Fortinet, Inc.

FTNTNASDAQTechnology● Active

$144.68

$-4.99(-3.33%)

Market Cap$106.0B

P/E Ratio—

52W High$149.05

52W Low$70.12

Avg Volume6.2M

Open$149.03

Beta1.11

Overview

Fortinet, Inc. (FTNT) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

FTNT · free cash flow · updated Jun 8, 2026

Core FCF metrics

FTNT · FCF · TTM · margin & CAGR

Free cash flow was $2.23B for FY2025 (fiscal year ending 2025-12-31), up 18.4% year-over-year The FCF margin was 32.7%. Five-year CAGR stands at +18.4%.

FY2025 Free Cash Flow$2.23B▲ +18.4% YoY

Trailing 12M (TTM)$2.44Btrailing 4 quarters sum

FCF Margin32.7%$2.23B ÷ revenue

3-Year CAGR+15.4%FY2022 → FY2025

5-Year CAGR+18.4%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

FTNT · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$2.59B(365M)$2.23B▲ +18.4%32.7%

FY2024$2.26B(379M)$1.88B▲ +8.5%31.6%

FY2023$1.94B(204M)$1.73B▲ +19.5%32.6%

FY2022$1.73B(281M)$1.45B▲ +20.4%32.8%

FY2021$1.50B(296M)$1.20B▲ +25.7%36.0%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

FTNT · P/FCF · FCF yield · FCF per share

Fortinet, Inc. (FTNT) trades at a FCF yield of 2.30% and a price-to-free-cash-flow ratio of 44.1x. FCF per share stands at $3.28, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

2.30%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$3.28

TTM FCF ÷ Shares Outstanding

Price / FCF

x44.1

Share Price ÷ FCF per Share

EV / FCF (TTM)

x42.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

FTNT · cash flow statement · operating / investing / financing

For FY2025, Fortinet, Inc. generated $2.59B in operating cash flow and spent 365M in capital expenditures, yielding $2.23B in free cash flow.

Operating Activities

+$2.59B

Cash from core business operations

2025-12-31

Investing Activities

−$599.1M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$2.37B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($2.59B) − |CapEx| (365M) = FCF ($2.23B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

FTNT vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Fortinet, Inc.YOU

FTNT

$2.23B+18.4%32.7%

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Fortinet, Inc. (FTNT) reported free cash flow of $2.23B for FY2025 (fiscal year ending 2025-12-31), up 18.4% year-over-year. The FCF margin was 32.7%.

Based on available data, Fortinet, Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $2.23B in FY2025. The 5-year CAGR stands at +18.4%.

Fortinet, Inc.'s FCF yield is 2.30% and price-to-FCF ratio is 44.1x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

FTNT free cash flow · 8 questions

Fortinet, Inc. free cash flow was $2.23B for FY2025, up 18.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $2.44B.

FTNT free cash flowFTNT FCFFTNT FCF 2025FTNT free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Fortinet, Inc. · Fortinet, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026