Is the business good?
How good a business is FTNT?
Fortinet keeps 32% of every revenue dollar as operating profit, against 6.1% for the median Software - Infrastructure name.
32%
Operating margin · Software - Infrastructure median 6.1% · 12 months to Q2 2026
- Cash conversion
- 1.51×
Cash conversion · 1.05× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −4.2%
Share count, year on year · bought back, each share owns more of the company
- R&D as % of revenue
- 11%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 21% |
| FY2021 | 19% |
| FY2022 | 22% |
| FY2023 | 23% |
| FY2024 | 30% |
| FY2025 | 31% |
Details›
- Gross margin12 months to Q2 2026
- 80%
- Operating margin12 months to Q2 2026
- 32%
- Net margin12 months to Q2 2026
- 28%
- Free cash flow margin
- 43%
- R&D as % of revenue
- 11%
- Revenue, trailing twelve months
- $7.53B
- Free cash flow, trailing twelve months
- $3.20B
- Net income, trailing twelve months
- $2.12B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Software - Infrastructure
Ranks #10 of 78 by Smart Score