FortinetSTU:FO8 +3.13%93 FCF Margin % is 54.42% as of Mar. 2026, which is 66% above its 10-year median of 32.69. GuruFocus rates STU:FO8 with a GF Score™ of 93/100 and a GF Value™ of €87.05 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 2,815 Software companies, Fortinet ranks better than 95.56% on this metric.
FCF Margin % is calculated as Free Cash Flow divided by its Revenue. Fortinet's Free Cash Flow for the
three
months ended in Mar. 2026 was €871 Mil. Fortinet's Revenue for the
three
months ended in Mar. 2026 was €1,600 Mil. Therefore, Fortinet's FCF Margin % for the quarter that ended in Mar. 2026 was 54.42%.
The historical rank and industry rank for Fortinet's FCF Margin % or its related term are showing as below:
STU:FO8'
s FCF Margin % Range Over the Past 10 Years
Min: 21.84 Med: 32.69 Max: 36.92
Current: 34.27
During the past 13 years, the highest FCF Margin % of Fortinet was 36.92%. The lowest was 21.84%. And the median was 32.69%.
STU:FO8's FCF Margin % is ranked better than 95.56% of 2815
companies
in the Software industry
Industry Median: 2.41
vs STU:FO8: 34.27
Fortinet FCF Margin % Related Terms
Fortinet FCF Margin % Historical Data
* Premium members only.
The historical data trend for Fortinet's FCF Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
STU:FO8 vs SNPS, NET, CRWV: FCF Margin % Comparison
For the Software - Infrastructure subindustry, Fortinet's FCF Margin %, along with its competitors' market caps and FCF Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Fortinet FCF Margin % vs Software Industry
For the Software industry and Technology sector, Fortinet's FCF Margin % distribution charts can be found below:
* The bar in red indicates where Fortinet's FCF Margin % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Fortinet (STU:FO8) has a FCF Margin % of 54.42% as of Mar. 2026. Free cash flow margin is the ratio of total free cash flow to net sales. View historical data on Fortinet and its competitors. This is 66% above median its historical median of 32.69. Over the past decade, Fortinet's FCF Margin % has ranged from 21.84 to 36.92. According to the industry distribution chart, Fortinet ranks #125 out of 2815 companies in the Software industry, placing it in the top 4.4%.
Is Fortinet's FCF Margin % too high?
Fortinet's current FCF Margin % of 54.42% is 66% above median its 10-year median of 32.69. Over the past 10 years, this metric has ranged from a low of 21.84 to a high of 36.92. The Software industry median FCF Margin % is 2.41. Fortinet's value of 54.42% is 2158.1% above this industry median. Based on the distribution chart, Fortinet ranks #125 out of 2815 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Fortinet has a GF Score™ of 93/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fortinet's FCF Margin % compare to SNPS and NET?
According to the Software industry distribution chart, Fortinet ranks #125 out of 2815 companies for FCF Margin %. This places Fortinet in the top 4% of its industry — outperforming the majority of peers. The industry median FCF Margin % is 2.41. Fortinet's value of 54.42% is 2158.1% above this benchmark. Historically, Fortinet's own FCF Margin % has ranged from 21.84 to 36.92 over the past decade. While the company's 10-year median is 32.69 vs. the industry median of 2.41, Fortinet has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good FCF Margin % for a Software company?
The median FCF Margin % among Software companies is 2.41, based on 2,815 companies in the industry. Companies in the top quartile (top 25%) have a FCF Margin % significantly above this median, while those in the bottom quartile fall well below. However, FCF Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Fortinet's current FCF Margin % of 54.42% is 2158.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high FCF Margin % mean?
A high FCF Margin % can signal that a stock is expensive relative to its fundamentals. Free cash flow margin is the ratio of total free cash flow to net sales. View historical data on Fortinet and its competitors. For the Software industry, the median FCF Margin % is 2.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fortinet's current FCF Margin % is 54.42%, which is 66% above median its own 10-year median of 32.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fortinet stock overvalued right now?
Based on GuruFocus' analysis, Fortinet (STU:FO8) is currently considered Significantly Overvalued. The stock's GF Value™ is €87.05, compared to a current price of €131.74 — trading 51.3% above its estimated fair value. The current FCF Margin % is 54.42%, which is 66% above median its 10-year median of 32.69 and 2158.1% above the Software industry median of 2.41. Fortinet's overall GF Score™ is 93/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is FCF Margin % calculated?
FCF Margin % is calculated from a company's financial statements. For Fortinet (STU:FO8), the current FCF Margin % is 54.42% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Fortinet (STU:FO8) Overvalued in 2026?
Based on GuruFocus' analysis, Fortinet stock appears to be overvalued.
The current stock price of €131.74 is trading 51.3% above its estimated GF Value™ of €87.05.
GuruFocus considers Fortinet to be Significantly Overvalued.
Key valuation signals for STU:FO8:
FCF Margin %: 54.42% (66% above median its 10-year median of 32.69)
GF Value™: €87.05 vs. price of €131.74 (51.3% above fair value)
Industry Position: 2158.1% above the Software median (#125 of 2815)
No single metric tells the full story. See the STU:FO8 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 800,000 customers across the world.
93GF Score
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