FTNT

Nasdaq

Fortinet, Inc.

Information Technology, Systems Software

$159.64

close 7 Aug 2026

+114.08%

52-week change

$117.11B

market cap

$73.55

$172.09

52-week range

Expected price

$121.65 – $148.69

Current price

$159.64

Signal

Could be overvalued

A historical-multiple reference, never a fair-value claim. The band uses only data public at each date and ends at the latest month — no forward estimates.

Current multiples

P/E (TTM)56.41x

P/S (TTM)15.56x

P/B75.50x

EV/EBITDA (TTM)44.03x

FCF yield (TTM)2.66%

PEG (TTM, GAAP)1.78

Context

P/E, own 5-year average55.12x

P/E, sector median37.34x*

Price at 5-year median P/E$136.52*

Forward — analyst consensus

Forward P/E (FY2026)46.26x*

Forward P/E (FY2027)42.46x

Forward PEG5.17*

Consensus EPS FY2026 (40 analysts)$3.45

EPS growth (FY2026→FY2027)8.95%

Revenue growth (FY2026)19.41%

Street view

Price target (mean)$160.86*

Target upside0.77%

Ratings (buy / hold / sell)11 / 29 / 4

FY2026 EPS revisions, 30d (up / down)2 / 0

5-year history

Dashed line: average of month-end values

P/E (TTM)

P/S (TTM)

P/B

FCF yield (TTM)

period to 30 Jun 2026, filed 30 Jul 2026, close 7 Aug 2026

Discounted cash flow

Ten projected years plus a perpetuity, prefilled from filings — a model to argue with, never a fair-value claim.

Free cash flow, last ten years and TTM

5Y CAGR +18.37%10Y CAGR +24.68%

Assumptions

Growth rate, years 1–10%

Perpetual growth%Discount rate%

Base FCF$M

As filed — not assumptions

Current price$159.64

Cash & equivalents$2.93B

Total debt$496.90M

Shares outstanding733.60M

Result

DCF price per share$274.21

Current price$159.64

Margin of safety+71.77%

PV of years 1–10$53.42B

PV of terminal value$145.30B

Equity value$201.16B

Market-implied growth+11.22%

Projected FCF, years 1–10

Hover for PV and growth

Projection detail

Override growth for any year; blank years use the uniform rate

Year	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Growth, %											2.5
FCF	$3.69B	$4.37B	$5.17B	$6.12B	$7.24B	$8.57B	$10.15B	$12.01B	$14.22B	$16.83B	$313.70B
PV	$3.42B	$3.74B	$4.10B	$4.50B	$4.93B	$5.40B	$5.92B	$6.49B	$7.11B	$7.80B	$145.30B

period to 30 Jun 2026, filed 30 Jul 2026, close 7 Aug 2026