Fortinet, Inc.

NasdaqGS:FTNT Stock Report

Market Cap: US$66.3b

Fortinet Valuation

Is FTNT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FTNT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

US$85.04
Fair Value
1.7% overvalued intrinsic discount
35
Number of Analysts

Below Fair Value: FTNT ($86.19) is trading above our estimate of fair value ($85.03)

Significantly Below Fair Value: FTNT is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FTNT?

Key metric: As FTNT is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FTNT. This is calculated by dividing FTNT's market cap by their current earnings.
What is FTNT's PE Ratio?
PE Ratio34.1x
EarningsUS$1.94b
Market CapUS$66.25b

Price to Earnings Ratio vs Peers

How does FTNT's PE Ratio compare to its peers?

The above table shows the PE ratio for FTNT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average74x
PANW Palo Alto Networks
128.4x17.19%US$147.4b
NOW ServiceNow
114.7x21.19%US$189.7b
CHKP Check Point Software Technologies
24.8x5.04%US$21.6b
GEN Gen Digital
27.9x16.33%US$16.8b
FTNT Fortinet
34.1x8.80%US$66.3b

Price-To-Earnings vs Peers: FTNT is good value based on its Price-To-Earnings Ratio (34.1x) compared to the peer average (74x).

Price to Earnings Ratio vs Industry

How does FTNT's PE Ratio compare vs other companies in the US Software Industry?

9 CompaniesPrice / EarningsEstimated GrowthMarket Cap
XNET Xunlei
0.9xn/aUS$659.99m
HOLO MicroCloud Hologram
1.7xn/aUS$73.71m
NXTT Next Technology Holding
0.2xn/aUS$72.06m
YXT YXT.COM Group Holding
1.1xn/aUS$66.26m
FTNT 34.1xIndustry Avg. 36.0xNo. of Companies13PE020406080100+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FTNT is good value based on its Price-To-Earnings Ratio (34.1x) compared to the US Software industry average (36x).

Price to Earnings Ratio vs Fair Ratio

What is FTNT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FTNT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio34.1x
Fair PE Ratio35.9x

Price-To-Earnings vs Fair Ratio: FTNT is good value based on its Price-To-Earnings Ratio (34.1x) compared to the estimated Fair Price-To-Earnings Ratio (35.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst FTNT forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$86.19
US$90.32
+4.79%
11.11%US$120.00US$67.00n/a35
Oct ’26US$85.18
US$90.32
+6.04%
11.11%US$120.00US$67.00n/a35
Sep ’26US$78.77
US$90.42
+14.79%
10.40%US$120.00US$75.00n/a36
Aug ’26US$97.36
US$109.88
+12.86%
10.40%US$135.00US$83.00n/a37
Jul ’26US$102.43
US$108.94
+6.35%
10.67%US$135.00US$83.00n/a39
Jun ’26US$101.78
US$109.19
+7.28%
10.73%US$135.00US$83.00n/a39
May ’26US$104.21
US$112.93
+8.37%
11.38%US$135.00US$83.00n/a38
Apr ’26US$96.67
US$114.82
+18.78%
10.64%US$135.00US$83.00n/a37
Mar ’26US$108.01
US$115.01
+6.48%
10.56%US$135.00US$83.00n/a36
Feb ’26US$100.88
US$99.64
-1.23%
13.53%US$120.00US$62.00n/a36
Jan ’26US$94.48
US$96.77
+2.43%
11.40%US$115.00US$62.00n/a37
Dec ’25US$95.05
US$95.21
+0.17%
11.34%US$111.00US$62.00n/a36
Nov ’25US$78.80
US$78.60
-0.25%
11.63%US$105.00US$62.00n/a36
Oct ’25US$76.49
US$73.75
-3.59%
9.18%US$90.14US$62.00US$85.1836
Sep ’25US$76.71
US$72.80
-5.09%
9.73%US$90.14US$59.00US$78.7736
Aug ’25US$57.20
US$70.74
+23.68%
12.60%US$90.14US$46.00US$97.3636
Jul ’25US$59.85
US$72.03
+20.36%
11.47%US$90.14US$54.00US$102.4337
Jun ’25US$59.32
US$71.84
+21.10%
11.55%US$90.14US$54.00US$101.7836
May ’25US$63.53
US$76.28
+20.06%
10.69%US$90.14US$55.11US$104.2137
Apr ’25US$67.82
US$76.03
+12.11%
10.34%US$90.00US$55.11US$96.6736
Mar ’25US$70.44
US$75.75
+7.54%
10.52%US$90.00US$55.11US$108.0136
Feb ’25US$66.45
US$62.48
-5.97%
10.81%US$77.00US$49.00US$100.8836
Jan ’25US$58.53
US$56.75
-3.03%
9.13%US$69.30US$49.00US$94.4835
Dec ’24US$52.49
US$56.69
+8.00%
9.80%US$69.30US$49.00US$95.0534
Nov ’24US$57.31
US$71.84
+25.35%
9.79%US$95.00US$60.00US$78.8035
Oct ’24US$58.68
US$75.01
+27.83%
9.68%US$95.00US$65.00US$76.4934
US$90.32
Fair Value
4.3% undervalued intrinsic discount
35
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/09 21:35
End of Day Share Price 2025/10/09 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Fortinet, Inc. is covered by 82 analysts. 42 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ellie BagshawArete Research Services LLP
Shrenik KothariBaird
Ishan MajumdarBaptista Research