Fortinet annual debt-to-equity ratio
2019
2020
2021
2024
2025
Fortinet Debt-to-Equity Ratio Growth & History (FTNT)
Fortinet's debt-to-equity ratio was 0.86 for fiscal 2025.
View full Fortinet company overviewFortinet annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 0.86 | 0.14 | +19.41% |
| 2024 | 2024-12-31 | 0.72 | — | — |
| 2021 | 2021-12-31 | 1.35 | 1.29 | +2076.08% |
| 2020 | 2020-12-31 | 0.06 | 0.03 | +80.63% |
| 2019 | 2019-12-31 | 0.03 | — | — |
Fortinet quarterly debt-to-equity ratio
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q1.23
Q2.23
Q3.23
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 0.36 | −0.17 | −31.50% |
| Q1 2026 | 2026-03-31 | 0.57 | 0.02 | +4.50% |
| Q4 2025 | 2025-12-31 | 0.86 | 0.14 | +19.41% |
| Q3 2025 | 2025-09-30 | 1.48 | 0.30 | +24.90% |
| Q2 2025 | 2025-06-30 | 0.53 | −3.21 | −85.85% |
| Q1 2025 | 2025-03-31 | 0.55 | — | — |
| Q4 2024 | 2024-12-31 | 0.72 | — | — |
| Q3 2024 | 2024-09-30 | 1.19 | −13.41 | −91.87% |
| Q2 2024 | 2024-06-30 | 3.73 | 0.36 | +10.53% |
| Q3 2023 | 2023-09-30 | 14.59 | — | — |
| Q2 2023 | 2023-06-30 | 3.38 | — | — |
| Q1 2023 | 2023-03-31 | 95.75 | 90.82 | +1840.40% |
| Q1 2022 | 2022-03-31 | 4.93 | 3.87 | +363.87% |
| Q4 2021 | 2021-12-31 | 1.35 | 1.29 | +2076.08% |
| Q3 2021 | 2021-09-30 | 0.96 | 0.89 | +1317.47% |
| Q2 2021 | 2021-06-30 | 1.00 | 0.92 | +1208.28% |
| Q1 2021 | 2021-03-31 | 1.06 | 0.99 | +1275.82% |
| Q4 2020 | 2020-12-31 | 0.06 | 0.03 | +80.63% |
| Q3 2020 | 2020-09-30 | 0.07 | 0.03 | +97.86% |
| Q2 2020 | 2020-06-30 | 0.08 | 0.04 | +132.16% |
| Q1 2020 | 2020-03-31 | 0.08 | 0.04 | +107.65% |
| Q4 2019 | 2019-12-31 | 0.03 | — | — |
| Q3 2019 | 2019-09-30 | 0.03 | — | — |
| Q2 2019 | 2019-06-30 | 0.03 | — | — |
| Q1 2019 | 2019-03-31 | 0.04 | — | — |
Fortinet debt-to-equity ratio trends
Over the last five fiscal years, Fortinet's debt-to-equity ratio increased from 0.06 to 0.86, a change of 0.80. The latest reported quarter, Q2 2026, shows 0.36.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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