Fortinet
Fortinet returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
Average invested capital is zero or negative, so this ratio is undefined.
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Average invested capital is zero or negative, so this ratio is undefined.
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | 41.11% | — | 117.44% | 19.73% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | 40.42% | — | 132.39% | 19.27% | — |
| FY 2025 Q4 | Dec 31, 2025 | — | 37.71% | 102.07% | 135.72% | 18.39% | — |
| FY 2025 Q3 | Sep 30, 2025 | — | 42.61% | — | 228.04% | 20.57% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | 38.4% | — | 165.17% | 20.75% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | 40.58% | — | 205.91% | 20.8% | — |
| FY 2024 Q4 | Dec 31, 2024 | — | 39.02% | — | 338.74% | 20.51% | — |
| FY 2024 Q3 | Sep 30, 2024 | — | 36.7% | — | 311.53% | 18.74% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | 34.81% | — | 430.88% | 16.9% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | 34.68% | — | — | 16.55% | — |
| FY 2023 Q4 | Dec 31, 2023 | — | 37.11% | — | — | 17.02% | — |
| FY 2023 Q3 | Sep 30, 2023 | — | 38% | — | — | 17.96% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | 35.39% | — | — | 16.58% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | 32.55% | — | 843.82% | 15.49% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | 28.73% | — | 342.85% | 14.12% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | 26.12% | — | 307.2% | 13.13% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | 23.4% | — | 205.08% | 12.42% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | 20.78% | — | 106.47% | 11.67% | — |
| FY 2021 Q4 | Dec 31, 2021 | — | 22.37% | — | 74.1% | 12.18% | — |
| FY 2021 Q3 | Sep 30, 2021 | — | 21.18% | — | 60.56% | 11.6% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | 21.42% | — | 64.59% | 11.58% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | 21.11% | — | 64.52% | 11.53% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | 22.99% | — | 44.86% | 12.32% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | 23.06% | — | 47.52% | 12.75% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | 23.77% | — | 49.35% | 12.27% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | 22.66% | — | 46.63% | 11.59% | — |
| FY 2019 Q4 | Dec 31, 2019 | — | 16.26% | — | 28% | 9.38% | — |
| FY 2019 Q3 | Sep 30, 2019 | — | 16.13% | — | 37.66% | 12.49% | — |
| FY 2019 Q2 | Jun 30, 2019 | — | 15.35% | — | 39.19% | 12.54% | — |
| FY 2019 Q1 | Mar 31, 2019 | — | 15% | — | 39.89% | 12.46% | — |
| FY 2018 Q4 | Dec 31, 2018 | — | 15.14% | — | 41.54% | 12.45% | — |
| FY 2018 Q3 | Sep 30, 2018 | — | 12% | — | 13.45% | 4.68% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 10.72% | — | 10.4% | 3.59% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 9.83% | — | 7.83% | 2.67% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | 8.64% | — | 4.4% | 1.43% | — |
| FY 2017 Q3 | Sep 30, 2017 | — | 8.22% | — | 9.91% | 3.88% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | 6.26% | — | 7.55% | 3.02% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | 4.11% | — | 4.97% | 2% | — |
| FY 2016 Q4 | Dec 31, 2016 | — | 3.55% | — | 4.04% | 1.64% | — |
| FY 2016 Q3 | Sep 30, 2016 | — | 0.73% | — | -0.13% | -0.06% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | 0.12% | — | 0.11% | 0.05% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | 0.79% | — | 0.41% | 0.18% | — |
| FY 2015 Q4 | Dec 31, 2015 | — | 1.46% | — | 1.12% | 0.5% | — |
| FY 2015 Q3 | Sep 30, 2015 | — | 2.21% | — | 2.4% | 1.15% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | 4.18% | — | 1.92% | 0.92% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | 5.31% | — | 2.78% | 1.37% | — |
| FY 2014 Q4 | Dec 31, 2014 | — | 7.05% | — | 4.02% | 1.95% | — |
| FY 2014 Q3 | Sep 30, 2014 | — | 7.82% | — | 4.89% | 2.5% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | 8.55% | — | 6.29% | 3.19% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | 9.23% | — | 6.98% | 3.62% | — |
| FY 2013 Q4 | Dec 31, 2013 | — | 10.21% | — | 8.07% | 4.13% | — |
| FY 2013 Q3 | Sep 30, 2013 | — | 11.99% | — | 9.97% | 5.27% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | 14.04% | — | 12.06% | 6.19% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | 15.95% | — | 13.72% | 7.13% | — |
| FY 2012 Q4 | Dec 31, 2012 | — | 17.88% | — | 15.38% | 7.82% | — |
| FY 2012 Q3 | Sep 30, 2012 | — | 17.79% | — | 15.55% | 7.8% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | 19.54% | — | 17.51% | 8.41% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | — | — | — | — | — |
| FY 2011 Q4 | Dec 31, 2011 | — | — | — | — | — | — |
| FY 2011 Q3 | Sep 30, 2011 | — | — | — | — | — | — |
| FY 2011 Q2 | Jun 30, 2011 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · FTNT, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.