Superworth

Fortinet price to free cash flow FTNT

Market value divided by free cash flow over the last twelve months, since 2012.

Today, Oct 23, 2026
42.4×
10-year median
27.7×
Against its 10-year history
88th
percentile: 0 is its lowest day, 100 its highest
10-year range
17.0× to 51.4×
Peer median
62.2×

Fortinet's price to free cash flow is 42.4× as of Oct 23, 2026.

That is above its ten-year median of 27.7×, higher than on 88% of days in the last ten years.

Over that time it ranged from 17.0× in Nov 2017 to 51.4× in Feb 2025.

The median for 10 infrastructure software stocks of a similar size is 62.2×.

Price to free cash flow over time

The dashed line is the 10-year median and the shaded band the middle half of its days.

Open the interactive chart, with overlays and comparisons

Year by year

YearEnd of yearLowHigh
2026 so far42.4×25.5×48.6×
202529.9×28.0×51.4×
202444.3×21.7×45.7×
202321.8×18.9×40.6×
202232.7×32.6×45.3×
202146.9×28.1×50.3×
202028.8×19.9×29.1×
201924.8×18.7×27.1×
201821.4×18.5×28.7×
201719.0×17.0×25.6×
201620.5×19.3×27.0×
201525.0×24.5×46.6×
201429.7×22.1×29.7×
201321.7×17.3×28.4×
201224.8×21.3×30.1×

Against its peers

Companies in Software - Infrastructure nearest Fortinet's size, closest first, today.

CompanyPrice to free cash flow
FTNTFortinet42.4×
NETCloudflare333×
SNPSSynopsys30.0×
CRWDCrowdStrike164×
PANWPalo Alto Networks75.7×
XYZBlock11.8×
ORCLOraclen/m
ZSZscaler48.8×
TWLOTwilion/m
OKTAOkta38.0×
PLTRPalantir Technologies141×
Peer median62.2×

What the price to free cash flow tells you

Market value divided by free cash flow: the cash left after running the business and paying for equipment. Cash is harder to manage than accounting earnings, so many investors trust this more than PE.

Lumpy: a big year of building factories drops cash flow and inflates the ratio without the business getting worse.

More on Fortinet

Valuation data, not investment advice. Prices as of . Reported figures come from the company's filings with the SEC.