FTNT Fortinet margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 97

Gross margin

79.7%

Operating margin

33%

EBITDA margin

37.5%

Net margin

29%

Based on the latest figures, Fortinet reports a gross margin of 79.7%, an operating margin of 33%, an EBITDA margin of 37.5%, and a net margin of 29%. Margin expansion was strongest in operating margin, which gained by 2 percentage points. Gross margin had the strongest contraction, dropping by 1.2 percentage points.

FTNT margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Fortinet recorded average margins of 79.7% gross, 29.38% operating, 34.74% EBITDA, and 27.12% net. Fortinet's current performance shows that operating, EBITDA, and net margins are above their three-year averages.

FTNT margin expansion

Year-over-year margin changes in percentage points

Operating margin expanded by 2 percentage points, EBITDA margin by 0.5 percentage points, and net margin by 0.4 percentage points, whereas gross margin contracted by 1.2 percentage points.

Gross margin expansion

-1.2pp

Operating margin expansion

2pp

EBITDA margin expansion

0.5pp

Net margin expansion

0.4pp

FTNT Gross margin

Fortinet recorded an average gross margin of 79.7% across the last 3 years. The current gross margin stands at 79.7%, in line with its three-year average. Gross margin was highest at 81.3% in Jun 2025 and lowest at 76.7% in Dec 2023.

FTNT Operating margin

Across the last 3 years, Fortinet's operating margin came to 29.38%. The current operating margin stands at 33%, 3.6 percentage points above its three-year average. Operating margin was highest at 33% in Sep 2026 and lowest at 23.4% in Dec 2023.

FTNT EBITDA margin

Over the last 3 years, Fortinet recorded an average EBITDA margin of 34.74%. At present, Fortinet's current EBITDA margin is 37.5%, which is 2.8 percentage points above its three-year average. The highest EBITDA margin for Fortinet was 38.6% in Mar 2025, while the lowest was 26.9% in Dec 2023.

FTNT Net margin

Over the last 3 years, the average net margin for Fortinet was 27.12%. The current net margin stands at 29%, 1.9 percentage points above its three-year average. Fortinet's net margin ranged from a low of 21.6% in Dec 2023 to a high of 30.6% in Jun 2025.

FTNT margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 79.7%, FTNT stands above the Technology sector, the industry and its peers average. Compared to its Technology sector average of 52.4%, Fortinet's gross margin is 52% higher.

FTNT margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Fortinet's gross margin?

The current gross margin for FTNT is 79.7% as of Sep 30, 2026.

What is Fortinet's operating margin?

For the period ending Sep 30, 2026, FTNT recorded an operating margin of 33%.

What is Fortinet's EBITDA margin?

The current EBITDA margin for FTNT is 37.5% as of Sep 30, 2026.

What is Fortinet's net margin?

For the period ending Sep 30, 2026, FTNT recorded a net margin of 29%.

What are the average margins of FTNT?

Across the last 3 years, FTNT averaged 79.7% gross, 29.4% operating, 34.7% EBITDA, and 27.1% net.

What are the highest historical margins of FTNT?

Across the 5-year period, FTNT posted its highest margins at 81.3% gross in Jun 2025, 33% operating in Sep 2026, 38.6% EBITDA in Mar 2025, and 30.6% net in Jun 2025.

What are the lowest historical margins of FTNT?

In the last 5 years, the lowest margins reported by FTNT were 75.2% gross in Sep 2022, 19% operating in Mar 2022, 20.4% EBITDA in Jun 2022, and 17.7% net in Jun 2022.