's P/FCF ratio in 2025?

Accepted Answer

Fortinet (FTNT) P/FCF ratio at the end of 2025 was 26.5×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Fortinet's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$2.23B	26.5×	-12.0×	Dec 31, 2025
2024	$72.42B	$1.88B	38.5×	+12.7×	Dec 31, 2024
2023	$44.77B	$1.73B	25.9×	-0.5×	Dec 31, 2023
2022	$38.18B	$1.45B	26.3×	-22.3×	Dec 31, 2022
2021	$58.58B	$1.20B	48.7×	+23.5×	Dec 31, 2021
2020	$24.14B	$957.80M	25.2×	-0.4×	Dec 31, 2020
2019	$18.31B	$715.80M	25.6×	+5.1×	Dec 31, 2019
2018	$12.00B	$585.90M	20.5×	+4.2×	Dec 31, 2018
2017	$7.50B	$459.17M	16.3×	-2.5×	Dec 31, 2017
2016	$5.25B	$278.53M	18.9×	-3.0×	Dec 31, 2016
2015	$5.35B	$245.19M	21.8×	-9.0×	Dec 31, 2015
2014	$5.07B	$164.38M	30.8×	+7.4×	Dec 31, 2014
2013	$3.13B	$133.51M	23.4×	+2.6×	Dec 31, 2013
2012	$3.36B	$161.78M	20.8×	-5.5×	Dec 31, 2012
2011	$3.40B	$129.22M	26.3×	+1.9×	Dec 31, 2011
2010	$2.43B	$99.61M	24.4×	+3.8×	Dec 31, 2010
2009	$1.18B	$57.38M	20.6×	—	Dec 31, 2009


Intuit (INTU)	13.9×
Okta (OKTA)	13.8×
EPAM Systems (EPAM)	13.4×
Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	10.4×
Accenture (ACN)	10.3×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
Science Applications International (SAIC)	6.7×
Strategy (MSTR)	5.5×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×

P/FCF Ratio for Fortinet (FTNT)

P/FCF Ratio daily chart for Fortinet (FTNT)

Historical P/FCF Ratio for Fortinet (FTNT) from 2009 to 2025

About P/FCF Ratio at Fortinet (FTNT)

Fortinet P/FCF Ratio by Year

Fortinet P/FCF Ratio 2025: 26.5×

Fortinet P/FCF Ratio 2024: 38.5×

Fortinet P/FCF Ratio 2023: 25.9×

Fortinet P/FCF Ratio 2022: 26.3×

Fortinet P/FCF Ratio 2021: 48.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Fortinet (FTNT) Key Financials

P/FCF Ratio daily chart for Fortinet (FTNT)

Historical P/FCF Ratio for Fortinet (FTNT) from 2009 to 2025

About P/FCF Ratio at Fortinet (FTNT)

Fortinet P/FCF Ratio by Year

Fortinet P/FCF Ratio 2025: 26.5×

Fortinet P/FCF Ratio 2024: 38.5×

Fortinet P/FCF Ratio 2023: 25.9×

Fortinet P/FCF Ratio 2022: 26.3×

Fortinet P/FCF Ratio 2021: 48.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Fortinet's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Fortinet?

+Is Fortinet's P/FCF ratio high or low?

+What is Fortinet's historical P/FCF ratio range?

+What was Fortinet's P/FCF ratio in 2025?

+Why does Fortinet's P/FCF ratio change over time?

Fortinet (FTNT) Key Financials