FTNT Fortinet margins

Relative Growth: Rel. Growth: 97

Relative Strength: Rel. Strength: 96

Relative Valuation: Rel. Valuation: 14

Relative Profitability: Rel. Profitability: 96

Gross margin

80.2%

Operating margin

32.4%

EBITDA margin

37.2%

Net margin

28.2%

Based on the latest figures, Fortinet reports a gross margin of 80.2%, an operating margin of 32.4%, an EBITDA margin of 37.2%, and a net margin of 28.2%. Margin expansion was strongest in operating margin, which gained by 1.5 percentage points. Net margin had the strongest contraction, dropping by 2.4 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, 29.05% operating, 34.49% EBITDA, and 26.95% net. The current gross, operating, EBITDA, and net margins are all above their three-year averages.

FTNT margin expansion

Year-over-year margin changes in percentage points

Operating margin expanded by 1.5 percentage points, whereas gross margin contracted by 1.1 percentage points, EBITDA margin by 1.3 percentage points, and net margin by 2.4 percentage points.

Gross margin expansion

-1.1pp

Operating margin expansion

1.5pp

EBITDA margin expansion

-1.3pp

Net margin expansion

-2.4pp

FTNT Gross margin

Fortinet recorded an average gross margin of 79.7% across the last 3 years. The current gross margin stands at 80.2%, 0.5 percentage points above 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 29.05%. The current operating margin stands at 32.4%, 3.4 percentage points above its three-year average. Operating margin was highest at 32.4% in Jun 2026 and lowest at 23.4% in Dec 2023.

FTNT EBITDA margin

Over the last 3 years, Fortinet recorded an average EBITDA margin of 34.49%. At present, Fortinet's current EBITDA margin is 37.2%, which is 2.7 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 26.95%. The current net margin stands at 28.2%, 1.3 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 80.2%, FTNT stands above the Technology sector, the industry and its peers average. Compared to its Technology sector average of 52.1%, Fortinet's gross margin is 54% 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 80.2% as of Jun 30, 2026.

What is Fortinet's operating margin?

For the period ending Jun 30, 2026, FTNT recorded an operating margin of 32.4%.

What is Fortinet's EBITDA margin?

The current EBITDA margin for FTNT is 37.2% as of Jun 30, 2026.

What is Fortinet's net margin?

For the period ending Jun 30, 2026, FTNT recorded a net margin of 28.2%.

What are the average margins of FTNT?

Across the last 3 years, FTNT averaged 79.7% gross, 29.1% operating, 34.5% EBITDA, and 27.0% 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, 32.4% operating in Jun 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.